The Brick says net income rises 3.4 per cent in Q4 to $13.7 million

EDMONTON – The Brick Ltd. (TSX: BRK) says its net income rose 3.4 per cent in the fourth quarter of 2012 to $13.7 million, or 13 cents per diluted share.

That compares to net income of $13.2 million, or 10 cents per diluted share, in the same period a year before.

The fourth-quarter result includes $4 million in costs related to the acquisition of the company by rival Leon’s Furniture Ltd. (TSX:LNF).

For the quarter ended Dec. 31, 2012, The Brick says its consolidated sales of $355.1 million were $7.2 million lower compared to the same quarter of 2011.

That was partially due to store closures as The Brick ended the fourth quarter with 162 corporate stores compared to 172 at the end of the same quarter in 2011.

Earlier this month, Leon’s and The Brick said their arrangement would not be challenged before the Competition Tribunal.

The companies said the takeover was expected to close on March 28.