Business
Omni-Lite announces 62 percent increase in revenue for first quarter
Omni-Lite announces 62 percent increase in revenue for first quarter.
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\nOMNI-LITE INDUSTRIES CANADA INC.\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, April 3 /CNW/ - Omni-Lite Industries Canada Inc. is pleased\nto announce that revenue in the first quarter of 2007 increased approximately\n61% over revenue in the first quarter of 2006. Revenue for the period was\napproximately $1,636,000 US versus $1,013,680 US in the first quarter of 2006.\nThis represents a record for revenue in the first quarter. This growth was\nprimarily from increased deliveries in the military and aerospace divisions.\nDeliveries in the military division increased 536% over those in 2006, while\nthose in the aerospace division increased approximately 34%.\n\n\n"This significant increase in revenue justifies the many activities\nundertaken in the Vision 2010 Growth Plan announced by the Company in late\n2005," stated Paul A. Burkey, President and COO. "Without the significant\nexpenditure on new equipment, increased emphasis on attracting new high\ncaliber employees, increased internal tooling support and the dedication of\nthe entire staff at Omni-Lite, the implementation of the Vision 2010 plan\nwould not be achieved. In addition, the record results in the first quarter\nwere made possible by the significant efforts, in both product design and\ndevelopment, that were undertaken in Q3 and Q4 of 2006."\n\n\nAs part of the Vision 2010 plan the Company received two new five die\nprogressive cold forging systems in March 2007. These machines are worth\napproximately $640,000US. These machines are expected to be utilized in the\naerospace division to support one of the Company's long-term customers. The\ndevelopment of these new products is expected to begin approximately April 15,\n2007. The Company expects the delivery of two additional six die progressive\ncold forging systems in October of this year.\n\n\nTo provide additional floor space without changing location or renting\nadditional facilities, the Company has installed approximately 1300 square\nfeet of structurally reinforced mezzanine. This has the effect of increasing\nthe manufacturing area by about 7%. The size of the mezzanine can be doubled\nin the future should additional area be required. This should allow the\ncompany to remain in the existing facility for the next several years.\n\n\nOmni-Lite is a rapidly growing high technology company t...