Business
Omni-Lite Industries reports results for the first quarter of 2012
OMNI-LITE INDUSTRIES CANADA INC. OML - TSX VENTURE CERRITOS, CA, May 31, 2012 /CN...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\n\nOMNI-LITE INDUSTRIES CANADA INC.OML-TSX VENTURE\n\n\nCERRITOS, CA, May 31, 2012 /CNW/ - For the three months ended March 31,\n 2012 Omni-Lite Industries Canada Inc. is pleased to report revenue of\n $1,367,644 US ($1,363,582 CAD) and Cash Flow from Operations(1) of $323,527 US ($322,566 CDN).  Net income was $63,543 US ($63,354\n CDN).  Earnings per share in Q1 2012 were $0.01 US ($0.01 CDN), based\n on the weighted average number of shares outstanding of 13,012,134.\n\n\nOmni-Lite Industries is also pleased to announce that it has received\n several new orders that include several divisions of the Company. The\n total value of these new orders is approximately $342,000. Of these new\n orders, approximately 52% per cent are in the specialty automotive\n division, 28% are in the sports and recreation division and 20% are in\n the aerospace division.\n\n\n\"The Company continues to invest heavily in equipment and technology to\n meet current and anticipated future demands from our U.S. Military\n customers,\" stated Allen W. Maxin, President.  \"The Company invested\n approximately $450,000 US in a new highly modified cold forging system\n that will be delivered in July of 2012. This system incorporates the\n latest version of a sophisticated forging adaptation called the OD PLUS\n and is the first machine to be modified to this specification, which\n may be essential to current and future U.S. Military orders. Given the\n success of this modification in Japan, the Company has returned three\n additional systems for similar modifications. These machines are\n expected to be returned to Omni-Lite in September 2012 and will most\n likely be utilized in the production of military products.  It will\n cost approximately $250,000 US to modify these three machines. To\n protect the intellectual property developed by the Company, the OD PLUS\n system is the subject of a pending patent submission. The Company has\n already negotiated the worldwide rights on this technology from the\n Japanese manufacturer.\"\n\n\nThrough the private placement financing completed in February 2011 and\n cash flow from operations, the Company's balance sheet remains very\n strong, allowing the continued development of critical technology and\n the purchase of new highly modified equipment. Without the financing of\n 2011, the ...