OMNI-LITE INDUSTRIES REPORTS FOURTH QUARTER AND FISCAL 2023 RESULTS AND CONFERENCE CALL FOR INVESTORS

APRIL 19, 2024, AT 11:00 AM EDT

• Fiscal 2023 Marks a Return to Organic Revenue Growth and Positive EBITDA⁽¹⁾
• Record Breaking Backlog of US$7.0 million, Almost Doubling the Prior Year Performance
• Q1 of Fiscal 2024 Expected to Show Strong Revenue Growth
  
  

TSXV: OML
OTCQX: OLNCF

LOS ANGELES, CALIFORNIA, April 18, 2024 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”; TSXV: OML) today reported results for the fourth quarter and fiscal year ending December 31, 2023. Full financial results are available at sedar.com.

Fourth Quarter Fiscal 2023 Results

Revenue for the fourth quarter of fiscal 2023 was approximately US$3.3 million, an increase of 6% as compared to the fourth quarter of fiscal 2022. The increase in revenue was largely due to organic growth in our electronic components business.

Adjusted EBITDA ⁽¹⁾ was approximately US$78,000 as compared to approximately US$(270,000) in the fourth quarter of fiscal 2022. The Company’s balance sheet remains strong with US$1.1 million in cash and no debt outstanding.

Net income for the quarter was US$477,000, or US$0.03 per diluted share, which was impacted by two non-recurring items. In the quarter, the Company recorded a US$467,000 reduction in the goodwill associated with its acquisition of Designed Precision Casting (“DP Cast”) in 2021. The Company also recorded a net income inclusion of US$852,000 related to its loan to California Nanotechnologies (“Cal Nano”). The Cal Nano loan was fully reserved for in 2019 due to Cal Nano’s uncertain outlook at that time. Since then, Cal Nano has demonstrated much improved performance and financial results and reduced the loan outstanding. Accordingly, the valuation of the reserve was reversed which reflects the current outstanding loan balance.

Bookings in the fourth quarter of 2023 were approximately US$4.3 million, up 48% as compared to the fourth quarter of fiscal 2022. As a result, the backlog at December 31, 2023, was approximately US$7.0 million, a historic high for the Company and a 91% increase from US$3.7 million as at December 31, 2022.

Fiscal Year 2023 Results

Revenue for the fiscal year ending December 31, 2023, was approximately US$12.4 million, as compared to US$11.1 million in the prior year, an increase of 11%. Adjusted EBITDA⁽¹⁾ was approximately US$445,000 as compared to approximately US$(1,128,000) in the prior year. The increase of approximately US$1.6 million in Adjusted EBITDA⁽¹⁾ was primarily due to higher utilization of direct labor, reduction in S,G&A and indirect labor, as well as better utilization of other fixed costs. Adjusted Free Cash Flow⁽¹⁾ was US$534,000, which was after capital expenditures of approximately US$153,000, as compared to US$(639,000) in 2022.