SECOND QUARTER AND YEAR-TO-DATE FISCAL 2023 RESULTS AND CONFERENCE CALL FOR INVESTORS

AUGUST 3, 2023, AT 11:00 AM EDT

Second Quarter Fiscal 2023 Highlights

• Revenue of US$3.0 million, Up 24% Year-over-Year
• Adjusted EBITDA of US$168,000, Representing the Highest Results Since March 2020
• Free Cash Flow of US$162,000, An Increase of US$717,000 Year-over-Year, or an Increase of US$157,000 on an Adjusted Free Cash Flow Basis
• Bookings of US$3.5 million, a 12% Increase over Q1’2023
• Backlog of US$4.7 million, a 14% Increase over Q1’2023
• Ended Quarter with a Strong Balance Sheet Cash of US$1.3 million, and Remain Debt-Free

YTD Fiscal 2023 Highlights

• Revenue of US$5.8 million, Up 19% Year-over-Year
• Adjusted EBITDA of US$89,000, an Increase of US$950,000 Year-over-Year
• Free Cash Flow of US$372,000, an Increase of US$1.1M Year-over-Year, or a US$521,000 Increase in Adjusted Free Cash Flow Basis
  
  

TSXV: OML

OTCQX: OLNCF

LOS ANGELES, CALIFORNIA, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”; TSXV: OML) today reported results for the second quarter Fiscal 2023. Full financial results are available at sedar.com.

Second Quarter Fiscal 2023 Results

Revenue for the second quarter of fiscal 2023 was approximately US$3.0 million, an improvement of 24% as compared to the second 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$168,000, an improvement of approximately US$655,000 as compared to $(487,000) in the second quarter of fiscal 2022 and the highest results since March 2020. The year-over-year improvement in Adjusted EBITDA ⁽¹⁾ was a result of better utilization of fixed costs, including direct labor, as well as a reduction in S,G&A and indirect labor related expenses. The Company generated Free Cash Flow ⁽¹⁾ (and, Adjusted Free Cash Flow ⁽¹⁾) of US$162,000 in the second quarter of fiscal 2023, as compared to Free Cash Flow ⁽¹⁾ US$(555,000) in the second quarter of fiscal 2022 and Adjusted Free Cash Flow ⁽¹⁾ US$5,000 in the second quarter of fiscal 2022.