Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”;
TSXV: OML) today reported results for the third quarter Fiscal
2023. Full financial results are available at sedarplus.ca.
Third Quarter Fiscal 2023
Results
Revenue for the third quarter of fiscal 2023 was
approximately US$3.3 million, representing a 9% increase over the
fiscal 2023 second quarter and 4% growth compared to the third
quarter of fiscal 2022. The increase in revenue was due principally
to increased demand for commercial aerospace fasteners and
electronic components, as well as the production of a number of new
product lines. Adjusted EBITDA (1) was US$278,000, an improvement
of approximately US$274,000 and US$110,000 as compared to the
results for the third quarter of fiscal 2022 and second quarter of
fiscal 2023, respectively, and the highest results since March
2020. The year-over-year and quarterly sequential improvements in
Adjusted EBITDA (1) was a result of volume growth, better
utilization of fixed costs, including direct labor, as well as a
reduction in S,G&A and indirect labor related expenses. Such
performance resulted in an Adjusted EBITDA (1) margin increase of
approximately 290 basis points over the second quarter of fiscal
2023 and an incremental margin of approximately 40%. The Company
generated Free Cash Flow (1) (and, Adjusted Free Cash Flow (1)) of
approximately US$255,000 in the third quarter of fiscal 2023, as
compared to Free Cash Flow (1) (and, Adjusted Free Cash Flow(1))
US$(615,000) in the third quarter of fiscal 2022. Year-to-date
through the fiscal 2023 third quarter, Free Cash Flow (1) (and,
Adjusted Free Cash Flow(1)) was approximately US$630,000,
representing a substantial increase of the comparable year ago
period.
Third quarter of fiscal 2023 bookings were
US$4.7 million, as compared to bookings of US$2.7 million in the
third quarter of fiscal 2022, an increase of 74%, and representing
a strong 1.41 book-to-bill ratio. Omni-Lite ended the third quarter
of fiscal 2023 with a backlog of US$6.1 million, an increase of 64%
over the third quarter of fiscal 2022 and represents a recent
historical high. The year-to-date booked-to-bill ratio was 1.25,
with over US$11.4 million in bookings through the fiscal 2023 third
quarter.
The Company’s liquidity position remains strong
due to our disciplined approach to management of our cost
structure, working capital and capital spending. As a result, the
Company ended the third quarter of fiscal 2023 with approximately
US$1.3 million in cash and no indebtedness outstanding, which is
consistent since fourth quarter of fiscal 2022.
California Nanotechnologies (TSXV: “CNO”
TSXV; “Cal Nano”) Update
Last week, Cal Nano successfully completed a C$1.5 million
private placement offering of common equity units along with a
debt-for-equity swap involving Omni-Lite which resulted in a
reduction in Cal Nano’s debt to Omni-Lite of CAD$180,000 in
exchange for the receipt of 1,200,000 Cal Nano common shares. As a
result of these transactions, Omni-Lite’s investment in Cal Nano is
comprised of (i) 7.2 million common shares of Cal Nano, or 16.6% of
Cal Nano’s shares outstanding, having a current value(2) of
approximately CAD$1.5 million (or, CAD$0.20/US$0.15 per Omni-Lite
shares outstanding and (ii) senior secured notes with a face amount
outstanding of approximately US$1.0 million, which is carried on
Omni-Lite’s balance sheet at a nil value at this time . “This
debt-for-equity exchange shows that Cal Nano continues to maintain
a strong positive relationship with Omni-Lite, and we look forward
to continued success for Cal Nano,” said David Robbins, and further
commented, that “our Cal Nano investment represents an important
asset for Omni-Lite shareholders that is additive to our core
businesses generating Adjusted EBITDA(1) and Free Cash
Flow(1).”
Management
Comments
David Robbins, Omni-Lite’s CEO, stated
"Omni-Lite Industries continued fiscal 2023 with a solid third
quarter with a revenue increase of 4% year-over-year. We reported
our strongest Adjusted EBITDA(1) in over two years and have now
consistently reported positive EBITDA(1) for two quarters of Fiscal
2023. I am pleased with the trajectory of bottom-line performance
driven by high productivity in metal forming fastener production
and electronics products and improvements in our investment casting
components production. Our backlog and bookings of firm orders
continues to improve ending the third quarter of fiscal 2023 at
US$6.1 million, a recent historical threshold, which leads us to
expect revenue growth in fiscal 2024.
Financial SummaryAll figures
in (US$000) unless noted.
Investor Conference Call
Omni-Lite will host a conference call for
investors on November 13, 2023, beginning at 1:00 P.M. (EST) to
discuss the Third Quarter Fiscal 2023 results and review of its
business and operations. To join the conference call, 888-437-3179
in the USA and Canada, or 862-298-0702 for all other countries.
Please call five to ten minutes prior to the scheduled start time.
A replay of the conference call will be available 48 hours after
the call and archived on the Company’s investors page of the
Company’s website at www.omni-lite.com for 12 months.
(1) Adjusted EBITDA is a non-IFRS financial
measure defined as earnings before interest, taxes, depreciation
(net of lease expense), amortization, stock- based compensation
provision, gains (losses) on sale of assets, and non-recurring
items, if any. Free Cash Flow is a non-IFRS financial measure
defined as cash flow from operations minus capital expenditures.
Adjusted Free Cash Flow is a non-IFRS financial measure defined as
Free Cash Flow excluding special items, among others, gains
(losses) on sale of assets and non- recurring items, net of tax
effects, if any. These are non-IFRS financial measures, as defined
herein, and should be read in conjunction with IFRS financial
measures and they are not intended to be considered in isolation or
as a substitute for, or superior to, financial information prepared
and presented in accordance with IFRS. The non-IFRS financial
measures used herein may not be comparable to similarly titled
measures reported by other companies. We believe the use of
Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow along
with IFRS 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, Adjusted Free Cash Flow and
Free Cash Flow are also useful tools 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 customer programs
and contracts. We also use Adjusted EBITDA, Adjusted Free Cash Flow
and Free Cash Flow internally to evaluate the operating performance
of the Company, to allocate resources and capital, and to evaluate
future growth opportunities.
(2) Based on the closing price on the TSXV for
Cal Nano’s common shares and the US dollar/Canadian dollar exchange
rate as of November 9, 2023.
Please see 2023 Management Discussion and
Analysis for additional notes and definitions.
About
Omni-Lite Industries
Canada Inc.
Omni-Lite Industries Canada Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies in the
aerospace, defense, industrial and energy industries.
For further
information, please contact:
Mr. David Robbins Chief Executive OfficerTel. No. (562) 404-8510
or (800) 577-6664Email: d.robbins@omni-lite.com Website:
www.omni-lite.com
Forward Looking Statements
Except for statements of historical fact, this
news release contains certain “forward-looking information” within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as “plan”,
“expect”, “project”, “intent”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or
conditions “may” or “will” occur. Forward-looking information in
this press release includes, but is not limited to, the expected
future performance of the Company. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance, or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward- looking
information. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward- looking information include, but are not limited to:
general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including
environmental consents and approvals, if and when required; stock
market volatility; competition for, among other things, capital,
skilled personnel and supplies; changes in tax laws; and the other
risk factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in
this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
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.
Omni Lite Industries Can... (TSXV:OML)
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