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Omni-Lite Industries Canada revenue for 2008 increases 33%, cash flow increases 45% and EBITDA increases 20% in CDN dollar terms
Omni-Lite Industries Canada revenue for 2008 increases 33%, cash flow increases 45% and EBITDA in...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\nOmni-Lite Industries Canada revenue for 2008 increases 33%, cash flow increases 45% and EBITDA increases 20% in CDN dollar terms\n\n\n May 1, 2009 (Baystreet.ca) -- CERRITOS, CA -- For the year ended December 31, 2008, Omni-Lite Industries Canada Inc. (TSX-V.OML) is pleased to report an increase in revenue of 33% over fiscal 2007. Total revenue reported was $9,115,151 CDN over $6,858,136 CDN reported in 2007. In 2008, the Military and Aerospace divisions accounted for approximately 73% of revenue, up from 68% in 2007. In the 2008 fiscal period Cash Flow increased 45% and EBITDA increased 20%. In 2008 gross margins were 71.3%, an increase from 69.8% in fiscal 2007. Over the period, the Canadian dollar changed from 0.9804 to the US Dollar to 1.2228 to the US Dollar.\n\n\"In 2008, the Company undertook 18 new programs that include components for the US Army, US Marine Corps, John Deere, Caterpillar, Ford, Bosch and several other Fortune 100 customers. Many of these projects will go into production in 2009 or early 2010. The revenues expected from these programs will guide the Company's growth in the near future,\" stated Mr. David F. Grant, Chairman and CEO. \"The Company is working 17 hours per day to complete these tasks. Our customers are in varying stages of the testing and evaluation these new components. Of particular significance, several customers have completed the multi-month testing cycles required and are moving toward first article approval and production.\" \nConsistent with the Company's Vision 2015 growth strategy, the company added three new progressive forging systems in 2009. An additional seven systems will be installed in 2009. The value of these new machines is approximately $5,300,000 CDN. In these difficult financial times worldwide, these investments will provide an additional benefit to Omni-Lite. The Company's cash position has been aided by the accelerated depreciation allowed under the US Economic Recovery Act of 2008. This stimulus will result in reducing the current US taxes (actual taxes) that the Company will pay in 2008 and 2009. The stimulus program will have the immediate effect of triggering a substantial refund on prepaid taxes for the 2008 fiscal year. It is anticipated that the Stimulus package will also substantially reduce the current taxes paid in 2009. The majority of the future taxes (...