Business
Omni-Lite reports record revenue, cash flow and net income for first quarter 2006
Omni-Lite reports record revenue, cash flow and net income for first quarter 2006.
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\nOMNI-LITE INDUSTRIES CANADA INC.\nOML-TSX VENTURE\n\nCERRITOS, CA, May 31 /CNW/ - For the quarter ending March 31, 2006,\nOmni-Lite Industries Canada Inc. is pleased to report record revenue, cash\nflow and net income. These results are largely the effect of increased revenue\nin the Aerospace division. \"By all measures, the first quarter was a\nsuccessful period for the Company. We expect the new orders received in the\nlast six months to begin adding to the Company's growth in the second\nquarter,\" stated Paul A. Burkey, President and COO. \"The aerospace industry is\nshowing considerable strength in Southern California, a fact that may help to\nprovide growing sales for many years to come.\"\nRevenue in first quarter was $1,013,680 ($1,183,573 CDN). This increase\nin revenue reflects a 10% gain over the same period in 2005. Cash flow over\nthe same period was $501,212 ($585,215 CDN), up 17%. Net income was $340,819\n($397,940 CDN), an increase of 10% for the period. Gross margins for the\nperiod were 71% and net margins were 34%. The following table summarizes these\nresults.\n\n>\n\nEarnings per share in Q1 2006 were $0.03 ($0.04 CDN) compared with $0.03\n($0.04 CDN) in Q1 2005, based on the weighted average number of shares\noutstanding of 10,406,747 in Q1 2006, versus 9,205,970 shares outstanding in\n2005. This represents an increase of 13% in the weighted average number of\nshares outstanding from Q1 2005 to the Q1 2006 fiscal period. In Q1 2006,\nOmni-Lite repurchased 84,000 common shares through the Normal Course Issuer\nBid. In Q1 2006, a total of $176,690 was paid out as a semi-annual dividend to\nthe shareholders. This represented a dividend of $0.02 CDN per share for\nshareholders on the published record date.\nThe Company has continued to add to its revenue stream. In Q1, the\nAerospace division accounted for 44% of revenue. The Automotive division\nrepresented 22% of sales. The Sports and Recreation division reported 17% of\nrevenue and the Military division reported 10%. Commercial activities\naccounted for 7% of revenue.\n\nQuarterly Information\n\nThe following table summarizes the Company's financial performance over\nthe last eight quarters.\n\nALL FIGURES IN US DOLLARS UNLESS NOTED\n\n>\n\nOmni-Lite is a rapidly growing high technology company that develops and\nmanufactures precision components ...