New Look Eyewear Inc.: Announces Record Revenues for the First Quarter Ended March 28th of 2015 and its Quarterly Dividend
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/06/15 -- New Look Eyewear Inc. (TSX: BCI) ("New Look") announced today that revenues for the first quarter ended March 28, 2015 reached a record of $ $41.8 million, an increase of 31.4% over the corresponding period of last year. This increase was mainly due to additional revenues generated by 53 stores acquired or opened since the beginning of 2014, including the 49 Greiche & Scaff stores acquired last October as well as higher same store sales growth for stores operated under the New Look Eyewear and Vogue Optical banners. Adjusted EBITDA(1) for the first quarter was $6.7 million, compared to an adjusted EBITDA of $5.0 million last year, an increase of 33.1%.
Net earnings attributed to shareholders of $1.6 million for the quarter were up 62.6% from last year. This is in line with the EBITDA(1) increase following the Greiche & Scaff acquisition and improved same store sales growth and reflects additional depreciation, amortization, financial expenses and acquisition-related costs. In spite of these additional expenses and the issuance of shares, mainly pursuant to the financing of Greiche & Scaff acquisition, net earnings per share(2) for the quarter increased by 50% to $0.12 from $0.08 last year.
Cash flows from operating activities (before changes in working capital) reached $6.1 million or $0.44 per share(2) in the first quarter of 2015 compared to $4.8 million or $0.37 per share last year.
More details on the financial performance of the first quarter are available in the attachments.
Antoine Amiel, the Vice-Chairman of New Look, stated that: "Our ongoing positive operating and financial results in 2014 and Q1 2015 are concrete evidence of the success of our growth strategy in the past several years, both generic and by acquisition. Q1 2015 is the first quarter reflecting full quarterly results for both Vogue Optical (acquired in December 2013) and Greiche & Scaff (acquired in October 2014). The Canadian retail optical industry continues to consolidate and we continue to monitor developments closely at the same time as we continue to organically build our business."
Martial Gagne, the President of New Look, commented: "We are pleased to report a strong operating and financial performance in the first quarter of 2015. Revenues and adjusted EBITDA achieved $41.8 million and $6.7 million respectively. Same store sales orders(3) for the first quarter were up 6.2% compared to 0.7% last year. Cash flow from operations was strong, achieving $6.1 million. The outlook for the second quarter remains promising for all three banners."
Change of Name
The Company has proposed to its shareholders, to be voted on at the Annual and Special Meeting of Shareholders to be held in Montreal, Quebec on May 7th, 2015, to change its name to New Look Vision Group Inc. / Groupe Vision New Look inc. in order to better reflect the multi-banner structure of its business and reflect its national aspirations. The operating divisions and companies will continue, as before, to carry on their respective businesses principally under the banners New Look Eyewear, Vogue Optical and Greiche & Scaff.
Dividend approval
Following the approval of the results of the first quarter of 2015 and taking into account the solid cash inflows from operations in the quarter, 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, 2015 to the shareholders of record as of June 23, 2015. The dividend has been designated as "eligible dividend", that is a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.
Shareholders residing in Canada are allowed to elect to re-invest their cash dividends into New Look shares, without any brokerage commissions, fees and transaction costs through the dividend reinvestment plan implemented in 2014. 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 only has to make the election through his or her broker.
Attachments
As of March 31, 2015, New Look had 13,359,830 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 193 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. 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 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'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 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
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Datum: 07.05.2015 - 00:29 Uhr
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News-ID 391582
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