Omni-Lite Industries Reports Third Quarter 2020 Results and Announces Conference Call for Investors to be Held on November 30, 2020 - Seite 2

Year-to-Date September 30, 2020 Fiscal Results

Year-to-date fiscal 2020 revenue was US$5.4 million, a 24% decrease as compared to US$7.1 million in the first nine months of fiscal 2019, due to disruptions in the commercial aerospace market, primarily driven by the COVID-19 pandemic that began late in the Company’s fiscal first quarter of 2020.

Year-to-date fiscal 2020 Adjusted EBITDA⁽¹⁾ was US$(217,807), as compared to US$1.1 million in the comparable year ago period. The year-to-date fiscal 2020 net loss was US$760,756 or US$(0.07) per diluted share as compared to a net loss of US$1.1 million, or US($0.10) in the first nine months of fiscal 2019.

Free cash flow⁽¹⁾ was US$(0.2) million for the nine-months ended September 30, 2020, as compared to US$(0.6) million for the comparable year ago period.

Omni-Lite’s Chief Executive Officer David Robbins stated, “The third quarter 2020 financial performance was affected by low demand for commercial aircraft fastener components due to effects of COVID-19 on commercial aerospace market. During the quarter the Company implemented a repositioning and alignment plan in the metal forming operations that will result in approximately $680,000 in annual cost reductions at the facility. Had these cost savings been implemented at the beginning of the third fiscal quarter of 2020, EBITDA would have been enhanced by approximately $55,000. Moving forward, we are prioritizing our efforts on maximizing the efficiency of our operations, converting inventory to cash and growing our product portfolio in the defense aerospace market.”

“2020 has been a difficult year, generally, and, in particular, for the commercial aerospace business. While our results this fiscal year are not what we would like them to be, the Company is well positioned for the future when the market recovers. We have a substantial asset base, including our Company-owned California manufacturing facility that is invested with state-of-the-art cold and hot forging systems, which we believe is worth well in excess of its book value. We are also encouraged by the ongoing gradual improvement in the prospects for our minority-owned affiliate, California Nanotechnologies Corp.,” said David Robbins.