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Omni-Lite Industries Canada Inc.

Exchange: TSXV Exchange | Nov 19, 2017, 5:31 AM EST

OML
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Omni-Lite Industries Reports Strong Six Month Financial Results and Significant New Orders
  • Company Reports New Orders of over $1 million US
  • Cash Flow From Operations Up 11%, EBITDA Up 18%
  • Net Income Up 19%, EPS Up 28%
  • Gross Margin Expansion of 180 Basis Points

LOS ANGELES, Sept. 06, 2017 (GLOBE NEWSWIRE) -- For the six months ended June 30, 2017, Omni-Lite Industries Canada Inc. (the “Company” or "Omni-Lite") (TSXV:OML) (OTCQX:OLNCF) is pleased to report revenue of $3,479,191 US. In the first six months of this fiscal year, cash flow from operations(1) was $1,053,995 US, an increase of 11% over the same period in 2016. EBITDA was $1,015,060 US, an increase of 18% over the prior period. Net income was $690,001 US, an increase of 19% over the first six months of 2016. Earnings per share were up significantly, 28% above the results in the first half of the prior year.  This was in part due to the Company’s active and ongoing normal course issuer bid.

“The appointment of Joseph Hachadoorian as VP of Business Development and Sales has added significant depth to the Company's customer outreach program. This is evident in that Omni-Lite has recently been approached to take on several new projects in the aerospace industry,” stated David Grant, CEO.  "The addition of the hot heading test center has also added a new dimension to the Company’s technical and product offerings, which now exceed the in-house capabilities of some of our largest customers. The Company has been successful in producing components on the hot heading test center and is optimistic that this will result in additional production orders in the near future.”

“Of particular importance, the Company has successfully delivered, for first article approval, two additional new components for one of our largest aerospace customers and is in active discussion with the customer on the production requirements for the two products originally approved last month,” stated Vern Brown, Manufacturing Manager. “These products are part of a large family of aerospace components that could include up to twenty different variants. The Company continues to focus on this program due to its potential size and contribution to future revenues.”

The Company is making a continuous effort to focus growth in the higher margin Aerospace and Military areas. This steady change is represented by the fact that 61% of sales in the first half of 2017 are in the Aerospace and Military arenas versus 56% in the first half of 2016. This shift has raised the gross margin approximately 180 basis points over the first half of 2016.

Omni-Lite is also pleased to note that it has received new contracts worth $1,066,000 US.  Of these orders, 43% are in the Aerospace Division, 35% are in the Sports and Recreational Division and 22% are in the Specialty Automotive Division, "This brings the total value of the new orders announced since the start of the year to approximately $4,800,454 US," stated Allen W. Maxin, President. "At today's exchange rate this would be approximately $5,938,162 CDN.”

Omni-Lite has been active in its use of the normal course issuer bid to increase shareholder returns. The Company believes that the repurchase of it’s common shares is in the best interests of it’s shareholders.  “Omni-Lite repurchased a total of 1,145,200 shares for cancellation in fiscal year 2016 and year to date through September 5, 2017 a further 207,700 shares. Despite the active normal course issuer bid, the Company continues to possess a very strong balance sheet,” remarked David Grant.  “We are also impressed with the recent progress made by our affiliate, California Nanotechnologies Corp. (TSX-V:CNO),  wherein they have purchased and are currently installing, a $650,000 US Fuji Mark V SPS system for production activities. Since the beginning of 2017, Omni-Lite has purchased an aggregate of 365,000 shares of CNO, bringing Omni-Lite’s current ownership position to approximately 19.1% of CNO’s common shares.”

SUMMARY OF SIX MONTH FINANCIAL HIGHLIGHTS
All figures in US dollars
 For the six
months ended

 June 30, 2017
For the six
months ended

 June 30, 2016
%
Increase
(Decrease)
Revenue $3,479,191$3,595,132(3)%
Cash flow from operations(1) 1,053,995 946,40711%
EBITDA(1) 1,015,060 859,10218%
Net income 690,001 581,16619%
EPS 0.07 0.0528%


SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS
All figures in US dollars
 For the three
months ended

 June 30, 2017
For the three
months ended

 June 30, 2016
%
Increase
(Decrease)
Revenue $1,754,952$2,110,643(17)%
Cash flow from operations(1) 524,731 604,607(13)%
EBITDA(1) 503,645 558,745(10)%
Net income 321,806 410,946(22)%
EPS 0.03 0.04(16)%

(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.

For complete results, please visit www.sedar.com or request a copy from the Company.

Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures mission critical, precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military and Nike.

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. David Grant
Founder, Chairman, and CEO
Tel. No.  (562) 404-8510 or (800) 577-6664
Fax. No. (562) 926-6913, email: d.grant@omni-lite.com

Website:  www.omni-lite.com

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.

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