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OMNI-LITE INDUSTRIES CANADA INC.
OML-TSX VENTURE
CERRITOS, CA, Oct. 26 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to report record revenue and net income in the first nine months of 2007. In this period, revenue rose 22 percent, and net income increased by 36 percent, compared to 2006.
For the nine months ended September 30, 2007, Omni-Lite Industries Canada Inc. reported record revenue of $5,083,768 ($5,047,673 CDN), a 22 percent increase over the corresponding period in 2006. Sales in the Military division represented 39 percent of revenue in the nine months. The Aerospace division represented 27 percent of the revenue. The Sports and Recreation division contributed 18 percent to revenue. The Automotive division brought in 12 percent of revenue. The remaining 4 percent of revenues are from the Commercial division. The following table summarizes the results of the first nine months of the fiscal period.
"The fiscal performance of the first three quarters puts the Company on track to reach its 2007 goals. We are pleased that the gross margin exceeded 70 percent and the net margin exceeded 30 percent. These metrics illustrate the leverage possible in the Company's business model," stated David F. Grant, Chairman of the Board and CEO. "As the Vision 2010 strategy continues to provide new equipment and trained staff, increased shareholder value should be created. The Company's growth in the military and aerospace markets follow the strategy adopted in early part of 2006. The extensive research and development actively underway at the Company should provide further growth in the years to come."
2007 FINANCIAL HIGHLIGHTS (in US $) Nine Months
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For the nine For the nine
Weighted Average Shares months ended months ended %
Issued And Outstanding: September 30, September 30, Increase
11,082,381 2007 2006 (Decrease)
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Revenue $5,083,768 $4,168,552 22%
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Cash flow from
operations(1) $1,777,067 $1,656,382 7%
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Net Income $1,566,297 $1,151,434 36%
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EBITDA $2,434,139 1,609,697 51%
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EPS (US) $ 0.141 $ 0.109 29%
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All figures are in US dollars except as noted.
(note: at 9/30/07, $1US (equal sign) $0.9929 CDN;
9/30/06, $1US (equal sign) $1.1142 CDN)
(1) Cash flow from operations is a non-GAAP term requested by the oil and
gas investment community that represents net earnings adjusted for
non-cash items including depreciation, depletion and amortization,
future income taxes, asset write-downs and gains (losses) on sale of
assets, if any.
Revenue in the three month period ended September 30, 2007 was $2,046,733
($2,032,201 CDN), an increase of 12 percent. Cash flow over the same period
was $830,059 ($824,166 CDN). Net income was $706,023 ($701,010 CDN). Earnings
per share in Q3 2007 were $0.06 ($0.06 CDN) compared with $0.04 ($0.04 CDN) in
Q3 2006. In 2007, Omni-Lite repurchased 200,000 common shares through the
Normal Course Issuer Bid.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $) Three Months
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For the three For the three
Weighted Average Shares months ended months ended %
Issued And Outstanding: September 30, September 30, Increase
11,069,659 2007 2006 (Decrease)
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Revenue $2,046,733 $1,823,936 12%
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Cash flow from operations(1) $ 830,059 $ 500,283 66%
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Net Income $ 706,023 $ 433,180 63%
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EPS (US) $ 0.064 $ 0.040 60%
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(note: at 9/30/07, $1US (equal sign) $0.9929 CDN;
9/30/06, $1US (equal sign) $1.1142 CDN)
The Company has continued to add to its revenue stream. In the three month period ended September 30, 2007, the Military division accounted for 43 percent of revenue. The Aerospace division represented 22 percent of sales. The Sports and Recreation division reported 20 percent of revenue and the Automotive division reported a 11 percent contribution. Commercial activities accounted for 4 percent of revenue.
Quarterly Information
The following table summarizes the Company's financial performance over the last eight quarters.
ALL FIGURES IN US DOLLARS UNLESS NOTED
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Sept June Mar Dec
30/2007 30/2007 31/2007 31/2006
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Revenue 2,046,733 1,403,839 1,633,196 838,509
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Cash Flow from Operations(1) 830,059 324,277 622,731 (165,466)
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Net Income 706,023 124,174 736,100 (150,122)
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EPS(US) .064 .011 .066 (.014)
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EPS(CDN) .063 .012 .077 (.016)
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Sept June Mar Dec
30/2006 30/2006 31/2006 31/2005
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Revenue 1,823,936 1,330,936 1,013,680 1,092,705
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Cash Flow from Operations(1) 500,283 654,887 501,212 424,607
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Net Income 433,180 377,435 340,819 103,027
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EPS(US) .040 .035 .032 .01
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EPS(CDN) .047 .040 .037 .01
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Please see www.sedar.com or contact the Company for a copy of the complete financial statements.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by 100 companies including Boeing, Airbus, Alcoa, Daimler-Chrysler, the U.S. Military, Nike, adidas and Reebok.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.