- 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 /CNW/ - 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.