OMNI LITE INDUS CDA INC - $OLNCF STOCK NEWS

Omni-Lite Industries Canada Inc. reported strong financial results for the fourth quarter and fiscal year ending December 31, 2023. The company saw a 6% increase in revenue for Q4 2023, reaching approximately US$3.3 million, driven by organic growth in the electronic components business. Adjusted EBITDA improved to approximately US$78,000 compared to US$(270,000) in Q4 2022. The company's balance sheet remains robust with US$1.1 million in cash and no debt. Net income for the quarter was US$477,000, impacted by non-recurring items. Bookings in Q4 2023 were up 48% to US$4.3 million, leading to a record backlog of US$7.0 million. For the fiscal year 2023, revenue increased by 11% to approximately US$12.4 million, with Adjusted EBITDA reaching US$445,000 compared to US$(1,128,000) in the prior year. Adjusted Free Cash Flow was US$534,000 after capital expenditures. Net income for 2023 was US$90,000, a significant improvement from the US$2.6 million loss in 2022. Omni-Lite's CEO, David Robbins, highlighted the positive results and expressed optimism for further growth in 2024, especially from DP Cast and Cal Nano. The company expects continued organic revenue growth and strong performance in aerospace and defense bookings.