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

Montreal, Québec, June 3rd, 2011: New Look Eyewear Inc. (TSX: BCI) (“New Look”), announced today that revenues for the first quarter of 2011 reached $19.1 million, an increase of 10.4% over the corresponding quarter of last year. Revenues from comparable stores increased by 7.7%. EBITDA(1) for the first quarter reached $3.4 million, an increase of 33% over last year. Net earnings for the quarter were $1.6 million ($0.16 per share) while adjusted (2) net earnings for the first quarter of 2010 were $1.1 million ($0.11 per share). First quarter operating cash flows, before changes in non-cash working capital items, amount to $0.32 per share in comparison of $0.19 per share last year.

Martial Gagné, the President of New Look commented: “We ended the year 2010 on a very positive note and we continued this momentum during the first quarter of 2011. We are benefiting from the numerous actions and initiatives commenced in previous years. Our customers recognize the quality of our services and products while they continue to respond favourably to our offerings. Based on the current activity in our stores, we expect to have a strong second quarter”.

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 payable on June 30th, 2011 to the shareholders of record as of June 2st, 2011. The dividend qualifies as «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.