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Coastal Contacts Reports Fourth Quarter And Fiscal Year 2010 Results

Supplemental Non-GAAP Measures

Coastal's reorder rate is defined as the percentage of orders in the quarter shipped to customers that we estimate have ordered from us in the past.

Coastal reports its results in accordance with Canadian GAAP, however, Coastal presents adjusted EBITDA as the Company believes that its investors may use these figures to make more informed investment decisions about the Company.   Adjusted EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA should be considered in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with Canadian GAAP.  

Adjusted EBITDA is a measure Coastal believes is useful in assessing performance and highlighting trends on an overall basis. Adjusted EBITDA differs from the most comparable GAAP measure, net earnings, primarily because it does not include interest, income taxes, amortization, share-based compensation expense, the costs incurred in association with changes in our European management, restructuring costs, stock market listing costs and unrealized foreign exchange gains and losses.

The following table provides a reconciliation of net earnings to adjusted EBITDA:
  Three months ended Years ended
  October 31 October 31
 ($000's) 2010 2009 2010 2009
Net earnings (loss) $1,441 $648 $3,102 $2,747
Depreciation and amortization  242  751  2,272  2,585
Interest expense (income), net  67  1  96  (67)
Income tax expense – current  (138)  366  171  1,286
Income tax expense (recovery) – future  (43)  68  (224)  (36)
Share-based compensation  26  209  485  694
Foreign exchange (gain) loss  (174)  (121)  97  (110)
Listing and management change costs  596  906  1,784  906
Adjusted EBITDA $2,017 $2,828 $7,783 $8,005

About Coastal Contacts Inc.:

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