Business
Omni-Lite reports revenue increase of 37% for third quarter 2006
Omni-Lite reports revenue increase of 37% for third 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, Nov. 30 /CNW/ - For the three month period ended September\n30, 2006, Omni-Lite Industries Canada Inc. is pleased to report record revenue\nof $1,823,926 US or $2,032,229 CDN. This represents an increase of 37% over\nthe third quarter of 2005. This quarter represents the first time that the\nCompany's quarterly revenue exceeded $2,000,000 Cdn. To take advantage of the\ncontinuing expansion in the Aerospace, Military and Speciality Automotive\nmarkets, that the Company has developed, Omni-Lite has adopted an aggressive\ngrowth strategy detailed as the \"Vision 2010\" program. Without the\nimplementation of this plan in late 2005, and the continued execution of this\npolicy, the Company would not be in a position to take advantage of the growth\noccurring in these markets.\nOf additional importance, the third quarter financial statements include\nthe financial results of California Nanotechnologies, Inc., a partially owned\nsubsidiary of Omni-Lite. California Nanotechnologies has a mandate to focus on\nhigh-level research and development activities related to nanostructured\nmaterials. California Nanotechnologies has been identified as a potential\nQualifying Transaction for a TSX-V listed firm known as Veritek Technologies\nInc. (VTK.P). Through California Nanotechnologies, Omni-Lite has the potential\nof developing a series of nanostructured materials as potential feedstocks for\nthe cold heading systems that the Company operates. Success in this area would\nprovide additional growth prospects for the Company.\nIn summary, revenue for the nine months in the current fiscal year was\n$4,168,552 ($4,644,600 CDN). This increase in revenue reflects a 28% gain over\nthe same period in 2005. Cash flow from operations over the same period was\n$1,656,382 ($1,845,541 CDN), up 8% for the period. Net income was\n$1,151,434 ($1,282,434 CDN). Gross margins for the period were 66% and net\nmargins were 28%. The following table summarizes these results. Per share\nresults include the effects of the warrants exercised prior to August 8, 2006.\n\n>\n\nThe Company's 37% revenue increase over the last three months\ndemonstrates the growth that the Company is experiencing. As mentioned in\nprevious press releases, the Aerospace, Military, Automotive, and Sports and\nRecrea...