Omni-Lite Industries Reports Second Quarter Fiscal 2021 Results and Announces Conference Call for Investors to be Held on Thursday, August 26, 2021
August 25 2021 - 7:00AM
Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”;
TSXV: OML) today reported results for the fiscal second quarter
ending June 30, 2021. Full financial results are available at
sedar.com.
Second Quarter Fiscal 2021
Results
Revenue for the second quarter of fiscal 2021
was approximately US$1.2 million, a decrease of approximately 26%
as compared to the second quarter of fiscal 2020, and a decrease of
approximately 5.5% as compared to the first quarter of fiscal 2021.
The decrease in revenue compared to the second quarter of 2020 was
due principally to the impact of the COVID-19 pandemic on the
commercial aerospace and other markets offset by an incremental
increase in defense electronics products. Adjusted EBITDA(1) was
approximately US$(258,000) as compared to approximately
US$(143,000) in the year ago second quarter. The negative Adjusted
EBITDA was the result of the reduced revenue levels combined with a
cost structure with a high component of fixed overhead expenses.
Free Cash Flow(1) was a use approximately US$93,000 in the fiscal
second quarter, as compared to a US$127,000 use in the first
quarter of fiscal 2021, representing an improvement of
approximately 26%.
Management Comments
David Robbins, Omni-Lite’s President and CEO,
stated "Omni-Lite Industries continued to respond to the impact of
the COVID-19 pandemic by highly focusing on all aspects of
operational performance along with disciplined cash flow
management. We are actively engaged within the broad marketplace of
high performance component manufacturing for several exciting new
opportunities targeting applications in the Industrial, Defense,
and Aerospace markets with potential for long-running production
requirements. Our engineering investment in these, along with signs
of early stages of a commercial aerospace recovery point towards
future growth trajectories for Omni-Lite. We also see favorable
business combination market conditions and look to our monetization
of our real estate holding to fuel potential in this area,”
remarked Mr. Robbins.
“Lastly, the Company’s liquidity position
remains strong as a result of our strict and disciplined approach
to management of our costs and spending. The Company ended the
second quarter of fiscal 2021 with approximately US$1.6 million in
cash and approximately US$1.5 million available under its revolving
credit facility,” concluded Mr. Robbins.
Financial SummaryAll figures in
(US$000) unless noted.
|
For the three months ended June 30, 2021 |
For the three months ended March 31, 2021 |
For the three months ended December 31, 2020 |
For the three months ended June 30, 2020 |
Revenue |
$1,200 |
|
$1,270 |
|
$1,285 |
|
$1,624 |
|
Adjusted EBITDA(1) |
|
(258 |
) |
|
(135 |
) |
|
(615 |
) |
|
(143 |
) |
Free Cash Flow(1) |
|
(93 |
) |
|
(127 |
) |
|
221 |
|
|
321 |
|
Net (Loss)income |
|
(448 |
) |
|
(354 |
) |
|
143 |
|
|
(263 |
) |
Diluted EPS |
($0.04 |
) |
($0.03 |
) |
$0.02 |
|
($0.02 |
) |
|
For the six months ended June 30, 2021 |
For the six months ended June 30, 2020 |
Revenue |
$2,470 |
|
$3,769 |
|
Adjusted EBITDA(1) |
|
(393 |
) |
|
54 |
|
Free Cash Flow(1) |
|
(220 |
) |
|
(26 |
) |
Net (Loss) |
|
(802 |
) |
|
(350 |
) |
Diluted EPS |
($0.07 |
) |
($0.03 |
) |
(1) 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. Free Cash Flow is
a non-IFRS financial measure defined as cash flow from operations
minus capital expenditures. 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 Adjusted EBITDA and Free Cash Flow 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. Adjusted EBITDA and Free Cash Flow are also
useful tools 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 Adjusted EBITDA and Free Cash Flow internally to evaluate the
operating performance of the Company, to allocate resources and
capital, and to evaluate future growth opportunities.
Please see Second Quarter 2021 Management Discussion and
Analysis for additional notes and definitions.
Investor Conference Call
Omni-Lite will host a conference call for
investors on Thursday, August 26, 2021, beginning at 11 A.M.
Eastern Time to discuss the second quarter of fiscal 2021
results and review of its business and operations. To join the
conference call, (888) 437-3179 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.
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 RobbinsPresident and Chief 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. 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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