Omni-Lite Industries Reports First Quarter Fiscal 2020 Results

First Quarter Highlights Include:
Revenue of approximately US$2.1 million
Adjusted EBITDA⁽¹⁾ of approximately US$197,000
Bookings of approximately US$2.6 million, representing a Book-to-Bill ratio of 1.2

TSXV: OML
OTCQX: OLNCF

LOS ANGELES, June 01, 2020 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX: OLNCF) reported financial and operating results for the first quarter of fiscal 2020, ended March 31, 2020.

First Quarter Fiscal 2020 Results

First quarter fiscal 2020 revenue was US$2,144,870, representing a 12% decrease compared to first quarter of fiscal 2019 revenue of US$2,444,525, and US$2,176,487, or a 1.5% decline, for the fourth quarter fiscal 2019. First quarter fiscal 2020 Adjusted EBITDA⁽¹⁾ was US$196,683, a decrease of 73% compared to US$730,783 for first quarter fiscal 2019, and US$(121,084) , or US$317,767 increase, for the fourth quarter fiscal 2019.  Bookings were US$2.6 million for the first quarter fiscal 2020, representing a book-to-bill ratio of 1.2

Net Loss in the first quarter of fiscal 2020 was US$(87,077) or US$(0.01) per diluted share, a decrease of US$322,088 compared to first quarter 2019 income of US$235,011, or US$0.02.  Decreases in first quarter fiscal 2020 Adjusted EBITDA⁽¹⁾ and Net Income compared to the year ago quarterly period were largely a result of reduced operating leverage due to decreased revenue from munitions sales and increased development costs on new aerospace fastener components.   

Management Comments

"Before we discuss our first quarter fiscal 2020 financial results, I would like to address the current global crisis resulting from the COVID-19 pandemic," said David Robbins, Omni-Lite’s President and Chief Executive Officer. "First, we are committed to provide a safe working environment for all of our employees. Our leadership team is closely monitoring daily developments and managing our activities and responses, adjusting policies and work environment to align with regional and national governmental guidance. Both manufacturing locations have been deemed essential businesses and continue to operate in support of our customers, communities and employees."  Through the second quarter of fiscal 2020, we expect the impact of COVID-19 on certain of our end markets will become more severe, most notably in our commercial aerospace segment. "Omni-Lite is a company that provides high performance products into a range of defense aerospace and other defense platforms and end markets, and we expect this profile will help us offset these challenged markets through these unprecedented times.”