Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”;
TSXV: OML) today reported results for the second quarter ending
June 30, 2024. Full financial results are available at
sedarplus.ca.
Second Quarter Fiscal 2024
Results
Revenue for the second quarter of fiscal 2024
was approximately US$4.32 million, representing an increase of 42%
as compared to the second quarter of fiscal 2023. The increase in
revenue was largely due to organic growth in our electronic
components and fasteners businesses.
Adjusted EBITDA(1) for the second quarter of
fiscal 2024 was approximately US$552,000, resulting in a margin of
approximately 13%, and as compared to approximately US$168,000 in
the second quarter of fiscal 2023. The Company’s balance sheet
remains strong with US$1.7 million in cash, an increase of
approximately US$619,000 and US$427,000 compared to the first
quarter of fiscal 2024 and second quarter of fiscal 2023,
respectively, and no debt outstanding.
Net income for the quarter was approximately
US$286,000, or US$0.02 per diluted share. Free Cash Flow(1) was
approximately US$848,000, or an increase of approximately
US$686,000 compared to the year ago quarter.
Bookings in the second quarter of fiscal 2024
were approximately US$2.7 million and, as a result, the backlog at
June 30, 2024, was approximately US$4.7 million, consistent with
the second quarter of fiscal 2023.
Management
Comments
David Robbins, Omni-Lite’s CEO, stated “Overall,
I am quite pleased with our financial performance in the second
quarter of fiscal 2024. Profitability and cash conversion was
healthy despite an unfavorable product mix and some new product
start-up costs in the quarter. The bookings in the quarter
reflected a higher fulfilment of customers’ near-term critical
needs over larger long-term contract requirements. However,
bookings drivers and pipeline remain robust, and we anticipate
healthy bookings continuing in 2024 driven by increased production
rates on high temperature Inconel fastener components, missile
defense sensor components and conversion of new product orders into
initial phase production rates.
We are also pleased to see the rise in the Cal
Nano share price subsequent to the quarter end. Cal Nano has
been an important source of value creation for Omni-Lite
shareholders and, at some point in the future, may provide
potential liquidity to fuel Omni-Lite's growth. However, to date,
retention of our full stake has been beneficial for Omni-Lite
shareholders.
Financial SummaryAll figures
in (US$000) unless
noted.
Investor Conference Call
Omni-Lite will host a conference call for
investors on August 1, 2024, beginning at 11:00 A.M. (EDT) to
discuss the Second Quarter 2024 results and review of its business
and operations. To join the conference call, 888-437-3179 in the
USA and Canada, or 862-298-0702 for all other countries. Please
call five to ten minutes prior to the scheduled start time. A
replay of the conference call will be available 48 hours after the
call and archived on the Company’s investors page of the Company’s
website at www.omni-lite.com for 12 months.
(1) Adjusted EBITDA is a non-IFRS
financial measure defined as earnings before interest, taxes,
depreciation, amortization, stock- based compensation provision,
gains (losses) on sale of assets, and non-recurring items, if any.
Free Cash Flow is a non-IFRS financial measure defined as cash flow
from operations minus capital expenditures. Adjusted Free Cash Flow
is a non-IFRS financial measure defined as Free Cash Flow excluding
special items, among others, gains (losses) on sale of assets and
non- recurring items, net of tax effects, if any. These are
non-IFRS financial measures, as defined herein, and should be read
in conjunction with IFRS financial measures and they are not
intended to be considered in isolation or as a substitute for, or
superior to, financial information prepared and presented in
accordance with IFRS. The non-IFRS financial measures used herein
may not be comparable to similarly titled measures reported by
other companies. We believe the use of Adjusted EBITDA, Adjusted
Free Cash Flow and Free Cash Flow 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.
Adjusted EBITDA, Adjusted Free Cash Flow and
Free Cash Flow are also useful tools 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 Adjusted EBITDA, Adjusted Free Cash Flow
and Free Cash Flow internally to evaluate the operating performance
of the Company, to allocate resources and capital, and to evaluate
future growth opportunities.
Please see Q2 2024 Management Discussion and
Analysis for additional notes and definitions.
About Omni-Lite Industries Canada Inc
Omni-Lite Industries Canada Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies in the
aerospace and defense industries.
For future information, please contact:
Mr. David RobbinsChief Executive OfficerTel. No. (562) 404-8510
or (800) 577-6664Email: d.robbins@omni-lite.comWebsite:
www.omni-lite.com
Forward Looking Statements
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 by words such as “plan”,
“expect”, “project”, “intent”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or
conditions “may” or “will” occur. 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 information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We 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- looking
information. Forward-looking information is based on the opinions
and estimates of management 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-looking
information. Some of the risks and other factors that could cause
the results to differ materially 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 consents and approvals, if and when required; stock
market volatility; competition for, among other things, capital,
skilled personnel and supplies; changes in tax laws; and the other
risk factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in
this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
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.
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