Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX:
OLNCF) reports financial and operating results for the first
quarter of fiscal 2019, ended March 31, 2019.
First Quarter Fiscal 2019 Results
First quarter fiscal 2019 revenue was US$2.4
million, representing an 82% increase compared to first quarter of
fiscal 2018 of US$1.3 million. The first quarter fiscal 2019
results included contributions from the Monzite acquired business,
and the continued focus and execution, strategically and
operationally, on revenue conversion of the Company’s aerospace and
defense bookings and backlog.
First quarter fiscal 2019 Adjusted EBITDA(1) was
US$786,850 an increase of 305% compared to US$194,077 for first
quarter fiscal 2018. First quarter fiscal 2019 results were offset
by approximately US$140,000 investment in SG&A in support of
enhancing senior management and systems capabilities to drive
future growth and operational capabilities.
Net income in the first quarter of fiscal 2019
was US$235,011, or US$0.02 per diluted share, an increase of
US$422,844 compared to first quarter 2018 loss of US$187,883, or
US$(0.02). Increases in first quarter fiscal 2019 Adjusted
EBITDA(1) and Net Income compared to the year ago quarterly period
were largely a result of operating leverage gained from increased
revenue on relatively fixed base of manufacturing costs and
overhead, and product mix.
Management Comments
David Robbins, Omni-Lite’s CEO, stated "The
pipeline of opportunities in the aerospace and defense markets are
increasing as expected and is a driver of our growth. Our
investments in inventory, manufacturing systems and personnel are
beginning to yield the intended benefits, including an
increase in productivity and higher intra-quarter revenue
conversion rates, as we look to add more recurring aerospace and
defense products to our manufacturing mix in an effort to meet our
customers' demands and expectations.”
Summary of Financial Highlights
All figures in US dollars unless noted
For the quarter ended March 31, |
|
|
2019 |
|
2018 |
|
% Increase (Decrease) |
Revenue |
$2,444,525 |
$1,342,690 |
|
82% |
Adjusted EBITDA(1) |
|
786,850 |
|
194,077 |
|
305% |
Net Income |
|
235,011 |
|
(187,833) |
|
N/A |
Diluted EPS |
$0.02 |
($0.02) |
|
N/A |
Cash |
|
148,294 |
|
503,463 |
|
-71% |
Total Assets |
|
18,590,428 |
|
21,113,320 |
|
-12% |
Total Debt |
|
300,000 |
|
- |
|
N/A |
Shareholders’ Equity |
|
14,988,790 |
|
18,068,244 |
|
-17% |
Capital Expenditures |
|
197,527 |
|
212,163 |
|
-7% |
Investor Conference Call
Omni-Lite will host a conference call for
investors on Friday, May 31, 2019, beginning at 1:00 P.M. Eastern
Time to discuss the first quarter fiscal 2019 results and review of
its business and operations. To join the conference call, dial
888-448-9504 in the USA and Canada, or 862-298-0702 for all other
countries. Please call five to ten minutes prior to the scheduled
start time. A replay of the conference call will be available 48
hours after the call and archived on the Company’s investors page
of the Company’s website at www.omni-lite.com for 12 months.
(1) Please see 2019 Management Discussion and Analysis for
detailed notes and definitions
Reconciliation of Non-IFRS Measures
Adjusted EBITDA is a non-IFRS 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-IFRS
financial measures, as defined herein, and should be read in
conjunction with IFRS financial measures and they are not intended
to be considered in isolation or as a substitute for, or superior
to, financial information prepared and presented in accordance with
IFRS. 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 Adjusted EBITDA 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 and Adjusted
EBITDA internally to evaluate the operating performance of the
Company, to allocate resources and capital, and to evaluate future
growth opportunities.
Please refer to the first quarter 2019 Management Discussion and
Analysis for detailed notes and definitions.
About Omni-Lite Industries Canada Inc.
Omni-Lite Industries Canada Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies in the
aerospace and defense industries.
For further information, please contact:Mr. David RobbinsChief
Executive OfficerTel. No. (562) 404-8510 or (800) 577-6664Email:
d.robbins@omni-lite.comWebsite: www.omni-lite.com
Forward Looking Statements
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”, “intent”, “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 expect 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 consents and approvals, if and when required; 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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