OML-TSX VENTURE
CERRITOS, CA, May 23 /CNW/ - For the quarter ended March 31, 2008, Omni-Lite Industries Canada Inc. is pleased to report record revenue, EBITDA and cash flow. In this period revenue rose 20% and cash flow increased by 42% over the corresponding period in 2007. These results are largely the effect of increased activities in the military and aerospace divisions. "The first quarter was a very successful period for Omni-Lite. The implementation of the Vision 2010 Strategy which includes additional equipment and engineering and design personnel is starting to show significant benefit," stated Paul A. Burkey, President and COO. "In addition, the Company's activities in both the military and aerospace sectors are showing momentum, a fact that may help to provide growing sales for many years to come."
Revenue in first quarter was $1,959,467 ($2,004,927 CDN). This increase in revenue reflects a 20% gain over the same period in 2007. EBITDA over the period was $981,842 a slight increase over the 979,861 reported in 2007. Cash flow over the same period was $883,657 ($904,158 CDN), up 42%. Net income was $519,498 ($531,550 CDN), a decrease of 29% for the same period of 2007. Net income was affected by a large increase in the tax provision and by a non-cash item recorded in 2007 upon the spin off of California Nanotechnologies. Gross margins for the period were 73% and net margins were 27%. The following table summarizes these results.
2008 Q1 FINANCIAL HIGHLIGHTS (in US $)
-------------------------------------------------------------------------
Weighted Average
Shares Issued And For the period For the period
Outstanding: ending March 31, ending March 31, % Increase
10,946,580 2008 2007
-------------------------------------------------------------------------
Total Revenue 1,959,467 $1,633,196 20%
-------------------------------------------------------------------------
EBITDA 981,842 $979,861 0%
-------------------------------------------------------------------------
Cash flow from
operations (1) 883,657 $622,731 42%
-------------------------------------------------------------------------
Net Income 519,498 $736,100 (29%)
-------------------------------------------------------------------------
EPS (US) $0.05 $0.07 (28%)
-------------------------------------------------------------------------
EPS (CDN) $0.05 $0.07 (28%)
-------------------------------------------------------------------------
All figures are in US dollars except as noted.
(note: at 3/31/08, $1US (equal sign) $1.0232 CDN; 3/31/07,
$1US (equal sign) $1.1559 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 2008 Q1 were $0.05 ($0.05 CDN) compared with $0.07 ($0.07 CDN) in 2007 Q1, based on the weighted average number of shares outstanding of 10,946,580 in 2008 Q1. In 2008 Q1, Omni-Lite repurchased 104,900 common shares through the Normal Course Issuer Bid.
The Company has continued to add to its revenue stream. In 2008 Q1, the Military division accounted for 50% of revenue. The Aerospace division represented 26% of sales. The Automotive division reported 11% of revenue and the Sports and Recreation division reported 7%. Commercial activities accounted for 6% 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 31/2008 Dec 31/2007 Sept 30/2007 June 30/2007
-------------------------------------------------------------------------
Revenue 1,959,467 1,900,077 2,046,733 1,403,839
-------------------------------------------------------------------------
Cash Flow from
Operations(1) 883,657 682,060 830,059 324,277
-------------------------------------------------------------------------
Net Income 519,498 17,073 706,023 124,174
-------------------------------------------------------------------------
EPS(US) .047 .002 .064 .011
-------------------------------------------------------------------------
EPS(CDN) .048 .002 .063 .012
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Mar 31/2007 Dec 31/2006 Sept 30/2006 June 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
-------------------------------------------------------------------------
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 interim financial statements and MD&A can be accessed under the Company's filings found at www.sedar.com or a copy can be provided by contacting the Company.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.