- 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
Fourth Quarter Fiscal 2023 Results
Revenue for the fourth quarter of fiscal 2023 was approximately
Adjusted EBITDA (1) was approximately
Net income for the quarter was
Bookings in the fourth quarter of 2023 were approximately
Fiscal Year 2023 Results
Revenue for the fiscal year ending
Omni-Lite reported a 2023 net income of
Bookings for the year were
Management Comments
“While we made good progress in 2023 on profitability, we expect further improvement during 2024. Notably, DP Cast had a negative financial impact on 2023, but is currently on an improvement trajectory. We expect DP Cast to make a positive EBITDA contribution in second or third quarter of 2024. The decision to reduce the DP Cast goodwill was made based on casting business not having yet passed a contribution threshold in 2023, but we see light at the end of the tunnel as DP Cast is on pace to be an important and durable contributor to Omni-Lite’s platform.”
"We also anticipate continuing organic revenue growth driven by conversion of backlog and strength in our bookings pipeline. We finished 2023 with a well-balanced and record level backlog of
“We are pleased with Cal Nano’s progress and our investment, a combination of senior secured loan and common shares in
“We recently completed our first quarter of the 2024 fiscal year. While we will not be in a position to release our financial results until mid-May, the Company expects to generate sequential quarterly revenue growth of over 30% from fiscal Q4 2023.”
Financial Summary
All figures in (
Investor Conference Call [DIFFERENT DATE FOR CALL NEEDED]
Omni-Lite will host a conference call for investors on
(1) Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation, amortization, stock- based compensation provision, gains (losses) on sale of assets, and non-recurring items, if any. Free Cash Flow is a non-IFRS financial measure defined as cash flow from operations minus capital expenditures. Adjusted Free Cash Flow is a non-IFRS financial measure defined as Free Cash Flow excluding special items, among others, gains (losses) on sale of assets and non- recurring items, net of tax effects, if any. These are non-IFRS financial measures, as defined herein, and should be read in conjunction with IFRS financial measures and they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. The non-IFRS financial measures used herein may not be comparable to similarly titled measures reported by other companies. We believe the use of Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow along with IFRS financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of other companies and estimating our enterprise.
(2) Excluded items from Fiscal 2022 Adjusted Free Cash Flow(1) included approximately
Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow are also useful tools in evaluating the operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures and the amount of working capital in support of our customer programs and contracts. We also use Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow internally to evaluate the operating performance of the Company, to allocate resources and capital, and to evaluate future growth opportunities.
Please see 2023 Management Discussion and Analysis for additional notes and definitions.
About Omni-Lite Industries
For further information, please contact:
Mr.
Tel. No. (562) 404-8510 or (800) 577-6664
Email: d.robbins@omni-lite.com Website: www.omni-lite.com
Forward Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intent”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information in this press release includes, but is not limited to, the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward- looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward- looking information include, but are not limited to: general economic conditions in
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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