Continued Generation of Increasing Free
Cash Flow Opportunistic Capital Deployment and
Shareholder Returns
For the year ended December 31, 2017, Omni-Lite Industries Canada
Inc. (the "Company") (TSXV:OML) (OTCQX:OLNCF) is pleased to
announce audited annual revenue of US$6,539,934. Total
bookings for fiscal year 2017 were US$6,726,533, yielding a book-to
bill ratio of 1.03. In the 2017 fiscal period, cash flow from
operations increased to US$2,083,701 versus US$1,965,273 in fiscal
year 2016, a gain of 6%. Free Cash Flow generated in fiscal
year 2017 increased 13% to US$954,366. Gross margin, as
adjusted, for fiscal year 2017 increased approximately 400 basis
points, to 58.3% (excluding one-time provisions).
In 2017, the Company successfully received 4 new
aerospace component approvals from one of our largest aerospace
customers and is in active design and initial production on 8
additional components. All 12 components will be added to our
current multiyear contract with this customer. “These orders
complement the family of parts mentioned in two previous press
releases during 2017. These new orders are indicative of the trend
of large integrated tier one aerospace suppliers outsourcing to
nimble, high technology companies like Omni-Lite,” stated Allen W.
Maxin, President.
In addition, during the fiscal year, the Company
continued to receive a number of military contracts that continue
the important U.S. Department of Defense programs that began in
2014. These are the fourth and fifth set of contiguous orders in
this program. These aerospace and military contracts continue to
represent a tremendous vote of confidence in the state of the art
engineering and manufacturing facility that the Company has built
in Southern California and point towards growth in 2018 and beyond
as the Company becomes more strategic to the customers it is
servicing. The Company will continue its efforts to
focus growth in these higher margin Aerospace and Military
areas.
The Company is also pleased to announce it has
received new contract orders worth in excess of US$721,000 since
our last press release on February 20, 2018. Of these orders,
52% are in the Aerospace Division, 34% are in the Specialty
Automotive Division, and 14% are in the Sports and Recreational
Division. Of significant note, in the Aerospace Division, the
Company received its second Titanium component order to be produced
on its new Hot Forging system.
The Company would also like to note that the
white reflective roof coating and the large solar energy system has
been completed and is operational. The solar energy system was
brought online approximately 30 days ago and have experienced a
significant decrease in power usage with a resulting 30% savings in
our utility cost.
Finally, in fiscal year 2017, the Company
repurchased 353,600 shares of our common stock under its Normal
Course Issuer Bid, representing in excess of 3% of the Company’s
issued and outstanding shares.
Financial Highlights
Revenue : For the fiscal year
ended December 31, 2017, Omni-Lite reported revenue of
US$6,539,934.
Sales by division are summarized below:
Division |
|
Aerospace |
|
Military |
|
Specialty Automotive |
|
Sports &Recreation |
2017 |
|
37% |
|
24% |
|
25% |
|
14% |
2016 |
|
40% |
|
15% |
|
34% |
|
11% |
Earnings Per Share: Basic
earnings per share were US$0.07 compared to US$0.07 generated in
fiscal year 2016 based on the weighted average shares outstanding
of 10,255,472 in fiscal year 2017 and 10,911,638 in fiscal year
2016. During the year, pursuant to a Normal Course Issuer Bid under
applicable securities legislation, the Company acquired 353,600 of
its issued and outstanding common shares at a cost of
US$518,429.
The diluted earnings per share were US$0.07
compared to US$0.07 in fiscal year 2016.
SUMMARY OF FINANCIAL HIGHLIGHTS |
All figures in US dollars unless noted. |
|
|
For the yearendedDecember 31,2017 |
For the yearendedDecember 31,2016 |
%Increase(Decrease) |
Revenue |
|
$6,539,934 |
|
$7,179,808 |
(9 |
%) |
Cash Flow from Operations (1) |
|
2,083,701 |
|
1,965,273 |
6 |
% |
Free Cash Flow (1) |
|
954,366 |
|
851,855 |
13 |
% |
EBITDA (1) |
|
1,327,240 |
|
2,056,566 |
(36 |
%) |
Adjusted EBITDA (1) |
|
1,688,751 |
|
1,985,769 |
(15 |
%) |
Net Income |
|
737,824 |
|
762,595 |
(3 |
%) |
Diluted EPS (US) |
|
0.07 |
|
0.07 |
0 |
% |
(1) Please see 2017 Management Discussion and
Analysis for detailed notes and definitions
Omni-Lite Industries Canada Inc. is a rapidly
growing high technology company that develops and manufactures
mission critical, precision components utilized by Fortune 500
companies including Boeing, Airbus, Bombardier, Embraer, Arconic,
Ford, Borg Warner, Chrysler, the U.S. Military, and Nike.
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.
For further information, please
contact:Mr. Allen Maxin, PresidentTel. No.
(562) 404-8510 or (800) 577-6664Email: a.maxin@omni-lite.com
Website: www.omni-lite.com
Reader Advisory
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", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. In particular, 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 regulation; unanticipated operating events or
performance; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; 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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