Omni-Lite reports first quarter results
LOS ANGELES, CA, May 27, 2016 /CNW/ - For the three months ended March 31, 2016, Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to report revenue of $1,484,489 US. In the first three months of this fiscal year, cash flow from operations(1) was $341,800 US and adjusted EBITDA was $341,793 US. Net income in the first quarter was $170,220 US. Revenue in the quarter was lower than Q1 2015 due to the late initiation of a key military program.
"As the Company accelerates production to complete the military and aerospace orders recently announced, revenues are expected to grow throughout the year with 2016 revenues exceeding those attained in fiscal 2015," stated David F Grant, CEO. "With a rising backlog, the book to bill ratio has risen to 1.71 from 1.28 in 2015. The Company achieved a gross margin in excess of 60 percent in the first quarter, an increase of approximately 191 basis points from the gross margin attained in the comparable period of 2015."
Omni-Lite is also pleased to note that it has received new contracts worth $299,573 US. "This brings the total value of the new orders announced in 2016 to approximately $4,500,000 US," stated Allen W. Maxin, President. "At today's exchange rate this would be approximately $5,850,000 CDN."
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, Nike, and adidas.
