Business
Omni-Lite reports record revenue, EBITDA and cash flow for first quarter 2008
OML-TSX VENTURE CERRITOS, CA, May 23 /CNW/ - For the quarter ended March 31, 2008, Omni-Lite Indu...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, May 23 /CNW/ - For the quarter ended March 31, 2008,\nOmni-Lite Industries Canada Inc. is pleased to report record revenue, EBITDA\nand cash flow. In this period revenue rose 20% and cash flow increased by 42%\nover the corresponding period in 2007. These results are largely the effect of\nincreased activities in the military and aerospace divisions. "The first\nquarter was a very successful period for Omni-Lite. The implementation of the\nVision 2010 Strategy which includes additional equipment and engineering and\ndesign personnel is starting to show significant benefit," stated Paul A.\nBurkey, President and COO. "In addition, the Company's activities in both the\nmilitary and aerospace sectors are showing momentum, a fact that may help to\nprovide growing sales for many years to come."\n\n\nRevenue in first quarter was $1,959,467 ($2,004,927 CDN). This increase\nin revenue reflects a 20% gain over the same period in 2007. EBITDA over the\nperiod was $981,842 a slight increase over the 979,861 reported in 2007. Cash\nflow over the same period was $883,657 ($904,158 CDN), up 42%. Net income was\n$519,498 ($531,550 CDN), a decrease of 29% for the same period of 2007. Net\nincome was affected by a large increase in the tax provision and by a non-cash\nitem recorded in 2007 upon the spin off of California Nanotechnologies. Gross\nmargins for the period were 73% and net margins were 27%. The following table\nsummarizes these results.\n\n\n 2008 Q1 FINANCIAL HIGHLIGHTS (in US $)\n\n-------------------------------------------------------------------------\nWeighted Average\nShares Issued And For the period For the period\nOutstanding: ending March 31, ending March 31, % Increase\n10,946,580 2008 2007\n\n-------------------------------------------------------------------------\nTotal Revenue 1,959,467 $1,633,196 20%\n-------------------------------------------------------------------------\nEBITDA 981,842 $979,861 0%\n-------------------------------------------------------------------------\nCash flow from\n operations (1) 883,657 $622,731 42%\n-------------------------------------------------------------------------\nNet Income 519,498 $736,100 (29%)\n-------------------------------------------------------------------------\nEPS (US) $0.05 $0.07 (28%)\n------------------...