OMNI-LITE INDUSTRIES CANADA INC.
OML-TSX VENTURE
CERRITOS, CA, Aug. 30 /CNW/ - For the quarter ended June 30, 2006,
Omni-Lite Industries Canada Inc. is pleased to report record revenue, cash
flow from operations and net income for the first six months of 2006. These
results are largely the effect of increased revenue in the Aerospace division.
"By all measures, the first six months were a successful period for the
Company. The completion of the research and development efforts on the new
military project and the new automotive contracts recently announced will
provide increased revenue growth throughout 2006 and 2007," stated Paul A.
Burkey, President and COO.
Revenue in first two quarter was $2,344,616 ($2,626,204 CDN). This
increase in revenue reflects a 21% gain over the same period in 2005. Cash
flow from operations over the same period was $1,156,099 ($1,294,947 CDN), up
28% for the year. Net income was $718,254 ($804,516 CDN), an increase of 5%
for the year. Gross margins for the period were 71% and net margins were 31%.
The following table summarizes these results.
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SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
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Weighted Average Shares For the six For the six
Issued And Outstanding: months months %
10,485,327 ended June ended June Increase
30, 2006 30, 2005
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Revenue $2,344,616 $1,934,388 21%
Cash flow from operations(1) $1,156,099 $903,053 28%
Net Income $718,254 $681,968 5%
EPS (US) $0.07 $0.07 -
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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.
The Company has continued to add to its revenue stream. In Q2, the
Aerospace division accounted for 35% of revenue. The Automotive division
represented 20% of sales. The Sports and Recreation division reported 19% of
revenue and the Military division reported 18%. Commercial activities
accounted for 8% of revenue.
For the three months ended June 30, 2006, revenue was a new record for
Omni-Lite at $1,330,936 ($1,490,781 CDN), an increase of 32%. Net income was
$377,435 ($422,765 CDN), an increase of 1% over the same period in 2005. Cash
flow from operations increased by 38% over the same period in 2005 to
$654,887.
ALL FIGURES IN US DOLLARS UNLESS OTHERWISE NOTED
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
-------------------------------------------------------------------------
Weighted Average Shares For the three For the three
Issued And Outstanding: months months %
10,485,327 ended June ended June Increase
30, 2006 30, 2005
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Revenue $1,330,936 $1,010,728 32%
Cash flow from operations(1) $654,887 $474,129 38%
Net Income $377,435 $372,812 1%
EPS (US) $0.04 $0.04 -
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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.
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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June 30, Mar 31, Dec 31, Sep 30,
2006 2006 2005 2005
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Revenue 1,330,936 1,013,680 1,092,705 1,322,953
Cash Flow from operations 654,887 501,212 424,607 634,183
Net Income 377,435 340,819 103,027 464,421
EPS(US) .04 .03 .01 .05
EPS(CDN) .04 .04 .01 .05
ALL FIGURES IN US DOLLARS UNLESS NOTED
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June 30, Mar 31, Dec 31, Sep 30,
2005 2005 2004 2004
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Revenue 1,010,728 923,660 709,803 906,909
Cash Flow from operations 474,129 428,924 319,717 304,637
Net Income 372,812 309,156 38,994 241,974
EPS(US) .04 .03 .00 .03
EPS(CDN) .05 .04 .00 .04
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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.
