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Coastal Contacts Q4 Loss Widens

Coastal Contacts Inc. (COA, COA.TO), a manufacturer and digital retailer of high-quality glasses and contact lenses, reported that its first-quarter net loss widened to C$4.2 million or C$0.13 per share, from C$3.4 million or C$0.12 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report a loss of C$0.09 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter declined to C$52.10 million from C$54.90 million in the prior year quarter, while three analysts had consensus revenue estimate of C$59.69 million for the quarter.

On February 27, 2014, Coastal entered into an Acquisition Agreement with Essilor International SA under which Essilor will acquire all of the issued and outstanding common shares of Coastal by way of a statutory plan of arrangement. Pursuant to the arrangement, each share of Coastal will be exchanged for cash consideration of $12.45.

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