Omni-Lite Industries Reports Strong Nine Month and Third Quarter Results

  • Nine Month Revenues Up 25%
  • Cash Flow from Operations Up 45%
  • Adjusted EBITDA(1) Up 54%
  • Third Quarter Gross Margin of 60.7%, a 332 Basis Point Increase

 

CERRITOS, CA, Nov. 20, 2015 /CNW/ - For the nine months ended September 30, 2015 Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSXV:OML) (OTCBB:OLNCF) is pleased to report revenue of $6,017,254 US and cash flow from operations(1) of $1,987,909 US. Compared to the same period last year, revenue and cash flow from operations were up 25 percent and 45 percent respectively. Adjusted EBITDA(1) during the nine month period was $2,075,091 US, an increase of 54 percent compared to the same period last year. Net income was $1,250,347 US, an increase of 127 percent from the same period in 2014.  In the first nine months of 2015, gross margin increased to 59.8 percent from 58.1 percent in the same period last year, a 165 basis point increase. Earnings per share in the nine month period were $0.11 compared to $0.05 last year. This represents a 134 percent increase year over year.

SUMMARY OF NINE MONTH FINANCIAL HIGHLIGHTS (US $)

Basic Weighted Average Shares

Issued And Outstanding:

11,739,651

For the period

ended September

30, 2015

For the period

ended September

30, 2014

%

Increase

Revenue

$6,017,254

$4,811,548

25%

Cash flow from operations(1)

1,987,909

1,373,729

45%

Adjusted EBITDA(1)

2,075,091

1,348,152

54%

Net income

1,250,347

549,750

127%

EPS (US)

$0.11

$0.05

134%

 

Revenue in the three month period ended September 30, 2015 was $2,002,623 US, an increase of 23% over the same period last year.  Cash flow from operations(1) was $633,086 US, an increase of 37% over the same period in 2014. Adjusted EBITDA(1) over the period was $698,385 US, an increase of 51%. Net income in the third quarter was $370,453 US, an increase of 51% over 2014.  Earnings per share in Q3 2015 were $0.03 US. Earnings per share increased 54% in the third quarter of 2015.

SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)

Weighted Average Shares Issued

And Outstanding: 11,723,436

For the three months

ended September

30, 2015

For the three months

ended September

30, 2014

%

Increase

Revenue

$2,002,623

$1,628,758

23%

Cash flow from operations(1)

633,086

462,181

37%

Adjusted EBITDA(1)

698,385

461,223

51%

Net Income 

370,453

244,750

51%

EPS (US)    

$0.03

$0.02

54%

 

The Company is also pleased to note that, since the last press release of October 8, it has received new contracts in the amount of $733,424 US.  Of these orders, approximately 54% are in the Aerospace division, 39% are in the Specialty Automotive division, and 7% are in the Sports and Recreational division. "The Company has recently received orders for two new families of components in the Aerospace division," stated Allen Maxin, President.  "These components are being developed to meet the future robotic assembly needs of the aerospace industry. Initial production quantities of these components are to be delivered by December 2015." 

The Company has purchased a total of 369,300 shares during the period from January 1, 2015 to November 19, 2015.

To meet the inspection and certification needs of many aerospace, military and automotive customers, the Company has ordered a new $45,000 US, Olympus GX51 Metallurgical microscope. "This system is a state of the art microscope which has the latest features for viewing, measuring and recording key features of the materials and components utilized and produced at Omni-Lite," stated John Sidener, Quality Manager. "This system will allow the Company to bring in-house many of the expensive and lengthy certification processes that now rely on outside vendors."

"The improved revenues, gross margins, cash flow, Adjusted EBITDA(1) and net income attained in the first three quarters of 2015 are the result of the Company's continued strong growth in the Military and Aerospace divisions," stated David F. Grant, CEO.  "These positive results could have bearing in the on-going strategic review which began in September 2015."

Quarterly Information

The following table summarizes the Company's financial performance over the last eight quarters.


Sep

30/2015

Jun

30/2015

Mar

31/2015

Dec

31/2014

Sep

30/2014

Jun

30/2014

Mar

31/2014

Dec

31/2013

Sep

30/2013

Revenue

2,002,623

2,241,296

1,773,335

1,038,770

1,628,758

1,809,465

1,373,325

1,182,752

1,667,030

Cash Flow from Operations(1)

663,086

829,469

525,354

(104,004)

462,181

535,912

375,636

53,130

512,102

Adjusted EBITDA(1)

698,385

854,870

521,837

(93,019)

461,223

531,684

355,245

113,723

457,242

Net Income (Loss)

370,453

567,581

312,313

(80,467)

244,750

262,401

42,599

(254,297)

316,596

EPS (Loss) - basic (US)

.032

.048

.027

(.007)

.021

.022

.003

(.021)

.026

EPS (Loss) - diluted (US)

.031

.045

.026

(.007)

.020

.022

.003

(.021)

.026

 

 

ALL FIGURES REPORTED IN US DOLLARS

Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, and Nike.

The Company has begun a new Investor Relations Update Program. If you have received this press release and are not currently on our subscriber list (under which you would have received a private copy) you can subscribe for future updates by clicking here. Thank you for your support of Omni-Lite Industries.

Please see www.sedar.com or contact the Company for complete results.

(1)   Cash flow from operations is a non-GAAP term requested by the oil and gas investment community that represents net earnings adjusted for non-cash items including depreciation, depletion and amortization, future income taxes, asset write-downs and gains (losses) on sale of assets, if any. Adjusted EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation provision, non-recurring items, gains (losses) on sale of assets, if any. These are non-GAAP financial measures, as defined herein, and should be read in conjunction with GAAP financial measures.  These non-GAAP financial measures are not presented as an alternative to GAAP cash flows from operations, as a measure of our liquidity or as an alternative to reported net income as an indicator of our operating performance. The non-GAAP 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 non-GAAP cash flow from operations along with GAAP 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 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 programs and contracts. We also use Adjusted EBITDA internally to evaluate the operating performance of the Company, to allocate resources and capital, and to evaluate future growth opportunities.

Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.

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.

SOURCE Omni-Lite Industries Canada Inc.



For further information: Mr. Tim Wang, CFO, Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: t.wang@omni-lite.com, Website: www.omni-lite.com

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