profit for 2006 shows positive future

Sydney - Tuesday - September 12: (RWE Aust Business News) -
Joyce Corporation Ltd (JYC) has announced a net profit after tax of
$4.5 million for the year ended 30 June 2006.
The reported profit is after incorporating new accounting
standards and after allowing for significant one-off costs in relation
to the sale of the company's former foam businesses and the acquisition
of seven Mattress Discounters stores in Queensland.
These costs include legal costs, environmental provisioning,
establishment and set up costs and one-off operating costs.
Aside from its substantial national property portfolio, Joyce
Corporation Ltd's core business activity is its ownership of Bedshed
Franchising Pty Ltd.
Bedshed Franchising Pty Ltd is the franchisor of one of
Australia's largest specialty bedding and bedroom furniture retailers
with stores in Western Australia, Victoria, South Australia and
Queensland.
Bedshed's unique retail recipe has proven to be a highly
profitable formula during its 26 year history.
Bedshed's retail trading for the year has been buoyant with a
26% like for like increase nationally and a 45% increase in overall
terms.
Directors have produced an outlook for the company in the years
ahead.
They said double digit growth is expected in coming years on
the back of the opening of new stores nationally, increased importing
activities and strong trading performance.
The forward planning of the Bedshed activities includes
expansion of the present 35 stores to about 80 over the next five The
company is also looking at a significant number of additional business
opportunities.
The company's robust financial wherewithal, with little net
debt and a very strong asset base provides unique opportunities for
sustained growth.
Net tangible assets, excluding deferred tax liabilities on
recent revaluations, are approximately $1.47 per share and this also
provides opportunities for growth.
Chairman Mr Dan Smetana observed that the results coupled with
the company's strong financial position and identified business growth
opportunities; present a positive future for the company and its
shareholders.
Directors have announced today that a final unfranked dividend
of 3 cents per share will be paid in November 2006.
This will bring total dividends for the year to 11.5 cents per
share.
A special dividend of 6 cents per share was paid in February
this year arising from the sale of the company's foam businesses.
Dividend levels in excess of 7 cents per share, partly franked,
increasing as profits increase, are considered a realistic prospect
based upon planned growth and the existing economic environment.