New Look Eyewear Inc. Releases Third Quarter Results and Announces its Quarterly Dividend

MONTRÉAL, QUÉBEC--(Marketwire - Nov. 5, 2012) - New Look Eyewear Inc. (TSX:BCI) ("New Look") announced today that revenues for the third quarter of 2012 reached $20.0 million, an increase of 2.6% over the corresponding quarter of last year. Revenues from comparable stores increased by 0.3%. EBITDA⁽¹⁾ for the third quarter was $3.4 million, an increase of $0.7 million or 27.0% from last year. Net earnings for the quarter were $1.2 million ($0.12 per share⁽²⁾) compared to $1.0 million ($0.10 per share) for the third quarter last year. Third quarter operating cash flows, before changes in non-cash working capital items, amounted to $0.32 per share compared to $0.26 per share last year.

On a year-to-date basis, revenues were $61.4 million, an increase of 5.7% over the first three quarters of last year. Revenues from comparable stores increased by 0.6%. EBITDA for the same period reached $10.4 million, an increase of $1.0 million or 10.6% over last year. Net earnings for the year-to-date period were $4.3 million ($0.42 per share) compared to $4.2 million ($0.42 per share) last year. Year-to-date operating cash flows, before changes in non-cash working capital items, amounted to $0.99 per share compared to $0.92 per share last year.

Martial Gagné, the President of New Look commented: "We are satisfied with the financial results and operating performance for the third quarter and the year to date given the very competitive environment. New Look has improved its revenues and profitability by providing high quality products and services, competitive promotional activities, and effective expense control. We have made two acquisitions since the beginning of the year and are actively seeking to expand our store network through other acquisitions".

Following the approval of the results of the third quarter, the Board of Directors of New Look approved today the payment of dividends totalling $0.15 per Class A common shares payable on December 31^st, 2012 to the shareholders of record as of December 17^th, 2012. One dividend, representing $0.1445, qualifies as «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

SEE TABLE A ATTACHED: CONSOLIDATED STATEMENT OF EARNINGS

(1)	See Table B attached for a definition of EBITDA with a reconciliation of net earnings to EBITDA.
(2)	All per share amounts are calculated on a diluted basis.

As of September 29, 2012, New Look had 10,301,732 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada operating a network of corporate stores and a laboratory using state-of-the-art technologies.

This press release may contain forward-looking statements that reflect the current views and / or expectations of New Look with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary.

NEW LOOK EYEWEAR INC.

Consolidated Statement of Earnings

For the quarters and the year-to-date periods

ended September 29, 2012 and September 24, 2011

Unaudited - In thousands of Canadian dollars, except per share amounts

		13 weeks		39 weeks
		Sept 29, 2012	Sept 24, 2011	Sept 29, 2012		Sept 24, 2011
		$	$	$		$
Revenues		20,032	19,516	61,408		58,094
Materials consumed, net of changes in inventory		4,788	4,929	14,049		13,299
Employee remuneration expense		6,134	5,922	19,054		17,967
Other operating expenses		5,857	5,997	18,150		17,452
		16,779	16,848	51,253		48,718
Earnings before the following items		3,253	2,668	10,155		9,376
Depreciation, amortization and impairment of non-financial assets		1,165	1,007	3,530		2,963
Financial expenses		127	87	296		277
		1,292	1,094	3,826		3,240
Earnings before income taxes		1,961	1,574	6,329		6,136
Income taxes
	Current		37	(6	)	20
	Deferred	760	529	1,995		1,882
		760	566	1,989		1,902
Net earnings and comprehensive income		1,201	1,008	4,340		4,234
Net earnings and comprehensive income attributed to:
	Non-controlling interest	7	8	22		23
	Shareholders of New Look	1,194	1,000	4,318		4,211
		1,201	1,008	4,340		4,234
Net earnings per share
	Basic	0.12	0.10	0.43		0.42
	Diluted	0.12	0.10	0.42		0.42

NEW LOOK EYEWEAR INC.

Reconciliation of Net Earnings and EBITDA

For the quarters and the year-to-date periods

ended September 29, 2012 and September 24, 2011

Unaudited - In thousands of Canadian dollars

		13 weeks				39 weeks
		Sept 29, 2012		Sept 24, 2011		Sept 29, 2012		Sept 24, 2011
		$		$		$		$
Net earnings		1,201		1,008		4,340		4,234
Depreciation, amortization and impairment of non-financial assets		1,165		1,007		3,530		2,963
Financial expenses		127		87		296		277
Equity-based compensation		79		30		183		79
Net loss (gain) from changes in fair value of foreign exchange contracts		29		(52	)	46		(66	)
Income taxes		760		566		1,989		1,902
EBITDA		3,361		2,646		10,384		9,389
	Variance in $	715				995
	Variance in %	27.0	%			10.6	%
	% of revenues	16.8	%	13.5	%	16.9	%	16.2	%

EBITDA refers to consolidated earnings before financial expenses, income taxes, depreciation, amortization and impairment of non-financial assets. It excludes any gain or loss from changes in fair value of foreign exchange contracts, and equity-based compensation. EBITDA is not a recognized measure under IFRS and may not be comparable to similar measures used by other entities. The Company believes that EBITDA is a useful financial metric as it assists in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA should not be construed as an alternative to net earnings or cash flows as determined under IFRS.