Omni-Lite Industries Reports Second Quarter Results
♦ Revenues Up 30%
♦ Cash Flow from Operations Up 115%
♦ Adjusted EBITDA(1) Up 107%
♦ Gross Margin of 58.5%, a 210 Basis Point Increase
♦ Book-to-Bill of 1.1x
OMNI-LITE INDUSTRIES CANADA INC.
TSX-VENTURE: OML
CERRITOS, CA, Sept. 2, 2014 /CNW/ - For the six months ended June 30, 2014 Omni-Lite Industries Canada Inc. is pleased to report revenue of $3,182,790 US ($3,392,854 CAD) and cash flow from operations(1) of $911,548 US ($971,710 CAD). Over the same period last year, revenue and cash flow from operations were up 30 percent and 115 percent respectively. Adjusted EBITDA(1) over the six month period was $886,929 US ($945,466 CAD), an increase of 107 percent over the prior period. Net income was $305,000 US ($325,130 CAD), an increase of 303 percent from the prior period. Gross margin increased from 56.4 percent to 58.5 percent over the same period last year.
SUMMARY OF SIX MONTH FINANCIAL HIGHLIGHTS (US $)
| Basic Weighted Average Shares Issued And Outstanding: 12,153,302 |
For the period ended June 30, 2014 |
For the period ended June 30, 2013 |
% Increase |
| Revenue | $3,182,790 | $2,451,253 | 30% |
| Cash flow from operations(1) | 911,548 | 423,704 | 115% |
| Adjusted EBITDA(1) | 886,929 | 427,868 | 107% |
| Net income | 305,000 | 75,650 | 303% |
| EPS (US) | $0.03 | $0.01 | 306% |
| EPS (CAD) | 0.03 | 0.01 | 325% |
(Note: at 6/30/14, $1US = $1.066 CAD; 6/30/13, $1US = $1.1058 CAD)
Revenue in the three month period ended June 30, 2014 was $1,809,465 US ($1,928,890 CAD). Cash flow from operations(1) over the same period was $535,912 US ($571,282 CAD). Adjusted EBITDA(1) over the period was $531,684 US ($566,775 CAD). Net income in the second quarter was $262,401 US. ($279,719 CAD). Earnings per share in Q2 2014 were $0.02 US ($0.02 CAD), based on the weighted average number of shares outstanding of 12,098,547.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
| Weighted Average Shares Issued And Outstanding: 12,098,547 |
For the three months ended June 30, 2014 |
For the three months ended June 30, 2013 |
% Increase |
| Revenue | $1,809,465 | $1,395,314 | 30% |
| Cash flow from operations(1) | 535,912 | 342,092 | 57% |
| Adjusted EBITDA(1) | 531,684 | 349,372 | 52% |
| Net Income | 262,401 | 136,479 | 92% |
| EPS (US) | $0.02 | $0.01 | 100% |
| EPS (CAD) | 0.02 | 0.01 | 92% |
(Note: at 06/30/14, $1US = $1.066 CAD; 06/30/13, $1US = $1.1058)
"The improved revenues, gross margins, cash flow and Adjusted EBITDA(1) measured in Q2 are the result of the Company's continued strong growth in the Aerospace and Specialty Automotive divisions and of particular importance, the completion of three Military programs in the quarter," stated David F. Grant, CEO. "The Company has recently quoted several new military programs and expects to hear the results of these bids in the third quarter. To support one of these new programs, the Company is negotiating the purchase of an additional highly modified OD-PLUS system that would be delivered in 2015. This system has a value of approximately $785,000 US and is significantly larger than the five OD-Plus systems modified in the last couple of years."
Quarterly Information
The following table summarizes the Company's financial performance over the last eight quarters.
| Jun 30/2014 |
Mar 31/2014 |
Dec 31/2013 |
Sep 30/2013 |
Jun 30/2013 |
Mar 31/2013 |
Dec 31/2012 |
Sep 3 0/2012 |
|
| Revenue | 1,809,465 | 1,373,325 | 1,182,752 | 1,667,030 | 1,395,314 | 1,055,939 | 1,090,939 | 1,525,127 |
| Cash flow from operations(1) | 535,912 | 375,636 | 53,130 | 512,102 | 342,092 | 81,612 | (18,952) | 407,355 |
| Adjusted EBITDA(1) | 531,684 | 355,245 | 113,723 | 457,242 | 349,372 | 78,496 | 276,846 | 383,316 |
| Net income (loss) | 262,401 | 42,599 | (254,297) | 316,596 | 136,479 | (60,829) | (173,132) | 140,134 |
| E(L)PS - basic (US) | .022 | .003 | (.021) | .026 | .011 | (.005) | (.013) | .011 |
| E(L)PS - basic (CAD) | .023 | .004 | (.022) | .027 | .012 | (.005) | (.014) | .011 |
| E(L)PS - diluted (US) | .022 | .003 | (.021) | .026 | .011 | (.005) | (.014) | .011 |
| E(L)PS - diluted (CAD) | .023 | .004 | (.022) | .027 | .012 | (.005) | (.014) | .011 |
ALL FIGURES IN US DOLLARS UNLESS NOTED
(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, 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.
Please see www.sedar.com or contact the Company for complete results.
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, Nike, and adidas.
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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