- Cash generated from operations increases by $835,000 US
- Company reports new orders of over $605,000 US
TSXV: OML
OTCQX: OLNCF
LOS ANGELES, CA, July 28, 2016 /CNW/ - For the six months ended
June 30, 2016, Omni-Lite Industries
Canada Inc. (the "Company" or "Omni-Lite") is pleased to report
revenue of $3,595,132 US. In the
first six months of this fiscal year, cash flow from
operations(1) was $946,407
US and adjusted EBITDA was $941,533
US. Net income was $581,166 US. "Of
particular importance, over prior year periods, the cash
generated from operations increased by over $835,000 US in the first six months of the year
and by almost $480,000 US for the
last 3 months," stated David F Grant, CEO. "The Company's financial
position should continue to benefit from the acceleration of the
military projects initiated in the second quarter."
Omni-Lite is also pleased to note that it has received new
contracts worth over $605,000
US. Of these orders, 60% are in the Sports and Recreational
Division, 39% are in the Specialty Automotive Division, and 1% is
in the Aerospace Division. "This brings the total value of the
new orders announced since the start of the year to approximately
$5,645,000 US," stated Allen W. Maxin, President. "At today's exchange
rate this would be approximately $7,455,000
CDN."
SUMMARY OF SIX MONTH FINANCIAL HIGHLIGHTS (US $)
All
figures in US dollars unless noted.
|
For the six
months
ended
June 30,
2016
|
For the six
months
ended
June 30,
2015
|
%
Increase
(Decrease)
|
Revenue
|
$3,595,132
|
$4,014,631
|
(10)%
|
Cash flow from
operations(1)
|
946,407
|
1,354,823
|
(30)%
|
Adjusted
EBITDA(1)
|
941,533
|
1,365,053
|
(31)%
|
Net
Income
|
581,166
|
879,894
|
(34)%
|
EPS
(US)
|
0.05
|
0.08
|
(31)%
|
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
All
figures in US dollars unless noted.
|
For the three
months
ended
June 30,
2016
|
For the three
months
ended
June 30,
2015
|
%
Increase
(Decrease)
|
Revenue
|
$2,110,643
|
$2,241,296
|
(6)%
|
Cash flow from
operations(1)
|
604,607
|
829,469
|
(27)%
|
Adjusted
EBITDA(1)
|
599,740
|
854,870
|
(30)%
|
Net
Income
|
410,946
|
567,581
|
(28)%
|
EPS
(US)
|
0.04
|
0.05
|
(23)%
|
|
|
(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, and non-recurring items, 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.
|
|
|
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.
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.