OMNI-LITE INDUSTRIES REPORTS FIRST QUARTER FISCAL 2024 RESULTS

CONFERENCE CALL FOR INVESTORS: MAY 17, 2024, AT 2:00 PM EDT

• First Quarter 2024 Record-Breaking Revenue of US$4.3 million, a 57% Increase Over the Year Ago Period
• First Quarter 2024 Record Breaking EBITDA⁽¹⁾ of US$884,000, More than 3x Prior Year’s Best Quarterly Performance
• Backlog and Bookings Remain Strong; Backlog of US$6.5 million at Quarter End
  
  

TSXV: OML
OTCQX: OLNCF

LOS ANGELES, CALIFORNIA, May 16, 2024 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or “Omni-Lite”; TSXV: OML) today reported results for the first quarter ending March 31, 2024. Full financial results are available at sedarplus.ca.

First Quarter Fiscal 2024 Results

Revenue for the first quarter of fiscal 2024 was approximately US$4.3 million, an increase of 57% and 30% as compared to the first quarter of fiscal 2023 and fourth quarter of fiscal 2023, respectively. The increase in revenue was largely due to organic growth in our electronic components and fasteners business.

Adjusted EBITDA⁽¹⁾ for the first quarter of fiscal 2024 was approximately US$884,000, resulting in a margin of approximately 20.5%, and as compared to approximately US$(79,000) in the first quarter of fiscal 2023. 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$415,000, or US$0.03 per diluted share. Adjusted Free Cash Flow⁽¹⁾ was a source of cash of approximately US$112,000, which is after factoring in capital expenditures of approximately US$148,000.

Bookings in the first quarter of fiscal 2024 were approximately US$3.7 million, up 17% as compared to the first quarter of fiscal 2023. As a result, the backlog at March 31, 2024, was approximately US$6.5 million, a 58% increase from US$4.1 million as at March 31, 2023, and approximately 8% below fourth quarter fiscal 2023.

Management Comments

David Robbins, Omni-Lite’s CEO, stated “I am pleased with our revenue and profitability performance in the first quarter of 2024, as well as the ongoing advancements with DP Cast, which has emerged as an EBITDA threshold contributor. The growth underscores the value of our engineered new products booked early in 2023 that contributed to our revenue growth in Q1 2024. It was also gratifying to demonstrate our ability to scale production and, with our operating leverage, deliver bottom line results that was in line with our targets.