Omni-Lite Industries Reports Fiscal 2018 and Fourth Quarter Fiscal 2018 Update and Announces Conference Call for Investors to...
January 14 2019 - 8:30AM
Omni-Lite Industries Canada, Inc. (the "Company" or "Omni-Lite") is
pleased to report an update for the fourth quarter fiscal 2018 and
full year fiscal 2018.
Full Year Fiscal 2018
Revenue
Revenue for the full year fiscal 2018 increased
9% to US$7.1 million from US$6.5 million in fiscal 2017. Full
year results include approximately US$410,000 from the Monzite
division, which was acquired in late September 2018. Organic
revenue growth was approximately 2% on a year-over-year basis,
although it was substantially higher in fourth quarter fiscal
2018. Bookings for the full year fiscal 2018 was
approximately US$7.6 million, including Monzite bookings subsequent
to the closing of the acquisition in late September 2018.
Fourth Quarter Fiscal 2018
Revenue
Revenue for the fourth quarter fiscal 2018 were
US$2.2 million, including approximately US$370,000 contribution
from Monzite, representing an increase of 108% over fourth quarter
fiscal 2017 and an 11% increase compared to the third quarter
fiscal 2018. Organic revenue growth was approximately 73% on
a year-over-year basis. Backlog at the end of the fourth
quarter fiscal 2018 was approximately US$2.6 million. Company
received a number of new and follow-on aerospace and defense orders
in the quarter aggregating to approximately US$1.8 million. Of
particular note was the award of a US$155,000 contract for a high
speed electronics component used on the Euro fighter aircraft
platform. This is notable as this represents the first follow-on
order received by the Company on this important and long-standing
European aerospace platform.
Management Comments
In late 2018, David Robbins joined
Omni-Lite as CEO and Carl Lueders joined the Company as CFO.
Since that time, the new management team has been reviewing all
aspects of the Company’s operations in order to enhance Omni-Lite’s
focus on revenues, efficiency and profitability.
“We are actively engaging with our aerospace and
defense customers and responding to their increasing
requirements. We are excited about delivering on new
pre-production, first articles and initial production quantities of
high performance fastener and electronic components for integration
on major US and European commercial and defense airborne
platforms. “Against an expanding aerospace and defense market
backdrop, we anticipate these products to mature to full production
requirements over the next several years and have an extended
program life measured over many years,” CEO David Robbins
said. “These orders point to our customer’s need for
strategic relationships with capable suppliers like Omni-Lite, and
validate our overall strategy of pursuing major airborne platforms
that align with our technologies, manufacturing processes, and
scaled production capabilities,” Robbins continued.
“Since joining Omni-Lite as CEO in early
September, the senior management team has been pursuing a full
spectrum of organic and external growth opportunities along with
the implementation of enhancements to the Company’s ERP system that
will ultimately lead to a single, integrated enterprise-wide system
for the entire organization. Further, the management and
Board of Directors continue to evaluate priorities on capital
allocation and will maintain the financial flexibility and strength
to pursue any anticipated operational, acquisition or other
opportunities that may arise in order to drive long-term value
creation,” Robbins concluded.
Investor Conference Call
Omni-Lite will host a conference call and
simultaneous webcast for investors on Wednesday, January 16,
2019, beginning at 5:00 p.m. Eastern Time to introduce
the new management team and present an overview of the Company’s
operations including certain highlights from its fourth quarter
fiscal 2018 and full year fiscal 2018 results.
To join the conference call from the USA and
Canada, dial (888) 645-4404. For international calls, dial (862)
298-0702. Please call five to ten minutes prior to the scheduled
start time.
A replay of the webcast will be available 48
hours after the call and archived on the Company’s website for 12
months.
Omni-Lite Industries Canada, Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies including
Boeing, Airbus, Bombardier, Embraer, Ford, Raytheon, Lockheed
Martin, Department of Defense and the U.S. Military.
For further information, please
contact:
Mr. David Robbins, CEOTel. No. (562) 404-8510 or
(800) 577-6664Email: d.robbins@omni-lite.com
Website: www.omni-lite.com
Reader AdvisoryExcept 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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