OMNI-LITE REPORTS RECORD REVENUE, CASH FLOW AND NET INCOME FOR SECOND QUARTER 2006
Omni-Lite Industries Canada Inc.
August 29, 2006
Omni-Lite Industries Canada Inc. had record revenue, cash flow from operations and net income for the quarter ended June 30, 2006, and the first six months of 2006. These results are largely the effect of increased revenue in the aerospace division. "By all measures, the first six months were a successful period for the company. The completion of the research and development efforts on the new military project, and the new automotive contracts recently announced will provide increased revenue growth throughout 2006 and 2007," stated Paul A. Burkey, president and chief operating officer. Figures are in U.S. dollars, except as indicated.
Revenue in first two quarters was $2,344,616 ($2,626,204 (Canadian)). This increase in revenue reflects a 21-per-cent gain over the same period in 2005. Cash flow from operations over the same period was $1,156,099 ($1,294,947 (Canadian), up 28 per cent for the year. Net income was $718,254 ($804,516 (Canadian)), an increase of 5 per cent for the year. Gross margins for the period were 71 per cent and net margins were 31 per cent. The following table summarizes these results.
Six months ended Six months ended June 30, 2006 June 30, 2005 Revenue $ 2,344,616 $ 1,934,388 Cash flow from operations (1) $ 1,156,099 $ 903,053 Net income $ 718,254 $ 681,968 Earnings per share $ 0.07 $ 0.07
(1) Cash flow from operations is a non-GAAP (generally accepted accounting principles) 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 writedowns, and gains (losses) on sale of assets, if any.
Net income for the first six months of 2006 was $718,254 ($804,516 (Canadian)) or seven cents (eight Canadian cents) per common share. This compares with net income of $681,968 or seven cents per share in the first six months of 2005, an increase of 5 per cent.
Earnings per share were calculated using the weighted average shares outstanding of 10,485,327. As of June 30, 2006, there were 10,554,228 shares outstanding. The company has continued to add to its revenue stream. In the second quarter, the aerospace division accounted for 35 per cent of revenue. The automotive division represented 20 per cent of sales. The sports and recreation division reported 19 per cent of revenue, and the military division reported 18 per cent. Commercial activities accounted for 8 per cent of revenue. For the three months ended June 30, 2006, revenue was a new record for Omni-Lite at $1,330,936 ($1,490,781 (Canadian)), an increase of 32 per cent. Net income was $377,435 ($422,765 (Canadian)), an increase of 1 per cent over the same period in 2005. Cash flow from operations increased by 38 per cent over the same period in 2005, to $654,887.
Three months ended Three months ended June 30, 2006 June 30, 2005 Revenue $ 1,330,936 $ 1,010,728 Cash flow from operations $ 654,887 $ 474,129 Net income $ 377,435 $ 372,812 Earnings per share $ 0.04 $ 0.04
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.
|| Main Page | Investor Info | Profile / Divisions | Online Store | Contact Us | | Follow @OmniLiteInd ||