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Press Releases

Year 2014


November 5, 2014
New Look Eyewear inc.Announces its Results for the Third Quarter of 2014 and its Quarterly Dividend.

See Release


November 3, 2014
New Look Eyewear inc. to Hold Third Quarter 2014 Results Conference Call.

See Release


October 14, 2014
New Look Eyewear inc. Completes Acquisition of Greiche & Scaff.

See Release


August 19, 2014
New Look Eyewear inc. Closes $10 Million Private Placement.

See Release


August 5, 2014
New Look Eyewear inc. announces record revenues for the second quarter of 2014 and its quarterly dividend.

See Release


August 5, 2014
New Look Eyewear inc. agrees to acquire Greiche & Scaff.

See Release


May 7, 2014
New Look Eyewear inc. announces record revenues for the first quarter of 2014 and its quarterly dividend.

See Release


March 20, 2014
New Look Eyewear inc. announces a dividend reinvestment program.

See Release


March 12, 2014
New Look Eyewear inc. announces record revenues for the fourth quarter and the year ended December 28 of 2013 and its quarterly dividend.

See Release


MORE PRESS RELEASES
X

New Look Eyewear Inc. Announces its Results for the Third Quarter of 2014 and its Quarterly Dividend

November 5, 2014

Montréal, Québec, November 5th 2014: New Look Eyewear Inc. (TSX: BCI) (“New Look”) today announced its results for the third quarter of 2014 and its quarterly dividend.

Third quarter results

New Look reported revenues of $32.5 million and an adjusted EBITDA(1) of $6.2 million for the third quarter ended September 27, 2014, representing increases of 54% and 96% respectively over last year. The increases are essentially attributable to the addition of Vogue Optical’s 65 stores last December. Same store sales(2) for the quarter increased by 3.7% over last year.

Net earnings attributed to shareholders of $1.65 million for the quarter were up 48.5% from last year. This included a provision for acquisition-related costs of $0.81 million. This is in line with the EBITDA increase following the Vogue Optical acquisition and reflects additional depreciation, amortization and financial expenses, as well as acquisition costs related to Greiche & Scaff. In spite of these additional expenses and the issuance of shares, mainly pursuant to the financing of the Vogue Optical acquisition, net earnings per share(3) for the quarter increased to $0.13 from $0.10 last year. Net earnings per share adjusted to remove the impact of acquisition-related costs increased to $0.17 from $0.11 last year.

Cash flows from operating activities (before changes in working capital) reached $5.3 million or $0.41 per share(3) in the third quarter of 2014 compared to $3.0 million and $0.28 last year.

Year-to-date results

Year-to-date revenues and adjusted EBITDA reached a record $99.4 million and $19.5 million respectively, which represent increases of 52% and 72% respectively over last year. Net earnings attributed to shareholders of $5.75 million were up 12.1% from last year, including a provision for acquisition-related costs of $1.31 million. Net earnings per share were $0.44 compared to $0.49 last year, thus reflecting additional depreciation, amortization and financial expenses, acquisition costs related to Greiche & Scaff as well as the issuance of shares over 2013 and 2014. Net earnings per share (3) adjusted to remove the impact of acquisition-related costs increased to $0.51 from $0.50 last year. Same store sales year-to-date were up 0.4% over last year.

Cash flows from operating activities (before changes in working capital) increased significantly to $17.8 million or $1.36 per share from $11.0 million or $1.05 per share last year.

Martial Gagné, the President of New Look, commented: “This was our highest third quarter on record in terms of revenues, adjusted EBITDA and cash flows reflecting the impact of the Vogue acquisition late in 2013 and of other acquisitions and store openings since the beginning of 2013. Same store sales increased 3.7% over last year, anchoring a strong operating and financial performance for the company as a whole for the quarter.”

Antoine Amiel, the Vice-Chairman of New Look, stated that: “During the quarter, the integration of Vogue and the achievement of synergies and efficiencies progressed well. In October, we completed the acquisition of Greiche & Scaff, a significant step forward, making the combined New Look businesses the second largest integrated optical retailer in Canada and the eighth largest in North America with estimated combined sales of $160 million.”

Events after the reporting period

On October 14, 2014, New Look announced that it had completed the acquisition of Greiche & Scaff and confirmed the increase of its senior secured debt facility with its bank syndicate by $10 million to $53 million as well as the issuance of 500,000 Class A common shares at $20 per share.

Dividend approval

Following the approval of the results of the third quarter of 2014 and taking into account the solid cash inflows from operations in the quarter, the Board of Directors of New Look approved the payment of dividends totalling $0.15 per Class A common shares payable on December 31st, 2014 to the shareholders of record as of December 22nd, 2014. One dividend, in the amount of $0.13 per share, has been designated as “eligible dividend”, that is a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

Shareholders residing in Canada are allowed to elect to re-invest their cash dividends into New Look shares, without any brokerage commissions, fees and transaction costs through the dividend reinvestment plan implemented in 2014. Until any further announcement, shares will be issued from treasury at 95% of the weighted average trading price for the five days preceding the dividend payment date. Any shareholder wishing to benefit from this opportunity only has to make the election through his or her broker.

Tax status of dividend equivalent amount paid to holders of subscription receipts

Holders of subscription receipts issued on August 19, 2014 received upon the exchange of their receipts for Class A common share of New Look on October 14, 2014 an amount equal to the dividends totalling $0.15 per Class A common share declared payable on September 30, 2014 to the holders of record as of September 23, 2014. New Look has determined that this dividend equivalent amount is a non-taxable refund of a portion of the purchase price of the subscription receipts.

Attachments

Table A - Highlights

Table B - Consolidated statement of earnings (unaudited)

Table C - Reconciliation of net earnings to adjusted EBITDA

Table D – Reconciliation of net earnings to adjusted net earnings

(1) EBITDA, adjusted EBITDA and adjusted net earnings are not recognized measures under IFRS and may not be comparable to similar measures used by other entities. See Table C and Table D attached for a reconciliation of net earnings to these measures.
(2) Comparable stores are those opened before 2013 by New Look and Vogue. Revenues are recognized at time of delivery of goods to customers, but management measures the comparable store performance on the basis of sales orders, whether delivered or not.
(3) Per share amounts are expressed on a diluted basis.





As of October 31, 2014, New Look had 13,257,205 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 190 corporate stores mainly under the New Look, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.com in the Investors section.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For For additional information please see our website at www.newlookvisiongroup.ca. For enquiries, please contact Lise Melanson at (514) 877-4299, ext. 2234.

X

New Look Eyewear Inc. to Hold Third Quarter 2014 Results Conference Call

November 3, 2014

MONTREAL, QUEBEC, November 3rd, 2014 – New Look Eyewear Inc. (TSX: BCI) ("New Look") announced today that it will present its 2014 third quarter results during a conference call for the financial community. The financial results will be made public in a press release that will be issued on the newswire prior to the conference call. The Press Release and the Management’s Discussion & Analysis will be posted SEDAR (www.sedar.com) and also on its own website (www.newlookvisiongroup.ca).

Financial analysts and investors are invited to attend this conference call

Date and Time

Thursday, November 6th, 2014 at 1:00 p.m. ET

Dial-in number:

1 877 223-4471 (toll-free)
(647) 788-4922 (long-distance/international)

Media and other interested individuals are invited to listen to the full replay:

Écoute ultérieure

Availability dates:

November 6th (4:00 p.m. ET) to November 28th (11:59 p.m. ET)

Access telephone number:

1 877 223-4471 (toll-free)
(647)778-4922 (long-distance/international)

Reservation number;

25316592





As of October 31, 2014, New Look had 13,257,205 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 190 corporate stores mainly under the New Look, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.com in the Investors section.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our website at www.newlookvision.com. For enquiries, please contact Lise Melanson at (514) 877-4119.

X

New Look Eyewear inc. Completes Acquisition of Greiche & Scaff.

October 14, 2014

Montréal, Québec, October 14, 2014: New Look Eyewear Inc. (TSX: BCI) (“New Look”) announced today that it has completed its acquisition of certain optical assets and business forming part of Optic Direct Inc., carrying on business under the Greiche & Scaff banner in Québec. As previously announced, the purchase price was $17.75 million paid in cash at closing plus assumed liabilities, subject to customary price adjustments. After the acquisition, the combined New Look entities will have revenues exceeding $160 million and a store network of 190 locations, making them the second largest Canadian integrated retail optical company and the eighth largest in North America.

CAs previously announced, New Look financed the acquisition by (i) increasing its senior secured debt facility with its bank syndicate by $10 million to $53 million and (ii) a private placement of 500,000 subscription receipts at a price of $20.00 per subscription receipt. These subscription receipts have been exchanged today into 500,000 Class A common shares of New Look. As a result thereof, New Look has 13,257,205 Class A common shares issued and outstanding as of the date hereof.





All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our website at www.newlookvision.com. For enquiries, please contact Lise Melanson at (514) 877-4119.

X

New Look Eyewear Inc. Closes $10 Million Private Placement

August 19, 2014

Montréal, Québec, August 19, 2014: New Look Eyewear Inc. (TSX: BCI) (“New Look”) announced today that it has completed its previously-announced “bought deal” private placement subscription receipt financing for aggregate gross proceeds of $10 million.

New Look issued 500,000 subscription receipts from treasury (the “Offering”) at a price of $20.00 per subscription receipt through a syndicate of underwriters led by GMP Securities L.P. and including National Bank Financial Inc. and Beacon Securities Limited (collectively, the “Underwriters”). Each subscription receipt entitles the holder thereof, subject to certain conditions, to receive one Class A common share of New Look (a “Common Share”).

New Look intends to use the proceeds of the Offering, together with funds obtained from its credit facilities, to fund the previously-announced acquisition of certain optical assets and business of Optic Direct Inc., carrying on business under the Greiche & Scaff banner in Québec (the “Acquisition”). The Acquisition is expected to close on or about October 1, 2014 subject to usual closing conditions.

The proceeds from the Offering will be held in escrow pending the closing of the Acquisition. If the Acquisition is completed on or prior to 5:00 p.m. (Montréal time) on November 5, 2014, the proceeds will be released to New Look and each holder of a subscription receipt will receive, without additional consideration and without further action, one Common Share for each subscription receipt held upon closing of the Acquisition. If the Acquisition does not occur on or prior to 5:00 p.m. (Montréal time) on November 5, 2014 or New Look advises the Underwriters that it does not intend to proceed with the Acquisition, the holders of subscription receipts will receive a cash payment equal to the offering price of the subscription receipts plus their pro rata share of the interest earned on the escrowed funds during the term of the escrow.

Assuming the subscription receipts are still outstanding on September 23, 2014 and are subsequently exchanged for Class A common shares of New Look, the holders thereof will be entitled upon such exchange to receive a cash payment per subscription receipt equal to the dividends totalling $0.15 per Class A common share of New Look declared payable on September 30, 2014 to the holders of record as of September 23, 2014.





All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our website at www.newlookvision.com. For enquiries, please contact Lise Melanson at (514) 877-4119.

X

New Look Eyewear Inc. Announces Record Revenues for the Second Quarter of 2014 and its Quarterly Dividend

Montréal, Québec, August 5th 2014: New Look Eyewear Inc. (TSX: BCI) (“New Look”) today announced its results for the second quarter of 2014 and its quarterly dividend.

Second quarter results: Record revenues, adjusted EBITDA and cash flows from operations

New Look reported record revenues of $35.1 million and a record adjusted EBITDA(1) of $8.3 million for the second quarter ended June 28, 2014, representing increases of 47% and 61% respectively over last year. The increases are essentially attributable to the addition of Vogue Optical’s 65 stores last December and the addition of six other stores since the beginning of the second quarter of 2013. Same store sales(2) for the quarter declined 3.2% over a very strong quarter last year.

Net earnings of $3.1 million for the quarter were up 14.4% from last year reflecting the addition of Vogue Optical, but also included $0.4 million of one-time net development costs related to future acquisitions booked in the quarter. Net earnings per share(3) of $0.24 compared to $0.26 last year. This reflects the impact of the one-time development costs for future acquisitions and the issuance of 2.2 million shares in December of 2013 to finance the Vogue Optical acquisition. Excluding the one-time expenses, adjusted net earnings per share(3) were $0.27.

Cash flows from operating activities (before changes in working capital), reached a record amount of $7.6 million or $0.59 per share(3) in the second quarter of 2014 compared to $5.0 million and $0.48 last year.

Subsequent to the end of the quarter, New Look announced that it had entered into agreements to acquire certain assets and business operating under the Greiche & Scaff banner.

Year-to-date results

Revenues and adjusted EBITDA reached $66.9 million and $13.3 million respectively, which represents increases of 51% and 63% over last year. Net earnings year to date of $4.1 million were up 2.1% from last year. Net earnings per share were $0.31 compared to $0.38 last year, reflecting the one-time future acquisition costs incurred in the second quarter and the additional shares issued in December 2013. Excluding the one-time expenses, adjusted net earnings per share year to date were $0.34.

Cash flows from operating activities (before changes in working capital) increased significantly to $12.5 million or $0.96 per share from $8.0 million or $0.76 per share last year.

More details on the financial performance of the second quarter and the year-to-date period are available in the attachments.

Martial Gagné, the President of New Look, commented: “The second quarter achieved record revenues and adjusted EBITDA and strong cash flows reflecting the impact of the Vogue acquisition late in 2013 and of other acquisitions and store openings since the beginning of 2013. As a result the Company was able to successfully begin its debt reductions programme post the Vogue acquisition. Same store sales declined compared to a strong Q2 last year.”

Antoine Amiel, the Vice-Chairman of New Look, stated that: “During the quarter, Vogue’s integration progressed according to plans with sharing of best practices and leveraging of the combined entities purchasing power. Considerable progress was made on our strategic growth plan in the quarter with the announcement post quarter end of the agreement to acquire Greiche & Scaff which will consolidate our leadership position in the Québec retail optical market.”

Dividend approval

Following the approval of the results of the second quarter of 2014 and taking into account the solid cash inflows from operations in the quarter, the Board of Directors of New Look approved the payment of dividends totalling $0.15 per Class A common shares payable on September 30th, 2014 to the shareholders of record as of September 23rd, 2014. One dividend, representing $0.14 per share, has been designated as “eligible dividend”, that is a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

Shareholders residing in Canada are allowed to elect to re-invest their cash dividends into New Look shares, without any brokerage commissions, fees and transaction costs through the dividend reinvestment plan implemented in 2014. Until any further announcement, shares will be issued from treasury at 95% of the weighted average trading price for the five days preceding the dividend payment date. Any shareholder wishing to benefit from this opportunity only has to make the election through his or her broker.

Attachments

Table A - Highlights

Table B - Consolidated statement of earnings (unaudited)

Table C - Reconciliation of net earnings to adjusted EBITDA

Table D – Reconciliation of net earnings to adjusted net earnings

(1) EBITDA, adjusted EBITDA and adjusted net earnings are not recognized measures under IFRS and may not be comparable to similar measures used by other entities. See Table C and Table D attached for a reconciliation of net earnings to these measures.
(2) Comparable stores are those opened before 2013 by New Look and Vogue. Revenues are recognized at time of delivery of goods to customers, but management measures the comparable store performance on the basis of sales orders, whether delivered or not.
(3) Per share amounts are expressed on a diluted basis.





As of July 31, 2014, New Look had 12,706,550 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 141 corporate stores mainly under the New Look and Vogue Optical banners and laboratory facilities using state-of-the-art technologies.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For For additional information please see our website at www.newlookvisiongroup.ca. For enquiries, please contact Lise Melanson at (514) 877-4299, ext. 2234.

X

New Look Eyewear Agrees to Acquire Greich & Scaff

Montréal,Québec, August 5th, 2014:New Look E yewear Inc. (TSX: BCI) (“New Look”) announced today that it has entered into a definitive agreement to acquire certain optical assets and business of Optic Direct Inc., carrying on business under the Greiche & Scaff banner in Quebec. Founded in 1976, Greiche & Scaff has grown over the years to become an established and well recognized enterprise in the Quebec optical retail markets. The assets and business to be acquired by New Look include 49 corporately owned stores in Quebec, including 42 in the greater Montreal region, and an integrated lens processing facility located in Montreal. Revenues for the business for the twelve months ended March 31st, 2014 amounted to approximately $30.7 million.

The purchase price of the assets and business of Greiche & Scaff will be $17.75 million, subject to customary price adjustments. New Look has entered into various financing arrangements to finance the acquisition, including: i) a $10 million increase of its senior secured debt facility with its bank syndicate to $53 million; and ii) a “bought deal” private placement agreement for the issuance of 500,000 subscription receipts at a price of $20. 00 per receipt with a syndicate of Canadian in vestment firms led by GMP Securities L.P., and including National Bank Financial Inc. and Beacon Securities Limited. Each subscription receipt will entitle the holder thereof, subject to certain conditions, to receive one Class A Common Share of New Look subject to the approval of the T SX.

Antoine A miel, Vice-Ch airman of New Look stated that: “This is an important building block in our strategic plan for participating in the consolidation of the Quebec and Canadian retail optical markets. It solidifies our Quebec base, particularly in the metropolitan Montreal region and results in the acquisition of an additional established and respected banner in the retail optical market. It also gains us s ignificant operating efficiencies.”

Martial Gagné, President of New Look added: “We will continue to operate the Greiche & Scaff business as a separate banner and sto re network within the New Look/Vogue Optical umbrella. We very much look forward to working with the Greiche & Scaff employees, associated optometrists and opticians and welcoming them to our group.”

The acquisition of Greiche & Scaff is expected to close on or about October 1st, 2014, subject to usual closing conditions, at which time the 500,000 subscription receipts issued pursuant to the private placement are expected to be automatically converted into 500,000 Class A Common Shares of New Look.


As of July 31, 2014, New Look had 12,706,550 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 141 corporate stores mainly under the New Look and Vogue Optical banners and laboratory facilities using state-of-the-art technologies.

All statements other than statements of historical fact contained in this press release are forward-looking statements , including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look belie ves that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our Web site www.newlook.ca. For enquiries, please contact Lise Melanson at (514) 877-4299, ext. 2234.

X

New Look Eyewear Inc. Announces Record Revenues for the First Quarter of 2014 and its Quarterly Dividend

May 7, 2014

Montréal, Québec, May 7th, 2014: New Look Eyewear Inc. (TSX: BCI) (“New Look”) today announced record revenues of $31.8 million for the first quarter ended March 29, 2014, an increase of 57% over last year, while EBITDA(1) reached $5 million, an increase of 63% over last year. These increases are principally attributable to the addition of Vogue’s 65 stores last December. The acquisition of two independent practices, the opening of three stores, and the conclusion of two business arrangements with affiliates, all in 2013, also contributed to the increase in revenues and EBITDA. Comparable store(2) sales orders were up 0.7% year over year.

Net earnings attributable to shareholders decreased by $305,000 to $1 million, as a consequence of additional depreciation, amortization, equity-based compensation, and financial expenses related to the Vogue acquisition including an expense of $282,000 as change in fair value of an interest rate swap. As a consequence of this and also the issuance of 2.2 million shares in 2013 to finance the acquisition, net earnings per share(3) decreased from $0.12 to $0.08. First quarter operating cash flows (before changes in working capital) increased substantially to $4.8 million, or $0.37 per share (3) compared to $0.28 last year.

More details on the financial performance of the second quarter and the year-to-date period are available in the attachments.

Martial Gagné, the President of New Look, commented: “We are pleased with the first quarter results achieved in spite of very adverse weather conditions. During the quarter, we completed the new layout of our manufacturing and distribution premises in St. Laurent, Québec doubling our processing capacities thereby positioning the company for further growth. The addition of Vogue Optical creates a dynamic environment where both management teams are working at identifying areas of improvement for the overall operations and profitability.”

Antoine Amiel, the Vice-Chairman of New Look, stated that: “During the first quarter, Vogue’s integration progressed according to plans with sharing of best practices and leveraging of the combined entities’ purchasing power. New Look opened a new store in Chambly (QC) to bring the group’s total to 141. We expect other development initiatives to materialize in the coming quarters as we endeavour to grow profitably in our existing markets and in the rest of Canada.

Following the approval of the results of the first quarter of 2014 and taking into account the solid cash inflows from operations in the quarter, the Board of Directors of New Look approved the payment of a dividend of $0.15 per Class A common shares payable on June 30th, 2014 to the shareholders of record as of June 20th, 2014. The dividend qualifies as “eligible dividend”, i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

For the first time, shareholders residing in Canada will be allowed to elect to re-invest their cash dividends into New Look shares, without any brokerage commissions, fees and transaction costs through the dividend reinvestment plan announced a month ago. Until any further announcement, shares will be issued from treasury at 95% of the weighted average trading price for the five days preceding the dividend payment date. Any shareholder wishing to benefit from this opportunity only has to make the election through his or her broker.

Subsequent to the end of the quarter, the Company received a proposal letter from the taxation authorities proposing to challenge certain tax attributes of its conversion from a trust to a corporation in March 2010. The Company is confident of the soundness of its position and will strongly defend its position during the administrative process as well as before the courts, if necessary. The eventual determination of these matters could take several years or more, and is not expected to impact the Company’s operations and current development plans.

Attachments

Table A - Highlights

Table B - Consolidated statement of earnings (unaudited)

Table C - Reconciliation of net earnings to EBITDA

(1) See Table C attached for a definition of EBITDA with a reconciliation of net earnings to EBITDA.
(2) Comparable stores are those opened before 2013 by New Look and Vogue Optical.
(3) All per share amounts are calculated on a diluted basis.





As of April 30, 2014, New Look had 12,690,414 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 141 corporate stores mainly under the New Look and Vogue Optical banners and laboratory facilities using state-of-the-art technologies.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For For additional information please see our website at www.newlookvisiongroup.ca. For enquiries, please contact Lise Melanson at (514) 877-4299, ext. 2234.

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New Look Eyewear Inc. Announces a Dividend Reinvestment Program

March 20, 2014

MONTREAL, QUEBEC, March 20, 2014 – New Look Eyewear Inc. (TSX: BCI) (“New Look”) announced today the adoption of a Dividend Reinvestment Program (“DRIP”) commencing with the payment of the June 2014 dividend. Proceeds from the DRIP will be used to reduce existing debt levels and to fund existing and future accretive growth opportunities. The DRIP will provide eligible New Look shareholders with the opportunity to reinvest their cash dividends in the future growth of the business at a 5% discount to the market price of New Look’s Class A common shares (the “Common Shares”).

Under the terms of the DRIP, eligible shareholders of New Look may elect to automatically reinvest all or part of their regular quarterly cash dividends in additional Common Shares, without incurring any commissions, service charge or brokerage fees. Eligible shareholders who elect to reinvest cash dividends under the DRIP will receive Common Shares at a price (the “Average Market Price”) equal to the average closing price of the Common Shares on the Toronto Stock Exchange for the five-day trading period ending on the business day immediately prior to the dividend payment date. The price of the Common Shares purchased with reinvested dividends will initially be 95% of the Average Market Price. Enrolment in the DRIP is available to Canadian resident shareholders of New Look only. Common Shares may be purchased under the DRIP commencing with the June 2014 cash dividend payable on June 30, 2014 to shareholders of record on June 20, 2014. Common Shares purchased through the DRIP will be issued directly by New Look from treasury.

Eligible shareholders may enroll in the DRIP by contacting their broker or other intermediary for enrollment information. The DRIP is subject to certain limitations and restrictions and interested parties are encouraged to review the full text of the DRIP. A copy of the DRIP is available on New Look’s website at www.newlookvision.com and also at www.sedar.com.





As of December 28, 2013, New Look had 12,637,414 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 140 corporate stores mainly under the New Look and Vogue Optical banners and laboratory facilities using state-of-the-art technologies.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our website at www.newlookvision.com. For enquiries, please contact Lise Melanson at (514) 877-4119.

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New Look Eyewear Inc. Announces Record Revenues for the Fourth Quarter and Year Ended December 28 of 2013 and its Quarterly Dividend

March 12, 2014

Montréal, Québec, March 12th, 2014: New Look Eyewear Inc. (TSX: BCI) (“New Look”) announced today that revenues for the fourth quarter ended December 28, 2013 reached a record of $25.6 million, an increase of 22.5% over the corresponding period of last year. This increase was due to a comparable store increase of 3.5%, increasing revenues generated by six new stores opened or acquired over the past 24 months and the acquisition of the assets and business of Vogue Optical Inc. on December 2nd, 2013. EBITDA(1) for the fourth quarter was $3.8 million, compared to $5.0 million last year, a decline of $1.2 million which is mainly attributable to the acquisition costs of $0.9 million related to the acquisition of Vogue Optical and other developments. Consequently, net earnings attributable to shareholders for the quarter were $1,321,000 ($0.11 per share(2)) compared to $2,160,000 last year ($0.21 per share(2)). Fourth quarter operating cash flows (before changes in working capital items) amounted to $3.9 million compared to $4.6 million last year.

For the full 2013 fiscal year, revenues increased by 10.5% to a record high amount of $91.1 million compared to $82.3 million last year, 3.0% being attributable to comparable stores while the balance was generated by the six new stores opened or acquired over the past 24 months and by the Vogue Optical acquisition. EBITDA for the year was $15.0 million compared to $ 15.3 million last year. The EBITDA was impacted by $1.1 million of expenses incurred during the year with respect to the acquisition of Vogue Optical and other smaller acquisitions. But for these expenses, EBITDA for the year would have been $ 16.1 million, a 4.5% increase over last year. Net earnings attributable to shareholders were $6.5 million, equal to last year. Net earnings per share, which were impacted by the additional shares issued in the fourth quarter to finance a portion of the Vogue Optical acquisition, were $0.60 per share vis-à-vis $0.63 per share last year.

More details on the financial performance of the third quarter and the year-to-date period are available in the attachments.

Martial Gagné, the President of New Look, commented: “This was a transitional quarter and year for New Look, particularly on the strategic growth front with the acquisition of Vogue Optical. At the same time, the core New Look business continued to operate well with comparable store sales growth of 3.5% for the quarter and 3% for the full year 2013. Overall sales hit a record of $91 million with the acquisition of Vogue in December and the acquisition of optical practices and the opening of new stores earlier in the year. This has allowed New Look to clearly establish itself as the preeminent fully integrated optical retailer in Québec, Atlantic Provinces and Eastern Ontario”.

Antoine Amiel, the Vice-Chairman of New Look, stated that: “A heavy emphasis on strategic development will continue into and through 2014 and for the years to come. New Look now has the leading banners in the Québec and Atlantic Canada markets with a total network of 140 stores. In 2014, we will seek to explore and maximize efficiencies in these markets as well as to aggressively seek to grow market share profitably in these markets and the rest of Canada”.

Following the approval of the results of the fourth quarter of 2013 and taking into account the fiscal year performance, the Board of Directors of New Look approved the payment of a dividend of $0.15 per Class A common shares payable on March 31st, 2014 to the shareholders of record as of March 21st, 2014. The dividend qualifies as “eligible dividend”, i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

Attachments

(1) See Table C 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 December 28, 2013, New Look had 12,637,414 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 140 corporate stores mainly under the New Look and Vogue Optical banners and laboratory facilities using state-of-the-art technologies.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forwardlooking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For For additional information please see our website at www.newlookvisiongroup.ca. For enquiries, please contact Lise Melanson at (514) 877-4299, ext. 2234.