Nov. 1, 2010 (Canada NewsWire Group) --
OML-TSX VENTURE
CERRITOS, CA, Nov. 1 /CNW/ - For the nine months ended September 30, 2010, Omni-Lite Industries Canada Inc. is pleased to report revenue of $5,994,776 US ($6,171,022 CDN), Cash flow from Operations of $2,655,453 US ($2,733,523 CDN) and EBITDA of $2,885,336 US ($2,970,165 CDN). Net income was $1,598,232 US ($1,645,220 CDN). With the exception of revenue, these results all reflect record financial performances for the Company. "Again for the first nine months of the year, Omni-Lite has provided excellent financial metrics in almost every category," stated David F. Grant, Chairman and CEO. "In addition, the Company has completed the research and development on several new projects that could lead to significant contracts in 2011 and beyond."
2010 NINE MONTHS FINANCIAL HIGHLIGHTS (in US $)
|
Basic Weighted Average Shares Issued And Outstanding: 10,306,395 |
For the period ended September 30, 2010 |
For the period ended September 30, 2009 |
% Increase |
|
Revenue |
5,994,776 | 3,209,969 | 87% |
| Cash flow from operations(1) | 2,655,453 | 1,104,318 | 140% |
| Net Income | 1,598,232 | 373,998 | 327% |
| EPS (US) | 0.16 | 0.04 | 340% |
| EPS (CDN) | 0.16 | 0.04 | 317% |
All figures are in US dollars except as noted.
(note: at 9/30/10, $1 US = $1.0294 CDN; 9/30/09, $1 US = $1.0861 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.
Basic earnings per share were $0.16 US ($0.16 CDN) compared to $0.04 US ($0.04 CDN) in the same period of 2009, based on the weighted average number of shares outstanding of 10,306,395.
Revenue in the three month period ended September 30, 2010 was $1,720,995 ($1,771,592 CDN). Cash flow over the same period was $881,838 US ($907,764 CDN). EBITDA over the period was $784,873 US ($807,948 CDN). Net income in the third quarter was $427,806 US. ($440,383 CDN). Earnings per share in Q3 2010 were $0.04 US ($0.04 CDN), based on the weighted average number of shares outstanding of 10,233,866.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
|
Weighted Average Shares Issued And Outstanding: 10,233,866 |
For the three months ended September 30, 2010 |
For the three months ended September 30, 2009 |
% Increase (Decrease) |
|
Revenue |
1,720,995 | 1,084,771 | 59% |
| Cash flow from operations(1) | 881,838 | 314,077 | 181% |
| Net Income | 427,806 | 95,078 | 350% |
| EPS (US) | 0.042 | 0.009 | 367% |
| EPS (CDN) | 0.043 | 0.010 | 343% |
(note: at 9/30/10, $1 US = $1.0294 CDN; 9/30/09, $1 US = $1.0861 CDN)
Quarterly Information
The following table summarizes the Company's financial performance over the last eight quarters.
ALL FIGURES IN US DOLLARS UNLESS NOTED
|
Sep 30/2010 |
Jun 30/2010 |
Mar 31/2010 |
Dec 31/2009 |
Sept 30/2009 |
Jun 30/2009 |
Mar 31/2009 |
Dec 31/2008 |
|
| Revenue | 1,720,995 | 2,439,705 | 1,834,076 | 1,175,516 | 1,084,771 | 1,151,296 | 973,902 | 1,366,201 |
| Cash Flow from Operations(1) | 881,838 | 1,005,306 | 768,309 | 429,416 | 314,077 | 395,702 | 393,026 | 288,442 |
| Net Income | 427,806 | 687,889 | 482,537 | 83,011 | 95,078 | 170,322 | 108,597 | (557,483) |
| EPS(US) | .042 | .066 | .045 | .008 | .009 | .016 | .010 | (.052) |
| EPS(CDN) | .043 | .069 | .046 | .008 | .010 | .016 | .010 | (.064) |
Please see www.sedar.com or contact the Company for complete results.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
Mr. Tim Wang, CFO
Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA)
Fax. No. (562) 926-6913, email: info@omni-lite.com
Website: www.omni-lite.com