New Look Eyewear Inc. releases first quarter results and announces its quarterly dividend

Montréal, Québec, May 9^th, 2012:  New Look Eyewear Inc. (TSX: BCI) (“New Look”) announced today that revenues for the first quarter of 2012 reached a record at $20.1 million, an increase of 5.2% over the corresponding quarter of last year. Revenues from comparable stores remained stable (reduction of 0.5%). EBITDA⁽¹⁾ for the first quarter was $3.0 million, a reduction of $0.3 million from last year. Net earnings for the quarter were $1.2 million ($0.11 per share ⁽²⁾) while net earnings for the first quarter of 2011 were $1.6 million ($0.16 per share). First quarter operating cash flows, before changes in non-cash working capital items, amounted to $0.29 per share in comparison of $0.32 per share last year.

 

Martial Gagné, the President of New Look commented: “Our network realized a record high number of units sold during the first quarter despite consumer prudence after the Christmas period. Our six new stores added since the beginning of 2011 will continue to generate growth”.

Following the approval of the results of the first quarter, the Board of Directors of New Look approved today the payment of a dividend of $0.15 per Class A common shares payable on June 30^th, 2012 to the shareholders of record as of June 20^th, 2012. The dividend qualifies as «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.