New Look Eyewear Inc. (Formerly Benvest New Look Income Fund) Releases Its Results for the Fourth Quarter and the Year Ended December 25, 2010 and Announces Its Quarterly Dividend

MONTREAL, QUEBEC--(Marketwire - March 16, 2011) - New Look Eyewear Inc. (TSX:BCI) ("New Look"), the successor to the Benvest New look Income Fund, announced today its results for the fourth quarter and the year ended December 25, 2010.

During the fourth quarter, revenues increased by 10.7% in comparison with last year and EBITDA⁽¹⁾ increased by 24% to reach $3.6 million. Net earnings followed the trend and increased by $1 million over last year to reach $2.5 million ($0.25 per share). Martial Gagné, the President of New Look commented: "To celebrate the end of our 25^th anniversary year, we re-introduced the "2 for 1" offer which has been extremely well received by our consumers. During this last quarter, we established records in volume of eye exams, lenses produced and glasses delivered to our customers. We are very satisfied with the pace of the current business and embark upon 2011 with heightened optimism."

For the year ending December 25^th, 2010, New Look recorded revenues of $70.8 million, an increase of 2.6% compared with the revenues achieved last year. EBITDA at $10.3 million compares to $11.0 million last year. Net earnings of $4.8 million ($0.47 per share) are equivalent to our record 2009 net earnings of $5.4 million ($0.54 per share) if we take into consideration the non-recurring charge of $0.9 million related to the conversion from an income trust to a corporation.

Following the approval of the results of the fourth quarter, and in line with the previously announced dividend policy, the Board of Directors of New Look approved the payment of a dividend of $0.15 per common share payable on March 31, 2011 to the shareholders of record as of March 25, 2011. The dividend qualifies as an «eligible dividend», i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

SEE TABLE ATTACHED FOR ADDITIONAL FINANCIAL INFORMATION

(1) Refer to Note 1 in the attached table for a definition of EBITDA.

On March 2, 2010, Benvest New Look Income Fund (formerly TSX: BCI.UN) was converted into a corporation named New Look Eyewear Inc. (TSX:BCI). As of February 28^th, 2011, New Look had 10,039,732 common shares issued and outstanding New Look is a leader in the eye care industry in Eastern Canada operating a network of corporate stores and a laboratory using state-of-the-art technologies.

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

New Look Eyewear Inc.

Consolidated Statement of Earnings

for the Fourth Quarter and the Year ended December 25, 2010 compared with

the Fourth Quarter and the Year ended December 31, 2009

Unaudited

In thousands of dollars, except per share or unit amounts

		Fourth Quarter				Year
For the periods ended		Dec. 25, 2010		Dec. 31, 2009		Dec. 25, 2010		Dec. 31, 2009
		$		$		$		$
Revenues		19,514		17,625		70,778		68,958
Cost of materials, direct labour, operating, selling and administration expenses		15,869		14,686		60,519		57,992
EBITDA(1)		3,645		2,939		10,259		10,966
Amortization		1,150		885		3,950		3,270
Financial expenses, net of interest revenues		131		(9	)	405		321
Equity-based compensation expense		16		27		88		146
		1,297		903		4,443		3,737
Earnings before the following items		2,348		2,036		5,816		7,229
Net gain (net loss) on foreign currency translation		(9	)	12		6		(212	)
Cost of conversion to a corporation						(853	)
Recovery of expenses related to former portfolio investments				48				84
Earnings before income taxes and non-controlling interest		2,339		2,096		4,969		7,101
Income taxes		(197	)	555		207		1,677
Net earnings		2,536		1,541		4,762		5,424
Net earnings attributed to:
	Non-controlling interest	(17	)	15		5		7
	Shareholders / Unitholders	2,553		1,526		4,757		5,417
		2,536		1,541		4,762		5,424
Net earnings per share or unit
	Basic	0.25		0.16		0.47		0.55
	Diluted	0.25		0.16		0.47		0.54

(1) EBITDA is defined as 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), net gains or losses related to portfolio investments, equity-based compensation, and the cost of conversion to a corporation. EBITDA is not a recognized measure under Canadian generally accepted accounting principles ("GAAP") and may not be comparable to similar measures used by other companies. Investors should be cautioned that EBITDA should not be construed as an alternative to net earnings as determined in accordance with GAAP. New Look believes it is a useful financial metric as it assists in determining the ability to generate cash from operations.