NEWLOOK ANNOUNCES RECORD SECOND QUARTER REVENUE
TORONTO, ONTARIO, August 29, 2008 - Newlook Industries Corp. (TSX Venture: NLI), ("Newlook") announced that consolidated unaudited operating results for the quarter ended June 30, 2008 have been filed on SEDAR (www.sedar.com).
Newlook consolidated revenues were a record $10,563,836 in the second quarter, compared to nil in the previous year. EBITDA (earnings before interest, tax, depreciation and amortization) in the quarter was $554,760 versus $197,355 (net of a one-time gain) in the comparative prior year quarter. Newlook posted net income of $95,507 ($0.003 per diluted share) in the quarter, versus $192,739 (net of a one-time gain; $0.007 per share) in the second quarter of 2007.
For the six month period ended June 30, 2008, Newlook's consolidated revenues were a record $20,231,224, compared to nil in the previous year. EBITDA in the six-month period was $884,626 versus negative $2,159 (net of a one-time gain) in the comparative 2007 period. Newlook net income over the first six months of 2008 were $149,631 ($0.005 per diluted share), versus a loss of $11,390 (net of a one-time gain; $0.000 per share) in the prior year.
John G. Simmonds, Newlook CEO stated; "We are pleased with the continued profitable results, despite the initial impact of accrued income taxes, which negatively affected earnings by $0.008 per share in the second quarter. We plan to build on the earnings momentum by investing in higher-margin lines of business that we expect will ultimately be accretive to EPS."
Newlook Industries Corp., headquartered in Toronto, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (416) 477-5656 or refer to www.sedar.com.
The management of the company, who take full responsibility for its content, prepared this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
For more information contact:
John G. Simmonds
Chief Executive Officer
Newlook Industries Corp
