Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX:
OLNCF) reported financial and operating results for its third
quarter ended September 30, 2019. Full financial statements can be
found on sedar.com or on our website at www.Omni-Lite.com.
Third Quarter 2019 Results
Q3 2019 revenue was US$2.1 million, representing an 8% increase
compared to Q3 2018 revenue of US$2.0 million. The Q3 2019 increase
included contributions from the Monzite business acquired in Q4
2018.
Q3 2019 Adjusted EBITDA(1) was US$(29,435) as compared to
US$573,978 in Q3 2018.
David Robbins, Omni-Lite’s CEO, stated, "The quarter’s financial
performance was affected by investment in engineering and
manufacturing startup costs for multiple new products in
development. We expect these new products to deliver profitable
revenue starting in Q4 2019 and growing into FY2020. We are excited
to have over 15 new product introductions, all in the
Aerospace/Defense marketplace for existing high Aerospace fastener
applications. We expect these products to deliver revenue for many
years into the future.”
The Q3 2019 net loss was US$(1,467,765), or US$(0.13) per
diluted share, as compared to the Q3 2018 net loss of US$(584,750),
or US$(0.06) per diluted common share. The Q3 2019 loss included
charges totaling $1,130,374 related to a non-performing loan
receivable and related accounts receivable. The write-down related
to amounts owed to Omni-Lite by California Nanotechnologies Corp.
(CNO), in which Omni-Lite has a 19.1% equity interest.
Year to Date September Fiscal 2019 Results
Year-to-date 2019 revenue was US$7.1 million, a 45% increase as
compared to US$4.9 million in the first nine months of 2018. The
increase included resulted from continuing growth in the company’s
aerospace and defense business and contributions from the Monzite
business acquired in Q4/2018.
Year-to-date Adjusted EBITDA(1) was US$1,016,964, a 24%
decrease as compared to US$1,281,872 in the first nine months of
2018. The year-to-date net loss was US$(1,113,433) or US$(0.10) per
diluted share as compared to a net loss of US$(659,204) or
US($0.07) in the first nine months of 2018. The 2019 year-to-date
loss included the CNO charges totaling $1,130,374 described
above.
Summary of Financial Highlights
All figures in US dollars unless noted
For the three months ended September 30, |
|
2019 |
2018 |
% Increase (Decrease) |
Revenue |
$2,123,087 |
$1,965,233 |
8% |
Adjusted EBITDA(1) |
(29,435) |
573,978 |
N/A |
Net loss |
(1,467,765) |
(584,750) |
(151%) |
Diluted EPS |
$(0.13) |
$(0.06) |
(116%) |
For the nine months ended September 30, |
|
2019 |
2018 |
% Increase (Decrease) |
Revenue |
$7,141,121 |
$4,929,254 |
45% |
Adjusted EBITDA(1) |
1,016,964 |
1,281,872 |
(24%) |
Net loss |
(1,113,433) |
(659,204) |
(69%) |
Diluted EPS |
$(0.10) |
($0.07) |
(43%) |
Investor Conference Call
Omni-Lite will host a conference call for investors on Tuesday,
November 19, 2019, beginning at 4:00 P.M. Eastern Time to discuss
the third quarter/three quarters fiscal 2019 results and review of
its business and operations. To join the conference call, dial
(888) 645-4404 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 Robbins President and Chief Executive Officer Tel. No. (562)
404-8510 or (800) 577-6664 Email: d.robbins@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; 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.
Omni Lite Industries Can... (TSXV:OML)
Historical Stock Chart
From Sep 2024 to Oct 2024
Omni Lite Industries Can... (TSXV:OML)
Historical Stock Chart
From Oct 2023 to Oct 2024