Omni-Lite Industries Reports First Quarter Results
May 31 2018 - 8:30AM
For the three months ended March 31, 2018, Omni-Lite Industries
Canada Inc. (the “Company”) (TSX-V:OML) (OTCQX:OLNCF) reports
revenue of US$1,341,690. In the first quarter of the 2018
fiscal year, adjusted EBITDA was US$187,156 and cash flow from
operations was US$(118,268). Net income in the first quarter of
2018 fiscal year was US$(187,883), representing diluted EPS of
US$(0.02).
For the first quarter of 2018 fiscal year,
Omni-Lite’s reported revenue of US$1,341,690, a decrease of 22%
from the prior period was mainly the result of the conclusion of a
multi-year specialty automotive segment program. The Company's
gross margin was 60% for the first quarter of 2018 fiscal year.
Operating expenses for the fiscal period 2018 increased as compared
to the prior year fiscal first quarter.
The Aerospace segment represented the largest
portion of revenues at 54% compared to 43% in the comparable year
ago period. The Military segment contributed 27% of revenue,
compared to 15% in the fiscal period 2017. The Specialty Automotive
and Sports and Recreation segments contributed 23% of revenue, down
from 42% in the prior 2017 fiscal period.
"The Company has accelerated its production to
complete the new military and aerospace orders announced earlier in
2018, which points to improving revenue performance throughout the
balance of 2018 fiscal year,” stated Joe Hachadoorian, V. P.
Business Development and Sales."
Omni-Lite also noted that it has received new
contracts worth US$835,939 since our last press release on April
25, 2018. Of these orders, 37% are in the Aerospace segment, 49% in
the Military segment, and 14% in the Specialty Automotive and
Sports and Recreational segments. "This brings the year-to-date
value of the new orders announced to approximately US$2,583,700,”
stated Allen W. Maxin, President. "At today’s exchange rate this
would be equivalent to approximately CDN$3,356,500."
Further, the Company is pleased to note that it
has submitted a new patent application. “Our submittal for this new
patent application will be key to manufacturing complex components
for the specialty automotive green diesel programs,” stated Mike
Walker, VP of Research & Development.
SUMMARY OF THREE MONTH FINANCIAL
HIGHLIGHTS (US $)
|
For the periodendedMarch 31,
2018 |
For the periodended March
31, 2017 |
|
Revenue |
$ |
1,341,690 |
|
$ |
1,724,239 |
|
|
EBITDA (2) |
|
19,143 |
|
|
511,415 |
|
|
Adjusted EBITDA (2) |
|
187,156 |
|
|
523,871 |
|
|
Cash Flow from Operations |
|
(118,268 |
) |
|
478,986 |
|
|
Free Cash Flow (2) |
|
(330,431 |
) |
|
146,625 |
|
|
Net (Loss) Income |
|
(187,883 |
) |
|
368,195 |
|
|
Diluted EPS |
|
(0.02 |
) |
|
0.04 |
|
(2) Please see fiscal period 2018 Management Discussion and
Analysis for detailed notes and definitions
Omni-Lite Industries Canada Inc. is a rapidly
growing high technology company that develops and manufactures
precision components utilized by Fortune 500 companies including
Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, 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.
For further information, please contact:
Mr. Allen MaxinPresidentTel. No. (562) 404-8510 or (800)
577-6664Fax. No. (562) 926-6913, email: a.maxin@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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