This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:easyhome earns $20,000 in third quarter 2009-11-10 11:18 ET - News Release Mr. David Ingram reports EASYHOME LTD. REPORTS THIRD QUARTER 2009 RESULTS
easyhome Ltd. today released its results for the third quarter and nine months ended Sept. 30, 2009.
Revenue for the quarter increased 9.2 per cent to $42.5-million, driven largely by the contribution of the accounts of Insta-rent and easyfinancial, the company's consumer loans division, compared with $38.9-million for the same period last year. Same-store revenue growth for the quarter was 1.8 per cent. Operating income was $300,000 compared with $2.9-million in the third quarter of 2008. Net income was $20,000, or nil per share, compared with $1.5-million, or 14 cents per share, in the third quarter of 2008. Excluding restructuring charges of $1.2-million recorded in the third quarter of 2009, diluted earnings per share were eight cents.
"Economic conditions remain challenging for retailers," said David Ingram, president and chief executive officer of easyhome Ltd. "Consumers have reduced their overall expenditures on discretionary items. In the third quarter, we began to scale back our infrastructure, which had been constructed to meet higher consumer demand, to better reflect the realities of the market. A number of spending cuts initiated in the third quarter decreased costs, but the majority of these reductions are not expected to flow through to the bottom line until the fourth quarter of this year. The remainder is available to Stockwatch subscribers.
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