- Q3 Cash Flow Up 44%
- Q3 Adjusted EBITDA(1) Up 30%
- Q3 Earnings per share Up 48%
TSXV: OML
OTCQX: OLNCF
CERRITOS, CA, Oct. 20, 2016 /PRNewswire/ - For the nine months
ended September 30, 2016 Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased
to report revenue of $5,768,520 US and cash flow from operations(1) of $1,855,315 US. In the first nine months of 2016, gross margin increased to 61.4 percent from 59.8 percent in
the same period last year.
SUMMARY OF NINE MONTH FINANCIAL HIGHLIGHTS (US $)
|
For the period ended
September 30, 2016
|
For the period ended
September 30, 2015
|
%
Increase
(Decrease)
|
Revenue
|
$5,768,520
|
$6,017,254
|
(4)%
|
Cash flow from operations(1)
|
1,855,315
|
1,987,909
|
(7)%
|
Adjusted EBITDA(1)
|
1,848,070
|
2,075,091
|
(11)%
|
Net income
|
1,086,389
|
1,250,347
|
(13)%
|
EPS (US)
|
0.10
|
0.11
|
(8)%
|
Revenue in the three month period ended September 30, 2015 was $2,173,388 US, an increase of 9% over the same period last year. Cash flow from operations(1) was
$908,908 US, an increase of 44% over the same period in 2015. Adjusted EBITDA(1) over
the period was $906,537 US, an increase of 30%. Net income in the third quarter was $505,223 US, an increase of 36% over 2015. Earnings per share in Q3 2016 were $0.05 US, an increase of 48% over the third quarter of 2015.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
|
For the three months
ended September 30, 2016
|
For the three months
ended September 30, 2015
|
%
Increase
|
Revenue
|
$2,173,388
|
$2,002,623
|
9%
|
Cash flow from operations(1)
|
908,908
|
633,086
|
44%
|
Adjusted EBITDA(1)
|
906,537
|
698,385
|
30%
|
Net Income
|
505,223
|
370,453
|
36%
|
EPS (US)
|
$0.05
|
$0.03
|
48%
|
The Company is pleased to report that gross margins improved to 66.8% in Q3. This is a 610 basis point increase from the gross
margin in the prior period. "The Company produced over 32 million components in Q3, a record for quarterly production at
Omni-Lite. This helped drive the Company to almost record production efficiencies," stated Allen
Maxin, President.
Under the NCIB, the Company has repurchased a total of 855,100 shares from January 1, 2016 to
September 30, 2016.
The Company is pleased to announce that it has initiated the construction of a 172KW solar array on the rooftop of the
corporate headquarters in Los Angeles. "This system will produce almost 50% of the power
utilized by the California facility," stated David Grant,
Chairman and CEO. "Utilizing some of the most efficient equipment available, the Company expects to produce over $5,000,000 US worth of power in the next 30 years. This will significantly reduce our carbon footprint in the
years to come."
Quarterly Information
The following table summarizes the Company's financial performance over the last eight quarters.
|
Sep
30/2016
|
Jun
30/2016
|
Mar
31/2016
|
Dec
31/2015
|
Sep
30/2015
|
Jun
30/2015
|
Mar
31/2015
|
Dec
31/2014
|
Revenue
|
$2,173,388
|
$2,110,643
|
$1,484,489
|
$1,462,704
|
$2,002,623
|
$2,241,296
|
$1,773,335
|
$1,038,770
|
Cash Flow from
Operations(1)
|
908,908
|
604,607
|
341,800
|
118,319
|
663,086
|
829,469
|
525,354
|
(104,004)
|
Adjusted
EBITDA(1)
|
906,537
|
599,740
|
341,793
|
263,389
|
698,385
|
854,870
|
519,631
|
(93,019)
|
Net Income
(Loss)
|
505,223
|
410,946
|
170,220
|
(365,372)
|
370,453
|
567,581
|
312,313
|
(80,467)
|
EPS (Loss) -
basic (US)
|
.047
|
.037
|
.015
|
(.031)
|
.032
|
.048
|
.027
|
(.007)
|
EPS (Loss) -
diluted (US)
|
.043
|
.036
|
.015
|
(.030)
|
.031
|
.045
|
.026
|
(.007)
|
ALL FIGURES REPORTED IN US DOLLARS
(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.
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, Alcoa, Ford, Borg Warner, Chrysler, John Deere, 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.
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.