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

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






MONTREAL, QUEBEC — (Marketwired) — 11/13/17 — New Look Vision Group Inc. (TSX: BCI) (“New Look Vision”), announced today its financial results for the third quarter ended September 30, 2017 and its quarterly dividend.

Third quarter results

New Look Vision reported record revenues of $55.2 million and adjusted EBITDA(1) of $10.8 million for the third quarter ended September 30, 2017, representing increases of 12.8% and 35.6% respectively over last year. The revenue increase was mainly due to the net addition of 19 stores in the last twelve months as well as same store sales growth of 0.9% over last year. This revenue growth as well as significant improvement in operating expense ratios resulted in the strong adjusted EBITDA performance.

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 third quarter were up significantly at $4.1 million compared to $2.8 million in 2016. Adjusted net earnings per share for the quarter compared to the third quarter of 2016 were up at $0.29 per share(2). Net earnings attributed to shareholders were $3.4 million, compared to $2.1 million last year, the increase being mainly due to higher revenues, controlled expense growth, and lower equity-based compensation.

When adjusted for acquisition-related costs and other non-comparable costs, adjusted cash flows from operating activities(1) were $10.7 million or $0.77 per share(2), an increase of $2.8 million, or 35% over last year. Cash flows from operating activities before income taxes paid and changes in working capital items(1) were $9.9 million or $0.71 per share(2) in the third quarter of 2017, up significantly from $7.7 million or $0.56 per share last year. Income tax instalments paid in the third quarter of 2017 were $1.3 million compared to $1.4 million for 2016.

More details on the financial performance of the third quarter ended September 30, 2017 are available in the attachments.

Year-to-date results

Year-to-date revenues and adjusted EBITDA reached a record of $161.6 million and $29.6 million respectively, which represent increases of 12.2% and 15.6% respectively over last year. Net earnings attributed to shareholders were $7.3 million ($0.52 per share)(2) compared to $8.0 million last year ($0.58 per share). Net earnings adjusted to remove the impact of acquisition-related costs, equity-based compensation, and other non-comparable costs were $11.1 million, or $1.4 million over last year. Adjusted net earnings per share (diluted) increased to $0.80, up 14.3% from $0.70 in 2016. Comparable store sales year-to-date were up 2.5% over last year.

Adjusted cash flows from operating activities were $29.3 million or $2.10 per share(2), an increase of $4 million, or 15.8% over last year. Cash flow from operating activities before income taxes paid and changes in working capital were $26.1 million or $1.87 per share (2) in the year-to-date period compared to $24.2 million or $1.75 per share last year, the increase being mainly attributable to increased EBITDA. In the first three quarters of 2017, New Look Vision made total tax payments of $3.7 million compared to $5.6 million in 2016, including prior period adjustments and current year instalments.

President–s comments

Antoine Amiel, the President of New Look Vision, stated that: “I am pleased to report that Q3 was a strong quarter of revenue and earnings growth, resulting from a continued comparable store and new store sales growth, a strong focus on improving operating expense ratios and from generating synergies from recent acquisitions. Subsequent to quarter–s end, we announced the completion of the acquisition of Iris The Visual Group, strengthening our leadership position across Canada with a network of 378 stores.”

Dividend approval

Following the approval of the results of the third 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 December 31, 2017 to the shareholders of record as of December 22, 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 October 31, 2017, New Look Vision had 15,439,260 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Canada having a network of 378 stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris 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 .

Contacts:
Lise Melanson
(514) 877-4299, ext. 2234.

Short URL: https://www.88finance.com/?p=567921





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