MONTREAL, QUEBEC — (Marketwired) — 08/06/13 — New Look Eyewear Inc. (TSX: BCI) (“New Look”) announced today that revenues for the second quarter ended June 29, 2013 reached $24.0 million, an increase of 12.7% over the corresponding period of last year. Revenues from comparable stores increased by 9.3% . EBITDA(1) for the second quarter was $5.1 million, an increase of 26.4% over last year. Net earnings for the quarter were $2.7 million ($0.26 per share(2)) compared to $2.0 million ($0.19 per share) last year, an increase of $0.07 per share. Second quarter operating cash flows (before changes in working capital items) amounted to $5.0 million, an increase of 27.1% over the previous year. These quarterly results surpass all previous quarterly results recorded by New Look with respect to revenues, EBITDA, net earnings and cash flow.
On a year-to-date basis, revenues increased by 7.0% compared to last year, 4.3% being attributable to comparable stores and the balance to the stores added since the beginning of 2012. EBITDA benefited significantly from the second quarter performance with an increase of 15.2% compared to last year. Net earnings were up 28.6%, which resulted in an increase in net earnings per share to $0.38 versus $0.31 last year.
During the second quarter, the company increased its network by three additional stores operating under the New Look banner, and concluded affiliations with two independent optical clinics, to bringing its total network to 76 locations.
More details on the financial performance of the second quarter and the year-to-date period are available in the attachments.
Martial Gagne, the President of New Look, commented: “The second quarter of 2013 surpassed all previous quarterly milestones regarding revenues, EBITDA, net earnings and cash flows, and represents an outstanding performance by the company and all its management and associates”.
Antoine Amiel, the Vice-Chairman of New Look, stated that: –During the quarter, the company added five locations to its network consisting of one greenfield store and two acquired stores operating under the New Look banner and also entered into arrangements with two affiliated independent clinics operating in markets and market segments not currently served by New Look. We are excited about this development and expect this growth to continue.”
Following the approval of the results of the second quarter of 2013, the Board of Directors of New Look approved the payment of a dividend of $0.15 per Class A common shares payable on September 30th, 2013 to the shareholders of record as of September 20st, 2013. The dividend qualifies as “eligible dividend”, i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.
Attachments
As of June 29, 2013, New Look had 10,407,620 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 74 corporate stores under the New Look banner, two affiliated clinics and a laboratory using state-of-the-art technologies.
This press release may contain forward-looking statements that reflect the current views and / or expectations of New Look with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary.
For additional information please see our Web site .
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TABLE C
EBITDA refers to consolidated earnings before financial expenses, net of interest revenues, income taxes, depreciation, amortization and impairment of non-financial assets. It excludes any gain or loss from changes in fair value of foreign exchange contracts, and equity-based compensation. EBITDA is not a recognized measure under IFRS and may not be comparable to similar measures used by other entities. The Company believes that EBITDA is a useful financial metric as it assists in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA should not be construed as an alternative to net earnings or cash flows as determined under IFRS.
Contacts:
New Look Eyewear Inc.
Lise Melanson
(514) 877-4299, ext. 2234