Business
Omni-Lite reports second quarter 2011 results
OML - TSX VENTURE CERRITOS, CA, Aug. 30, 2011 /CNW/ - For the six months ended June 3...
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. 30, 2011 /CNW/ - For the six months ended June 30,\n 2011, Omni-Lite Industries Canada Inc. is pleased to report revenue of\n $3,621,658 US ($3,536,549 CDN), Cash flow from Operations of $1,401,269\n US ($1,368,339 CDN) and EBITDA of $1,380,881 US ($1,348,430 CDN).  Net\n income was $818,859 US ($799,615 CDN).\n\n\n\"Revenue in the second quarter of $2,139,344 US represents the second\n highest quarterly revenue record in corporate history and growth of 44\n percent over the revenue of first quarter 2011,\" stated Tim Wang, CFO. \n \"Revenue for the first 6 months of 2011 was partially affected by the\n reduction in orders in one military program, pending the replacement\n product for which first article approval was obtained in July 2011 and\n the first production order was received in August 2011. This new\n program was originally expected to begin in June 2011. The\n unprecedented orders in the Sports and Recreation division continued in\n the second quarter and as a result gross margins in the quarter were 64\n percent. The Company's financial model continues to indicate that\n margins should return to historical levels in the near future, as the\n product mix changes in subsequent quarters. After the financing\n completed in February 2011, the Company is well positioned to execute\n the production phase of the several new projects completed in the last\n few months and to initiate new marketing and development efforts to\n facilitate future growth.\"\n\n\n2011 SIX MONTHS FINANCIAL HIGHLIGHTS (in US $)\n\n\nWeighted Average Shares Issued And Outstanding: \n12,595,196\n\n\nFor the six monthsended June 30, 2011\n\n\nFor the six monthsended June 30, 2010\n\n\nRevenue\n\n\n$3,631,658\n\n\n$4,273,781\n\n\nCash flow from operations(1)\n\n1,401,269\n\n\n1,780,782\n\n\nNet Income \n\n\n818,859\n\n\n1,171,976\n\n\nEPS (US)    \n\n\n0.07\n\n\n0.11\n\n\nEPS (CDN)\n\n\n0.06\n\n\n0.12\n\n\nAll figures are in US dollars except as noted.\n(Note: at 6/30/11, $1US = $0.9765 CDN; 6/30/10, $1US = $1.0484 CDN)\n\n\n(1) Cash flow from operations is a non-GAAP term requested by the oil and\n gas investment community that represents net earnings adjusted for\n non-cash items including depreciation, depletion and amortization,\n future income taxes, asset wr...