Omni-Lite Industries Reports Third Quarter Fiscal 2021 Results And Announces Conference Call for Investors to Be Held on Tuesday, November 23, 2021
November 22 2021 - 6:00AM
Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”;
TSXV: OML) today reported results for the fiscal third quarter
ending September 30, 2021. Full financial results are available at
sedar.com.
Third Quarter Fiscal 2021
Results
Revenue for the third quarter of 2021 was
approximately US$1.6 million, an increase of approximately 36% as
compared to the second quarter of 2021, and flat as compared to the
third quarter of 2020. The increase in revenue compared to the
second quarter of 2021 was due to increases in commercial aerospace
and defense electronics revenue. Backlog increased from US$1.7
million at end of the second quarter fiscal 2021 to US$1.8 million
at the end of third quarter fiscal 2021, driven by a book-to-bill
ratio of [1.06]. Adjusted EBITDA(1) loss of approximately
US$(66,000) was an improvement of US$192,000 over the second
quarter of 2021 and an improvement of US$206,000, or a 76%
reduction, as compared to the third quarter of 2020. Free Cash
Flow(1) was a use approximately US$236,000 in the third quarter, as
compared to a use of approximately US$93,000 in the second quarter
of 2021, driven primarily by increased working capital resulting
from sequential quarterly revenue increase.
Subsequent to the Company’s fiscal 2021 third
quarter end, Omni-Lite was awarded firm orders valued in excess of
US$250,000 for military-use forged components used in consumable
munition applications. The delivery of these orders is expected to
occur over the next two years with the potential for follow-on
contract opportunities. A key aspect of these contract wins was the
Company‘s expansion of its sales channels in the European defense
market with the appointment of a new reseller partner that could
lead to further penetration of defense and commercial customer
accounts in this strategic market for Omni-Lite.
Management Comments
David Robbins, Omni-Lite’s CEO, stated
"Omni-Lite Industries sales in third quarter fiscal year 2021
reflected the start of some recovery in the commercial aerospace
market and an increase in defense electronics platform wins. A
continuation of these trends including the expansion in the broader
European markets would enable the Company to return to normalized
positive adjusted EBITDA margins. We continue to focus on
operational efficiency and performance and look to capitalize on
increased needs for reliable suppliers to support production needs;
and, our balance sheet and liquidity position remains strong. The
Company ended the third quarter of fiscal 2021 with approximately
US$1.4 million in cash and approximately US$1.5 million available
under its revolving credit facility. We continue to evaluate
M&A opportunities and are progressing with our efforts to
monetize our real estate holding to fuel potential in this area,”
remarked, Mr. Robbins.
Financial SummaryAll figures in
(US$000) unless noted.
|
For the three months ended September 30, 2021 |
For the three months ended September 30, 2020 |
Revenue |
$1,631 |
$1,631 |
Adjusted EBITDA(1) |
(66) |
(272) |
Free Cash Flow(1) |
(236) |
(217) |
Net (Loss) |
(204) |
(410) |
Diluted EPS |
($0.02) |
($0.04) |
|
For the nine months ended September 30, 2021 |
For the nine months ended September 30, 2020 |
Revenue |
$4,101 |
$5,399 |
Adjusted EBITDA(1) |
(458) |
(218) |
Free Cash Flow(1) |
(457) |
(242) |
Net (Loss) |
(1,006) |
(761) |
Diluted EPS |
($0.09) |
($0.07) |
(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 Third Quarter 2021 Management Discussion and Analysis
for additional notes and definitions.
Investor Conference Call
Omni-Lite will host a conference call for
investors on Tuesday, November 23, 2021, beginning at 11 A.M.
Eastern Time to discuss the first 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 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. 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 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.
Omni Lite Industries Can... (TSXV:OML)
Historical Stock Chart
From Jun 2024 to Jul 2024
Omni Lite Industries Can... (TSXV:OML)
Historical Stock Chart
From Jul 2023 to Jul 2024