New Look Eyewear Inc. (formerly Benvest New Look Income Fund) releases its results for the fourth quarter and the year ended december 25, 2010 and announces its quarterly dividend

Montreal, Québec, March 16, 2011:  New Look Eyewear Inc. (TSX: BCI) (“New Look”), the successor to the Benvest New look Income Fund, announced today its results for the fourth quarter and the year ended December 25, 2010.

During the fourth quarter, revenues increased by 10.7% in comparison with last year and EBITDA⁽¹⁾ increased by 24% to reach $3.6 million. Net earnings followed the trend and increased by $1 million over last year to reach $2.5 million ($0.25 per share). Martial Gagné, the President of New Look commented: “To celebrate the end of our 25^th anniversary year, we re-introduced the “2 for 1” offer which has been extremely well received by our consumers. During this last quarter, we established records in volume of eye exams, lenses produced and glasses delivered to our customers. We are very satisfied with the pace of the current business and embark upon 2011 with heightened optimism.”

For the year ending December 25^th, 2010, New Look recorded revenues of $70.8 million, an increase of 2.6% compared with the revenues achieved last year. EBITDA at $10.3 million compares to $11.0 million last year. Net earnings of $4.8 million ($0.47 per share) are equivalent to our record 2009 net earnings of $5.4 million ($0.54 per share) if we take into consideration the non-recurring charge of $0.9 million related to the conversion from an income trust to a corporation.

Following the approval of the results of the fourth quarter, and in line with the previously announced dividend policy, the Board of Directors of New Look approved the payment of a dividend of $0.15 per common share payable on March 31, 2011 to the shareholders of record as of March 25, 2011. The dividend qualifies as an «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.