New Look Eyewear releases third quarter results and annonces its quarterly dividend

Montreal, Québec, November 7th, 2011: New Look Eyewear Inc. (TSX: BCI) (“New Look”), announced today that revenues for the third quarter of 2011 reached $19.5 million, an increase of 17.8% over the corresponding quarter of last year. Revenues from comparable stores increased by 13.2%. EBITDA(1) for the third quarter was $2.6 million, an increase of 18% over last year. Net earnings for the quarter were $1.0 million ($0.10 per share) compared to adjusted(2) net earnings of $0.9 million ($0.08 per share) last year. Third quarter operating cash flows, before changes in non-cash working capital items, amounted to $0.26 per share compared to $0.21 per share last year.

After 39 weeks, revenues were $58.1 million, an increase of 13.3% over the corresponding period of last year. Revenues from comparable stores increased by 10.6%. EBITDA for the same period reached $9.4 million, an increase of 42% over last year. Net earnings for the year-to-date period were $4.2 million ($0.42 per share) while adjusted net earnings for the corresponding period of 2010 were $2.4 million ($0.23 per share). Year-to-date operating cash flows, before changes in non-cash working capital items, amounted to $0.93 per share compared to $0.57 per share last year.

Martial Gagné, the President of New Look commented: “We are very pleased with the results of the quarter and the year to-date and the progression we have made over last year. Consumers are responding well to our products and services. Optometrists and other professionals working in our stores are very supportive of our initiatives and all our employees are devoting their efforts to enhancing customer experience. At the same time, we are also focusing on our growth for the future and today announce the opening of our 67th store in Cap-de-la-Madeleine, Québec.”

Following the approval of the results of the third quarter, the Board of Directors approved the payment of dividends totalling $0.15 per share payable on December 30th, 2011 to the shareholders of record as of December 19th, 2011. One dividend, representing $0.1468, qualifies as «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.