Omni-Lite earns $1-million (U.S.) in 2006
Omni-Lite Industries Canada Inc.
May 1, 2007
For the year ended Dec. 31, 2006, Omni-Lite Industries Canada Inc.'s revenue increased 15 per cent over fiscal 2005. This is the first year that the company has exceeded $5-million in revenue. These results are largely the effect of growth experienced in the aerospace, military and specialty automotive divisions. All financial amounts are reported in United States dollars, unless otherwise indicated.
"In 2006, Omni-Lite focused on several difficult projects that increased expenses significantly. These projects only began to add to revenue in first quarter of 2007. In addition, in 2006, the company had to consolidate the financial results of California Nanotechnologies Inc., a partially owned California corporation set up to conduct research into the commercialization of nanocrystalline materials," stated David F. Grant, chairman and chief executive officer. "The implementation of our vision 2010 plan has led to a significant increase in production capabilities, tooling support infrastructure, quality control systems and world-class laboratory facilities. This progress is evident in the increase in the number of components manufactured in first quarter 2007. In first quarter 2007, approximately 16.9 million components were manufactured versus 6.8 million components manufactured in first quarter of 2006. On a quarter-to-quarter basis, the production in the company increased by 2.5 times. These results were evident in the 61-per-cent increase in revenue in first quarter of 2007."
Revenue in the fiscal 2006 period was $5,007,061 ($5,840,236 (Canadian)). Cash flow over the same period was $1,490,916 ($1,739,004 (Canadian)) down 24 per cent for the year. Net income was $1,001,312 ($1,167,930 (Canadian)), a decrease of 20 per cent for the year. Gross margins for the year were 65 per cent and net margins were 20 per cent.
FINANCIAL HIGHLIGHTS (in U.S. dollars) Year ended Year ended Dec. 31, Dec. 31, 2006 2005 Total revenue $5,007,061 $4,360,046 Cash flow from operations (1) $1,490,916 $1,961,678 Net income $1,001,312 $1,249,416 Earnings per share ($U.S.) $ 0.094 $ 0.127 Earnings per share ($Cdn.) $ 0.110 $ 0.148 Note: at Dec. 31, 2006, $1 (U.S.) equalled $1.1664 (Canadian); Dec. 31, 2005, $1 (U.S.) equalled $1.1660 (Canadian))
(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.
Earnings per share were 9.4 cents (11 Canadian cents) compared with 12.7 cents (14.8 Canadian cents) in 2005, based on the weighted average shares outstanding of 10,693,164, compared with 9,854,497 in 2005. Due to the exercise of warrants and stock options in 2006 the weighted average number of shares increased by approximately 9 per cent. In 2006, Omni-Lite repurchased 339,000 (2004 -- 150,000) common shares through the normal course issuer bid. In 2006, a total of $370,260 (U.S.) was paid out as a semi-annual dividend to the shareholders. This represented a total dividend of four Canadian cents per share for shareholders on the published record dates. The company has continued to diversify its revenue stream. The aerospace division now accounts for 31 per cent of revenue. The military division represented 26 per cent of sales. The sports and recreation division reported 23 per cent of revenue and the automotive division reported 18 per cent. Commercial activities accounted for 2 per cent of revenue.
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 ||