Benvest New Look Income Fund

Benvest New Look Income Fund

August 18, 2005 12:46 ET

Benvest New Look Announces its Quarterly Results

MONTREAL, QUEBEC--(CCNMatthews - Aug. 18, 2005) - Benvest New Look Income Fund (TSX:BCI.UN) (the "Fund"), which became active on May 1, 2005, today announced its interim results for the period ended June 30, 2005 covering two months of operations following the conversion of Benvest Capital Inc. into an income trust.

Revenues for the two-month period grew to $6.8 million, an 8.6% increase over last year.

Earnings before amortization, financial expenses, income taxes and non-controlling interest ("EBITDA") were $713,000 compared with $539,000 for the corresponding period of last year.

Amortization and financial expenses were $475,000 compared with $343,000 for the corresponding period of last year.

Net earnings were $281,000 or $0.029 per unit compared with $98,000 or $0.010 per share for the corresponding period last year.

The increase in revenues, EBITDA and net earnings was primarily attributable to the strategy of increasing market share through opening new stores and updating existing stores while offering customers good value and excellent service.

On May 1, 2005, Benvest Capital Inc. was converted into an income trust named the Benvest New Look Income Fund, the purpose of which is to hold securities of New Look Eyewear Inc ("New Look"). New Look is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. As of July 31, 2005, 5,424,335 units of the Fund were issued and outstanding and listed for trading on the TSX. In addition, 4,196,864 exchangeable shares of New Look are also issued and outstanding. As of July 31, 2005, these shares, which are not listed or freely tradable, are exchangeable on a one-for-one basis into units of the Fund after May 1st, 2006.

This press release may contain certain forward-looking statements that reflect the current views and / or expectations of Benvest New Look Income Fund 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.

Contact Information

  • Benvest New Look Income Fund
    Lise Melanson
    (514) 877-4299, ext. 2234