Omni-Lite Industries Reports Strong Nine Month and Third Quarter Results
Nine Month Revenues Up 25%
Cash Flow from Operations Up 45%
Adjusted EBITDA(1) Up 54%
Third Quarter Gross Margin of 60.7%, a 332 Basis Point Increase
CERRITOS, CA, Nov. 20, 2015 /CNW/ - For the nine months ended September 30, 2015 Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSXV:OML) (OTCBB:OLNCF) is pleased to report revenue of $6,017,254 US and cash flow from operations(1) of $1,987,909 US. Compared to the same period last year, revenue and cash flow from operations were up 25 percent and 45 percent respectively. Adjusted EBITDA(1) during the nine month period was $2,075,091 US, an increase of 54 percent compared to the same period last year. Net income was $1,250,347 US, an increase of 127 percent from the same period in 2014. In the first nine months of 2015, gross margin increased to 59.8 percent from 58.1 percent in the same period last year, a 165 basis point increase. Earnings per share in the nine month period were $0.11 compared to $0.05 last year. This represents a 134 percent increase year over year.
Revenue in the three month period ended September 30, 2015 was $2,002,623 US, an increase of 23% over the same period last year. Cash flow from operations(1) was $633,086 US, an increase of 37% over the same period in 2014. Adjusted EBITDA(1) over the period was $698,385 US, an increase of 51%. Net income in the third quarter was $370,453 US, an increase of 51% over 2014. Earnings per share in Q3 2015 were $0.03 US. Earnings per share increased 54% in the third quarter of 2015.
The Company is also pleased to note that, since the last press release of October 8, it has received new contracts in the amount of $733,424 US. Of these orders, approximately 54% are in the Aerospace division, 39% are in the Specialty Automotive division, and 7% are in the Sports and Recreational division. "The Company has recently received orders for two new families of components in the Aerospace division," stated Allen Maxin, President. "These components are being developed to meet the future robotic assembly needs of the aerospace industry. Initial production quantities of these components are to be delivered by December 2015."
The Company has purchased a total of 369,300 shares during the period from January 1, 2015 to November 19, 2015.
To meet the inspection and certification needs of many aerospace, military and automotive customers, the Company has ordered a new $45,000 US, Olympus GX51 Metallurgical microscope. "This system is a state of the art microscope which has the latest features for viewing, measuring and recording key features of the materials and components utilized and produced at Omni-Lite," stated John Sidener, Quality Manager. "This system will allow the Company to bring in-house many of the expensive and lengthy certification processes that now rely on outside vendors."
"The improved revenues, gross margins, cash flow, Adjusted EBITDA(1) and net income attained in the first three quarters of 2015 are the result of the Company's continued strong growth in the Military and Aerospace divisions," stated David F. Grant, CEO. "These positive results could have bearing in the on-going strategic review which began in September 2015."
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, and Nike.
