Omni-Lite earns $124,174 (U.S.) in Q2 2007
Omni-Lite Industries Canada Inc.
August 30, 2007
For the six months ended June 30, 2007, Omni-Lite Industries Canada Inc. has posted record revenue and net income. In this period, revenue rose 30 per cent, and net income increased by 20 per cent, as compared with that in 2006. These results are largely the effect of increased activities in the military division. "The first six months of the year were a strong period of growth for Omni-Lite with earnings of eight cents per share, as compared with nine cents per share for the whole of 2006," stated Tim Wang, chief financial officer. "The company has seen significant growth in the military division with approximately 36 per cent of total sales coming from this area. This division should continue to see growth in the next year." All financial amounts are expressed in United States dollars, unless otherwise indicated.
Revenue in first six months was $3,037,035 ($3,217,131 (Canadian)). This increase in revenue reflects a 30-per-cent gain over the same period in 2006. Cash flow over the same period was $947,008 ($1,003,166 (Canadian)). Net income was $860,274 ($911,288 (Canadian)) or eight cents per share. Gross margins for the period were 71 per cent and net margins were 28 per cent. The 2007 financial highlights table summarizes the results of the first six months of the fiscal period.
2007 FINANCIAL HIGHLIGHTS (in U.S. dollars) Six months ended June 30, June 30, 2007 2006 Revenue $3,037,035 $2,344,616 Cash flow from operations(1) $ 947,008 $1,156,099 Net income $ 860,274 $ 718,254 EBITDA $1,383,602 $1,026,245 Earnings per share $ 0.078 $ 0.06 Note: At June 30, 2007, $1 (U.S.) equalled $1.0593 (Canadian); June 30, 2006, $1 (U.S.) equalled $1.1201 (Canadian).
Revenue in the three-month period ended June 30, 2007, was $1,403,839 ($1,487,086 (Canadian)). This reflects an increase in revenue of 5 per cent over the same period in 2006. Cash flow over the same period was $324,277 ($343,507 (Canadian)). Net income was $124,174 ($131,538 (Canadian)). Earnings per share in second quarter 2007 were one cent (one Canadian cent), compared with four cents (four Canadian cents) in second quarter 2006, based on the weighted average number of shares outstanding of 11,088,611 in second quarter 2007, versus 10,485,327 shares outstanding in 2006. This represents an increase of 5.8 per cent in the weighted average number of shares outstanding from second quarter 2006 to the second quarter 2007 fiscal period. In 2007, Omni-Lite repurchased 100,000 common shares through the normal course issuer bid.
2007 FINANCIAL HIGHLIGHTS (in U.S. dollars) Three months ended June 30, June 30, 2007 2006 Revenue $1,403,839 $1,330,936 Cash flow from operations $ 324,277 $ 654,887 Net income $ 124,174 $ 377,435 Earnings per share $ 0.011 $ 0.036 Note: At June 30, 2007, $1 (U.S.) equalled $1.0593 (Canadian); June 30, 2006, $1 (U.S.) equalled $1.1201 (Canadian).
The company has continued to add to its revenue stream. In the three-month period ended June 30, 2007, the military division accounted for 32 per cent of revenue. The aerospace division represented 25 per cent of sales. The sports and recreation division reported 25 per cent of revenue and the automotive division reported a 14 per cent contribution. Commercial activities accounted for 4 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.
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