OML-TSX VENTURE
CERRITOS, CA, Aug. 29 /CNW/ - For the six months ended June 30, 2008, Omni-Lite Industries Canada Inc. is pleased to report record revenue, cash flow from operations, EBITDA and net income. In this period, revenue rose 32 percent, and net income increased by 9 percent, as compared to that in 2007. These results are largely the effect of increased activities in the Military and Aerospace divisions.
Revenue in first six months was $4,019,396 ($4,064,011 CDN). This increase in revenue reflects a 32 percent gain over the same period in 2007. Cash flow over the same period was $1,679,773 ($1,698,418 CDN). Net income was $936,837 ($947,236 CDN) or nine cents per share. Gross margins for the period were 72 percent and net margins were 23 percent. The following table summarizes the results of the first six months of the fiscal period.
2007 FINANCIAL HIGHLIGHTS (in US $) Six Months
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For the For the
six months six months
ended ended
Weighted Average Shares Issued June 30, June 30, % Increase
And Outstanding: 10,905,420 2008 2007 (Decrease)
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Revenue $4,019,396 $3,037,035 32%
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Cash flow from operations(1) $1,679,773 $947,008 77%
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Net Income 936,837 $860,274 9%
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EBITDA $1,902,730 $1,383,602 38%
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EPS (US) $0.09 $0.08 13%
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All figures are in US dollars except as noted.
(note: at 06/30/08, $1US (equal sign) $1.0111 CDN; 6/30/07, $1US (equal sign) $1.0593 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.
Revenue in the three month period ended June 30, 2008 was $2,059,929 ($2,082,794 CDN). This reflects an increase in revenue of 47% over the same period in 2007. Cash flow over the same period was $796,166 ($805,003 CDN), an increase of 146%. Net income was $417,339 ($421,971 CDN), an increase of 236%. Earnings per share in Q2 2008 were $0.038 ($0.038 CDN) compared with $0.011 ($0.01 CDN) in Q2 2007, based on the weighted average number of shares outstanding of 10,905,420 in Q2 2008, versus 11,088,611 shares outstanding in 2007. In 2008, Omni-Lite repurchased 236,100 common shares through the Normal Course Issuer Bid.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $) Three Months
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For the For the
three months three months
ended ended
Weighted Average Shares Issued June 30, June 30, % Increase
And Outstanding: 10,905,420 2008 2007 (Decrease)
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Revenue $2,059,929 $1,403,839 47%
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Cash flow from operations(1) $796,166 $324,277 146%
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Net Income $417,339 $124,174 236%
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EPS (US) $0.038 $0.011 242%
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(note: at 06/30/08, $1US (equal sign) $1.0111 CDN; 6/30/07, $1US (equal sign) $1.0593 CDN)
The Company has continued to add to its revenue stream. In the three month period ended June 30, 2008, the Military division accounted for 41 percent of revenue. The Aerospace division represented 31 percent of sales. The Sports and Recreation division reported 14 percent of revenue and the Automotive division reported a 11 percent contribution. Commercial activities accounted for 3 percent 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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Jun Mar Dec Sept
30/2008 31/2008 31/2007 30/2007
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Revenue 2,059,929 1,959,467 1,900,077 2,046,733
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Cash Flow from
Operations(1) 796,166 883,657 682,060 830,059
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Net Income 417,339 519,498 17,073 706,023
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EPS(US) .038 .050 .002 .064
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EPS(CDN) .038 .050 .002 .063
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June Mar Dec Sept
30/2007 31/2007 31/2006 30/2006
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Revenue 1,403,839 1,633,196 838,509 1,823,936
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Cash Flow from
Operations(1) 324,277 622,731 (165,466) 500,283
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Net Income 124,174 736,100 (150,122) 433,180
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EPS(US) .011 .066 (.014) .040
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EPS(CDN) .012 .077 (.016) .047
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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.