Business
Omni-Lite Industries Reports Results for the Second Quarter of 2012
OML-TSX VENTURE CERRITOS, CA, Aug. 27, 2012 /CNW/ - For the six months ended June 30,...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, Aug. 27, 2012 /CNW/ - For the six months ended June 30,\n 2012 Omni-Lite Industries Canada Inc. is pleased to report revenue of\n $2,754,468 US ($2,822,806 CAD) and Cash Flow from Operations(1) of $636,761 US ($652,559 CAD).  Net income was $243,446 US ($249,486\n CAD).  Earnings per share in the first six months of 2012 were $0.02 US\n ($0.02 CAD), based on the weighted average number of shares outstanding\n of 12,957,461.\n\n\nOmni-Lite Industries is also pleased to announce that it has received\n new orders that include several divisions of the Company. The total\n value of these new orders is approximately $1,077,916. Of these new\n orders, approximately 42% per cent are in the specialty automotive\n division, 30% are in the sports and recreation division and 28% are in\n the aerospace division. Revenues in the specialty automotive and\n aerospace divisions are up over the same quarter in 2011 which\n partially make up for the delay in several large military programs.\n This month the Company was qualified for an additional military program\n and has shipped the preproduction quantities. Omni-Lite is now\n qualified for six military programs.  The Company is in the final\n stages of qualifying for two additional major U.S. Military contracts\n and has critical submissions to make in August and September of 2012.\n\n\n\"The Company received its first highly modified OD PLUS header in July\n 2012 and initial tests indicate that this will be a significant\n improvement on the original OD system. This modification more than\n doubles the current capabilities of the original OD design used in the\n progressive forging of the complex asymmetrical parts required by the\n military.  This innovation may be critical in the future success of\n these programs. The Company has three additional machines being\n modified in Japan with the first machine ready for return shipment to\n Cerritos in September 2012. The other systems will follow in October\n and November 2012. Pending the results of further testing, the Company\n is also considering modifying the two existing OD machines on the\n factory floor to the upgraded OD PLUS specification. Omni-Lite has\n already negotiated the worldwide rights to this technology from the\n Japanese manufacturer and expects to submit a p...