Home » Investment Opinion, Picture Gallery » New Look Vision Group Inc. Announces Record Second Quarter Revenues for 2017 and its Quarterly Dividend

New Look Vision Group Inc. Announces Record Second Quarter Revenues for 2017 and its Quarterly Dividend






MONTREAL, QUEBEC — (Marketwired) — 08/10/17 — New Look Vision Group Inc. (TSX: BCI) (“New Look Vision”), announced today its financial results for the second quarter ended July 1, 2017 and its quarterly dividend.

Second quarter results

New Look Vision reported record revenues of $55.4 million and adjusted EBITDA(1) of $10.9 million for the second quarter ended July 1, 2017, representing increases of 9.7% and 5.2% respectively over last year. The increases were mainly due to the net addition of 15 stores in the last twelve months as well as same store sales growth of 4.6% over last year.

Adjusted net earnings attributed to shareholders(1), defined as net earnings adjusted to remove the impact of acquisition-related costs, equity-based compensation, and other non-comparable costs, for the second quarter were flat at $4.6 million compared to last year. Adjusted net earnings per share for the quarter compared to the second quarter of 2016 were also flat at $0.33 per share(2). Net earnings attributed to shareholders were $2.6 million, compared to $4.1 million last year, the decrease being mainly due to higher acquisition costs, equity-based compensation, and other non-comparable costs.

Cash flow from operating activities before income taxes paid and changes in working capital items(1) was $9.1 million or $0.66 per share(2) in the second quarter of 2017, down from $9.8 million or $0.71 per share last year. However, when adjusted for acquisition-related costs and other non-comparable costs, adjusted cash flows from operating activities(1) are $10.8 million or $0.78 per share(2), an increase of $499 thousand, or 4.9% over last year. Income tax instalments paid in the second quarter of 2017 were $0.7 million compared to $1.5 million for 2016.

More details on the financial performance of the second quarter ended July 1, 2017 are available in the attachments.

Year-to-date results

Year-to-date revenues and adjusted EBITDA reached a record of $106.4 million and $18.8 million respectively, which represent increases of 11.9% and 6.5% respectively over last year. Net earnings attributed to shareholders were $3.9 million ($0.28 per share)(2) compared to $5.9 million last year ($0.43 per share). Net earnings adjusted to remove the impact of acquisition-related costs, equity-based compensation, and other non-comparable costs were $7.0 million, or $143 thousand over last year. Adjusted net earnings per share (diluted) remained flat at $0.50 in comparison to last year, despite additional depreciation and amortization and additional shares issued since the beginning of the second quarter of 2016. Comparable store sales year-to-date were up 3.3% over last year.

Cash flow from operating activities before income taxes paid and changes in working capital were $16.2 million or $1.17 per share (2) in the year-to-date period compared to $16.5 million or $1.19 per share last year, the decrease being mainly attributable to increased acquisition-related costs and other non-comparable costs. Whereas, adjusted cash flows from operating activities were $18.6 million or $1.34 per share(2), an increase of $1.2 million, or 7.1% over last year. In the first six months of 2017, New Look Vision made total tax payments of $2.4 million compared to $4.2 million in 2016, including prior period adjustments and current year instalments.

President–s comments

Antoine Amiel, the President of New Look Vision, stated that: “Building on the momentum created in Q1, the Company achieved a strong operating and financial performance in Q2 driven by high same store sales growth of 4.6%. The Adjusted EBITDA percentage is impacted by extra operating expenses as the Company continues to build its infrastructure necessary to support future growth. Subsequent to quarter–s end, we announced that we entered into a definitive agreement to acquire Iris The Visual Group, consolidating our leadership position across Canada and particularly in the West and British Columbia, and adding a strong platform for the consolidation of the optometry based retail segment of the Canadian optical industry. We expect the transaction to close on or about October 1st.”

Dividend approval

Following the approval of the results of the second quarter of 2017, the Board of Directors of New Look Vision approved the payment of a dividend of $0.15 per Class A common shares payable on September 30, 2017 to the shareholders of record as of September 23, 2017. The dividend has been designated as an “eligible dividend”, that is a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

Through the dividend reinvestment plan, shareholders residing in Canada may elect to re-invest their cash dividends into New Look Vision shares, without incurring brokerage commissions, fees and transaction costs. Until any further announcement, shares will be issued from treasury at 95% of the weighted average trading price for the five days preceding the dividend payment date. Any shareholder wishing to benefit from this opportunity may do so through his or her broker.

Attachments

As of July 30, 2017, New Look Vision had 13,624,123 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Eastern Canada having a network of 227 corporate stores mainly under the New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at in the Investors section.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look Vision. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look Vision believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look Vision–s current Annual Information Form (AIF) which can be found at . The forward-looking statements included in this press release are made as of the date hereof, and New Look Vision undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our Web site

TABLE A

In thousands of Canadian dollars, except per share amounts

TABLE B

In thousands of Canadian dollars, except per share amounts

TABLE C

In thousands of Canadian dollars, except per share amounts

TABLE D

In thousands of Canadian dollars, except per share amounts

TABLE E

In thousands of Canadian dollars, except per share amounts

Contacts:
New Look Vision Group Inc.
Lise Melanson
(514) 877-4299, ext. 2234

Short URL: https://www.88finance.com/?p=556180





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