Omni-Lite Industries Reports Strong Third Quarter
Q3 Cash Flow Up 44%
Q3 Adjusted EBITDA(1) Up 30%
Q3 Earnings per share Up 48%
CERRITOS, CA, Oct. 20, 2016 /CNW/ - For the nine months ended September 30, 2016 Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to report revenue of $5,768,520 US and cash flow from operations(1) of $1,855,315 US. In the first nine months of 2016, gross margin increased to 61.4 percent from 59.8 percent in the same period last year.
The Company is pleased to report that gross margins improved to 66.8% in Q3. This is a 610 basis point increase from the gross margin in the prior period. "The Company produced over 32 million components in Q3, a record for quarterly production at Omni-Lite. This helped drive the Company to almost record production efficiencies," stated Allen Maxin, President.
Under the NCIB, the Company has repurchased a total of 855,100 shares from January 1, 2016 to September 30, 2016.
The Company is pleased to announce that it has initiated the construction of a 172KW solar array on the rooftop of the corporate headquarters in Los Angeles. "This system will produce almost 50% of the power utilized by the California facility," stated David Grant, Chairman and CEO. "Utilizing some of the most efficient equipment available, the Company expects to produce over $5,000,000 US worth of power in the next 30 years. This will significantly reduce our carbon footprint in the years to come."
Quarterly Information
(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, non-recurring items, gains (losses) on sale of assets, 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 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.
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, John Deere, the U.S. Military and Nike.
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