MONTRÉAL, March 20, 2018 (GLOBE NEWSWIRE) -- New Look Vision Group Inc. ("New Look Vision" or the ?Company') (TSX:BCI), a leader in the Canadian optical business with 379 stores across Canada, reported financial results today for the 13 and 52 weeks ended December 30, 2017 ("Q4 2017" and "fiscal 2017"). This press release should be read in conjunction with the Company's management discussion and analysis (the "MD&A") and consolidated financial statements for fiscal 2017, which are available on the Company's website at www.newlookvision.ca/investors and have been posted on SEDAR at www.sedar.com.
Q4 2017 Financial and Operational Highlights
Year-to-date Financial and Operating Results
President & CEO's comments
Antoine Amiel, the President and CEO of New Look Vision, stated that: "With the Q4 results, the 2017 year ended on a very strong note for the group. This and other positive operating and financial factors throughout the year as a whole are concrete evidence of the success of our strategic growth plan in recent years, both organically and by acquisition, as well as our ability to generate synergies across our expanding network.
In the fourth quarter, we completed the acquisition of Iris with its 147 locations which gives us a strong optometric based platform to build from in this sector of the consolidating Canadian retail optical industry. We look forward to working with their management team, partners and franchisees in the coming years.
Subsequent to quarter end, we welcomed on board Tania M. Clarke, as Senior Vice President and Chief Financial Officer."
Dividend Approval
Pursuant to its previously announced dividend policy, the Board of Directors of New Look Vision declared a dividend of $0.15 per common share. The quarterly cash dividend will be paid on March 29, 2018 to the shareholders of record as of March 27, 2018. The dividend has been designated as an "eligible dividend," that is a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.
As of February 28, 2018, New Look Vision had 15,475,028 Class A common shares issued and outstanding.
Through the dividend reinvestment plan, shareholders residing in Canada may elect to re-invest their cash dividends into New Look Vision shares, without incurring brokerage commissions, fees and transaction costs. 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 may do so through his or her broker.
Attachments
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About New Look Vision Group Inc. New Look Vision is a leader in the eye care industry in Canada having a network of 379 stores mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca 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 Vision. 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 Vision 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 Vision'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 Vision 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.newlookvision.ca. For enquiries, please contact Lise Melanson (514) 877-4299, ext. 2234.
TABLE A | |||||||||||||||
NEW LOOK VISION GROUP INC. | |||||||||||||||
Highlights | |||||||||||||||
for the periods ended December 30, 2017 and December 31, 2016 | |||||||||||||||
In thousands of Canadian dollars, except per share amounts | |||||||||||||||
2017 | 2016 | 2017 | 2016 | 2015 | |||||||||||
13 weeks | 14 weeks | 52 weeks | 53 weeks | 52 weeks | |||||||||||
Revenues | $ | 67,509 | $ | 54,489 | $ | 229,151 | $ | 198,536 | $ | 174,555 | |||||
Variance | 23.9 | % | 15.4 | % | 13.7 | % | |||||||||
Variance in comparable store sales orders(a) | 2.8 | % | 4.6 | % | 2.6 | % | 4.1 | % | |||||||
Adjusted EBITDA(b) | $ | 12,532 | $ | 9,769 | $ | 42,121 | $ | 35,376 | $ | 33,526 | |||||
Variance | 28.3 | % | 19.1 | % | 5.5 | % | |||||||||
% of revenues | 18.6 | % | 17.9 | % | 18.4 | % | 17.8 | % | 19.2 | % | |||||
Per share (diluted) | $ | 0.82 | $ | 0.71 | $ | 2.96 | $ | 2.56 | $ | 2.44 | |||||
Variance | 15.5 | % | 15.6 | % | 4.9 | % | |||||||||
Net earnings attributed to shareholders | $ | 2,759 | $ | 3,186 | $ | 10,060 | $ | 11,172 | $ | 9,157 | |||||
Variance | (13.4 | %) | (10.0 | %) | 22.0 | % | |||||||||
% of revenues | 4.1 | % | 5.8 | % | 4.4 | % | 5.6 | % | 5.2 | % | |||||
Net earnings per share | |||||||||||||||
Diluted | $ | 0.18 | $ | 0.23 | $ | 0.71 | $ | 0.81 | $ | 0.67 | |||||
Variance | (21.7 | %) | (12.3 | %) | 20.9 | % | |||||||||
Adjusted net earnings attributed to shareholders(b) | $ | 7,257 | $ | 6,561 | $ | 25,382 | $ | 22,411 | $ | 21,248 | |||||
Variance | 10.6 | % | 13.3 | % | 5.5 | % | |||||||||
% of revenues | 10.7 | % | 12.0 | % | 11.1 | % | 11.3 | % | 12.2 | % | |||||
Per share (diluted) | $ | 0.48 | $ | 0.47 | $ | 1.78 | $ | 1.62 | $ | 1.54 | |||||
Variance | 2.1 | % | 9.9 | % | 5.2 | % | |||||||||
Cash flows from operating activities, before income taxes paid and changes in working capital items(b) | $ | 11,408 | $ | 9,232 | $ | 37,504 | $ | 33,424 | $ | 32,201 | |||||
Variance | 23.6 | % | 12.2 | % | 3.8 | % | |||||||||
Per share (diluted) | $ | 0.75 | $ | 0.67 | $ | 2.63 | $ | 2.41 | $ | 2.34 | |||||
Variance | 11.9 | % | 9.1 | % | 3.0 | % | |||||||||
Adjusted cash flows from operating activities(b) | $ | 12,189 | $ | 9,740 | $ | 41,456 | $ | 35,007 | $ | 33,098 | |||||
Variance | 25.1 | % | 18.4 | % | 5.8 | % | |||||||||
Per share (diluted) | $ | 0.80 | $ | 0.70 | $ | 2.91 | $ | 2.53 | $ | 2.41 | |||||
Variance | 14.3 | % | 15.0 | % | 5.0 | % | |||||||||
Net debt increase (decrease) in the period | $ | 66,479 | $ | 6,867 | $ | 75,184 | $ | 27,149 | ($ | 12,319 | ) | ||||
Net debt(c) | 155,557 | 80,373 | 53,224 | ||||||||||||
Cash dividend per share(d) | $ | 0.15 | $ | 0.15 | $ | 0.60 | $ | 0.60 | $ | 0.60 | |||||
Number of stores(e) | 379 | 220 | 193 |
TABLE B | ||||||||
NEW LOOK VISION GROUP INC. | ||||||||
Consolidated Statement of Earnings | ||||||||
for the periods ended December 30, 2017 and December 31, 2016 | ||||||||
In thousands of Canadian dollars, except per share amounts | ||||||||
13 weeks | 14 weeks | 52 weeks | 53 weeks | |||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Revenues | 67,509 | 54,489 | 229,151 | 198,536 | ||||
Materials consumed | 14,521 | 12,375 | 50,923 | 44,888 | ||||
Employee remuneration expenses | 22,549 | 18,645 | 76,728 | 66,732 | ||||
Other operating expenses | 19,152 | 14,722 | 65,103 | 54,586 | ||||
Earnings before depreciation, amortization, loss on disposal and financial expenses | 11,287 | 8,747 | 36,397 | 32,330 | ||||
Depreciation, amortization and loss on disposal | 4,736 | 3,202 | 14,610 | 11,772 | ||||
Financial expenses, net of interest revenue | 2,272 | 1,045 | 5,945 | 4,005 | ||||
Income from investments in joint ventures and associates | (465 | ) | (465 | ) | ||||
Earnings before income taxes | 4,744 | 4,500 | 16,307 | 16,553 | ||||
Income taxes | ||||||||
Current | 1,242 | 604 | 6,276 | 4,416 | ||||
Deferred | 692 | 720 | (139 | ) | 925 | |||
Total income taxes | 1,934 | 1,324 | 6,137 | 5,341 | ||||
Net earnings and comprehensive income | 2,810 | 3,176 | 10,170 | 11,212 | ||||
Net earnings and comprehensive income attributed to: | ||||||||
Non-controlling interest | 51 | (10 | ) | 110 | 40 | |||
Shareholders of New Look Vision | 2,759 | 3,186 | 10,060 | 11,172 | ||||
2,810 | 3,176 | 10,170 | 11,212 | |||||
Net earnings per share | ||||||||
Basic | 0.18 | 0.23 | 0.72 | 0.83 | ||||
Diluted | 0.18 | 0.23 | 0.71 | 0.81 |
TABLE C | ||||||||
NEW LOOK VISION GROUP INC. | ||||||||
Reconciliation of Net Earnings to Adjusted EBITDA | ||||||||
for the periods ended December 30, 2017 and December 31, 2016 | ||||||||
In thousands of Canadian dollars, except per share amounts | ||||||||
13 weeks | 14 weeks | 52 weeks | 53 weeks | |||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Net earnings | 2,810 | 3,176 | 10,170 | 11,212 | ||||
Depreciation, amortization and loss on disposal | 4,736 | 3,202 | 14,610 | 11,772 | ||||
Financial expenses, net of interest revenue | 2,272 | 1,045 | 5,945 | 4,005 | ||||
Income taxes | 1,934 | 1,324 | 6,137 | 5,341 | ||||
EBITDA(a) | 11,752 | 8,747 | 36,862 | 32,330 | ||||
Equity-based compensation(b) | 134 | 546 | 1,244 | 1,462 | ||||
Net loss from changes in fair value of foreign exchange contracts | (135 | ) | (32 | ) | 63 | 1 | ||
Acquisition-related costs(c) | 781 | 508 | 3,647 | 1,583 | ||||
Other non-comparable costs(d) | ? | ? | 305 | ? | ||||
Adjusted EBITDA(a) | 12,532 | 9,769 | 42,121 | 35,376 | ||||
Variance in $ | 2,763 | 6,745 | ||||||
Variance in % | 28.3 | % | 19.1 | % | ||||
% of revenues | 18.6 | % | 17.9 | % | 18.4 | % | 17.8 | % |
Per share (basic) | 0.83 | 0.72 | 3.01 | 2.61 | ||||
Per share (diluted) | 0.82 | 0.71 | 2.96 | 2.56 |
TABLE D | ||||||||
NEW LOOK VISION GROUP INC. | ||||||||
Reconciliation of Net Earnings to Adjusted Net Earnings | ||||||||
for the periods ended December 30, 2017 and December 31, 2016 | ||||||||
In thousands of Canadian dollars, except per share amounts | ||||||||
13 weeks | 14 weeks | 52 weeks | 53 weeks | |||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Net earnings attributed to shareholders | 2,759 | 3,186 | 10,060 | 11,172 | ||||
Depreciation, amortization and loss on disposal of assets | 4,736 | 3,202 | 14,610 | 11,772 | ||||
Acquisition-related costs | 781 | 508 | 3,647 | 1,583 | ||||
Equity-based compensation | 134 | 546 | 1,244 | 1,462 | ||||
Other non-comparable costs | ? | ? | 305 | |||||
Related income taxes | (1,153 | ) | (881 | ) | (4,484 | ) | (3,578 | ) |
Adjusted net earnings attributed to shareholders(a) | 7,257 | 6,561 | 25,382 | 22,411 | ||||
Variance in $ | 696 | 2,971 | ||||||
Variance in % | 10.6 | % | 13.3 | % | ||||
% of revenues | 10.7 | % | 12.0 | % | 11.1 | % | 11.3 | % |
Per share amount | ||||||||
Basic | 0.48 | 0.48 | 1.82 | 1.66 | ||||
Diluted | 0.48 | 0.47 | 1.78 | 1.62 |
TABLE E | ||||||||
NEW LOOK VISION GROUP INC. | ||||||||
Reconciliation of Cash Flows from Operating Activities, Before Income Taxes Paid and Changes in | ||||||||
Working Capital Items and Adjusted Cash Flows from Operating Activities | ||||||||
for the periods ended December 30, 2017 and December 31, 2016 | ||||||||
In thousands of Canadian dollars, except per share amounts | ||||||||
13 weeks | 14 weeks | 52 weeks | 53 weeks | |||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Earnings before income taxes | 4,744 | 4,500 | 16,307 | 16,553 | ||||
Adjustments: | ||||||||
Depreciation, amortization and loss on disposal | 4,736 | 3,202 | 14,610 | 11,772 | ||||
Amortization of deferred lease inducements and variation of deferred rent | (57 | ) | (73 | ) | (200 | ) | (393 | ) |
Equity-based compensation expense | 134 | 546 | 1,244 | 1,462 | ||||
Other | 44 | 12 | 63 | 25 | ||||
Financial expenses | 2,449 | 1,037 | 6,152 | 4,025 | ||||
Interest revenue | (177 | ) | 8 | (207 | ) | (20 | ) | |
Income from investments in joint ventures and associates | (465 | ) | (465 | ) | ||||
Cash flows from operating activities, before income taxes paid and changes in working capital items | 11,408 | 9,232 | 37,504 | 33,424 | ||||
Income taxes paid | (1,249 | ) | (1,616 | ) | (4,956 | ) | (7,237 | ) |
Cash flows from operating activities, before changes in working capital items | 10,159 | 7,616 | 32,548 | 26,187 | ||||
Changes in working capital items | (888 | ) | (2,051 | ) | (535 | ) | (3,830 | ) |
Cash flows from operating activities | 9,271 | 5,565 | 32,013 | 22,357 |
13 weeks | 14 weeks | 52 weeks | 53 weeks | |||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Cash flows from operating activities | 9,271 | 5,565 | 32,013 | 22,357 | ||||
Income taxes paid | 1,249 | 1,616 | 4,956 | 7,237 | ||||
Changes in working capital items | 888 | 2,051 | 535 | 3,830 | ||||
Acquisition-related costs | 781 | 508 | 3,647 | 1,583 | ||||
Other non-comparable costs | ? | ? | 305 | |||||
Adjusted cash flows from operating activities(a) | 12,189 | 9,740 | 41,456 | 35,007 |
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