Second Quarter Fiscal 2023 Highlights
- Revenue of US$3.0 million, Up 24% Year-over-Year
- Adjusted EBITDA of
US$168,000 , Representing the Highest Results SinceMarch 2020 - Free Cash Flow of US$162,000, An Increase of
US$717,000 Year-over-Year, or an Increase ofUS$157,000 on an Adjusted Free Cash Flow Basis - Bookings of US$3.5 million, a 12% Increase over Q1’2023
- Backlog of
US$4 .7 million, a 14% Increase over Q1’2023 Ended Quarter with a Strong Balance Sheet Cash ofUS$1.3 million , and Remain Debt-Free
YTD Fiscal 2023 Highlights
- Revenue of
US$5.8 million , Up 19% Year-over-Year - Adjusted EBITDA of
US$89,000 , an Increase ofUS$950,000 Year-over-Year - Free Cash Flow of US$372,000, an Increase of
US$1 .1M Year-over-Year, or aUS$521,000 Increase in Adjusted Free Cash Flow Basis
TSXV: OML
OTCQX: OLNCF
Second Quarter Fiscal 2023 Results
Revenue for the second quarter of fiscal 2023 was approximately
Second quarter of fiscal 2023 bookings were
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 second quarter of fiscal 2023 with approximately
Omni-Lite reported Other Income of
Management Comments
Financial Summary
All figures in (
Investor Conference Call
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 (net of lease expense), 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 value. 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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