Omni-Lite Industries Canada Inc.

Good day, ladies and gentlemen, and welcome to the OmniLight Industries, Inc. second quarter 2021 conference call. After the presentation, there will be a question and answer session. If you should require assistance during the call, please press star zero and an operator will assist you. At this time, it's my pleasure to turn the floor over to Mr. Carl Leaders, CFO. Sir, the floor is yours.

Thank you very much. Good morning, and thank you for joining us. With me today is our Chief Executive Officer, Dave Robbins. Our call is being recorded and will be available for playback, the details of which are contained in our press release issued yesterday morning, Wednesday, August 25th. The purpose of this call is to provide an update on OmniLight's financial performance and operations as we filed our second quarter 2021 results yesterday. After our remarks, we'll open up the line for Q&A. If you've not received or seen a copy of our press release, which we issued yesterday morning, you can find it at our website, www.omnialight.com, or email us at d.robbins at omnialight.com or c.leaders at omnialight.com to request a copy. Before we get started, I'd like to remind you that today's discussion will or may include forward-looking statements, including information regarding OmniLight's performance based on our views of the company's business and the environment in which they operate, our future plans, objectives, business prospects, and anticipated financial performance. These forward-looking statements are subject to future risks and uncertainties that could cause our actual results or performance to differ materially. We are also mindful of the risks and impacts of changes in the health of the general economy, including the effects from the current COVID-19 pandemic, U.S. and global commercial aerospace markets, and the U.S. Department of Defense budgets. All forward-looking statements should be considered in conjunction with the cautionary statements contained in our press release and the risk factors included in OmniLight's CDAR compilings. The company disclaims in the obligation to update any forward-looking statements that may be discussed during this call. I'd also like to mention that in addition to reporting financial results in accordance with the International Financial Reporting Statements, or IFRS, during our call, we may also discuss or reference non-IFRS financial measures, specifically adjusted EBITDA, pro forma adjusted EBITDA, and free cash flow. A reconciliation of these non-IFRS metrics, if applicable, is included in our applicable CDAR filings and press releases. Lastly, unless noted, any reference or discussion of our financial results or metrics are in U.S. dollars. I'd now like to turn the call over to Dave.

Thanks, Carl. Good day, everyone, and thank you for joining us on today's second quarter fiscal 2021 investor call. Our agenda for today's call is as follows. First, I will make a few comments about our second quarter results, followed by some remarks about our current business and strategy, and then Carl will conclude our portion of the call with a review of our recently reported results. Our Q2 2021 financial performance results reflect the effects of our operational strategy, which is closely focused on all aspects of operational efficiency, closely managing costs and cash flows while continuing to fund development of new design wins. Our fiscal 2021 second quarter revenue of $1.2 million was essentially flat compared to 2021 first quarter revenue and a decrease of 26% on a year-over-year basis. This year-over-year revenue decrease was attributed to COVID-19 related declines in commercial aerospace markets for new aerostructure production, partially offset by an increase in non-commercial aerospace revenue. For Outlook, we see the signs of the start of commercial aerospace recovery in the second half of 2021. Evidence from our current funded backlog of over $1.7 million submits an expected uptick in commercial aerospace revenue. Potential future growth is projected to come from new product pipelines and development, including electronic components used in missile defense system upgrades, titanium-engineered fastener components used for lightweight aerostructures, and high-strength engine components for increased fuel efficiency. And finally, we are substantially through our sale-leaseback process of our real estate holdings and look for this to help fund our investment in organic and acquisition growth. With that, I'd like to turn the call Back over to Carl. Carl?