OMNI-LITE INDUSTRIES ANNOUNCES FIRST QUARTER FISCAL 2023 RESULTS AND CONFERENCE CALL FOR INVESTORS

MAY 18, 2023, AT 11:00 AM EDT

First Quarter Fiscal 2023 Highlights

❖        Revenue of US$2.7 million, Up 15% Year-over-Year

❖        Free Cash Flow of US$210,000, Significant Year-Over-Year and Quarterly Sequential Increase

❖        Bookings of US$3.2 million, a 28% Increase over Q1’2022

❖        Backlog of US$4.1 million, a 11% Increase over Q4’2022

❖        Ended Quarter with Balance Sheet Cash of US$1.3 million, and Remain Debt-Free

TSXV: OML

OTCQX: OLNCF

LOS ANGELES, CALIFORNIA, May 17, 2023 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”; TSXV: OML) today reported results for the first quarter Fiscal 2023. Full financial results are available at sedar.com.

First Quarter Fiscal 2023 Results

Revenue for the first quarter of fiscal 2023 was approximately US$2.7 million, an improvement of 15% as compared to the first quarter of fiscal 2022. The increase in revenue was due principally to increased demand for commercial aerospace fasteners and electronic components, as well as the production of a number of new product lines. Adjusted EBITDA ⁽¹⁾ was approximately US$(79,000), an improvement of approximately US$295,000 as compared to approximately $(374,000) in the first quarter of fiscal 2022. The year-over-year improvement in Adjusted EBITDA ⁽¹⁾ was a result of better utilization of fixed costs, including direct labor, as well as a reduction in SG&A expenses. The Company generated Free Cash Flow ⁽¹⁾ (and, Adjusted Free Cash Flow ⁽¹⁾) of approximately US$210,000 in the first quarter of fiscal 2023, as compared to US$(154,000) and US$125,000 in the first quarter of fiscal 2022 and fourth quarter of fiscal 2022, respectively.

First quarter of fiscal 2023 bookings were US$3.2 million, as compared to bookings of US$2.5 million in the first quarter of fiscal 2022, an increase of 28%. Bookings represented a strong 1.16 book-to-bill ratio. Omni-Lite ended the first quarter of fiscal 2023 with a backlog of US$4.1 million, an increase of 11% from the first quarter of fiscal 2022.

The Company’s liquidity position remains strong due to our disciplined approach to management of our cost structure, working capital and capital spending. As a result, the Company ended the first quarter of fiscal 2023 with approximately US$1.3 million in cash and no indebtedness outstanding, which is consistent with the fourth quarter of fiscal 2022.