Business
Omni-Lite announces another dividend and discusses growth plans
Omni-Lite announces another dividend and discusses growth plans.
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, Dec. 5 /CNW/ - Upon review of the financial results of the\nfirst three quarters of 2006, the Board of Directors is pleased to announce a\ndividend of two cents Canadian per share for shareholders of Omni-Lite's\ncommon shares of record January 15, 2007. The dividend will be payable on\nJanuary 31, 2007.\n\n\n\"We are pleased to announce this fifth dividend,\" stated David F. Grant,\nchairman and chief executive officer. \"This cash dividend is intended to\ncomplement the gains made in the Company's stock price over the last\n24 months. In combination, these benefits represent significant additions to\nshareholder value, which after satisfying our customers, is our focus at\nOmni-Lite.\"\n\n\nThe board of directors will review the Company's dividend policy on a\nsemi-annual basis.\n\n\n\"The Company's 37% revenue increase in the third fiscal quarter is\nreflective of the growth that the Company is experiencing,\" stated Paul A.\nBurkey, President and COO. \"Our substantial investment in the Omni-Lite\nfacility and staff has proven to be timely and has helped the Company meet the\nhuge challenges placed upon us by our customers.\"\n\n\nAs mentioned in previous press releases, the Aerospace, Military,\nAutomotive, and Sports and Recreational divisions have all received new orders\nthat will continue to drive the growth at Omni-Lite. To sustain this growth in\nthe very challenging engineering environment that the Company operates in, and\nto maintain the customer satisfaction record that has become a company\nhallmark, Omni-Lite has addressed several key issues in the last few months.\nFirstly, the Board of Directors approved the \"Vision 2010\" plan at the\nDecember 2005 board meeting. This allowed the purchase of approximately\n$8,000,000 worth of new equipment to add to the world-class facility in\nCerritos, California. The first $1,400,000 worth of equipment arrived this\nyear with an additional $2,300,000 scheduled to arrive in 2007. To prepare for\nthe additional projects planned for 2007, the Company has increased its staff\nfrom 25 to 40 people. Many of these people are trainees who could become part\nof the backbone of the Company's highly skilled work force in the years to\ncome.\n\n\nThe Company has added key management in the Quality, Produ...