OML-TSX VENTURE EXCHANGE
CERRITOS, CA, June 10 /CNW/ - Omni-Lite Industries Canada Inc. would like
to thank shareholders for their patience during the delay of filing of the
financial results and to apologize for any inconveniences caused by the
subsequent Cease Trade Orders. The Corporation has commenced the process for
revocation of the Cease Trade Orders. We have been advised by the Alberta
Securities Commission that it may be as much as three weeks before their Cease
Trade Order is revoked. The B.C. Securities Commission's Order is expected to
be revoked shortly.
FIRST QUARTER 2005 RESULTS
For the quarter ended March 31, 2005, Omni-Lite Industries Canada Inc.
reported revenue of $923,660 ($1,124,371 CDN), a new record. In this quarter,
the Aerospace division primarily drove growth with a 231% increase over the
same period in 2004. The growth in the Aerospace division reflects the
increased requirement for Omni-Lite's components and the completion of several
R&D projects. The favorable growth rates were offset by reductions of revenue
in the Military and Automotive divisions of 33% and 29%, respectively. In the
Military division, sales are steady 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phasing out of certain components which have been replaced by a new design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. Overall, revenues increased by 35%.
Net income for Q1 2005 was $309,156 ($379,427 CDN) or $0.03 ($0.04 CDN)
per common share. This compares to net income of $265,782 or $0.03 per share
in the first quarter of last year, an increase of 16%.
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ALL FIGURES IN US DOLLARS UNLESS NOTED
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
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Weighted Average Shares For the three For the three
Issued And Outstanding: months months %
9,205,970 ended March ended March Increase
31, 2005 31, 2004
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Revenue $923,660 $681,809 35%
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Cash flow from operations(1) $428,924 $373,883 15%
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Net Income $309,156 $265,782 16%
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EPS (US) $0.03 $0.03 -
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EPS (CDN) $0.04 $0.04 -
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(note: at 3/31/05, $1US to $1.2171 CDN; 3/31/04, $1US to $1.3081 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. Cash flow per share is calculated by dividing cash
flow from operations as previously described by the weighted average
number of common shares outstanding during the period
YEAR END 2004 RESULTS
For the year ended December 31, 2004, Omni-Lite Industries Canada Inc.
reported revenue of $3,153,655 ($3,799,524 CDN), an increase of 8%. The Sports
and Recreation Division represented the largest portion of sales with 30% of
revenue, down from 36% in 2003. As the other divisions continue to grow, the
amount of revenue becomes less weighted towards Sports and Recreation,
allowing for more balanced revenue streams. Aerospace division sales
contributed 28% of the revenue, up from 24% in 2003. The Automotive and
Military divisions provided 14% and 21% of the revenue, respectively. The
Commercial division contributed the remaining 7% of revenue.
Net income was $768,297 ($925,644 CDN) versus $682,404 ($883,440 CDN) in
2003.
Earnings per share were $0.09 ($0.11 CDN) compared to $0.07 based on the
weighted average shares outstanding of 8,558,412. 435,000 common shares were
repurchased in 2004 through the Normal Course Issuer Bid which reduced the
actual number of outstanding shares to 8,298,303.
For the year, cash flow from operations increased by 19% to $1,185,472
($1,428,257 CDN). This reflects the increase in revenue and amortization
expense, which is non-cash.
All figures are in US dollars except as noted.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
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Shares Issued And For the year For the year
Outstanding: 8,298,303 ended ended %
December 31, December 31, Increase
2004 2003 (Decrease)
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Revenue $3,153,655 $2,920,744 8%
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Cash flow from operations $1,185,471 $993,392 19%
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Net Income $768,297 $682,404 13%
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EPS (US) $0.09 $0.07 29%
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EPS (CDN) $0.11 $0.09 22%
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Please visit www.sedar.com or please contact Omni-Lite to request a copy
of the financial statements and the Management Discussion & Analysis.
Omni-Lite is a rapidly growing high technology company that develops and
manufactures precision components utilized by 140 companies including Boeing,
Airbus, 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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