Business
Omni-Lite Industries Canada Inc. - Record first quarter and 2004 financial results
Omni-Lite Industries Canada Inc. - Record first quarter and 2004 financial results.
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\nOML-TSX VENTURE EXCHANGE\n\nCERRITOS, CA, June 10 /CNW/ - Omni-Lite Industries Canada Inc. would like\nto thank shareholders for their patience during the delay of filing of the\nfinancial results and to apologize for any inconveniences caused by the\nsubsequent Cease Trade Orders. The Corporation has commenced the process for\nrevocation of the Cease Trade Orders. We have been advised by the Alberta\nSecurities Commission that it may be as much as three weeks before their Cease\nTrade Order is revoked. The B.C. Securities Commission's Order is expected to\nbe revoked shortly.\n\nFIRST QUARTER 2005 RESULTS\n\nFor the quarter ended March 31, 2005, Omni-Lite Industries Canada Inc.\nreported revenue of $923,660 ($1,124,371 CDN), a new record. In this quarter,\nthe Aerospace division primarily drove growth with a 231% increase over the\nsame period in 2004. The growth in the Aerospace division reflects the\nincreased requirement for Omni-Lite's components and the completion of several\nR&D projects. The favorable growth rates were offset by reductions of revenue\nin the Military and Automotive divisions of 33% and 29%, respectively. In the\nMilitary division, sales are steady and are expected to grow in the second\nhalf of 2005. The decline in revenue in the Automotive division reflects the\nphasing out of certain components which have been replaced by a new design\nwhich is also provided by Omni-Lite. Overall, revenues increased by 35%.\nNet income for Q1 2005 was $309,156 ($379,427 CDN) or $0.03 ($0.04 CDN)\nper common share. This compares to net income of $265,782 or $0.03 per share\nin the first quarter of last year, an increase of 16%.\n>\n\n\n","length":6724,"tagName":"div"}]