Omni-Lite Industries Canada Inc. (the "Company" or
"Omni-Lite") (TSXV:OML) (OTCQX:OLNCF) is pleased to announce
that it has received new contracts worth over $1,049,962 US.
Of these orders, 70% are in the Aerospace Division, 26% are in the
Specialty Automotive Division, and 4% are in the Sports and
Recreational Division. “This brings the total value of the new
orders announced since the start of the year to approximately
$5,850,000 US,” stated Allen W. Maxin, President. “At today's
exchange rate this would be approximately $7,540,000 CDN.”
In addition to the four new aerospace projects
announced in previous press releases, the Company is pleased to
announce three additional new aerospace programs. These additional
programs are with large current customers. "As the aerospace
industry in Southern California continues to evolve, Omni-Lite has
recently been approached to undertake several programs in addition
to those noted above. The accelerating trend of large integrated
tier one aerospace suppliers outsourcing to nimble, high technology
companies like Omni-Lite is consistent with the need of our
customers to maximize their internal resources to improve their
efficiencies," stated Allen W. Maxin, President. “These aerospace
industry trends toward outsourcing will play a key role in the
Omni-Lite growth strategy for the next several years."
Of particular significance, the Company has been
advised by one of its major military customers that upon completion
of an important internal review the customer reaffirmed its
commitment to continue outsourcing two major product lines
currently manufactured by Omni-Lite. It is anticipated that this
decision will have a positive contribution toward the Company's
military endeavors.
Omni-Lite would also like to update on the
progress on the hot heading test center. Since the completion of
the system in the early second quarter of 2017, the research and
development has focused on one critical, high volume family of
components for the aerospace industry. Recent progress indicates
that certain components in this family can be successfully
manufactured on the hot heading test center. "Of particular
significance the Company is seeing additional interest from other
customers, for other new programs, as the hot heading development
at Omni-Lite accelerates," stated Michael Walker, VP of R and
D.
The Company would also like to note that the
white reflective roof coating and the large solar system on the
rooftop are almost completed. The Company plans to have the solar
system operational in the next thirty days, at which time this
system should produce 50% to 60% of the Company’s power
requirements.
For the nine months ended September 30, 2017,
Omni-Lite Industries Canada Inc. is pleased to report revenue of
$5,496,097 US. In the first nine months of this fiscal year, cash
flow from operations(1) was $1,706,646 US. EBITDA(1) was $1,640,665
US. Net income was $1,135,007 US, up 5% over the prior period. EPS
increased 12 percent in Q3 2017 to $0.11 US. "Revenue in the nine
months was lower than anticipated, in large part, due to
significant procurement delays in customer supplied aerospace
feedstock," stated Vern Brown, Manufacturing Manager. "The
resolution of these issues should lead to higher production in the
factory and faster turnaround to the customer."
|
SUMMARY OF NINE MONTH FINANCIAL HIGHLIGHTS (US
$)All figures in US dollars |
|
|
|
|
|
For the periodended September30,
2017 |
For the periodended September30,
2016 |
%Increase(Decrease) |
Revenue |
$5,496,097 |
$5,768,520 |
(5%) |
Cash flow from operations(1) |
1,706,646 |
1,855,315 |
(8%) |
EBITDA(1) |
1,640,665 |
1,728,401 |
(5%) |
Net Income |
1,135,007 |
1,086,389 |
5% |
EPS (US) |
0.11 |
0.10 |
12% |
|
|
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US
$)All figures in US dollars |
|
|
For the periodended September30,
2017 |
For the periodended September30,
2016 |
%Increase(Decrease) |
Revenue |
$2,016,906 |
$2,173,388 |
(7%) |
Cash flow from operations(1) |
652,651 |
908,908 |
(28%) |
EBITDA(1) |
625,605 |
869,299 |
(28%) |
Net Income |
445,006 |
505,223 |
(12%) |
EPS (US) |
0.04 |
0.05 |
(7%) |
|
|
|
|
(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.
Omni-Lite Industries Canada Inc. is a rapidly
growing high technology 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 Grant, CEOTel. No. (562)
404-8510 or (800) 577-6664 Cell. No. (714) 757-8863Email:
d.grant@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.com.
Readers 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.
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