OMNI-LITE INDUSTRIES REPORTS FOURTH QUARTER AND FISCAL 2023 RESULTS AND CONFERENCE CALL FOR INVESTORS 141 0 Kommentare APRIL 19, 2024, AT 11:00 AM EDT - Seite 2

Omni-Lite reported a 2023 net income of US$90,000, or US$0.01 per diluted share, as compared to a net loss of US$2.6 million or US$(0.17) per diluted share in fiscal year ended December 31, 2022.

Bookings for the year were US$15.7 million, resulting in a book-to-bill ratio of 1.27:1.

Management Comments

David Robbins, Omni-Lite’s CEO, stated “2023 was a turnaround year for Omni-Lite. We achieved solid organic revenue growth and materially grew our backlog to historically high levels. Importantly, we returned to both positive Adjusted EBITDA ⁽¹⁾ and positive Adjusted Free Cash Flow ⁽¹⁾.

“While we made good progress in 2023 on profitability, we expect further improvement during 2024. Notably, DP Cast had a negative financial impact on 2023, but is currently on an improvement trajectory. We expect DP Cast to make a positive EBITDA contribution in second or third quarter of 2024. The decision to reduce the DP Cast goodwill was made based on casting business not having yet passed a contribution threshold in 2023, but we see light at the end of the tunnel as DP Cast is on pace to be an important and durable contributor to Omni-Lite’s platform.”

"We also anticipate continuing organic revenue growth driven by conversion of backlog and strength in our bookings pipeline. We finished 2023 with a well-balanced and record level backlog of US$7 million. In 2024, we look forward to revenue from new product production from orders booked in 2023 driving sales growth and look to capitalize on continued new engineering orders and anticipated further increases in aerospace and defense bookings in 2024.”

“We are pleased with Cal Nano’s progress and our investment, a combination of senior secured loan and common shares in Cal Nano; it is a very meaningful asset of Omni-Lite. While we remain supportive of Cal Nano, we’ll continue to monitor and evaluate our investment in the context of our capital allocation needs, and to date, our investment has been a positive for Omni-Lite.”