- EPS for the Nine Months Ended September 30, 2017 of 0.11 US
- Company Reports New Contracts Valued Over 1.0 MM US
- Rapid Progress on Hot Heading of Titanium
- Rooftop Coating and Solar Project Near Completion
LOS ANGELES, Dec. 01, 2017 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSXV:OML) (OTCQX:OLNCF) is pleased to announce that it has received new contracts worth over $1,049,962 US. Of these orders, 70% are in the Aerospace Division, 26% are in the Specialty Automotive Division, and 4% are in the Sports and Recreational Division. “This brings the total value of the new orders announced since the start of the year to approximately $5,850,000 US,” stated Allen W. Maxin, President. “At today's exchange rate this would be approximately $7,540,000 CDN.”
In addition to the four new aerospace projects announced in previous press releases, the Company is pleased to announce three additional new aerospace programs. These additional programs are with large current customers. "As the aerospace industry in Southern California continues to evolve, Omni-Lite has recently been approached to undertake several programs in addition to those noted above. The accelerating trend of large integrated tier one aerospace suppliers outsourcing to nimble, high technology companies like Omni-Lite is consistent with the need of our customers to maximize their internal resources to improve their efficiencies," stated Allen W. Maxin, President. “These aerospace industry trends toward outsourcing will play a key role in the Omni-Lite growth strategy for the next several years."
Of particular significance, the Company has been advised by one of its major military customers that upon completion of an important internal review the customer reaffirmed its commitment to continue outsourcing two major product lines currently manufactured by Omni-Lite. It is anticipated that this decision will have a positive contribution toward the Company's military endeavors.
Omni-Lite would also like to update on the progress on the hot heading test center. Since the completion of the system in the early second quarter of 2017, the research and development has focused on one critical, high volume family of components for the aerospace industry. Recent progress indicates that certain components in this family can be successfully manufactured on the hot heading test center. "Of particular significance the Company is seeing additional interest from other customers, for other new programs, as the hot heading development at Omni-Lite accelerates," stated Michael Walker, VP of R and D.
The Company would also like to note that the white reflective roof coating and the large solar system on the rooftop are almost completed. The Company plans to have the solar system operational in the next thirty days, at which time this system should produce 50% to 60% of the Company’s power requirements.
For the nine months ended September 30, 2017, Omni-Lite Industries Canada Inc. is pleased to report revenue of $5,496,097 US. In the first nine months of this fiscal year, cash flow from operations(1) was $1,706,646 US. EBITDA(1) was $1,640,665 US. Net income was $1,135,007 US, up 5% over the prior period. EPS increased 12 percent in Q3 2017 to $0.11 US. "Revenue in the nine months was lower than anticipated, in large part, due to significant procurement delays in customer supplied aerospace feedstock," stated Vern Brown, Manufacturing Manager. "The resolution of these issues should lead to higher production in the factory and faster turnaround to the customer."
|SUMMARY OF NINE MONTH FINANCIAL HIGHLIGHTS (US $)|
All figures in US dollars
|For the period|
|For the period|
|Cash flow from operations(1)||1,706,646||1,855,315||(8%)|
|SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)|
All figures in US dollars
|For the period|
|For the period|
|Cash flow from operations(1)||652,651||908,908||(28%)|
(1) Cash flow from operations is a non-IFRS term requested by the oil and gas investment community that represents net earnings adjusted for non-cash items including depreciation, depletion and amortization, future income taxes, asset write-downs and gains (losses) on sale of assets, if any. EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation and amortization. These are non-IFRS financial measures, as defined herein, and should be read in conjunction with IFRS financial measures. These non-IFRS financial measures are not presented as an alternative to IFRS cash flows from operations or as a measure of our liquidity or as an alternative to reported net income as an indicator of our operating performance. The non-IFRS financial measures as used herein may not be comparable to similarly titled measures reported by other companies. We believe the use of EBITDA and non-IFRS cash flow from operations along with IFRS financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of other companies and estimating our enterprise value. EBITDA is also a useful tool in evaluating the operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures and the amount of working capital in support of our customer programs and contracts. We also use EBITDA internally to evaluate the operating performance of the Company, to allocate resources and capital, and to evaluate future growth opportunities.
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures mission critical, precision components utilized by Fortune 100 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, John Deere, the U.S. Military and Nike.
For further information, please contact
Mr. David Grant, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
Cell. No. (714) 757-8863
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.
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