OMNI-LITE INDUSTRIES ANNOUNCES THIRD QUARTER AND YEAR-TO-DATE FISCAL 2023 RESULTS AND CONFERENCE CALL FOR INVESTORS

NOVEMBER 13, 2023, AT 1:00 PM EST

Third Quarter Fiscal 2023 Highlights

• Revenue of US$3.3 million, Up 4% Year-over-Year, and Up 9% over Q2’ 2023
• Adjusted EBITDA⁽¹⁾ of US$278,000, Representing the Highest Results Since March 2020
• Adjusted EBITDA⁽¹⁾ Incremental Margin of 40% and 200% Compared to Q2’2023 and Year Ago Quarter, Respectfully
• Free Cash Flow⁽¹⁾ of US$255,000, An Increase of US$870,000 Year-over-Year
• Bookings of US$4.7 million, a 33% Increase over Q2’2023
• Backlog of US$6.1 million, a 31% Increase over Q3’2023 and Eclipsing Recent Historic High
• Ended Quarter with a Strong Balance Sheet with Cash of US$1.3 million, and Remained Debt-Free
  
  

YTD Fiscal 2023 Highlights

• Revenue of US$9.1 million, a 13% Increase over the Year Ago Period
• Adjusted EBITDA⁽¹⁾ of US$367,000, an Increase of US$1.2 million Year-over-Year
• Free Cash Flow⁽¹⁾ of US$627,000, an increase of US$2.0 million Year-over-Year, or a US$1.4 million Increase on an Adjusted Free Cash Flow⁽¹⁾ Basis
  
  

TSXV: OML OTCQX: OLNCF

LOS ANGELES, CALIFORNIA, Nov. 10, 2023 (GLOBE NEWSWIRE) -- 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.