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New Look Vision Group Inc. Reports Strong Record Results for the Third Quarter of Fiscal 2020

Revenues rose to $86.9 million, up 16.8% y-o-y Comparable store sales up 13.5% y-o-y Adjusted EBITDA up 140.8% and on a per diluted share basis up by 141.3% y-o-y  Launched new websites and iPhone applications as part of the omnichannel strategy featuring online booking capability, virtual optician appointment and bespoke frame orders Continued integration of new technology to further elevate safety in stores and clinics in light of COVID-19MONTREAL, Nov. 05, 2020 (GLOBE NEWSWIRE) — New Look Vision Group Inc. (“New Look Vision” or the “Company”) (TSX: BCI), a leader in the Canadian retail optical industry with stores across Canada and in Florida, reported financial results today for the 13 and 39 week periods ended September 26, 2020 (“Q3 2020”) and provided updates on actions in response to COVID-19, store re-openings, and new financing arrangements. This press release should be read in conjunction with the Company’s management discussion and analysis (the “MD&A”) and interim consolidated financial statements for the third quarter of 2020, which are available on the Company’s website at www.newlookvision.ca/investors and have been posted on SEDAR at www.sedar.com.Q3 2020 Financial and Operational Highlights * Revenues increased significantly by 16.8% to $86.9 million year-over-year driven primarily by comparable store sales growth as well as from newly acquired stores, offset by revenue from scheduled store closures and from COVID-19 headwinds. * Comparable store sales were up 13.5% as a result of Q2 closure pent up demand and enhanced store operating procedures. * Adjusted EBITDA attributed to shareholders was $34.7 million, increasing by $20.3 million or 140.8% from last year and increased 141.3% on a per diluted share basis to $2.22. * Net earnings attributed to shareholders was $14.3 million, increasing by 196.5% year-over-year. * Adjusted net earnings attributed to shareholders increased by 133.5% to $16.2 million or $1.03 on a per diluted share basis. * Cash flows related to operating activities reached $34.5 million, increasing by $21.1 million or 156.1% and increased 155.8% on a per diluted share basis to $2.20 year-over-year. * Net debt was $154.1 million compared to $176.6 million from the quarter-over-quarter. * Strong cash position at quarter end of $70.0 million and remaining availability on credit lines of $51.2 million. * The Company actively continued to pursue its significant pipeline of acquisition opportunities in Canada and the United States.Year-to-date Financial and Operating ResultsIt should be noted that the Company has adopted IFRS 16 Leases effective Q1 2020. The Company has applied a modified retrospective approach; the operating results of previous fiscal periods have not been restated. Occupancy costs previously recorded as operating expenses are now recorded through depreciation of right-of-use assets and interest expenses on lease liabilities. * Year-to-date revenues was $182.3 million, which represent decreases of 18.6% from last year. Adjusted EBITDA attributed to shareholders(a) was $51.3 million, which represents an increase of 23.4% from last year. * The increase in the number of stores in the last twelve months reflects the acquisition of 19 stores net of 6 planned closures and the sale of one clinic. * Net earnings attributed to shareholders were $1.6 million or $0.10 per diluted share, compared to $13.7 million last year or $0.88 per diluted share. * Adjusted net earnings attributed to shareholders(a) decreased to $7.9 million, a decrease of $10.3 million, as compared to last year. Adjusted net earnings attributed to shareholders(a) reached $0.50 per diluted share, down 57.3% from $1.17 in 2019. * Cash flows related to operating activities reached $53.5 million, a increase of 47.5% as compared to last year and increased 47.4% on a per diluted share basis to $3.42.Actions in response to COVID-19COVID-19 has drastically altered the way optical retailers operate on both brick and mortar and ecommerce levels. As consumers increasingly move online, New Look Vision’s investments in omnichannel experience and anticipation of the evolving consumer journey complements and enhances their physical retail presence. This approach increases accessibility to differentiated, customized and precise eyecare, while ensuring safety for consumers across Canada. Our central lens processing facility pivoted to begin producing safety eyewear for use in health care facilities.Phased Network Re-Opening CompleteGradual store reopenings started on May 4th in line with local and professional regulations, with all of New Look Vision’s entire store network…