OML Omni Lite Industries Canada Inc

• Revenue Increases 28% over prior year
• Adjusted EBITDA Up 86% year-over-year to $2.3 Million US
• Net Income Increased by 89%
• EPS increased by 94%

CERRITOS, CA, May 2, 2016 /CNW/ - For the year ended December 31, 2015, Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML; OTCQX:OLNCF) is pleased to announce record audited annual revenue of $7,479,958 US, an increase of 28 percent over revenues in 2014.  In the 2015 fiscal period, cash flow from operations increased to $2,136,228 US versus $1,269,725 US in 2014, a gain of 68 percent.  Adjusted EBITDA increased from $1,255,133 US in 2014 to $2,336,275 US in 2015, an increase of 86%.

"The Company delivered significant improvement in many financial metrics in 2015.  Net income was up 89 percent and earnings per share increased 94 percent," stated David F. Grant, CEO.  "Subsequent to the year-end, Omni-Lite received a three year contract from a major tier one aerospace company.  In addition, the Company has received a number of military contracts that continue the important U.S. Department of Defense programs that began in 2014.  These contracts represent a tremendous vote of confidence in the state of the art engineering and manufacturing facility that the Company has built in Southern California and point to continued growth in 2016 and beyond." 

Financial Highlights

Revenue: For the year ended December 31, 2015, Omni-Lite reported revenue of $7,479,958 US.

Sales by division are summarized below:   

Net income: Net income was $884,975 US, compared to $469,283 US in 2014.

Earnings per share: Basic earnings per share were $0.08 US in 2015 compared to $0.04 US in 2014 based on the weighted average number of shares outstanding of 11,660,362 versus 11,982,866 in 2014. The weighted average number of shares decreased approximately 3 percent over the prior year.  As part of an ongoing Normal Course Issuer Bid, the Company repurchased 561,900 shares in 2015 which were subsequently cancelled.  The actual number of shares outstanding at December 31, 2015 was 11,411,041.  Year-end book value was approximately $1.61 US per share.  Subsequent to year end, the Company repurchased another 255,000 shares pursuant to the Normal Course Issuer Bid leaving 11,126,507 shares issued and outstanding at April 29, 2016.

"Based on International Reporting Standards ("IFRS"), the Company has taken a non-recurring provision of $184,876 US to write-down the inventory value of two legacy military components, for which meaningful sales have not occurred in the last 36 months. Management feels that these products have a high value and will be sold as US military budgets increase.  Gross margin, excluding the non-recurring write-down provision for inventory, increased to 57 percent from 55 percent in 2015," stated David Grant.  "As a company with significant fixed assets, tax considerations can have a significant effect on income.  In 2015, deferred tax expense (a non-cash item) increased to $174,937 US from a credit of $297,493 US in 2014, as a result of a reduction of tax losses carried forward to future years.  Deferred income tax expense reflects, in part, the effect of temporary tax-to-book differences in the depreciation in the carrying value of the Company's large base of capital equipment.  These potential swings in the income statement lead most investors to evaluate a company like Omni-Lite on an EBITDA and Adjusted EBITDA basis."

The Company is also pleased to note that it has received new contracts in the amount of $433,000 US.  Of these orders, approximately 30% are in the Aerospace division, 32% are in the Specialty Automotive division, and 38% are in the Sports and Recreational division.  This brings the total value of new orders announced in the last three months to over $4,200,849 US.  Of these 40% are in the Aerospace division, 30% are in the Military division, 24% are in the Specialty Automotive division and 6% are in the Sports and Recreational division.  At the US to CAD currency exchange rate of April 29, 2016, these orders are valued at approximately $5,293,000 CAD.

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, 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.

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.