OML-TSX VENTURE
CERRITOS, CA, June 1 /CNW/ - For the quarter ended March 31, 2007, Omni-Lite Industries Canada Inc. is pleased to report record revenue and net income. In this period revenue rose 61% and net income increased by 116%. These results are largely the effect of increased activities in the military and aerospace divisions. "By all measures, the first quarter was a very successful period for Omni-Lite. The benefits of the significant investments made in plant and equipment, employee training and tooling support are starting to show in the financial performance," stated Paul A. Burkey, President and COO. "In addition, both the military and aerospace sectors are showing considerable strength in Southern California, a fact that may help to provide growing sales for many years to come."
Revenue in first quarter was $1,633,196 ($1,887,811 CDN). This increase in revenue reflects a 61% gain over the same period in 2006. Cash flow from operations over the same period was $622,731 ($719,815 CDN), up 24%. Net income was $736,100 ($850,858 CDN), an increase of 116% for the period. Gross margins for the period were 74% and net margins were 45%. The following table summarizes these results.
Q1 2007 FINANCIAL HIGHLIGHTS (in US $)
-------------------------------------------------------------------------
Weighted Average For the period For the period
Shares Issued ending ending
And Outstanding: March 31, March 31,
11,074,684 2007 2006 % Increase
-------------------------------------------------------------------------
Total Revenue $ 1,633,196 $ 1,013,680 61%
-------------------------------------------------------------------------
EBITDA $ 979,861 $ 483,008 103%
-------------------------------------------------------------------------
Cash flow from
operations(1) $ 622,731 $ 501,212 24%
-------------------------------------------------------------------------
Net Income $ 736,100 $ 340,819 116%
-------------------------------------------------------------------------
EPS (US) $ 0.07 $ 0.03 133%
-------------------------------------------------------------------------
EPS (CDN) $ 0.08 $ 0.04 200%
-------------------------------------------------------------------------
All figures are in US dollars except as noted. (note: at 3/31/07,
$1US (equal sign) $1.1559 CDN; 3/31/06, $1US (equal sign) $1.1676 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.
Earnings per share in Q1 2007 were $0.07 ($0.08 CDN) compared with $0.03 ($0.04 CDN) in Q1 2006, based on the weighted average number of shares outstanding of 11,074,684 in Q1 2007, versus 10,406,747 shares outstanding in 2006. This represents an increase of 6% in the weighted average number of shares outstanding from Q1 2006 to the Q1 2007 fiscal period. In Q1 2007, Omni-Lite repurchased 50,000 common shares through the Normal Course Issuer Bid. In Q1 2007, a total of $190,555 was paid out as a semi-annual dividend to the shareholders. This represented a dividend of $0.02 CDN per share for shareholders on the published record date.
The Company has continued to add to its revenue stream. In Q1, the Military division accounted for 39% of revenue. The Aerospace division represented 35% of sales. The Automotive division reported 16% of revenue. The Sports and Recreation division reported 6% of revenue and Commercial activities accounted for 4% of revenue.
Quarterly Information
The following table summarizes the Company's financial performance over
the last eight quarters.
ALL FIGURES IN US DOLLARS UNLESS NOTED
-------------------------------------------------------------------------
Mar Dec Sept June
31/2007 31/2006 30/2006 30/2006
-------------------------------------------------------------------------
Revenue 1,633,196 838,509 1,823,936 1,330,936
-------------------------------------------------------------------------
Cash Flow
from
Operations(1) 622,731 (165,466) 500,283 654,887
-------------------------------------------------------------------------
Net Income 736,100 (150,122) 433,180 377,435
-------------------------------------------------------------------------
EPS(US) .066 (.014) .040 .035
-------------------------------------------------------------------------
EPS(CDN) .077 (.016) .047 .040
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Mar Dec Sept June
31/2006 31/2005 30/2005 30/2005
-------------------------------------------------------------------------
Revenue 1,013,680 1,092,705 1,332,953 1,010,728
-------------------------------------------------------------------------
Cash Flow
from
Operations(1) 501,212 424,607 634,018 474,129
-------------------------------------------------------------------------
Net Income 340,819 103,027 464,421 372,812
-------------------------------------------------------------------------
EPS(US) .032 .01 .05 .04
-------------------------------------------------------------------------
EPS(CDN) .037 .01 .05 .05
-------------------------------------------------------------------------
(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.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by 100 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.