Welcome!

News Feed Item

New Look Eyewear Inc. Announces Record Revenues for the Fourth Quarter and the Year Ended December 28 of 2013 and its Quarterly Dividend

MONTREAL, QUEBEC -- (Marketwired) -- 03/12/14 -- New Look Eyewear Inc. (TSX: BCI) ("New Look") announced today that revenues for the fourth quarter ended December 28, 2013 reached a record of $25.6 million, an increase of 22.5% over the corresponding period of last year. This increase was due to a comparable store increase of 3.5%, increasing revenues generated by six new stores opened or acquired over the past 24 months and the acquisition of the assets and business of Vogue Optical Inc. on December 2nd, 2013. EBITDA(1) for the fourth quarter was $3.8 million, compared to $5.0 million last year, a decline of $1.2 million which is mainly attributable to the acquisition costs of $0.9 million related to the acquisition of Vogue Optical and other developments. Consequently, net earnings attributable to shareholders for the quarter were $1,321,000 ($0.11 per share(2)) compared to $2,160,000 last year ($0.21 per share(2)). Fourth quarter operating cash flows (before changes in working capital items) amounted to $3.9 million compared to $4.6 million last year.

For the full 2013 fiscal year, revenues increased by 10.5% to a record high amount of $91.1 million compared to $82.3 million last year, 3.0% being attributable to comparable stores while the balance was generated by the six new stores opened or acquired over the past 24 months and by the Vogue Optical acquisition. EBITDA for the year was $15.0 million compared to $ 15.3 million last year. The EBITDA was impacted by $1.1 million of expenses incurred during the year with respect to the acquisition of Vogue Optical and other smaller acquisitions. But for these expenses, EBITDA for the year would have been $ 16.1 million, a 4.5% increase over last year. Net earnings attributable to shareholders were $6.5 million, equal to last year. Net earnings per share, which were impacted by the additional shares issued in the fourth quarter to finance a portion of the Vogue Optical acquisition, were $0.60 per share vis-a-vis $0.63 per share last year.

More details on the financial performance of the fourth quarter and the fiscal year are available in the attachments.

Martial Gagne, the President of New Look, commented: "This was a transitional quarter and year for New Look, particularly on the strategic growth front with the acquisition of Vogue Optical. At the same time, the core New Look business continued to operate well with comparable store sales growth of 3.5% for the quarter and 3% for the full year 2013. Overall sales hit a record of $91 million with the acquisition of Vogue in December and the acquisition of optical practices and the opening of new stores earlier in the year. This has allowed New Look to clearly establish itself as the preeminent fully integrated optical retailer in Quebec, Atlantic Provinces and Eastern Ontario".

Antoine Amiel, the Vice-Chairman of New Look, stated that: "A heavy emphasis on strategic development will continue into and through 2014 and for the years to come. New Look now has the leading banners in the Quebec and Atlantic Canada markets with a total network of 140 stores. In 2014, we will seek to explore and maximize efficiencies in these markets as well as to aggressively seek to grow market share profitably in these markets and the rest of Canada".

Following the approval of the results of the fourth quarter of 2013 and taking into account the fiscal year performance, the Board of Directors of New Look approved the payment of a dividend of $0.15 per Class A common shares payable on March 31st, 2014 to the shareholders of record as of March 21st, 2014. The dividend qualifies as "eligible dividend", i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

Attachments


--  Table A - Highlights
--  Table B - Consolidated statement of earnings (unaudited)
--  Table C - Reconciliation of net earnings to EBITDA

(1)  See Table C 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 December 28, 2013, New Look had 12,637,414 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 140 corporate stores mainly under the New Look and Vogue Optical banners and laboratory facilities using state-of-the-art technologies.

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 www.sedar.com. 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 www.newlook.ca.

TABLE A


                            NEW LOOK EYEWEAR INC.
                                 Highlights
        for the fourth quarter and the year ended December 28, 2013
              with comparative annual figures for 2012 and 2011

      Unaudited - In thousands of Canadian dollars, except per share amounts
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                Fourth Quarter
                                   (unaudited)                         Year
                               2013       2012     2013      2012      2011
----------------------------------------------------------------------------
Revenues                    $25,596    $20,888  $90,971   $82,296   $80,190
  Variance                     22.5%               10.5%      2.6%
  Comparable stores
   variance                     3.5%                3.0%     (1.7%)
EBITDA                       $3,811     $4,959  $15,004   $15,343   $13,280
  Variance                    (23.1%)              (2.2%)    15.5%
  % of revenues                14.9%      23.7%    16.5%     18.6%     16.6%
Net earnings attributable
 to shareholders             $1,321     $2,160   $6,449    $6,478    $6,024
  Variance                    (38.8%)              (0.4%)     7.5%
Net earnings per share
  Basic                       $0.12      $0.21    $0.61     $0.64     $0.60
  Diluted                     $0.11      $0.21    $0.60     $0.64     $0.60
Cash flows from operating
 activities, before changes
 in working capital items    $3,800     $4,603  $14,812   $14,769   $13,009
  Variance                    (17.4%)               0.3%     13.5%
  Per share (diluted)         $0.33      $0.44    $1.38     $1.43     $1.28
Cash dividend per share       $0.15      $0.15    $0.60     $0.60     $0.60
----------------------------------------------------------------------------
----------------------------------------------------------------------------

TABLE B


                            NEW LOOK EYEWEAR INC.
                     Consolidated Statement of Earnings
                    for the quarters and the years ended
                   December 28, 2013 and December 29, 2012

      Unaudited - In thousands of Canadian dollars, except per share amounts
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Fourth Quarter
                                        (unaudited)                     Year
                                   2013        2012         2013        2012
                                      $           $            $           $
----------------------------------------------------------------------------
Revenues                         25,596      20,888       90,971      82,296
----------------------------------------------------------------------------
Materials consumed, net of
 changes in inventory             5,126       4,205       19,557      18,254
Employee remuneration
 expense                          8,572       6,479       28,602      25,533
Other operating expenses          8,141       5,262       27,978      23,412
----------------------------------------------------------------------------
Earnings before
 depreciation, amortization,
 impairment of non-financial
 assets and financial
 expenses                         3,757       4,942       14,834      15,097
----------------------------------------------------------------------------
Depreciation, amortization
 and impairment of non-
 financial assets                 1,517       1,430        5,057       4,960
Financial expenses, net of
 interest revenues                  399         136          703         432
----------------------------------------------------------------------------
Earnings before income taxes      1,841       3,376        9,074       9,705
----------------------------------------------------------------------------
Income taxes
  Current                           (20)        237            9         231
  Deferred                          555         983        2,596       2,978
----------------------------------------------------------------------------
Total income taxes                  535       1,220        2,605       3,209
----------------------------------------------------------------------------
Net earnings and
 comprehensive income             1,306       2,156        6,469       6,496
----------------------------------------------------------------------------
Net earnings and
 comprehensive income
 attributed to:
  Non-controlling interest          (16)         (4)          19          18
  Shareholders of New Look        1,321       2,160        6,449       6,478
----------------------------------------------------------------------------
                                  1,305       2,156        6,468       6,496
----------------------------------------------------------------------------
Net earnings per share
  Basic                            0.12        0.21         0.61        0.64
  Diluted                          0.11        0.21         0.60        0.63
----------------------------------------------------------------------------
----------------------------------------------------------------------------

TABLE C


                            NEW LOOK EYEWEAR INC.
                  Reconciliation of net earnings and EBITDA
                    for the quarters and the years ended
                   December 28, 2013 and December 29, 2012



                                Unaudited - In thousands of Canadian dollars
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                     Fourth Quarter                    Year
                                  2013         2012       2013         2012
                                     $            $          $            $
----------------------------------------------------------------------------
Net earnings                     1,306        2,156      6,469        6,496
Depreciation, amortization
 and impairment of non-
 financial assets                1,517        1,430      5,057        4,960
Financial expenses                 399          136        703          432
Equity-based compensation           28           33        168          216
Net loss (gain) from changes
 in fair value of foreign
 exchange contracts                 26          (16)         2           30
Income taxes                       535        1,220      2,605        3,209
----------------------------------------------------------------------------
EBITDA                           3,811        4,959     15,004       15,343
----------------------------------------------------------------------------
  Variance in $                 (1,148)       1,066       (339)       2,063
  Variance in %                  (23.1%)                  (2.2%)
  % of revenues                   14.9%        23.7%      16.5%        18.6%
----------------------------------------------------------------------------

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
www.newlook.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.