New Look Eyewear inc. releases second quarter results and annonces its quarterly dividend

Montreal, Québec, July 27th, 2011: New Look Eyewear Inc. (TSX: BCI) (“New Look”), announced today that revenues for the second quarter of 2011 reached $19.5 million, an increase of 12.0% over the corresponding quarter of last year. Revenues from comparable stores increased by 10.2%. EBITDA(1) for the second quarter reached $3.4 million, an increase of 83% over last year. Net earnings for the quarter were $1.6 million ($0.16 per share) compared to adjusted(2) net earnings of $0.4 million ($0.04 per share) last year. Second quarter operating cash flows, before changes in non-cash working capital items, amounted to $0.35 per share in comparison of $0.18 per share last year.

After 26 weeks, revenues reached $38.6 million, an increase of 11.2% over the corresponding period of last year. Revenues from comparable stores increased by 8.7%. EBITDA for the same period reached $6.7 million, an increase of 54% over last year. Net earnings for the year-to-date period were $3.2 million ($0.32 per share) while adjusted net earnings for the corresponding period of 2010 were $1.5 million ($0.15 per share). Year-to-date operating cash flows, before changes in non-cash working capital items, amounted to $0.67 per share in comparison of $0.35 per share last year.

Martial Gagné, the President of New Look commented: “We are very satisfied with the performance of our operations for the first half of 2011. There was an increased level of activity in the stores and in the laboratory during the second quarter as we faced a rising demand for our services and products. Our team faced the challenges with enthusiasm and we thank our customers for their confidence. We have opened three new stores since the beginning of the year and are actively seeking to make additional acquisitions”.

Following the approval of the results of the second quarter, the Board of Directors approved the payment of a dividend of $0.15 per share payable on September 30th, 2011 to the shareholders of record as of September 21st, 2011. The dividend qualifies as «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.