Omni-Lite earns $706,023 (U.S.) in Q3 2007
Omni-Lite Industries Canada Inc.
October 26, 2007
Omni-Lite Industries Canada Inc. had record revenue and net income in the first nine months of 2007. In this period, revenue rose 22 per cent, and net income increased by 36 per cent, compared with 2006.
For the nine months ended Sept. 30, 2007, Omni-Lite Industries Canada had record revenue of $5,083,768 (U.S.) ($5,047,673 (Canadian)), a 22-per-cent increase over the corresponding period in 2006. Sales in the military division represented 39 per cent of revenue in the nine months. The aerospace division represented 27 per cent of the revenue. The sports and recreation division contributed 18 per cent to revenue. The automotive division brought in 12 per cent of revenue. The remaining 4 per cent of revenues are from the commercial division. The tables summarize the results for the three months and nine months ended Sept. 30, 2007.
"The fiscal performance of the first three quarters puts the company on track to reach its 2007 goals. We are pleased that the gross margin exceeded 70 per cent and the net margin exceeded 30 per cent. These metrics illustrate the leverage possible in the company's business model," stated David F. Grant, chairman of the board and chief executive officer. "As the vision 2010 strategy continues to provide new equipment and trained staff, increased shareholder value should be created. The company's growth in the military and aerospace markets follow the strategy adopted in early part of 2006. The extensive research and development actively under way at the company should provide further growth in the years to come."
2007 FINANCIAL HIGHLIGHTS (in U.S. dollars) For the nine For the nine % months ended months ended increase Sept. 30, 2007 Sept. 30, 2006 (decrease) Revenue $5,083,768 $4,168,552 22% Cash flow from operations (1) $1,777,067 $1,656,382 7% Net income $1,566,297 $1,151,434 36% EBITDA $2,434,139 1,609,697 51% EPS $0.141 $0.109 29%
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