- Gross Margin up 191 basis points
- Book to bill ratio rises to 1.71 from 1.28 in 2015
- Company reports new orders of $299,573 US
TSXV: OML
OTCQX: OLNCF
LOS ANGELES, CA, May 27, 2016 /CNW/ - For the three months ended
March 31, 2016, Omni-Lite Industries
Canada Inc. (the "Company" or "Omni-Lite") is pleased to report
revenue of $1,484,489 US. In the
first three months of this fiscal year, cash flow from
operations(1) was $341,800
US and adjusted EBITDA was $341,793
US. Net income in the first quarter was $170,220 US. Revenue in the quarter was lower
than Q1 2015 due to the late initiation of a key military
program.
"As the Company accelerates production to complete the military
and aerospace orders recently announced, revenues are expected to
grow throughout the year with 2016 revenues exceeding those
attained in fiscal 2015," stated David F Grant, CEO. "With a rising
backlog, the book to bill ratio has risen to 1.71 from 1.28 in
2015. The Company achieved a gross margin in excess of 60
percent in the first quarter, an increase of approximately 191
basis points from the gross margin attained in the comparable
period of 2015."
Omni-Lite is also pleased to note that it has received new
contracts worth $299,573 US. "This
brings the total value of the new orders announced in 2016 to
approximately $4,500,000 US," stated
Allen W. Maxin, President. "At
today's exchange rate this would be approximately $5,850,000 CDN."
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
|
For the three
month period ended
March 31,
2016
|
For the three
month period ended
March 31,
2015
|
%
Increase
(Decrease)
|
Revenue
|
$1,484,489
|
$1,773,335
|
(16)%
|
Cash flow from
operations(1)
|
341,800
|
525,354
|
(35)%
|
Adjusted
EBITDA(1)
|
341,793
|
519,631
|
(34)%
|
Net income
|
170,220
|
312,313
|
(45)%
|
EPS (US)
|
0.02
|
0.03
|
(44)%
|
(1)
|
Please see Management
Discussion and Analysis for the period ended March 31, 2016
for detailed notes and definitions
|
|
|
For complete results, please visit www.sedar.com or request a
copy from the Company.
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, 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.
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.