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Omni-Lite Industries Canada Inc. (OML.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.91000.0000 (0.00%)
At close: 10:21AM EST
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Previous Close0.9100
Open0.9100
Bid0.8800 x 0
Ask0.9400 x 0
Day's Range0.9100 - 0.9100
52 Week Range0.6500 - 1.1900
Volume4,500
Avg. Volume34,527
Market Cap10.314M
Beta (5Y Monthly)0.74
PE Ratio (TTM)N/A
EPS (TTM)-0.1420
Earnings DateNov. 25, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 17, 2012
1y Target Est2.00
  • Omni-Lite Industries Reports Third Quarter 2020 Results and Announces Conference Call for Investors to be Held on November 30, 2020
    GlobeNewswire

    Omni-Lite Industries Reports Third Quarter 2020 Results and Announces Conference Call for Investors to be Held on November 30, 2020

    * Revenue of US$1.6 million compared to US$2.2 million for the prior year period * Completed restructuring and realignment program targeting approximately $680,000 in cost reductions, bringing total annualized savings to approximately $1,080,000 when combined with Second Quarter Fiscal 2020 reductions * Paycheck Protection Program loan forgiveness application submitted * Liquidity of US$2.9 million(2), including US$1.5 million of undrawn revolving credit facility borrowing capacity * Net working capital of US$5.8 million, representing a strong current ratio of 11.5TSXV: OML OTCQX: OLNCFCERRITOS, Calif., Nov. 25, 2020 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX: OLNCF) reported financial and operating results for its fiscal third quarter ended September 30, 2020. Full financial statements can be found on sedar.com or on our website at www.Omni-Lite.com.Third Quarter Fiscal 2020 ResultsOmni-Lite today reported third quarter fiscal 2020 results, with revenues of US$1.6 million, representing a decline of 23% compared to the year ago period, due to disruptions in the commercial aerospace market, primarily driven by the COVID-19 pandemic. The third quarter fiscal 2020 net loss was US$(410,266), or US$(0.04) per diluted share, as compared to the third quarter fiscal 2019 net loss of US$1.5 million, or US$(0.13) per diluted common share.Third quarter fiscal 2020 Adjusted EBITDA(1) was US$(271,870), as compared to US$(29,435) in the comparable year ago period. Fiscal third quarter results included a severance charge of US$55,000. Also, the Company had to cease manufacturing operations at its California facility for 2 weeks due to a COVID-19 incident which resulted in an adverse impact on Adjusted EBITDA of approximately US$225,000.Free cash flow(1), defined as cash flows from operating activities less capital expenditures for property and equipment, was US$(0.2) million for the third quarter of fiscal 2020, as compared to US$5,507 for the third quarter of fiscal 2019. Net debt outstanding, excluding the Paycheck Protection Program Loan that is subject to pending forgiveness, at the end of the third quarter of fiscal 2020 was US$.8 million; and the Company’s liquidity was US$2.9 million(2), which includes US$1.5 million of undrawn revolving credit facility borrowing capacity. Net working capital as of September 30, 2020 was US$5.8 million, representing a current ratio of 11.5, as compared to a current ratio of 4.7 at September 30, 2019.Year-to-Date September 30, 2020 Fiscal ResultsYear-to-date fiscal 2020 revenue was US$5.4 million, a 24% decrease as compared to US$7.1 million in the first nine months of fiscal 2019, due to disruptions in the commercial aerospace market, primarily driven by the COVID-19 pandemic that began late in the Company’s fiscal first quarter of 2020.Year-to-date fiscal 2020 Adjusted EBITDA(1) was US$(217,807), as compared to US$1.1 million in the comparable year ago period. The year-to-date fiscal 2020 net loss was US$760,756 or US$(0.07) per diluted share as compared to a net loss of US$1.1 million, or US($0.10) in the first nine months of fiscal 2019.Free cash flow(1) was US$(0.2) million for the nine-months ended September 30, 2020, as compared to US$(0.6) million for the comparable year ago period.Omni-Lite’s Chief Executive Officer David Robbins stated, “The third quarter 2020 financial performance was affected by low demand for commercial aircraft fastener components due to effects of COVID-19 on commercial aerospace market. During the quarter the Company implemented a repositioning and alignment plan in the metal forming operations that will result in approximately $680,000 in annual cost reductions at the facility. Had these cost savings been implemented at the beginning of the third fiscal quarter of 2020, EBITDA would have been enhanced by approximately $55,000. Moving forward, we are prioritizing our efforts on maximizing the efficiency of our operations, converting inventory to cash and growing our product portfolio in the defense aerospace market.”“2020 has been a difficult year, generally, and, in particular, for the commercial aerospace business. While our results this fiscal year are not what we would like them to be, the Company is well positioned for the future when the market recovers. We have a substantial asset base, including our Company-owned California manufacturing facility that is invested with state-of-the-art cold and hot forging systems, which we believe is worth well in excess of its book value. We are also encouraged by the ongoing gradual improvement in the prospects for our minority-owned affiliate, California Nanotechnologies Corp.,” said David Robbins.Financial Summary All figures in US dollars unless notedFor the three months ended September 30 Revenue$1,630,536$2,213,087 Adjusted EBITDA(1)(271,870)(29,435) Free Cash Flow(1)(216,730)5,507 Net income(410,265)119,320 Diluted EPS($0.04)$0.01 For the nine months ended September 30  20202019 Revenue$5,399,056$7,141,121 Adjusted EBITDA(1)(217,807)1,081,965 Free Cash Flow(1)(242,473)(555,068) Net loss(760,756)(1,113,433) Diluted EPS$(0.07)$(0.10) (1) Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest income, interest expense, taxes, depreciation, amortization, stock-based compensation, and non-recurring items, if any. Free Cash Flow is a non-IFRS financial measure defined as cash flow from operations minus capital expenditures.(2) Excludes US$819,700 Paycheck Protection Program Loan pursuant to the CARES Act, subject to pending application and approval for forgiveness in its entirety.Investor Conference CallOmni-Lite will host a conference call for investors on Monday, November 30th, beginning at 4:30 PM Eastern Time to discuss our third quarter and year to date September 2020 results. To join the conference call, dial (888) 645-4404 in the USA and Canada, or (404) 267-0372 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.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 and defense industries.For further information, please contact: Mr. David Robbins President and Chief Executive Officer Tel. No. (562) 404-8510 or (800) 577-6664 Email: d.robbins@omni-lite.com Website: www.omni-lite.com Forward Looking StatementsExcept 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 expect 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.

  • GlobeNewswire

    News Release Omni-Lite Industries Reports Second Quarter and First Half Fiscal 2020 Results and Announces Conference Call for Investors to Be Held on August 17, 2020

    Second Quarter Highlights Include: * Revenue of US$1.6 million, a 37% decline compared to prior year period * Free Cash Flow(1) of approximately US$320,000, representing a US$315,000 increase over the prior year period * Liquidity of US$3.1 million(2), including US$1.5 million of Revolver Undrawn Capacity * Net Cash(2) of US$127,000 * Management Actions to Reposition and Align Company to Current Market ConditionsTSXV: OML OTCQX: OLNCFCERRITOS, Calif., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX: OLNCF) reported financial and operating results for the second quarter of fiscal 2020, ended June 30, 2020, and information on management actions and cost-saving initiatives completed in and after the fiscal quarter.Second Quarter Fiscal 2020 ResultsSecond quarter fiscal 2020 revenue was US$1.6 million, representing a 37% decrease compared to second quarter of fiscal 2019 of US$2.6 million. The second quarter fiscal 2020 decrease was largely attributable to lower commercial aerospace fastener component volume impacted by the COVID-19 pandemic.Second quarter fiscal 2020 Adjusted EBITDA(1) was US($142,621) compared to US$380,616 in the second quarter fiscal 2019. The second quarter fiscal 2020 net loss was US($263,414), or US$(0.02) per diluted common share, as compared to second quarter 2019 net income of US$119,320 or US$0.01 per diluted common share.Second quarter fiscal 2020 Adjusted EBITDA and net income were adversely affected by lower commercial aerospace fastener component revenue related to the COVID-19 pandemic impact on fastener demand for new commercial aircraft build rates, adjustments in inventory levels at our commercial aerospace customers as well as plant disruptions and shutdowns at certain of our customers.Free cash flow(1) was US$321,042 for the second quarter of fiscal 2020, compared to US$5,507 in second quarter of fiscal 2019. The year-over-year increase was driven primarily by net working capital inflows resulting from collections on accounts receivable and net inventory destocking.Cash balance at the end of quarter was US$1.6 million, and outstanding debt(2) of US$1.5 million, resulting in net cash of US$127,000. The Company had US$1.5 million undrawn capacity under its revolving credit facility.First Half Fiscal 2020 ResultsFirst half fiscal 2020 revenue was $US3.7 million, or a 25% decrease as compared to US$5.0 million in the first half of fiscal 2019. First half fiscal 2020 Adjusted EBITDA(1) was US$54,063 compared to US$1.1 million in the first half of fiscal 2019. First half fiscal 2020 net loss was US($350,490), or US$(0.03) per diluted share as compared to net income of US$354,332, or US$0.03 in the first half of fiscal 2019.Free cash flow(1) was US$(25,743) for the first half of fiscal 2020, compared to US$(428,113) in first half of fiscal 2019. The approximately US$402,000 increase in free cash flow generation was driven, in part, by net working capital inflows resulting from collections on accounts receivable, tempered growth in the build-for-stock inventory program, offset by reduced accounts payable levels.Management ActionsOperations at our California manufacturing facility resumed as expected on August 4th after the previously announced 10-day shutdown for cleaning and sanitizing procedures in connection with COVID-19. During the shutdown period, additional workflow procedures were put in place to further enhance social distancing protocols. Additionally, the Company implemented and substantially completed a repositioning and alignment plan that will result in cost reductions and efficiencies at the facility. These restructuring actions along with other cost saving initiatives are expected to yield annual cost savings of approximately US$600,000 and will accelerate margin expansion when recovery in the commercial aerospace market takes hold.Management CommentsDavid Robbins, Omni-Lite’s President and Chief Executive Officer, said: “Given the impact of COVID-19 on the commercial aerospace sector, we are taking necessary and decisive action to adjust the cost structure at our California operation to better align with lower demand, and to position us to respond to new ongoing demand for engineered fastener components for defense aerospace applications. During the quarter, we saw growth in demand for our microelectronics products and contract manufacturing services provided at our Monzite division, driven largely by continued demand in the defense aerospace platforms Monzite supports.I would like to thank all our employees for their exceptional commitment and dedication demonstrated since the start of this challenging time. We are considered critical infrastructure providers by the Cybersecurity and Infrastructure Security Agency (CISA).”Summary of Financial Highlights All figures in US dollars unless notedFor the three months ended June 30 Revenue$1,623,650$2,573,509 Adjusted EBITDA(1)(142,621)380,616 Free Cash Flow(1)321,0425,507 Net income(263,414)119,320 Diluted EPS($0.02)$0.01 For the three months ended June 30  20202019 Revenue$3,768,520 $5,018,034 Adjusted EBITDA(1)54,0631,111,399 Free Cash Flow(1)(25,743)(428,113) Net income(350,490)354,332 (1) Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest income, interest expense, taxes, depreciation, amortization, stock-based compensation, and non-recurring items, if any. Free Cash Flow is a non-IFRS financial measure defined as cash flow from operations minus capital expenditures. (2) Excludes US$819,700 Paycheck Protection Program Loan pursuant to the CARES Act, subject to pending application and approval for forgiveness in its entirety.Investor Conference CallOmni-Lite will host a conference call for investors on Monday, August 17, 2020, beginning at 1:00 P.M. Eastern Time to discuss our second quarter and first half fiscal 2020 results. To join the conference call, dial 888-428-7458 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.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 and defense industries.For further information, please contact: Mr. David Robbins President and Chief Executive Officer Tel. No. (562) 404-8510 or (800) 577-6664 Email: d.robbins@omni-lite.com Website: www.omni-lite.comForward Looking StatementsExcept 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 expect 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.

  • GlobeNewswire

    Omni-Lite Industries Announces Temporary Manufacturing Suspension

    LOS ANGELES, July 22, 2020 (GLOBE NEWSWIRE) -- Omni-lite Industries (TSXV: OML) (OTCQX: OLNCF) announces today that manufacturing at its California facility will be suspended for 2 weeks beginning July 22, 2020 and will reopen August 4, 2020 in accordance with CDC COVID-19 guidelines and putting highest priority on our employees safety. “We expect this to have minimal effect on Q3 Revenue performance as on hand finished goods inventory levels will support projected customer requirements,” said CEO Dave Robbins.        Omni-Lite’s East Coast Monzite manufacturing facility is fully staffed and operational.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 and defense industries.For further information, please contact: Mr. David Robbins President and Chief Executive Officer Tel. No. (562) 404-8510 or (800) 577-6664 Email: d.robbins@omni-lite.com Website:  www.omni-lite.comForward Looking StatementsExcept 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 expect 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; the impact of COVID-19 coronavirus on factors relevant to the Company’s business, including staffing, supply chains and customers; 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.