Omni-Lite Industries Reports Strong Six Month and Second Quarter Results
CERRITOS, CALIFORNIA, July 20, 2015 – For the six months ended June 30, 2015 Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML) (OTCBB:OLNCF) is pleased to report revenue of $4,014,631 US and cash flow from operations(1) of $1,354,823 US. Over the same period last year, revenue and cash flow from operations were up 26 percent and 49 percent respectively. Adjusted EBITDA(1) over the six month period was $1,344,507 US, an increase of 48 percent over the prior period. Net income was $879,894 US, an increase of 189 percent from the prior period. In 2015 gross margin increased to 59.3 percent from 58.5 percent in the same period last year. Earnings per share in the six month period were $0.08 compared to $0.03 in the prior period. This represents a 200 percent increase year over year.
SUMMARY OF SIX MONTH FINANCIAL HIGHLIGHTS (US $)
Revenue in the three month period ended June 30, 2015 was $2,241,296 US, an increase of 24% over the same period in 2014 and the second best June quarter in the Company's history. Cash flow from operations(1) over the same period was $829,469 US an increase of 55% over the same period in 2014. Adjusted EBITDA(1) over the period was $831,276 US, an increase of 56%. Net income in the second quarter was $567,581 US, an increase of 116% over 2014. Earnings per share in Q2 2015 were $0.05 US. Earnings per share increased 122% in the second quarter of 2015 over the second quarter of 2014 and gross margin increased to 60.2 percent, a 250 basis point increase.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
"The improved revenues, gross margins, cash flow, Adjusted EBITDA(1), net income, and earnings per share measured in the first two quarters of 2015 were the result of the Company's continued strong growth in the Military, Aerospace, and Specialty Automotive divisions," stated David F. Grant, CEO, "The sophistication of the new seven die progressive cold forging system arriving in the third quarter of this year will be critical to the Company's engineering success as its unique capabilities will contribute to several key projects currently underway or planned for the near future."
The following table summarizes the Company’s financial performance over the last eight quarters.
(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 Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, 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.
For further information, please contact:
Tim Wang, CFO, Tel. No. (562) 404-8510 x108, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com
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