Franchise operations got revenue improvements. It is up C$400,000 from C$300,000 last year. Easyhome closed 13 underperforming locations and transferred its active lease portfolios to nearby stores. It also made changes to the leadership of its leasing operation. It removed seven senior positions.
For the first half of 2012m Easyhome got revenues of C$98.7 million, which is up 6.7 percent from the first half of 2011. Its net income dropped to C$5 million or 42 cents per share compared to C$5.1 million or 43 cents a share last year.
Easyhome said that it was negotiating with lenders to increase the borrowing limit from C$40 million to C$65 million. It believes that with the new financing as well as its improved cash flow from operations will result to bigger growth for the next 12 to 18 months. At present, Easyhome has 249 stores across Canada and the United States. This was down from 261