New Look Eyewear Inc. announced consolidated earnings results for the fourth quarter and year ended December 27, 2014. For the quarter, the company reported revenues of CAD 40,809,000 compared to CAD 25,596,000 a year ago. Earnings before depreciation, amortization, impairment of non-financial assets and financial expenses were CAD 6,548,000 compared to CAD 3,463,000 a year ago. Earnings before income taxes were CAD 2,888,000 compared to CAD 1,547,000 a year ago. Net earnings and comprehensive income attributed to shareholders of the company were CAD 2,023,000 or CAD 0.15 per diluted share compared to CAD 1,112,000 or CAD 0.11 per diluted share a year ago. EBITDA was CAD 6,548,000 compared to CAD 3,463,000 a year ago. Adjusted EBITDA was CAD 7,501,000 compared to CAD 4,428,000 a year ago. Adjusted net earnings attributed to shareholders were CAD 2,722,000 or CAD 0.21 per diluted share compared to CAD 1,778,000 or CAD 0.17 per diluted share a year ago. The increase in revenue was due to a comparable store orders increase of 4.4%, additional revenues generated by 122 stores opened or acquired over the past 24 months including the acquisition of the assets and the business of Vogue Optical (65 stores) in December 2013 and the acquisition of the assets and business of the Greiche & Scaff banner (49 stores) last October. Cash flows from operating activities (before changes in working capital) reached CAD 6.5 million or CAD 0.47 per share in the fourth quarter of 2014 compared to CAD 3.5 million and CAD 0.29 per share last year. Capital expenditures were CAD 21,814,000 compared to CAD 77,682,000 a year ago.

For the year, the company reported revenues of CAD 140,245,000 compared to CAD 90,971,000 a year ago. Earnings before depreciation, amortization, impairment of non-financial assets and financial expenses were CAD 24,391,000 compared to CAD 14,540,000 a year ago. Earnings before income taxes were CAD 11,183,000 compared to CAD 8,780,000 a year ago. Net earnings and comprehensive income attributed to shareholders of the company were CAD 7,774,000 or CAD 0.59 per diluted share compared to CAD 6,240,000 or CAD 0.58 per diluted share a year ago. EBITDA was CAD 24,391,000 compared to CAD 14,540,000 a year ago. Adjusted EBITDA was CAD 27,030,000 compared to CAD 15,780,000 a year ago. Adjusted net earnings attributed to shareholders were CAD 9,433,000 or CAD 0.72 per diluted share compared to CAD 7,022,000 or CAD 0.67 per diluted share a year ago. Cash flows from operating activities (before changes in working capital) increased significantly to CAD 24.3 million or CAD 1.83 per share from CAD 14.5 million or CAD 1.34 per share last year. Capital expenditures were CAD 25,201,000 compared to CAD 89,352,000 a year ago. Net debt increased by CAD 2.9 million in 2014, including a CAD 10 million increase of the term loan used to fund the acquisition of Greiche & Scaff.

Mr. Jean-Luc Deschamps, CPA, CA, senior Vice-President and Chief Financial Officer will be leaving New Look at the end of the second quarter of 2015 to pursue other interests. New Look expects to announce the appointment of his successor prior to his departure.