New Look Eyewear Inc. Announces its Results for the Third Quarter of 2013 and its Quarterly Dividend
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 11/12/13 -- New Look Eyewear Inc. (TSX: BCI) ("New Look") announced today that revenues for the third quarter ended September 28, 2013 reached $21.1 million, an increase of 5.4% over the corresponding period of last year. This increase was due to the addition of both new and acquired stores over the past twelve months, while comparable store sales were down marginally from the comparable quarter last year. EBITDA(1) for the third quarter was $3.1 million, compared to $3.4 million, a decline of $262,000 from the comparable quarter last year. Consequently, net earnings attributable to shareholders for the quarter were $1,111,000 ($0.10 per share(2)) compared to $1,194,000 last year ($0.12 per share(2)). Third quarter operating cash flows (before changes in working capital items) amounted to $3.0 million compared to $3.3 million last year.
On a year-to-date basis, revenues increased by 6.5% to $65.4 million compared to $61.4 million last year, 2.4% being attributable to comparable stores. EBITDA benefited from this performance reaching $11.2 million, a 7.8% increase from last year. Net earnings attributable to shareholders were up 18.8%, which resulted in an increase in net earnings per share to $0.49 versus $0.42 last year.
In 2013 year-to-date, the company has increased its network by four additional stores operating under the New Look banner, and concluded affiliations with two independent optical clinics, bringing its total network to 76 locations.
More details on the financial performance of the third quarter and the year-to-date period are available in the attachments.
Martial Gagne, the President of New Look, commented: "We recorded a solid quarter with revenues of $21.1 million. While comparable same store sales for the quarter declined marginally, this was not surprising following the strong comparable store performance in the previous quarter of 2013. We also posted a strong EBITDA performance in Q3 2013. While down somewhat from the comparable quarter last year, it was impacted by one-time only or new expenses with respect to acquisitions and strategic developments. Also last year's results for the third quarter included a $333,000 one-time gain. Year-to-date revenues and profitability are on track and we expect to achieve positive results in revenues and EBITDA for the full twelve-month period."
Antoine Amiel, the Vice-Chairman of New Look, stated that: "Year-to-date, the Company has added four new locations under the New Look banner and successfully launched a new business initiative to affiliate with and invest in independent optical clinics carrying on business in market segments and markets not best served by New Look. This resulted in the addition of one clinic in Ontario and one in Quebec. In addition, there are a number of interesting strategic developments in the Canadian optical industry which the Company is closely monitoring."
Following the approval of the results of the third quarter of 2013 and taking into account the year-to-date performance, the Board of Directors of New Look approved the payment of a dividend of $0.15 per Class A common shares payable on December 31st, 2013 to the shareholders of record as of December 19th, 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 September 29, 2013, New Look had 10,461,489 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.
TABLE A
TABLE B
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:
Lise Melanson
(514) 877-4299, ext. 2234
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Datum: 12.11.2013 - 21:00 Uhr
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