Benvest New Look Income Fund releases its results for the third quarter of 2009November 9, 2009
Montreal, Québec, November 9th, 2009: Benvest New Look Income Fund announced today the results for its third quarter of 2009 ended September 30. Eye care operations generated revenues of $16.4 million, an increase of 1.4% over the corresponding quarter of last year. Revenues from comparable stores decreased by 6.5% during the quarter in comparison to last year. As a consequence of the decrease in revenues, EBITDA(1) was down to $2.2 million from $2.9 million last year and net earnings were down to $0.8 million from $1.4 million last year. Cash flows from operations were strong at $3.0 million as compared to $2.8 million for the corresponding period last year.
For the nine-month period, revenues increased 6.1% to $51.3 million. EBITDA, at $8.0 million, decreased by 6.9% compared to last year due to the modest performance during the third quarter. For the same period, revenues from comparable stores were down 1.8%. Net earnings decreased to $3.9 million. Net earnings per unit, calculated on a diluted basis, were $0.39 for the nine-month period compared to $0.43 for the corresponding period of last year. Capital expenditures totaling $4.0 million in the nine-month period comprised two new stores, the acquisition of a joint venture partner and four optical practices, and addition to optical equipment.
Martial Gagné, President of New Look Eyewear Inc., commented: “While we started the year with two good quarters, the slower third quarter seemed to track the general slowdown in the optical eyewear retail sector in Canada. We are confident we will have a good fourth quarter and complete 2009 year with satisfactory results”.
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