Home > Market Activity > Get Quotes > News > News Article

Omni-Lite Industries Canada Inc.

Exchange: TSXV Exchange | Dec 14, 2018, 1:23 AM EST

OML
$ 0.95 real time data No Change
Change:
0.00 (0.00%)
Volume:
0
Real-time price
Day Low N/A
Day High N/A


 Back
,
Omni-Lite Industries Reports Third Quarter 2018 Results
  • Revenue of US$2.0 million, up 21% as compared to Q2 2018
  • Adjusted EBITDA of US$612,000, or 31.1% of revenue
  • Year to date September 2018 bookings of US$6.1 million, up 35% versus last year’s comparable period

LOS ANGELES, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada, Inc. (the "Company" or "Omni-Lite") (TSXV: OML) (OTCQX: OLNCF) reported third quarter fiscal 2018 revenue of US$2.0 million, representing an increase of 21% over the fiscal 2018 second quarter and a decrease of 2.5% over the third quarter of fiscal 2017. 

"Revenue and bookings from aerospace and defense fastener applications continue to strengthen as we respond to increasing customers’ needs. We anticipate growing requirements from major defense contractors for electronics in our newly acquired Monzite subsidiary,” CEO David Robbins said.

Adjusted EBITDA(1) for the third quarter of fiscal 2018 was $612,000, or 31.1% of revenue, as compared to $450,000 (27.7% of revenue) in the second quarter of fiscal 2018 and $649,000 (32.2% of revenue) in the third quarter of fiscal 2017.

Net loss and diluted loss per share for the third quarter of fiscal 2018 was US$(584,750) and US$(0.06) per share, respectively, as compared to [comprehensive] income and [comprehensive] diluted earnings per share of US$329,794 and US$ 0.04 per share, respectively, for the third quarter of fiscal 2017.

The third quarter of fiscal 2018 included one-time expenses associated with the acquisition of Monzite Corporation (“Monzite”) of approximately US$294,000 and an inventory obsolescence provision of approximately US$560,000.  These expenses and costs have been removed from Adjusted EBITDA.

The third quarter of fiscal 2018 also included a deferred tax expense associated with the acquisition of Monzite of approximately US$259,000 or US$(0.02) per share.

Year to date September fiscal 2018 revenue was US$4.9 million, as compared to US$5.5 million in the year ago period. Adjusted EBITDA(1) was US$1.3 million year to date as compared to US$1.7 million year to date in the year ago period. Net loss and diluted loss per share for the nine months were US$659,204 or US$(0.07) per share, respectively, as compared to net income and diluted earnings per share for last year’s comparable period of US$1.1 million and US$0.11, respectively.

Year to date September fiscal 2018 bookings were US$6.1 million, as compared to US$4.5 million in  the same period of fiscal 2017.  At September 30, 2018, the Company’s cash  position  was  US$713,386  and outstanding revolving line of credit of US$330,000.

THREE MONTH FINANCIAL HIGHLIGHTS SUMMARY (US $000)

 For the three
months ended
September 30, 2018
For the three
months ended
June 30, 2018
For the three
months ended
September 30, 2017
Revenue1,9651,6222,017
EBITDA(1)(261)423626
Adjusted EBITDA(1)612450649
Net Income(585)113445
EPS (US)($0.06)$0.01$0.04

NINE MONTH FINANCIAL HIGHLIGHTS SUMMARY (US $000)

 For the 9 months ended
September 30, 2018
For the 9 months ended
September 30, 2017
Revenue4,9295,496
EBITDA(1)1811,640
Adjusted EBITDA(1)1,2821,691
Net Income(659)1,135
EPS($0.07)$0.11

(1) EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation and amortization, stock compensation, gains (losses) on sale of assets and non-recurring items.  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 reported net income or as a measure of our liquidity. 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 Adjusted EBITDA 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 and Adjusted EBITDA are 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 and Adjusted 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 an innovative 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 Robbins, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
Email: d.robbins@omni-lite.com
Website: www.omni-lite.com

Reader Advisory
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.comReaders 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.

Omni-Lite logo.jpg

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.