Omni-Lite Industries Reports Third Quarter 2020 Results and Announces Conference Call for Investors to be Held on November 30, 2020
Revenue of US$1.6 million compared to US$2.2 million for the prior year period
- Completed restructuring and realignment program targeting approximately $680,000 in cost reductions, bringing total annualized savings to approximately $1,080,000 when combined with Second Quarter Fiscal 2020 reductions
- Paycheck Protection Program loan forgiveness application submitted
- Liquidity of US$2.9 million(2), including US$1.5 million of undrawn revolving credit facility borrowing capacity
- Net working capital of US$5.8 million, representing a strong current ratio of 11.5
CERRITOS, Calif., Nov. 25, 2020 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the “Company”) (TSXV: OML; OTCQX: OLNCF) reported financial and operating results for its fiscal third quarter ended September 30, 2020. Full financial statements can be found on sedar.com or on our website at www.Omni-Lite.com.
Third Quarter Fiscal 2020 Results
Omni-Lite today reported third quarter fiscal 2020 results, with revenues of US$1.6 million, representing a decline of 23% compared to the year ago period, due to disruptions in the commercial aerospace market, primarily driven by the COVID-19 pandemic. The third quarter fiscal 2020 net loss was US$(410,266), or US$(0.04) per diluted share, as compared to the third quarter fiscal 2019 net loss of US$1.5 million, or US$(0.13) per diluted common share.
Third quarter fiscal 2020 Adjusted EBITDA(1) was US$(271,870), as compared to US$(29,435) in the comparable year ago period. Fiscal third quarter results included a severance charge of US$55,000. Also, the Company had to cease manufacturing operations at its California facility for 2 weeks due to a COVID-19 incident which resulted in an adverse impact on Adjusted EBITDA of approximately US$225,000.
Free cash flow(1), defined as cash flows from operating activities less capital expenditures for property and equipment, was US$(0.2) million for the third quarter of fiscal 2020, as compared to US$5,507 for the third quarter of fiscal 2019. Net debt outstanding, excluding the Paycheck Protection Program Loan that is subject to pending forgiveness, at the end of the third quarter of fiscal 2020 was US$.8 million; and the Company’s liquidity was US$2.9 million(2), which includes US$1.5 million of undrawn revolving credit facility borrowing capacity. Net working capital as of September 30, 2020 was US$5.8 million, representing a current ratio of 11.5, as compared to a current ratio of 4.7 at September 30, 2019.