Business
Omni-Lite revenue for 2007 increases 39%, EBITDA increases 76%, cash flow increases 65% and net income increases 58%
OMNI-LITE INDUSTRIES CANADA INC. OML-TSX VENTURE CERRITOS, CA, April 30 /CNW/ - For the year ende...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\nOMNI-LITE INDUSTRIES CANADA INC.\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, April 30 /CNW/ - For the year ended December 31, 2007,\nOmni-Lite Industries Canada Inc. is pleased to report an increase in revenue\nof 39% over fiscal 2006. These results are largely the effect of growth\nexperienced in the Military and Aerospace divisions. In 2007, the Military and\nAerospace divisions accounted for approximately 68% of revenue up from 57% in\n2006. In the 2007 fiscal period, EBITDA increased 76% and Cash Flow increased\n65%. Net income increased 58%.\n\n\n"In 2007 gross margins were 70%, an increase from 65% in fiscal 2006.\nThis increased productivity was highlighted by the fact that the Company\nmanufactured approximately 74 million components in 2007, an increase of\n90% from 2006. The significant efforts to improve productivity made in the\nlast year are continuing to pay dividends as the Company estimates gross\nmargin for Q1 2008 at approximately 73%," stated Mr. David F. Grant, Chairman\nand CEO. "As the company adopts the Vision 2015 Plan approved by the Board in\nFebruary 2008, further build out in the infrastructure of the company is\nunderway. The Company has added new design and engineering capabilities and is\nactively looking for a 60,000 to 70,000 square foot building in the vicinity\nof the current 30,900 sq ft building in Cerritos. To meet the significant\nopportunities that the Company is fortunate to have on the table will require\nconsiderable continued investment by the Company within the next 24 months.\nMany of the very large programs that the Company is developing products for\ncould be in production in 2009 and 2010."\n\n\nRevenue in the fiscal 2007 period was $6,983,845US ($6,858,136 CDN) up\nfrom $5,007,061US in 2006. Cash flow from operations over the same period was\n$2,459,127US up from $1,490,916, an increase 65% for the year. EBITDA was\n$3,105,315US up from $1,763,875US, an increase of 76% year over year. Net\nincome was $1,583,370US($1,554,869CDN), up from $1,001,312 in 2006, an\nincrease of 58% for the year. Gross margins for the year were 70% and net\nmargins were 23%. The following table summarizes these results.\n\n\n 2007 FINANCIAL HIGHLIGHTS (in US $)\n\n-------------------------------------------------------------------------\nBasic Weighted\n Average Shares For the ye...