Business
Omni-Lite Industries reports audited 2012 results
OML-TSX VENTURE CERRITOS, CA, May 2, 2013 /CNW/ - For the year ended December 31, 2012 ...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, May 2, 2013 /CNW/ - For the year ended December 31, 2012\n Omni-Lite Industries Canada Inc. is pleased to announce that revenue\n was $5,370,534 US ($5,353,832 CAD). In the 2012 fiscal period, cash\n flow from operations was $1,025,164 US ($1,021,986 CAD). Comprehensive\n income was $272,584 ($271,739 CAD), an 86% decrease over 2011,\n primarily due to a large unrealized gain on share purchase warrants\n from the prior year. Earnings per share were $0.02 US per share based\n on a weighted average number of shares outstanding of 12,720,976.  In\n 2012, gross margins were 44 percent, a decrease from 62 percent in\n fiscal 2011. The decrease in gross margin was largely attributed to\n lower sales pending the completion of several new development programs\n and a $585,107 write-down of inventory that had been largely\n manufactured during the preproduction runs for these new product lines.\n\n\n\"Over the last two to three years, the Company has devoted significant\n resources towards the development of several new products in the\n Military and Specialty Automotive divisions.  Of significance, the\n Company has been approved and delivered product on seven U.S. Military\n programs. At this time, two of the largest programs are still pending. \n The Company continues to pursue these key programs and is working with\n several customers to complete these projects,\" stated David F. Grant,\n Chairman and Chief Executive Officer. \"Due to the potential impairment\n of some products because of final design changes made during the\n preproduction stages of these programs, the Board of Directors have\n elected to take a write-down against the inventory on the 2012\n financial statements.  The Company has implemented a comprehensive plan\n to return to traditional gross margins experienced during most of the\n Company's history.\"\n\n\nFinancial Highlights\n\n\nRevenue: For the year ended December 31, 2012, Omni-Lite reported revenue of\n $5,370,534 ($5,353,832 CAD), a decrease of 18 percent from the prior\n year in 2011.\n\n\nThe Aerospace division represented the largest portion of sales with 37\n percent of revenue. Sales in this division were higher by 10 percent\n when compared to the year ended December 31, 2011.  The Automotive\n division contributed 33 percent of...