Benvest New Look Income Fund
TSX : BCI.UN

Benvest New Look Income Fund

May 07, 2009 11:00 ET

Benvest New Look Income Fund Releases its Results for the First Quarter of 2009

MONTREAL, QUEBEC--(Marketwire - May 7, 2009) - Benvest New Look Income Fund (TSX:BCI.UN) announced today the results for its first quarter of 2009 ended March 31. Eye care operations generated revenues of $16.7 million, an increase of 9.4% over the corresponding quarter of last year. Revenues from comparable stores increased by 2.5% . While EBITDA reached $2.5 million, $0.2 million lower than last year, net earnings were maintained at $1.3 million or $0.13 per unit. Cash flows from operations were strong at $3.5 million as compared to $2.6 million for the same period last year.

These results have permitted New Look to maintain its expansion plan. Capital expenditures along with the acquisition of a joint venture partner totalled $2 million.

Martial Gagne, President of New Look Eyewear Inc., is pleased with the overall results and stated: "We are gratified with the consumers' reaction to our recent promotional activities. Consumers recognize the excellence of our professional services, products and customer service, thus affording New Look the ability to continue to grow, despite fragile economic conditions."

On May 1st, 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 April 30, 2009, 6,111,061 units of the Fund were issued and outstanding and listed for trading on the TSX. In addition, 3,870,404 exchangeable shares (on a consolidated basis) of New Look were also issued and outstanding. These shares, which are not listed or freely tradable, are exchangeable on a one-for-one basis into units of the Fund.

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.



BENVEST NEW LOOK INCOME FUND
Consolidated Statement of Earnings
For the quarter ended March 31, 2009

In thousands of dollars except per unit amounts
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3 months ended
March 31
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2009 2008
$ $
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Revenues from eye care 16,743 15,306
Cost of materials, direct labour,
operating, selling and administration expenses 14,241 12,575
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EBITDA(1) 2,502 2,731
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Amortization 730 921
Financial expenses, net of interest revenues 133 158
Equity-based compensation expense 28 33
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891 1,112
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Earnings before the following items 1,611 1,619
Net gain on foreign currency translation 27 27
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Earnings before income taxes and
non-controlling interest 1,638 1,646
Income taxes 326 325
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Earnings before non-controlling interest 1,312 1,321
Non-controlling interest 7 9
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Net earnings and comprehensive income 1,305 1,312
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Net earnings per unit
Basic and diluted 0.13 0.13
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(1) EBITDA refers to consolidated earnings before interest income and expenses, income taxes, and amortization. It excludes any gain or loss on foreign currency translation (except if related to cost of goods sold), expenses related to former portfolio investments, equity-based compensation, and non-controlling interest. EBITDA is not a recognized measure under Canadian generally accepted accounting principles (GAAP) and may not be comparable to similar measures used by other entities. The Fund 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 GAAP.

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