LOS ANGELES, CALIFORNIA, April 25, 2018 - 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.
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.
| For the year ended March 31, 2018 |
For the year ended March 31, 2017 |
% 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 precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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, President
Tel. No. (562) 404-8510 or (800) 577-6664
Fax. No. (562) 926-6913, email: a.maxin@omni-lite.com
Website: www.omni-Iite.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.
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