LOS ANGELES, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada, Inc. (the "Company" or "Omni-Lite") is pleased to report an update for the fourth quarter fiscal 2018 and full year fiscal 2018.
Full Year Fiscal 2018 Revenue
Revenue for the full year fiscal 2018 increased 9% to US$7.1 million from US$6.5 million in fiscal 2017. Full year results include approximately US$410,000 from the Monzite division, which was acquired in late September 2018. Organic revenue growth was approximately 2% on a year-over-year basis, although it was substantially higher in fourth quarter fiscal 2018. Bookings for the full year fiscal 2018 was approximately US$7.6 million, including Monzite bookings subsequent to the closing of the acquisition in late September 2018.
Fourth Quarter Fiscal 2018 Revenue
Revenue for the fourth quarter fiscal 2018 were US$2.2 million, including approximately US$370,000 contribution from Monzite, representing an increase of 108% over fourth quarter fiscal 2017 and an 11% increase compared to the third quarter fiscal 2018. Organic revenue growth was approximately 73% on a year-over-year basis. Backlog at the end of the fourth quarter fiscal 2018 was approximately US$2.6 million. Company received a number of new and follow-on aerospace and defense orders in the quarter aggregating to approximately US$1.8 million. Of particular note was the award of a US$155,000 contract for a high speed electronics component used on the Euro fighter aircraft platform. This is notable as this represents the first follow-on order received by the Company on this important and long-standing European aerospace platform.
In late 2018, David Robbins joined Omni-Lite as CEO and Carl Lueders joined the Company as CFO. Since that time, the new management team has been reviewing all aspects of the Company's operations in order to enhance Omni-Lite's focus on revenues, efficiency and profitability.
"We are actively engaging with our aerospace and defense customers and responding to their increasing requirements. We are excited about delivering on new pre-production, first articles and initial production quantities of high performance fastener and electronic components for integration on major US and European commercial and defense airborne platforms. "Against an expanding aerospace and defense market backdrop, we anticipate these products to mature to full production requirements over the next several years and have an extended program life measured over many years," CEO David Robbins said. "These orders point to our customer's need for strategic relationships with capable suppliers like Omni-Lite, and validate our overall strategy of pursuing major airborne platforms that align with our technologies, manufacturing processes, and scaled production capabilities," Robbins continued.
"Since joining Omni-Lite as CEO in early September, the senior management team has been pursuing a full spectrum of organic and external growth opportunities along with the implementation of enhancements to the Company's ERP system that will ultimately lead to a single, integrated enterprise-wide system for the entire organization. Further, the management and Board of Directors continue to evaluate priorities on capital allocation and will maintain the financial flexibility and strength to pursue any anticipated operational, acquisition or other opportunities that may arise in order to drive long-term value creation," Robbins concluded.
Investor Conference Call
Omni-Lite will host a conference call and simultaneous webcast for investors on Wednesday, January 16, 2019, beginning at 5:00 p.m. Eastern Time to introduce the new management team and present an overview of the Company's operations including certain highlights from its fourth quarter fiscal 2018 and full year fiscal 2018 results.
To join the conference call from the USA and Canada, dial (888) 645-4404. For international calls, dial (862) 298-0702. Please call five to ten minutes prior to the scheduled start time.
A replay of the webcast will be available 48 hours after the call and archived on the Company's website for 12 months.
Omni-Lite Industries Canada, Inc. is an innovative company that develops and manufactures mission critical, precision components utilized by Fortune 100 companies including Boeing, Airbus, Bombardier, Embraer, Ford, Raytheon, Lockheed Martin, Department of Defense and the U.S. Military.
For further information, please contact:
Mr. David Robbins, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
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", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, 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 Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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