Omni-Lite Industries Reports Second Quarter Results and New Orders
- Cash generated from operations increases by $835,000 US
- Company reports new orders of over $605,000 US
LOS ANGELES, CA, July 28, 2016 /PRNewswire/ - For the six months ended June 30, 2016, Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to report revenue of $3,595,132 US. In the first six months of this fiscal year, cash flow from operations(1) was $946,407 US and adjusted EBITDA was $941,533 US. Net income was $581,166 US. "Of particular importance, over prior year periods, the cash generated from operations increased by over $835,000 US in the first six months of the year and by almost $480,000 US for the last 3 months," stated David F Grant, CEO. "The Company's financial position should continue to benefit from the acceleration of the military projects initiated in the second quarter."
Omni-Lite is also pleased to note that it has received new contracts worth over $605,000 US. Of these orders, 60% are in the Sports and Recreational Division, 39% are in the Specialty Automotive Division, and 1% is in the Aerospace Division. "This brings the total value of the new orders announced since the start of the year to approximately $5,645,000 US," stated Allen W. Maxin, President. "At today's exchange rate this would be approximately $7,455,000 CDN."
SUMMARY OF SIX MONTH FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars unless noted.
| For the six June 30, 2016 |
For the six June 30, 2015 |
% Increase (Decrease) |
|
| Revenue |
$3,595,132 |
$4,014,631 |
(10)% |
| Cash flow from operations(1) |
946,407 |
1,354,823 |
(30)% |
| Adjusted EBITDA(1) |
941,533 |
1,365,053 |
(31)% |
| Net Income |
581,166 |
879,894 |
(34)% |
| EPS (US) |
0.05 |
0.08 |
(31)% |
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars unless noted.
| For the three June 30, 2016 |
For the three June 30, 2015 |
% Increase (Decrease) |
|
| Revenue |
$2,110,643 |
$2,241,296 |
(6)% |
| Cash flow from operations(1) |
604,607 |
829,469 |
(27)% |
| Adjusted EBITDA(1) |
599,740 |
854,870 |
(30)% |
| Net Income |
410,946 |
567,581 |
(28)% |
| EPS (US) |
0.04 |
0.05 |
(23)% |
| (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, gains (losses) on sale of assets, and non-recurring items, 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 continuing 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. |
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 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.
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