- 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.