OMNI-LITE INDUSTRIES CANADA INC.
OML-TSX VENTURE
CERRITOS, CA, April 30 /CNW/ - For the year ended December 31, 2007, Omni-Lite Industries Canada Inc. is pleased to report an increase in revenue of 39% over fiscal 2006. These results are largely the effect of growth experienced in the Military and Aerospace divisions. In 2007, the Military and Aerospace divisions accounted for approximately 68% of revenue up from 57% in 2006. In the 2007 fiscal period, EBITDA increased 76% and Cash Flow increased 65%. Net income increased 58%.
"In 2007 gross margins were 70%, an increase from 65% in fiscal 2006. This increased productivity was highlighted by the fact that the Company manufactured approximately 74 million components in 2007, an increase of 90% from 2006. The significant efforts to improve productivity made in the last year are continuing to pay dividends as the Company estimates gross margin for Q1 2008 at approximately 73%," stated Mr. David F. Grant, Chairman and CEO. "As the company adopts the Vision 2015 Plan approved by the Board in February 2008, further build out in the infrastructure of the company is underway. The Company has added new design and engineering capabilities and is actively looking for a 60,000 to 70,000 square foot building in the vicinity of the current 30,900 sq ft building in Cerritos. To meet the significant opportunities that the Company is fortunate to have on the table will require considerable continued investment by the Company within the next 24 months. Many of the very large programs that the Company is developing products for could be in production in 2009 and 2010."
Revenue in the fiscal 2007 period was $6,983,845US ($6,858,136 CDN) up from $5,007,061US in 2006. Cash flow from operations over the same period was $2,459,127US up from $1,490,916, an increase 65% for the year. EBITDA was $3,105,315US up from $1,763,875US, an increase of 76% year over year. Net income was $1,583,370US($1,554,869CDN), up from $1,001,312 in 2006, an increase of 58% for the year. Gross margins for the year were 70% and net margins were 23%. The following table summarizes these results.
2007 FINANCIAL HIGHLIGHTS (in US $)
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Basic Weighted
Average Shares For the year For the year
Issued And ended ended %
Outstanding: December 31, December 31, Increase
11,059,967 2007 2006 (Decrease)
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Revenue 6,983,845 5,007,061 39%
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Cash flow from operations(1) 2,459,127 1,490,916 65%
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Net Income 1,583,370 1,001,312 58%
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EPS (US) $0.14 $0.09 55%
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EPS (CDN) $0.14 $0.11 27%
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All figures are in US dollars except as noted.
(note: at 12/31/07, $1US (equal sign) $0.9820 CDN; 12/31/06, $1US (equal
sign) $1.1664 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.
Basic earnings per share were $0.14 ($0.14 CDN) compared to $0.09 ($0.11 CDN) in 2006 based on the weighted average shares outstanding of 11,059,967. In 2007, Omni-Lite repurchased 238,400 (2006 - 339,000) common shares through the Normal Course Issuer Bid. The weighted average number of shares increased from 10,693,164 to 11,059,967.
The Company has continued to diversify its revenue stream. The Military Division represented 42% of sales. The Aerospace division now accounts for 26% of revenue. The Sports and Recreation division reported 17% of revenue and the Automotive division reported 12%. Commercial activities accounted for 3% 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 Sept June Mar Dec
31/2007 30/2007 30/2007 31/2007 31/2006
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Revenue 1,900,077 2,046,733 1,403,839 1,633,196 838,509
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Cash Flow
from
Operations(1) 682,060 830,059 324,277 622,731 (165,466)
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Net Income 17,073 706,023 124,174 736,100 (150,122)
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EPS(US) .002 .064 .011 .066 (.014)
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EPS(CDN) .002 .063 .012 .077 (.016)
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Sept June Mar
30/2006 30/2006 31/2006
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Revenue 1,823,936 1,330,936 1,013,680
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Cash Flow
from
Operations(1) 500,283 654,887 501,212
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Net Income 433,180 377,435 340,819
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EPS(US) .040 .035 .032
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EPS(CDN) .047 .040 .037
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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 2007, revenue was $1,900,077, an increase of 127% over the same period in 2006. Net income for the quarter was $17,073 compared to a net loss of $150,122 in fourth quarter 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.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.