OMNI-LITE INDUSTRIES CANADA INC.
OML-TSX VENTURE
CERRITOS, CA, Aug. 30 /CNW/ - For the six months ended June 30, 2007, Omni-Lite Industries Canada Inc. is pleased to report record revenue and net income. In this period, revenue rose 30 percent, and net income increased by 20 percent, as compared to that in 2006. These results are largely the effect of increased activities in the military division. "The first six months of the year were a strong period of growth for Omni-Lite with earnings of eight cents per share as compared to nine cents per share for the whole of 2006," stated Tim Wang, CFO. "The Company has seen significant growth in the Military division with approximately 36 percent of total sales coming from this area. This division should continue to see growth in the next year."
Revenue in first six months was $3,037,035 ($3,217,131 CDN). This increase in revenue reflects a 30 percent gain over the same period in 2006. Cash flow over the same period was $947,008 ($1,003,166 CDN). Net income was $860,274 ($911,288 CDN) or eight cents per share. Gross margins for the period were 71 percent and net margins were 28 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 six For the six
Weighted Average Shares months months
Issued And Outstanding: ended June ended June % Increase
11,088,611 30, 2007 30, 2006 (Decrease)
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Revenue $3,037,035 $2,344,616 30%
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Cash flow from operations(1) $947,008 $1,156,099 (18%)
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Net Income $860,274 $718,254 20%
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EBITDA $1,383,602 $1,026,245 35%
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EPS (US) $0.078 $0.068 15%
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All figures are in US dollars except as noted.
(note: at 6/30/07, $1US (equal sign) $1.0593 CDN;
6/30/06, $1US (equal sign) $1.1201 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, 2007 was $1,403,839 ($1,487,086 CDN). This reflects an increase in revenue of 5% over the same period in 2006. Cash flow over the same period was $324,277 ($343,507 CDN). Net income was $124,174 ($131,538 CDN). Earnings per share in Q2 2007 were $0.01 ($0.01 CDN) compared with $0.04 ($0.04 CDN) in Q2 2006, based on the weighted average number of shares outstanding of 11,088,611 in Q2 2007, versus 10,485,327 shares outstanding in 2006. This represents an increase of 5.8 percent in the weighted average number of shares outstanding from Q2 2006 to the Q2 2007 fiscal period. In 2007, Omni-Lite repurchased 100,000 common shares through the Normal Course Issuer Bid.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $) Three Months
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For the For the
Weighted Average Shares three months three months
Issued And Outstanding: ended June ended June % Increase
11,088,611 30, 2007 30, 2006 (Decrease)
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Revenue $1,403,839 $1,330,936 5%
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Cash flow from operations(1) $324,277 $654,887 (50%)
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Net Income $124,174 $377,435 (67%)
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EPS (US) $0.011 $0.036 (69%)
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(note: at 6/30/07, $1US (equal sign) $1.0593 CDN;
6/30/06, $1US (equal sign) $1.1201 CDN)
The Company has continued to add to its revenue stream. In the three month period ended June 30, 2007, the Military division accounted for 32 percent of revenue. The Aerospace division represented 25 percent of sales. The Sports and Recreation division reported 25 percent of revenue and the Automotive division reported a 14 percent contribution. Commercial activities accounted for 4 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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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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June Mar Dec Sept
30/2006 31/2006 31/2005 30/2005
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Revenue 1,330,936 1,013,680 1,092,705 1,332,953
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Cash Flow from Operations(1) 654,887 501,212 424,607 634,018
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Net Income 377,435 340,819 103,027 464,421
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EPS(US) .035 .032 .01 .05
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EPS(CDN) .040 .037 .01 .05
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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.