OMNI-LITE INDUSTRIES ANNOUNCES THIRD QUARTER FISCAL 2022 RESULTS AND ANNOUNCES AN INVESTOR CONFERENCE CALL TO BE HELD ON NOVEMBER 9, 2022 AT 1:00 PM EST

  • Revenue for the third quarter of fiscal year 2022 of $3.2 millioncompared to $1.6 million in the third quarter of fiscal 2021; 21% organic growth rate
  • Cumulative turnover for the 2022 financial year of $8.0 millioncompared to $4.1 million in the period of the previous year; 24% organic growth rate
  • The company was successfully executed and returned to positive Adjusted EBITDA generation
  • Third quarter FY2022 reservations of $3.2 million
  • Order book at $3.7 millionan increase of 38% compared to December 31, 2021
  • Cash balance of $1.4 million and balance sheet without debt
  • Use since the beginning of the 2022 financial year of $435,000 in capital expenditure for improving the manufacturing process
  • Won 12 new programs, strengthen our market strength

LOS ANGELES, CALIFORNIA, November 08, 2022 (GLOBE NEWSWIRE) — Omni-Lite Industries Canada Inc. (the “Company” or “Omni-Lite”; TSXV: OML; OTCQX: OLNCF) today reported results for the third fiscal quarter ending September 30, 2022. Full financial results are available on sedar.com.

Results for the third quarter of fiscal 2022

Third-quarter fiscal 2022 revenue was approximately $3.2 millionan increase of 29% on a quarterly sequential basis and an increase of 95% compared to the third quarter of fiscal 2021. The increase in revenue is due to both organic growth and the contribution of Designed by Precision Castings Inc. (“DP Cast”) acquisition in December 2021. Excluding the acquisition of DP Cast, revenue increased 21% compared to the third quarter of fiscal 2021, mainly due to increased demand for commercial aerospace electronics and fasteners. Adjusted EBITDA (1) has been $4,177 compared to ($65,877) in the third quarter of 2021, and ($487,224) in the second quarter of 2022, respectively. The sequential year-over-year and quarterly increase in adjusted EBITDA (1) was the result of operational execution, with the conversion of bookings resulting in increased revenue, partially offset by the acquisition of DP Cast and additional operating lease charges associated with the sale-leaseback of the Cerritos ease. Free movement of capital (1) has been ($614,878) in the third fiscal quarter, compared to ($236,177) in the third quarter of fiscal 2021 and ($554,752) in the second quarter of fiscal 2022. The decrease in free cash flow in the third quarter of fiscal 2022 compared to the corresponding period of the prior fiscal year is due to an increase in accounts receivable resulting from the increase in production and revenue generation, which is expected to be received in the fourth quarter of fiscal 2022. In the nine months ending September 30, 2022the Company’s free cash flow was ($1,353,070)which attributes to the use of $434,615 capital expenditures for manufacturing process improvements as well as a one-time capital gains tax payment related to the 2021 sale of the Company’s business Cerritos installation of $560,000.

Bookings for the third quarter of fiscal 2022 were $3.2 millionand since the beginning of the year, reservations have been $9.6 million, which translates to an order-to-bill ratio of 1.2. Bookings for the quarter increased 28% from bookings in the first quarter of fiscal 2022 and remained in line with the performance of the second quarter of fiscal 2022. Omni-Lite ended the third quarter fiscal 2022 with a backlog of orders of $3.7 million. The Company expects approximately 80% of this backlog to be shipped by the remainder of the fourth quarter of fiscal 2022.

The Company’s liquidity position remains strong, with the Company ending the third quarter of fiscal 2022 with approximately $1.4 million in cash and no outstanding debt.

Management Comments

David Robin, CEO of Omni-Lite, said, “The sequential and year-over-year revenue increases in the third quarter are the result of growth in the newly acquired DP Cast business as well as demand for commercial aerospace and defense electronics products. New product launches in forging, electronics and foundry contributed significantly to orders and revenue in the quarter and indicate continued growth. We have made significant progress integrating business systems and implementing manufacturing automation initiatives at DP Cast, and expect to see improvements in profitability across the board. Omni-Lite over the next few quarters.

Financial summary
All digits in ($000) unless otherwise stated.

Please refer to the Third Quarter Fiscal 2022 MD&A for additional notes and definitions. The totals in the tables expressed above are rounded values ​​and may not be less.

Investor conference call

Omni-Lite will host an investor conference call on Wednesday, November 9, 2022starting at 1:00 p.m. Eastern Time to discuss the results for the third quarter of fiscal 2022 and the review of its business and operations. To participate in the conference call, dial (888) 437-3179 at UNITED STATES and Canada, or (862) 298-0702 for all other countries. Please call five to ten minutes before 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, provision for stock-based compensation, gains (losses) on sale of assets and non-recurring items , if applicable. Free cash flow is a non-IFRS financial measure defined as operating cash flow less capital expenditures. Adjusted Free Cash Flow is a non-IFRS financial measure defined as Free Cash Flow excluding, where applicable, gains (losses) on the sale of assets and non-recurring items. They are non-IFRS financial measures as defined herein and should be read in conjunction with the IFRS financial measures and are not intended to be considered in isolation or as substitutes for or superior to the information financial statements prepared and presented in accordance with IFRS. Non-IFRS financial measures as used herein may not be comparable to similarly titled measures presented by other companies. We believe that the use of Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow together with IFRS financial measures enhances the understanding of our results of operations and may be useful to investors in comparing our operating performance to that of other companies and estimate our enterprise value. Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow are also useful tools for assessing the Company’s results of operations given the significant variation that may result from, for example, the timing of fixed assets and the amount of working capital in support of our customer programs and contracts. We also use Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow internally to assess the Company’s operating performance, allocate resources and capital and assess future growth opportunities.

About Omni-Lite Industries Canada Inc.

Omni-Lite Industries Canada Inc. is an innovative company that develops and manufactures mission-critical precision components used by Fortune 100 companies in the aerospace and defense industries.

For more information, please contact:

Mr. David RobinChief executive officer
Such. No. (562) 404-8510 or (800) 577-6664
Email: [email protected]
Website: www.omni-lite.com

Forward-looking statements

Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information contained 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. Accordingly, there can be no assurance that actual results achieved will be identical, in whole or in part, to those indicated in the forward-looking information. Forward-looking information is based on the opinions and estimates of management as of the date the statements are made and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results actuals differ materially from those anticipated in the forward-looking information. information search. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, United States and globally; industry conditions, government regulations, including environmental consents and approvals, if applicable; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and 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 considered exhaustive.

The forward-looking information contained in this press release is expressly qualified by this cautionary statement. We undertake no obligation to update forward-looking information to conform to actual results or to changes in our expectations, except as required by applicable securities laws. 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Source: Omni-Lite Industries Canada, Inc.

2022 GlobeNewswire, Inc., source Press releases – Canada

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