Omni-Lite Q1 revenue jumps 61% in 2007
Omni-Lite Industries Canada Inc.
April 3, 2007
Omni-Lite Industries Canada Inc.'s revenue in the first quarter of 2007 increased approximately 61 per cent over revenue in the first quarter of 2006. Revenue for the period was approximately $1,636,000 (U.S.) versus $1,013,680 (U.S.) in the first quarter of 2006. This represents a record for revenue in the first quarter. This growth was primarily from increased deliveries in the military and aerospace divisions. Deliveries in the military division increased 536 per cent over those in 2006, while those in the aerospace division increased approximately 34 per cent.
"This significant increase in revenue justifies the many activities undertaken in the Vision 2010 growth plan announced by the company in late 2005," stated Paul A. Burkey, president and chief executive officer. "Without the significant expenditure on new equipment, increased emphasis on attracting new high-calibre employees, increased internal tooling support and the dedication of the entire staff at Omni-Lite, the implementation of the Vision 2010 plan would not be achieved. In addition, the record results in the first quarter were made possible by the significant efforts, in both product design and development, that were undertaken in the third quarter of and the fourth quarter of 2006."
As part of the Vision 2010 plan, the company received two new five die progressive cold forging systems in March, 2007. These machines are worth approximately $640,000 (U.S.). These machines are expected to be used in the aerospace division to support one of the company's long-term customers. The development of these new products is expected to begin approximately April 15, 2007. The company expects the delivery of two additional six die progressive cold forging systems in October of this year.
To provide additional floor space without changing location or renting additional facilities, the company has installed approximately 1,300 square feet of structurally reinforced mezzanine. This has the effect of increasing the manufacturing area by about 7 per cent. The size of the mezzanine can be doubled in the future should additional area be required. This should allow the company to remain in the existing facility for the next several years.
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.
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