LOS ANGELES, CALIFORNIA, November 29, 2018 - Omni-Lite Industries Canada, Inc. (the
"Company" or "Omni-Lite") reported third quarter fiscal 2018 revenue of US$2.0 million, representing an
increase of 21% over the fiscal 2018 second quarter and a decrease of 2.5% over the third quarter of fiscal
2017.
Revenue and bookings from aerospace and defense fastener applications continue to strengthen as we
respond to increasing customers’ needs. We anticipate growing requirements from major defense
contractors for electronics in our newly acquired Monzite subsidiary,” CEO David Robbins said.
Adjusted EBITDA(1) for the third quarter of fiscal 2018 was $612,000, or 31.1% of revenue, as compared
to $450,000 (27.7% of revenue) in the second quarter of fiscal 2018 and $649,000 (32.2% of revenue) in
the third quarter of fiscal 2017.
Net loss and diluted loss per share for the third quarter of fiscal 2018 was US$(584,750) and US$(0.06) per
share, respectively, as compared to [comprehensive] income and [comprehensive] diluted earnings per
share of US$329,794 and US$ 0.04 per share, respectively, for the third quarter of fiscal 2017.
The third quarter of fiscal 2018 included one-time expenses associated with the acquisition of Monzite
Corporation (“Monzite”) of approximately US$294,000 and an inventory obsolescence provision of
approximately US$560,000. These expenses and costs have been removed from Adjusted EBITDA.
The third quarter of fiscal 2018 also included a deferred tax expense associated with the acquisition of
Monzite of approximately US$259,000 or US$(0.02) per share.
Year to date September fiscal 2018 revenue was US$4.9 million, as compared to US$5.5 million in the year
ago period. Adjusted EBITDA(1) was US$1.3 million year to date as compared to US$1.7 million year in
the year ago period. Net loss and diluted loss per share for the nine months were US$659,204 or
US$(0.07) per share, respectively, as compared to net income and diluted earnings per share for last year’s
comparable period of US$1.1 million and US$0.11, respectively.
Year to date September fiscal 2018 bookings were US$6.1 million, as compared to US$4.5 million in the
same period of fiscal 2017. At September 30, 2018, the Company’s cash position was US$713,386 and
outstanding revolving line of credit of US$330,000.
| For the three months ended September 30, 2018 |
For the three months ended June 30, 2018 |
For the three months ended September 30, 2017 |
|
|---|---|---|---|
| Revenue | 1,965 | 1,622 | 2,017 |
| EBITDA(1) | (261) | 423 | 626 |
| Adjusted EBITDA(1) | 612 | 450 | 649 |
| Net Income | (585) | 113 | 445 |
| EPS (US) | ($ 0.06) | $0.01 | $ 0.04 |
| For the 9 months ended September 30, 2018 |
For the 9 months ended September 30, 2017 |
|
|---|---|---|
| Revenue | 4,929 | 5,496 |
| EBITDA(1) | 181 | 1,640 |
| Adjusted EBITDA(1) | 1,282 | 1,691 |
| Net Income | (659) | 1,135 |
| EPS | ($ 0.07) | $0.11 |
(1)EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation and amortization.
Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation and
amortization, stock compensation, gains (losses) on sale of assets and non-recurring items. These are non-IFRS
financial measures, as defined herein, and should be read in conjunction with IFRS financial measures. These nonIFRS
financial measures are not presented as an alternative to IFRS reported net income or as a measure of our
liquidity. The non-IFRS financial measures as used herein may not be comparable to similarly titled measuresreported
by other companies. We believe the use of EBITDA and Adjusted EBITDA along with IFRS 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. EBITDA and Adjusted EBITDA are
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 customer
programs and contracts. We also use EBITDA and Adjusted EBITDA internally to evaluate the operating performance
of the Company, to allocate resources and capital, and to evaluate future growth opportunities.
Omni-Lite Industries Canada, Inc. is an innovative company that develops and manufactures mission
critical, precision components utilized by Fortune 100 companies including Boeing, Airbus, Bombardier,
Embraer, Alcoa, Ford, Borg Warner, Chrysler, John Deere, the U.S. Military and Nike.
For further information, please contact:
Mr. David Robbins, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
Email: d.robbins@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
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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
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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
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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
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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
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are cautioned that this list of risk factors should not be construed as exhaustive.
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