- Revenues Up 17%
- Cash Flow from Operations Up 47%
- Adjusted EBITDA(1) Up
52% (Third Quarter EBITDA Margin Up 90
basis points)
- Net Income Up 40%
- Book-to-Bill of 1.02x
OMNI-LITE INDUSTRIES CANADA
INC.
TSX-VENTURE: OML
CERRITOS, CA, Dec. 2, 2014
/CNW/ - For the nine months ended September
30, 2014 Omni-Lite Industries Canada Inc. is pleased to
report revenue of $4,811,548 US
($5,369,688 CAD) and cash flow from
operations(1) of $1,373,729 US ($1,533,081 CAD). Over the same period last year,
revenue and cash flow from operations were up 17% and 47%
respectively. Adjusted EBITDA(1) over the nine month
period was $1,348,158 US
($1,504,544 CAD), an increase of 52%
from the prior period. Net income was $549,750 US ($613,521 CAD), an increase of 40% over the prior
period.
SUMMARY OF NINE MONTH FINANCIAL HIGHLIGHTS (US $)
|
Basic Weighted
Average Shares Issued And Outstanding: 12,074,379
|
For the nine months
period ended September 30, 2014
|
For the nine months
period ended September 30, 2013
|
%
Increase
|
|
Revenue
|
$4,811,548
|
$4,118,283
|
17%
|
|
Cash flow from
operations(1)
|
1,373,729
|
935,806
|
47%
|
|
Adjusted
EBITDA(1)
|
1,348,158
|
885,110
|
52%
|
|
Net income
|
549,750
|
392,246
|
40%
|
|
EPS (US)
|
$0.05
|
$0.03
|
42%
|
|
EPS (CAD)
|
0.05
|
0.03
|
55%
|
|
(Note: at
9/30/14, $1US = $1.116 CAD; 9/30/13, $1US = $1.030 CAD)
|
Revenue in the three month period ended September 30, 2014 was $1,628,758 US ($1,817,694 CAD). Cash flow from
operations(1) over the same period was $462,181 US ($515,794 CAD). Adjusted
EBITDA(1) over the period was $461,223 US ($514,725 CAD) and importantly Adjusted EBITDA
margin increased 90 basis points over the prior third
quarter. Net income in the third quarter was $244,750 US. ($273,141 CAD). Earnings per share in Q3
2014 were $0.02 US ($0.02 CAD), based on the weighted average number
of shares outstanding of 11,916,367.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
|
Weighted Average
Shares Issued And Outstanding: 11,916,367
|
For the three
months
ended September 30,
2014
|
For the three
months
ended September 30,
2013
|
%
Increase
(Decrease)
|
|
Revenue
|
$1,628,758
|
$1,667,030
|
(2%)
|
|
Cash flow from
operations(1)
|
462,181
|
512,102
|
(10%)
|
|
Adjusted
EBITDA(1)
|
461,223
|
457,242
|
1%
|
|
Net
Income
|
244,750
|
316,596
|
(23%)
|
|
EPS
(US)
|
$0.02
|
$0.03
|
(19%)
|
|
EPS (CAD)
|
0.02
|
0.03
|
(12%)
|
|
(Note: at 9/30/14,
$1US = $1.116 CAD; 9/30/13, $1US = $1.030 CAD)
|
"In the first nine months of the year, the Company's financial
performance continued to improve with key metrics such as Cash Flow
from Operations and Adjusted EBITDA increasing 47% and 52%,
respectively," stated David F.
Grant, CEO. "The US$2.2
million Military contract announced last week will be
earnings accretive immediately, with deliveries beginning this
month. The programs in backlog and potential from R&D
projects currently underway should provide further increases in
revenue and gross margin with the corresponding increases in cash
flow, EBITDA and net income."
Quarterly Information
The following table summarizes the Company's financial
performance over the last eight quarters.
|
Sep
30/2014
|
Jun
30/2014
|
Mar
31/2014
|
Dec
31/2013
|
Sep
30/2013
|
Jun
30/2013
|
Mar
31/2013
|
Dec
31/2012
|
|
Revenue
|
1,628,758
|
1,809,465
|
1,373,325
|
1,182,752
|
1,667,030
|
1,395,314
|
1,055,939
|
1,090,939
|
|
Cash flow from
operations(1)
|
462,181
|
535,912
|
375,636
|
53,130
|
512,102
|
342,092
|
81,612
|
(18,952)
|
|
Adjusted
EBITDA(1)
|
461,223
|
531,684
|
355,245
|
113,723
|
457,242
|
349,372
|
78,496
|
276,846
|
|
Net income
(loss)
|
244,750
|
262,401
|
42,599
|
(254,297)
|
316,596
|
136,479
|
(60,829)
|
(173,132)
|
|
E(L)PS - basic
(US)
|
.021
|
.022
|
.003
|
(.021)
|
.026
|
.011
|
(.005)
|
(.013)
|
|
E(L)PS - basic
(CAD)
|
.023
|
.023
|
.004
|
(.022)
|
.027
|
.012
|
(.005)
|
(.014)
|
|
E(L)PS - diluted
(US)
|
.020
|
.022
|
.003
|
(.021)
|
.026
|
.011
|
(.005)
|
(.014)
|
|
E(L)PS - diluted
(CAD)
|
.023
|
.023
|
.004
|
(.022)
|
.027
|
.012
|
(.005)
|
(.014)
|
|
ALL FIGURES IN US
DOLLARS UNLESS NOTED
|
(1) Cash flow from operations is a
non-GAAP 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.
Adjusted EBITDA is a non-GAAP financial measure defined as
earnings before interest, taxes, depreciation, amortization,
stock-based compensation provision, gains (losses) on sale of
assets, if any. These are non-GAAP financial measures, as defined
herein, and should be read in conjunction with GAAP financial
measures. These non-GAAP financial measures are not presented
as an alternative to GAAP cash flows from operations, as a measure
of our liquidity or as an alternative to reported net income as an
indicator of our operating performance. The non-GAAP financial
measures as used herein may not be comparable to similarly titled
measures reported by other companies. We believe the use of
Adjusted EBITDA and non-GAAP cash flow from continuing operations
along with GAAP 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. Adjusted 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 programs and contracts. We also use
Adjusted EBITDA internally to evaluate the operating performance of
the Company, to allocate resources and capital, and to evaluate
future growth opportunities.
Please see www.sedar.com or contact the Company for complete
results.
Omni-Lite is a rapidly growing high technology company that
develops and manufactures precision components utilized by several
Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford,
Caterpillar, 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.
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.
SOURCE Omni-Lite Industries Canada Inc.