- Company Reports Year-to-Date bookings of US$2,583,700
- Adjusted EBITDA US$187,156
- New Patent Application submitted
LOS ANGELES, May 31, 2018 (GLOBE NEWSWIRE) -- For the three months ended March 31, 2018, Omni-Lite Industries Canada Inc. (the “Company”) (TSX-V:OML) (OTCQX:OLNCF) reports revenue of US$1,341,690. In the first quarter of the 2018 fiscal year, adjusted EBITDA was US$187,156 and cash flow from operations was US$(118,268). Net income in the first quarter of 2018 fiscal year was US$(187,883), representing diluted EPS of US$(0.02).
For the first quarter of 2018 fiscal year, Omni-Lite’s reported revenue of US$1,341,690, a decrease of 22% from the prior period was mainly the result of the conclusion of a multi-year specialty automotive segment program. The Company's gross margin was 60% for the first quarter of 2018 fiscal year. Operating expenses for the fiscal period 2018 increased as compared to the prior year fiscal first quarter.
The Aerospace segment represented the largest portion of revenues at 54% compared to 43% in the comparable year ago period. The Military segment contributed 27% of revenue, compared to 15% in the fiscal period 2017. The Specialty Automotive and Sports and Recreation segments contributed 23% of revenue, down from 42% in the prior 2017 fiscal period.
"The Company has accelerated its production to complete the new military and aerospace orders announced earlier in 2018, which points to improving revenue performance throughout the balance of 2018 fiscal year,” stated Joe Hachadoorian, V. P. Business Development and Sales."
Omni-Lite also noted that it has received new contracts worth US$835,939 since our last press release on April 25, 2018. Of these orders, 37% are in the Aerospace segment, 49% in the Military segment, and 14% in the Specialty Automotive and Sports and Recreational segments. "This brings the year-to-date value of the new orders announced to approximately US$2,583,700,” stated Allen W. Maxin, President. "At today’s exchange rate this would be equivalent to approximately CDN$3,356,500."
Further, the Company is pleased to note that it has submitted a new patent application. “Our submittal for this new patent application will be key to manufacturing complex components for the specialty automotive green diesel programs,” stated Mike Walker, VP of Research & Development.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
|For the period|
March 31, 2018
|For the period|
March 31, 2017
|Adjusted EBITDA (2)||187,156||523,871|
|Cash Flow from Operations||(118,268||)||478,986|
|Free Cash Flow (2)||(330,431||)||146,625|
|Net (Loss) Income||(187,883||)||368,195|
(2) Please see fiscal period 2018 Management Discussion and Analysis for detailed notes and definitions
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein.
For further information, please contact:
Mr. Allen Maxin
Tel. No. (562) 404-8510 or (800) 577-6664
Fax. No. (562) 926-6913, email: email@example.com
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.