New Look Eyewear Inc. Releases First Quarter 2013 Results and Announces its Quarterly Dividend

Marketwired

MONTREAL, QUEBEC--(Marketwired - May 3, 2013) - New Look Eyewear Inc. (BCI.TO) ("New Look") announced today that revenues for the first quarter of 2013 reached $20.3 million, an increase of 0.9% over the corresponding period of last year. Revenues from comparable stores remained stable. EBITDA(1) for the first quarter was $3.1 million, an increase of 2.0% over last year. Net earnings for the quarter were $1.3 million ($0.12 per share(2) ) compared to $1.2 million ($0.11 per share) last year. First quarter operating cash flows (before changes in working capital items) amounted to $2.9 million, a slight increase over the previous year.

Martial Gagné, the President of New Look commented: "While we experienced a slow start at the beginning of 2013 with respect to revenues, we saw a continuous improvement throughout the quarter and are confident that this improving trend will continue throughout the year. Profitability and liquidity remained strong. During the quarter, one new store was opened and significant progress was made in developing and negotiating new acquisitions and locations".

Dividend declared

Following the approval of the results of the first 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 June 30th, 2013 to the shareholders of record as of June 21st, 2013. The dividend qualifies as "eligible dividend", i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

SEE TABLE A ATTACHED: CONSOLIDATED STATEMENT OF EARNINGS

(1) See Table B attached for a definition of EBITDA with a reconciliation of net earnings to EBITDA.

(2) All per share amounts are calculated on a diluted basis.

As of March 30, 2013, New Look had 10,399,032 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada operating a network of corporate stores 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.

NEW LOOK EYEWEAR INC.
Consolidated Statement of Earnings
For the quarters ended
March 30, 2013 and March 31, 2012

Unaudited - In thousands of Canadian dollars, except per share amounts

2013 2012
$ $
Revenues 20,298 20,108
Materials consumed, net of changes in inventory 4,404 4,486
Employee remuneration expense 6,418 6,353
Other operating expenses 6,447 6,300
Earnings before depreciation, amortization, impairment of non-financial assets and financial expenses 3,029 2,969
Depreciation, amortization and impairment of non-financial assets 1,087 1,198
Financial expenses 90 82
Earnings before income taxes 1,852 1,689
Income taxes
Current (1 )
Deferred 537 512
Total income taxes 537 511
Net earnings and comprehensive income 1,315 1,178
Net earnings and comprehensive income attributed to:
Non-controlling interest 7 7
Shareholders of New Look 1,308 1,171
1,315 1,178
Net earnings per share
Basic 0.13 0.12
Diluted 0.12 0.11
NEW LOOK EYEWEAR INC.
Reconciliation of Net Earnings and EBITDA
For the quarters ended
March 30, 2013 and March 31, 2012

Unaudited - In thousands of Canadian dollars

2013 2012
$ $
Net earnings 1,315 1,178
Depreciation, amortization and impairment of non-financial assets 1,087 1,198
Financial expenses 90 82
Equity-based compensation 25 24
Net loss (gain) from changes in fair value of foreign exchange contracts 30 32
Income taxes 537 511
EBITDA 3,084 3,025
Variance in $ 59
Variance in % 2.0 %
% of revenues 15.2 % 15.0 %

EBITDA refers to consolidated earnings before financial expenses, 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.

Contact:
Lise Melanson
(514) 877-4299, ext. 2234
www.newlook.ca

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