Business
Omni-Lite revenue for 2008 increases 33%, cash flow increases 45% and EBITDA increases 20% in CDN dollar terms
OML-TSX VENTURE CERRITOS, CA, May 1 /CNW/ - For the year ended December 31, 2008, Omni-Lite Indus...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, May 1 /CNW/ - For the year ended December 31, 2008,\nOmni-Lite Industries Canada Inc. is pleased to report an increase in revenue\nof 33% over fiscal 2007. Total revenue reported was $9,115,151 CDN over\n$6,858,136 CDN reported in 2007. In 2008, the Military and Aerospace divisions\naccounted for approximately 73% of revenue, up from 68% in 2007. In the 2008\nfiscal period Cash Flow increased 45% and EBITDA increased 20%. In 2008 gross\nmargins were 71.3%, an increase from 69.8% in fiscal 2007. Over the period,\nthe Canadian dollar changed from 0.9804 to the US Dollar to 1.2228 to the US\nDollar.\n\n\n"In 2008, the Company undertook 18 new programs that include components\nfor the US Army, US Marine Corps, John Deere, Caterpillar, Ford, Bosch and\nseveral other Fortune 100 customers. Many of these projects will go into\nproduction in 2009 or early 2010. The revenues expected from these programs\nwill guide the Company's growth in the near future," stated Mr. David F.\nGrant, Chairman and CEO. "The Company is working 17 hours per day to complete\nthese tasks. Our customers are in varying stages of the testing and evaluation\nthese new components. Of particular significance, several customers have\ncompleted the multi-month testing cycles required and are moving toward first\narticle approval and production."\n\n\nConsistent with the Company's Vision 2015 growth strategy, the company\nadded three new progressive forging systems in 2009. An additional seven\nsystems will be installed in 2009. The value of these new machines is\napproximately $5,300,000 CDN. In these difficult financial times worldwide,\nthese investments will provide an additional benefit to Omni-Lite. The\nCompany's cash position has been aided by the accelerated depreciation allowed\nunder the US Economic Recovery Act of 2008. This stimulus will result in\nreducing the current US taxes (actual taxes) that the Company will pay in 2008\nand 2009. The stimulus program will have the immediate effect of triggering a\nsubstantial refund on prepaid taxes for the 2008 fiscal year. It is\nanticipated that the Stimulus package will also substantially reduce the\ncurrent taxes paid in 2009. The majority of the future taxes (a non-cash item)\nassociated with the Stimulus Package have been expensed on the income\n...