OML-TSX Venture Exchange
CERRITOS, CA, Aug. 23 /CNW/ - Omni-Lite Industries Canada Inc. is pleased
to report revenues of $1,934,388 ($2,376,783 CDN), a 26% increase over the
corresponding period in 2004. Sales in the Aerospace division were the
strongest in the first half of 2005 representing 36% of revenues, up 108% over
the same period in 2004. The growth in the Aerospace division reflects the
increased demand for Omni-Lite's components. The favorable growth rates were
offset by reductions of revenue in the Military and Automotive divisions of 8%
and 13%, respectively. In the Military division, sales represent 24% of
revenue and are expected to grow in the second half of 2005. The decline in
revenue in the Automotive division reflects the phasing out of certain
components which have been replaced by a new design which is also provided by
Omni-Lite. The Sports and Recreation division showed growth of 60% over the
first half of 2004 and this represented 23% of revenue.
Net income for the first six months of 2005 was $681,968 ($837,934 CDN)
or $0.07 ($0.09 CDN) per common share. This compares to net income of $487,329
or $0.06 per share in the first half of 2004, an increase of 40%.
Earnings per share were calculated using the weighted average shares
outstanding of 9,614,276. Through the financing completed in February,
1,650,000 common shares were issued. As of June 30, 2005, there were 9,999,304
shares outstanding.
ALL FIGURES IN US DOLLARS UNLESS NOTED
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
<<
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For the For the
six months six months
Weighted Average Shares Issued ended June ended June %
And Outstanding: 9,614,276 30, 2005 30, 2004 Increase
-------------------------------------------------------------------------
Revenue $1,934,388 $1,536,943 26%
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Cash flow from operations(1) $903,053 $608,118 48%
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Net Income $681,968 $487,329 40%
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EPS (US) $0.07 $0.06 26%
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EPS (CDN) $0.09 $0.08 16%
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(note: at 6/30/05, $1 US equals $1.2287 CDN; 6/30/04, $1 US equals
$1.3453 CDN)
(1) Cash flow from operations is a non-GAAP term requested by the oil and
gas investment community that represents net earnings adjusted for
non-cash items including depreciation, depletion and amortization,
future income taxes, asset write-downs and gains (losses) on sale of
assets, if any.
For the three months ended June 30, 2005, a new revenue record was
reached for Omni-Lite at $1,010,728 ($1,241,881 CDN), an increase of 18%. Net
income was $372,812 ($458,074 CDN), an increase of 68% over the same period in
2004. Cash flow from operations increased by 102% over the same period in 2004
to $474,129. The Aerospace division led sales in second quarter with 42% of
the sales. The Military and Sports & Recreation divisions contributed 21% and
22% to second quarter revenue, respectively. The Automotive and Commercial
divisions contributed the remaining 15% of sales.
ALL FIGURES IN US DOLLARS UNLESS NOTED
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
-------------------------------------------------------------------------
For the For the
three months three months
Weighted Average Shares Issued ended June ended June %
And Outstanding: 9,614,276 30, 2005 30, 2004 Increase
-------------------------------------------------------------------------
Revenue $1,010,728 $855,134 18%
-------------------------------------------------------------------------
Cash flow from operations(1) $474,129 $234,235 102%
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Net Income $372,812 $221,547 68%
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EPS (US) $0.04 $0.03 52%
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EPS (CDN) $0.05 $0.03 39%
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(note: at 6/30/05, $1 US equals $1.2287 CDN; 6/30/04, $1 US equals
$1.3453 CDN)
(1) Cash flow from operations is a non-GAAP term requested by the oil and
gas investment community that represents net earnings adjusted for
non-cash items including depreciation, depletion and amortization,
future income taxes, asset write-downs and gains (losses) on sale of
assets, if any.
"With a record first quarter and record second quarter revenues, Omni-
Lite will be looking forward to a strong third quarter and year end," stated
David F. Grant, CEO. "This year the Aerospace division has led the growth, as
many of the R&D projects completed last year are beginning to add to the
revenue stream. Further growth will be fueled by the new contracts received
this year."
For a copy of the financial statements and MD&A, please see www.sedar.com
or contact the Company for a hard copy.
Omni-Lite is a rapidly growing high technology company that develops and
manufactures precision components utilized by 140 companies including Boeing,
Airbus, Alcoa, Daimler-Chrysler, the U.S. Military, Nike, adidas and Reebok.
Except for historical information contained herein this document contains
forward-looking statements. These statements contain known and unknown risks
and uncertainties that may cause the company's actual results or outcomes to
be materially different from those anticipated and discussed herein.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF
THE INFORMATION CONTAINED HEREIN.
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