Omni-Lite Industries releases third quarter of fiscal 2021

  • Fiscal 2021 third quarter revenue of US $ 1.6 million, an increase of 36% over the second quarter of fiscal 2021 and comparable to the third quarter of fiscal 2020
  • Loss of adjusted EBITDA of US $ 66,000, which represents a reduction of 76% compared to the fiscal quarter of the previous year despite comparable revenues for the two fiscal quarters
  • Fiscal 2021 third quarter order intake of US $ 1.7 million, representing an orders-to-bill ratio of 1.06
  • Backlog at the end of the quarter of $ 1.8 million, compared to $ 1.7 million at the end of the second quarter of fiscal 2021
  • Year-to-date free cash flow Use of US $ 176,000, despite a 24% drop in revenue

TSXV: OML
OTCQX: OLNCF

LOS ANGELES, November 22, 2021 (GLOBE NEWSWIRE) – Omni-Lite Industries Canada Inc. (the “Company” or “Omni-Lite”; TSXV: OML) today announced its results for the third fiscal quarter ended September 30, 2021 Full financial results are available at sedar.com.

Results for the third quarter of fiscal 2021

Revenue for the third quarter of 2021 was approximately US $ 1.6 million, an increase of approximately 36% from the second quarter of 2021, and stable from the third quarter of 2020. The increase in revenue revenue from the second quarter of 2021 was driven by higher revenues from commercial aerospace and defense electronics. Backlog grew from US $ 1.7 million at the end of the second quarter of fiscal 2021 to US $ 1.8 million at the end of the third quarter of fiscal 2021, thanks to an order ratio / billings of [1.06]. Adjusted EBITDA(1) the loss of approximately (US $ 66,000) represents an improvement of US $ 192,000 from the second quarter of 2021 and an improvement of US $ 206,000, or a reduction of 76%, from the third quarter of 2020. Free cash flow(1) was a usage of about $ 236,000 in the third quarter, compared to a usage of about $ 93,000 in the second quarter of 2021, mainly due to the increase in working capital resulting from the sequential increase in quarterly revenue .

Following the close of the Company’s third quarter of fiscal 2021, Omni-Lite has secured firm orders in excess of US $ 250,000 for military forged components used in consumable ammunition applications. Delivery of these orders is expected to occur over the next two years with the potential for follow-up contract opportunities. A key aspect of these contracts has been the company’s expansion of its sales channels into the European defense market with the appointment of a new reseller partner which could lead to further penetration of defense accounts receivable and companies in this strategic market for Omni-Lite.

Management comments

David Robbins, CEO of Omni-Lite, said: “Omni-Lite Industries sales in the third quarter of fiscal 2021 reflected the start of some recovery in the commercial aerospace market and an increase in sales. gains in electronic defense platforms. A continuation of these trends, including the expansion of broader European markets would allow the Company to return to normalized positive Adjusted EBITDA margins. We continue to focus on operational efficiency and performance and seek to capitalize on the increased needs for reliable suppliers to meet production needs; and, our balance sheet and liquidity position remain unchanged. 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 assess merger and acquisition opportunities and continue our efforts to monetize our potential real estate portfolio in this area, ”noted Mr. Robbins.

Financial summary
All figures are in (US $ 000), unless otherwise noted.

For the three
months ended
September 30
2021
For the three
months ended
September 30
2020
Returned $ 1,631 $ 1,631
Adjusted EBITDA(1) (66) (272)
Free movement of capital(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
Returned $ 4,101 $ 5,399
Adjusted EBITDA(1) (458) (218)
Free movement of capital(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, provision for stock-based compensation, gains (losses) on the sale of assets and non- recurring, if applicable. Free cash flow is a non-IFRS financial measure defined as cash flow from operations less capital expenditures. These are non-IFRS financial measures, as defined herein, and should be read in conjunction with IFRS financial measures and are not intended to be viewed in isolation or as a substitute for or superior to financial reporting. prepared and presented in accordance with IFRS. Non-IFRS financial measures as used in this document may not be comparable to measures of the same name presented by other companies. We believe that the use of Adjusted EBITDA and Free Cash Flow as well as IFRS financial measures improves understanding of our operating results and may be useful for investors to compare our operating performance with that of others. companies and estimate the value of our business. Adjusted EBITDA and Free Cash Flow are also useful tools to assess the Company’s operating results given the significant variation that may result; for example, the timing of capital expenditures and the amount of working capital in support of our client programs and contracts. We also use Adjusted EBITDA and internal free cash flow to assess the operational performance of the Company, to allocate resources and capital, and to assess future growth opportunities.

Please see the third quarter 2021 MD&A for additional notes and definitions.

Investor conference call

Omni-Lite will host an investor conference call on Tuesday, November 23, 2021, starting at 11:00 a.m. Eastern Time to discuss first quarter results for fiscal 2021 and a review of its business and its operations. To participate in the conference call, (888) 437-3179 in the United States and Canada, or (862) 298-0702 for all other countries. Please call five to ten minutes before 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 used by Fortune 100 companies in the aerospace and defense industries.

For more information, please contact:

Mr. David Robbins
Chief Executive Officer
Phone. N ° (562) 404-8510 or (800) 577-6664
Email: [email protected]
Website: www.omni-lite.com

Forward-looking statements

Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “plan”, “intention”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. The forward-looking information contained in this press release includes, without limitation, 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. Accordingly, there can be no assurance that the actual results obtained will be the same, in whole or in part, as those stated 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 is subject to various risks and uncertainties and other factors that could cause actual events or results to occur. differ significantly from those anticipated in the search for information. Some of the risks and other factors that could cause 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 internationally; industry conditions, government regulations, including environmental permits and approvals, if and when required; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and 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 considered exhaustive.

The forward-looking information contained in this press release is expressly qualified by this cautionary statement. We assume no obligation to update forward-looking information to conform with actual results or changes in our expectations, except as required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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