LOS ANGELES, CALIFORNIA, May 31, 2018 - Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX: OLNCF) reports revenue of US$1,341,690. In the first quarter of the 2018 fiscal year, adjusted EBITDA was US$187,156 and cash flow from operations was US$(118,268). Net income in the first quarter of 2018 fiscal year was US$(187,883), representing diluted EPS of US$(0.02).
For the first quarter of 2018 fiscal year, Omni-Lite’s reported revenue of US$1,341,690, a decrease of 22% from the prior period was mainly the result of the conclusion of a multi-year specialty automotive segment program. The Company's gross margin was 60% for the first quarter of 2018 fiscal year. Operating expenses for the fiscal period 2018 increased as compared to the prior year fiscal first quarter.
The Aerospace segment represented the largest portion of revenues at 54% compared to 43% in the comparable year ago period. The Military segment contributed 27% of revenue, compared to 15% in the fiscal period 2017. The Specialty Automotive and Sports and Recreation segments contributed 23% of revenue, down from 42% in the prior 2017 fiscal period.
"The Company has accelerated its production to complete the new military and aerospace orders announced earlier in 2018, which points to improving revenue performance throughout the balance of 2018 fiscal year,” stated Joe Hachadoorian, V. P. Business Development and Sales."
Omni-Lite also noted that it has received new contracts worth US$835,939 since our last press release on April 25, 2018. Of these orders, 37% are in the Aerospace segment, 49% in the Military segment, and 14% in the Specialty Automotive and Sports and Recreational segments. "This brings the year-to-date value of the new orders announced to approximately US$2,583,700,” stated Allen W. Maxin, President. "At today’s exchange rate this would be equivalent to approximately CDN$3,356,500."
Further, the Company is pleased to note that it has submitted a new patent application. “Our submittal for this new patent application will be key to manufacturing complex components for the specialty automotive green diesel programs.” stated Mike Walker, VP of Research & Development.
| For the period ended March 31, 2018 |
For the period ended March 31, 2017 |
|
|---|---|---|
| Revenue | $ 1,341,690 | $ 1,724,239 |
| EBITDA(2) | 19,143 | 511,415 |
| Adjusted EBITDA(2) | 187,156 | 523,871 |
| Cash Flow from Operations | (118,268) | 478,986 |
| Free Cash Flow(2) | (330,431) | 146,625 |
| Net (Loss) Income | (187,883) | 368,195 |
| Diluted EPS | (0.02) | 0.04 |
(2)Please see fiscal period 2018 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
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