Omni-Lite Industries Canada Inc.
OML - TSX Venture
CERRITOS, CA, May 1 /CNW/ - For the year ended December 31, 2005,
Omni-Lite Industries Canada Inc. is pleased to report record revenue, cash
flow and net income. These results are largely the effect of growth
experienced in the Aerospace and Military divisions, areas that the Company
has focused on the past several years. "By all measures, 2005 was a very
successful year for Omni-Lite. We expect ongoing research and development
efforts to provide further revenue growth to the Company in the near future,"
stated Mr. David F. Grant, President and CEO. "The area of nanostructured
materials that is the focus of our associated company Omni-Lite E-FORM
Technologies Inc. is of particular interest to the Company and our customers."
Revenue in the fiscal 2005 period was $4,360,046 ($5,083,813 CDN), the
first time the Company exceeded the $5,000,000 CDN milestone for revenue. This
increase in revenue reflects a 38% gain over 2004. Cash flow over the same
period was $1,961,678 ($2,287,316 CDN) up 65% for the year. Net income was
$1,249,416 ($1,456,819 CDN), an increase of 63% for the year. Gross margins
for the year were 71% and net margins were 29%. The following table summarizes
these results.
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2005 FINANCIAL HIGHLIGHTS (in US $)
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For the For the
Weighted Average year ended year ended
Shares Issued And December 31, December 31, % Increase
Outstanding: 9,854,497 2005 2004
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Total Revenue $4,360,046 $3,153,655 38
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EBITDA $2,012,991 $1,199,192 66
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Cash flow from operations(1) $1,961,678 $1,185,472 68
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Net Income $1,249,416 $768,297 63
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EPS (US) $0.13 $0.09 41
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EPS (CDN) $0.15 $0.11 37
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All figures are in US dollars except as noted.
(note: at 12/31/05, $1US (equal sign) $1.1660 CDN;
12/31/05, $1US (equal sign) $1.2048 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.
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Earnings per share was $0.13 ($0.15 CDN) compared with $0.09 ($0.11 CDN)
in 2004, based on the weighted average shares outstanding of 9,854,497. In
2005, Omni-Lite had repurchased 150,000 (2004 - 435,000) common shares through
the Normal Course Issuer Bid. 1,971,475 new shares were issued which increased
the weighted average number of shares to 9,854,497 from 8,558,412. In 2005, a
total of $301,330 was paid out as a semi-annual dividend to the shareholders.
This represented a total dividend of $0.04 CDN per share for shareholders on
the published record dates.
The Company has continued to diversify its revenue stream. The Aerospace
division now accounts for 35% of revenue. The Military Division represented
25% of sales. The Sports and Recreation division reported 25% of revenue and
the Automotive division reported 12%. Commercial activities accounted for 2%
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
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Dec 31/ Sept 30/ June 30/ Mar 31/
2005 2005 2005 2005
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Revenue 1,092,705 1,332,953 1,010,728 923,660
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Cash Flow from
Operations(1) 424,607 634,018 474,129 428,924
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Net Income 103,027 464,421 372,812 309,156
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EPS(US) .01 .05 .04 .03
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EPS(CDN) .01 .05 .04 .04
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Dec 31/ Sept 30/ June 30/ Mar 31/
2004 2004 2004 2004
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Revenue 709,803 906,909 855,134 681,809
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Cash Flow from
Operations(1) 319,717 304,637 234,235 326,883
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Net Income 38,994 241,974 221,546 265,782
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EPS(US) .00 .03 .03 .03
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EPS(CDN) .00 .04 .03 .04
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(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.
In the fourth quarter of 2005, revenue was $1,092,705, an increase of 54%
over the same period in 2004. Net income for the quarter was $103,026 compared
to $48,955 in fourth quarter 2004, an increase of 110%.
2 for 1 Stock Split
In acknowledgement of this financial success and to further enhance the
liquidity in the Company's stock, the Board of Directors has approved a 2 for
1 stock split. This split is contingent on Shareholder and TSX Venture
Exchange approval. The shareholder vote will be part of the proxy information
mailed in conjunction with the Annual meeting expected in Calgary late June
2006.
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.
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THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.
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