New Look Vision Group Inc. Announces Record High Results for the Second Quarter of 2015 and Its Quarterly Dividend
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 08/06/15 -- New Look Vision Group Inc. (TSX: BCI) ("New Look Vision"), formerly New Look Eyewear Inc., announced today record high results for the second quarter ended June 27, 2015 and its quarterly dividend.
Second quarter results
New Look Vision reported revenues of $46.8 million and an adjusted EBITDA(1) of $10.1 million for the second quarter ended June 27, 2015 representing increases of 33.2% and 21.7% respectively over last year. The increases were due to strong same store sales growth across all banners, as well as the addition of the Greiche & Scaff stores acquired last October. Comparable store sales orders(2) for the quarter increased by 6.1% over last year.
Net earnings attributed to shareholders of $4.4 million for the quarter were up 42.4% from last year. This is in line with the EBITDA increase following the improved same store sales growth and the Greiche & Scaff acquisition and reflects additional depreciation, amortization and financial expenses recorded in 2015 compared to last year. 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 second quarter increased by 33% to $0.32 from $0.24 last year. Net earnings per share(3) adjusted to remove the impact of acquisition-related costs increased to $0.33 from $0.27.
Cash flows from operating activities (before changes in working capital) reached $9.0 million or $0.65 per share(3) in the second quarter of 2015 compared to $7.6 million or $0.59 per share last year.
Year-to-date results
Year-to-date revenues and adjusted EBITDA reached $88.6 million and $16.8 million respectively, which represent increases of 32.3% and 26.0% respectively over last year. Net earnings attributed to shareholders of $6.0 million were up 47.4% from last year. Net earnings per share (3) increased to $0.44 from $0.31 last year, despite additional depreciation, amortization and financial expenses. Net earnings per share (3) adjusted to remove the impact of acquisition-related costs increased to $0.46 from $0.34 last year. Same store sales orders year-to-date were up 6.0% over last year.
Cash flows from operating activities (before changes in working capital) increased significantly to $15.1 million or $1.09 per share(3) from $12.5 million or $0.96 per share last year.
More details on the financial performance of the second quarter and the year-to-date period are available in the attachments.
President's comments
Antoine Amiel, the President of New Look Vision, stated that: "Q2 was another strong and record quarter in revenues and profitability, evidence of the ongoing success of the company's focus on operations and aggressive growth strategy. We continue to closely monitor developments in the consolidation of the Canadian retail optical industry."
Dividend approval
Following the approval of the results of the second quarter of 2015 and taking into account the solid cash inflows from operations in the quarter, the Board of Directors of New Look Vision approved the payment of dividends totalling of $0.15 per Class A common shares payable on September 30th, 2015 to the shareholders of record as of September 23, 2015. One dividend, in the amount of $0.129 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 implemented in 2014, 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 June 30, 2015, New Look Vision had 13,407,008 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Eastern Canada comprised of a network of 192 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 MD&A 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:
For enquiries, please contact :
Lise Melanson
(514) 877-4299, ext. 2234
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Datum: 07.08.2015 - 01:46 Uhr
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