LOS ANGELES, CALIFORNIA–(Marketwired – May 30, 2017) – For the three months ended March 31, 2017, Omni-Lite Industries Canada Inc. (TSX VENTURE:OML)(OTCQX:OLNCF) (the “Company”) is pleased to report revenue of $1,724,239 US, up 16% from Q1 in 2016. In the first three months of this fiscal year, cash flow from operations (1) was $529,264 US, up 55% over the same period last year. EBITDA (1) was $511,415 US, up 70% over the period. Net income in the first quarter was $368,195 US, up 116% over the 2016 period and earnings per share were $.04 US, up 135% for the three months. “By almost every financial metric the Company performed very well in the first quarter,” stated David F Grant, CEO. “Of particular importance the Company’s gross margin increased to over 61.3 percent in the first quarter, an increase of approximately 130 basis points from the gross margin attained in the same period of 2016.”
Omni-Lite is also pleased to note that it has received new contracts worth US$ 463,514 US. Of these orders 68% are in the Aerospace division, 18% are in the Sports and Recreation division and 14% are in the Specialty Automotive division, “This brings the total value of the new orders announced this year to over $3,270,000 US or $4,404,690 CAD at the exchange rate on May 29, 2017,” stated Allen W. Maxin. “The acceleration of the Company’s aerospace activities is highlighted by another recent development contract from a major customer. This program could lead to significant revenue in the near future.”
The company would also like to note that it has been reviewing with it’s customers, the significant progress on the aerospace titanium program. “To assist in the development and qualification process leading to the finalization of the engineering specifications required for a production component, the company has hired, as of May 30, 2017, the ex-Director of Engineering from one of our customers,” stated Michael Walker, VP of R and D.” This should expedite the development cycle as this customer utilizes large quantities of these titanium components annually.”
| SUMMARY OF FINANCIAL HIGHLIGHTS (US $) | |||||||
| All figures in US dollars unless noted. | |||||||
| Basic Weighted Average Shares Issued And Outstanding, March 31, 2017: 10,369,120 | For the period ended March 31, 2017 |
For the period ended March 17, 2016 |
% Increase (Decrease) |
||||
| Revenue | $ | 1,724,239 | $ | 1,484,489 | 16 | % | |
| Cash flow from operations(1) | 529,264 | 341,800 | 55 | % | |||
| EBITDA(1) | 511,415 | 300,357 | 70 | % | |||
| Net Income | 368,195 | 170,220 | 116 | % | |||
| EPS (US) | 0.04 | 0.02 | 135 | % | |||
| (1) | Please see March 31, 2017 Management Discussion and Analysis 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 precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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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.
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Mr. David Grant, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
Cell. No. (714) 757-8863
Email: d.grant@omni-lite.com
Website: www.omni-lite.com