New Look Vision Group Inc. Announces Record Revenues and Net Earnings for 2015 and its Quarterly Dividend
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 03/14/16 -- New Look Vision Group Inc. (TSX: BCI) ("New Look Vision"), formerly New Look Eyewear Inc., announced today its financial results for the fourth quarter and the year ended December 26, 2015 and its quarterly dividend.
Fourth quarter results
New Look Vision reported record revenues of $44.6 million and an adjusted EBITDA(1) of $9.7 million for the fourth quarter ended December 26, 2015 representing increases of 9.3% and 28.8% respectively over last year. The increases were mainly due to the addition of the Greiche & Scaff stores acquired in October 2014 as well as to same store sales growth. Same store sales for the quarter increased by 4.3% over last year.
Adjusted net earnings attributed to shareholders(1) for the fourth quarter, that is net earnings adjusted to remove the impact of acquisition-related costs increased by 53.1% which resulted in a per share amount of $0.30(2) compared to $0.21 last year. Without the adjustments, net earnings per share for the fourth quarter were $0.27 compared to $0.15 last year. These figures reflect the improvement in EBITDA and additional depreciation and amortization, along with a decrease in financial expenses.
Cash flows from operating activities (before changes in working capital) were $6.95 million or $0.50 per share(2) in the fourth quarter of 2015 compared to $6.48 million or $0.47 per share last year. The cash flow situation improved despite payments of current income taxes of $2.1 million in the fourth quarter of 2015 compared to $70,000 last year.
Annual results
Year-to-date revenues and adjusted EBITDA reached $174.6 million and $33.5 million respectively, which represent increases of 24.5% and 24.0% respectively over last year. Net earnings attributed to shareholders of $9.2 million ($0.67 per share)(2) were up compared to $7.8 million last year ($0.59 per share). However, net earnings adjusted to remove the impact of a tax settlement announced in the previous quarter, acquisition-related costs and restructuring costs attained $12.6 million, that is $3.2 million over last year. Adjusted net earnings per share (2) increased to $0.92 from $0.72 last year, despite additional depreciation, amortization and financial expenses and additional shares issued over the last four quarters. Same store sales orders year-to-date were up 4.8% over last year.
Cash flows from operating activities (before changes in working capital) increased to $27.7 million or $2.01 per share from $24.3 million or $1.83 per share last year. The cash flow situation improved despite payments of current income taxes of $4.5 million compared to $81,000 last year.
More detail on the financial performance of the fourth quarter and the financial year are available in the attachments.
President's comments
Antoine Amiel, the President of New Look Vision, stated that: "We are pleased to report a strong operating and financial performance in the fourth quarter, resulting in record revenues and profitability for the quarter and 2015 as a whole. Revenues and adjusted EBITDA for the year reached $174.6 million and $33.5 million respectively. Same store sales were up 4.8% while cash flow from operations was very strong, reaching $27.7 million ($2.01 per share). These and other positive operating and financial factors are concrete evidence of the success of our strategic growth plan in recent years, both generic and by acquisition.
We continue to monitor the opportunities arising from the ongoing consolidation of the Canadian retail optical industry. Subsequent to year-end in this regard, we successfully completed the acquisition of a chain of fifteen locations operating principally under the iVision banner in the strategic southwestern Ontario market as well as a leading high-end boutique. We expect such activity to continue through 2016 and beyond."
Dividend approval
Following the approval of the results of the fourth 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 a dividend of $0.15 per Class A common shares payable on March 31, 2016 to the shareholders of record as of March 23, 2016. 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 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 February 29, 2016, New Look Vision had 13,463,366 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Eastern Canada having a network of 214 corporate stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and iVision 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.
TABLE A
In thousands of Canadian dollars, except per share amounts
TABLE B
In thousands of Canadian dollars, except per share amounts
TABLE C
In thousands of Canadian dollars, except per share amounts
TABLE D
In thousands of Canadian dollars, except per share amounts
Contacts:
Lise Melanson
(514) 877-4299 ext. 2234
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Datum: 15.03.2016 - 00:24 Uhr
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