World News: 13:30 GMT Monday 14th January 2019. [Omni-Lite Industries Canada, Inc. via Globe Newswire via SPi World News]
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.
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.
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.
“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.
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.
Mr. David Robbins, CEOTel. No. (562) 404-8510 or (800) 577-6664Email:
Globe Newswire: 13:30 GMT Monday 14th January 2019
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