- Fiscal 2021 first quarter revenue of $ 1.3 million, comparable to fiscal 2020 fourth quarter and down 41% from fiscal 2020 first quarter
- A 77% improvement, sequentially, in adjusted EBITDA loss on a comparable revenue level
- Free cash flow loss of approximately $ 125,000, a 64% improvement over the prior quarter despite a 41% decline in revenue
- Paycheck Protection Program 2 $ 400,000 loan financing
- US $ 3.2 million excess liquidity; Sequential cash flow creation of approximately $ 220,000
LOS ANGELES, May 21, 2021 (GLOBE NEWSWIRE) – Omni-Lite Industries Canada Inc. (the “Company” or “Omni-Lite”; TSXV: OML) today released results for the first quarter of the fiscal year ended March 31, 2021. Full financial results are available at sedar.com.
Results for the first quarter of fiscal 2021
Revenue for the first quarter of fiscal 2021 was approximately US $ 1.3 million, a decrease of approximately 41% from the first quarter of fiscal 2020 and comparable to the fourth quarter of fiscal 2020 The decrease in revenue was mainly attributable to the COVID-19 pandemic in commercial aerospace and other markets offset by a gradual increase in electronic products. Adjusted EBITDA(1) was about US $ 137,000, up from about US $ 197,000 the previous year, and on a sequential quarterly basis, an improvement of 77%. Negative Adjusted EBITDA was the result of reduced revenue levels combined with a cost structure with a high component of fixed overheads. Free movement of capital(1) was approximately (US $ 126,000) in the first quarter of the fiscal year compared to (US $ 347,000) in the first quarter of fiscal 2020, representing a 64% reduction in loss. The improvement in free cash flow in the first quarter of fiscal 2021 compared to the period of the previous fiscal year was mainly due to the improvement in working capital and the improvement of processes and control measures. costs.
David Robbins, President and CEO of Omni-Lite, said, “Omni-Lite Industries has continued to manage and decisively respond to the impact of the COVID-19 pandemic. We remain strongly focused on all aspects of operational performance and are actively engaged in monetizing our real estate portfolio through a sale and leaseback transaction from which we expect to generate gross proceeds in excess of 2x our book value, which will be deployed to finance organic growth and acquisition initiatives. “
“Finally, we are starting to see signs that point to the first stages of a commercial aerospace recovery in the second half of 2021 as the defense electronics market remains stable and healthy and includes a number of growth opportunities, including electronic components for missiles. defense system upgrades, ”noted Robbins.
The Company’s liquidity position remains strong due to our strict and disciplined approach to managing our costs and expenses. The Company ended the first quarter of fiscal 2021 with approximately US $ 1.8 million in cash and approximately US $ 1.5 million available under its revolving credit facility.
During the first quarter of fiscal 2021, the Company received funding of approximately US $ 400,000 under the Payroll Protection Program Loan Program 2, bringing the aggregate proceeds of our two programs to over US $ 1.2 million.
All figures are in (000 USD) unless otherwise noted.
|For the three
March 31, 2021
|For the three
December 31, 2020
|For the three
March 31, 2020
|Returned||$ 1,270||$ 1,285||$ 2,145|
|Free movement of capital(1)||(126)||221||(347)|
|Diluted EPS||(0.03 USD)||$ 0.02||(0.01 USD)|
(1) Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation, amortization, provision for stock-based compensation, gains (losses) on sale of assets and non-recurring items , if applicable. Free cash flow is a non-IFRS financial measure defined as cash flow from operations less capital expenditures. These are non-IFRS financial measures, as defined herein, and should be read in conjunction with IFRS financial measures and are not intended to be viewed in isolation or as a substitute for or superiority to information. financial statement prepared and presented in accordance with IFRS. Non-IFRS financial measures as used herein may not be comparable to similarly titled measures presented by other companies. We believe that using Adjusted EBITDA and Free Cash Flow with IFRS financial measures improves understanding of our operating results and may be useful for investors to compare our operating performance with that of other companies and estimate our value. business. Adjusted EBITDA and free cash flow are also useful tools for evaluating the operating results of the Company taking into account the significant variation that may result; for example, the timing of capital expenditures and the amount of working capital in support of our client programs and contracts. We also use Adjusted EBITDA and Internal Free Cash Flow to assess the operational performance of the company, allocate resources and capital, and assess future growth opportunities.
Please see the MD&A Q1 2021 for additional notes and definitions.
Conference call for investors
Omni-Lite will host an investor conference call on Friday, May 21, 2021, starting at 12:00 p.m. EST, to discuss the first quarter of fiscal 2021 results and review of its operations and operations. To participate in the conference call, (888) 428-7458 in the United States and Canada, or (862) 298-0702 for all other countries. Please call five to ten minutes before 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 used by Fortune 100 companies in the aerospace and defense industries.
For more information, please contact:
Mr. David Robbins
President and CEO
Phone. N ° (562) 404-8510 or (800) 577-6664
Email: [email protected]
Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often characterized by words such as “plan”, “expect”, “plan”, “intention”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. The forward-looking information contained 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. Accordingly, there is no indication that the actual results obtained will be the same, in whole or in part, as those indicated in the forward-looking information. Forward-looking information is based on the opinions and estimates of management as of the date the statements are made, and is subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ significantly from those anticipated in the future. -the search for information. Some of the risks and other factors that could cause 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 internationally; industry conditions, government regulations, including environmental consents and approvals, if applicable; volatility of stock markets; competition for, among other things, capital, qualified personnel and supplies; changes in tax laws; and 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.
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