Benvest New Look Income Fund
TSX : BCI.UN

Benvest New Look Income Fund

August 10, 2007 16:56 ET

Benvest New Look Income Fund Reports: For Second Quarter: ...

...Increases in Revenue 24%, Ebitda 82% and Net Earnings 102% For the Six Month Period : Increases in Revenue 23%, Ebitda 64% and Net Earnings 67% Both Ended June 30th 2007

MONTREAL, QUEBEC--(Marketwire - Aug. 10, 2007) - Benvest New Look Income Fund (TSX:BCI.UN). For the second quarter, revenues increased 23.9% to $14.6 million while EBITDA(1) increased 82% to $2.6 million compared with last year. Comparable stores revenues rose 11.7% in the second quarter compared with last year. For the six-month period, revenues increased 23.1% to $28.9 million while EBITDA(1) increased 64% to $5.1 million compared with last year. Comparable stores revenues rose 9.6% in the six-month period compared with last year.

Overall operating efficiency improved, during the second quarter, as EBITDA(1), expressed as a percentage of revenues increased to 17.6% compared with 12.0% for the second quarter of last year. For the six-month period, overall operating efficiency improved to 17.5% compared with 13.2% for the six-month period last year.

Net earnings for the second quarter were $1.3 million, a 102% increase over the preceding year, while during the six-month period earnings increased to $2.5 million, a 67% increase compared to the previous year.

During the six-month period, one new store was opened, one optical practice was purchased and relocated in a new store and one store was relocated, all in the Montreal area. The total number of stores at June 30th, 2007 was 54 compared to 49 a year earlier.

Total distributions to unitholders during the second quarter were $0.15 compared to $0.133 during the corresponding quarter the previous year and during the six-month period, distributions were $0.30 compared to 0.258 during the corresponding period the previous year.

"With our strong management team, increasing contributions from recently opened store, and exciting new HD lenses, we are well positioned to continue our growth" stated C. Emmett Pearson, President & Chief Executive Officer of New Look Eyewear Inc.

(1) EBITDA refers to consolidated earnings before amortization, financial expenses, income trust expenses, gain and loss on foreign currency translation, income taxes and non-controlling interest. EBITDA is not a recognized measure under Canadian generally accepted accounting principles and may not be comparable to similar measures used by other companies. The Fund believes it is a useful financial metric as it assists in determining the ability to generate cash from operations.

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 June 30, 2007, 5,784,795 units of the Fund were issued and outstanding and listed for trading on the TSX. In addition, 3,878,804 exchangeable shares (on a consolidated basis) of New Look were also issued and outstanding. These shares, which are not listed or freely tradable, have been exchangeable on a one-for-one basis into units of the Fund since 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.



BENVEST NEW LOOK INCOME FUND
Consolidated Statement of Earnings
For the quarter and the six months ended June 30, 2007

In thousands of dollars
------------------------------------------------------------------------
------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
2007 2006 2007 2006
$ $ $ $
------------------------------------------------------------------------
------------------------------------------------------------------------

Revenues from eye care 14,583 11,768 28,892 23,478

Cost of goods sold, operating,
selling and administration expenses 12,015 10,356 23,830 20,386
------------------------------------------------------------------------
------------------------------------------------------------------------

EBITDA(1) 2,568 1,412 5,062 3,092

Amortization 836 717 1,622 1,361
Financial expenses,
net of interest revenues 159 (74) 314 (66)
Loss (gain)
on foreign currency translation (78) 54 (83) 67
------------------------------------------------------------------------
917 697 1853 1,362
------------------------------------------------------------------------

Earnings before income taxes and
non-controlling interest 1,651 715 3,209 1,730

Income taxes 376 80 729 239
------------------------------------------------------------------------

Earnings before non-controlling
interest 1,275 635 2,480 1,491
Non-controlling interest 9 7 18 14
------------------------------------------------------------------------
Net earnings 1,266 628 2,462 1,477
------------------------------------------------------------------------
------------------------------------------------------------------------

Segmented information (2)
Net earnings from eye care 1,307 662 2 495 1 448
Net earnings (loss) from other segment (41) (34) (33) 29
------------------------------------------------------------------------
1,266 628 2,462 1,477
------------------------------------------------------------------------


(1) EBITDA refers to earnings before interest income and expenses, amortization, gain and loss on foreign currency translation, income taxes and non-controlling interest. EBITDA is not a recognized measure under Canadian generally accepted accounting principles and may not be comparable to similar measures used by other companies. The Fund believes it is a useful financial metric as it assists in determining the ability to generate cash from operations.

(2) The Fund has two reportable segments: eye care products and services, and other. The other segment relates to the remaining portfolio investment held for sale and the escrowed proceeds from the sale of a portfolio investment.

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