OML-TSX VENTURE EXCHANGE
CERRITOS, CA, Nov. 17 /CNW/ - Omni-Lite Industries Canada Inc. is pleased
to report revenues of $3,267,341 ($3,827,037 CDN), a 34% increase over the
corresponding period in 2004. The Aerospace division continues to lead sales
at the end of third quarter representing 34% of revenues, up 90% over the same
period in 2004. The growth in the Aerospace division reflects the increased
demand of Omni-Lite's components by existing and new customers. The Sports and
Recreation division contributed the next highest proportion of revenues at 30%
in 2005 versus 31% in 2004. It was expected that the proportion represented by
the Sports and Recreation division would decrease as the other divisions grew,
but the sales in the Sports and Recreation division grew a surprising 30% over
the same nine months in 2004. Sales in the Military division represented the
next 20% of revenue, also up 23% over the same period in 2004. The Automotive
division represented 13% of revenues. However, the sales in the Automotive
division were down 5% reflecting slower sales in the automotive market. Sales
in the Commercial division completed the remaining 3% of revenue.
Net income for the nine-month period of 2005 was $1,146,389
($1,342,765 CDN) or $0.12 ($0.14 CDN) per common share. This compares to net
income of $729,303 or $0.08 per share in the nine-month period of 2004, an
increase of 57%.
Earnings per share were calculated using the weighted average shares
outstanding of 9,747,582. As of September 30, 2005, there were 10,046,904
shares outstanding.
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ALL FIGURES IN US DOLLARS UNLESS NOTED
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
-------------------------------------------------------------------------
Weighted Average Shares For the nine For the nine
Issued And Outstanding: months months %
9,747,582 ended ended Increase
September September
30, 2005 30, 2004
-------------------------------------------------------------------------
Revenue $3,267,341 $2,443,852 34%
-------------------------------------------------------------------------
Cash flow from operations(1) $1,537,071 $912,755 68%
-------------------------------------------------------------------------
Net Income $1,146,389 $729,303 57%
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EPS (US) $0.12 $0.08 50%
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EPS (CDN) $0.14 $0.11 27%
-------------------------------------------------------------------------
(note: at 9/30/05, $1US equals $1.1713 CDN; 9/30/04,
$1US equals $1.2699 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.
For the three months ended September 30, 2005, revenue was a new record
for Omni-Lite at $1,332,953 ($1,561,288 CDN), an increase of 47%. Net income
was $464,421 ($543,976 CDN), an increase of 92% over the same period in 2004.
Cash flow from operations increased by 108% over the same period in 2004 to
$634,018. The Sports and Recreation division led sales in third quarter with
41% of the sales. The Aerospace division followed with 31% of the sales. The
Military and Automotive divisions contributed 14% and 13% to third quarter
revenue, respectively. The Commercial division contributed the remaining 1% of
sales.
ALL FIGURES IN US DOLLARS UNLESS NOTED
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
-------------------------------------------------------------------------
Weighted Average Shares For the three For the three
Issued And Outstanding: months months %
9,747,582 ended ended Increase
September September
30, 2005 30, 2004
-------------------------------------------------------------------------
Revenue $1,332,953 $906,909 47%
-------------------------------------------------------------------------
Cash flow from operations(1) $634,018 $304,637 108%
-------------------------------------------------------------------------
Net Income $464,421 $241,974 92%
-------------------------------------------------------------------------
EPS (US) $0.05 $0.03 67%
-------------------------------------------------------------------------
EPS (CDN) $0.05 $0.04 25%
-------------------------------------------------------------------------
(note: at 9/30/05, $1US equals $1.1713 CDN; 9/30/04,
$1US equals $1.2699 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.
"This year the Aerospace division has led the growth, as many of the R&D
projects completed last year are beginning to add to the revenue stream,"
stated David F. Grant, CEO. "Further growth will be fueled by the new
contracts received this year."
For a copy of the financial statements and MD&A, please see www.sedar.com
or contact the Company for a hard copy.
Omni-Lite is a rapidly growing high technology company that develops and
manufactures precision components utilized by 140 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.
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