Omni-Lite Industries earns $519,498 (U.S.) in Q1
Omni-Lite Industries Canada Inc.
May 22, 2008
For the quarter ended March 31, 2008, Omni-Lite Industries Canada Inc. posted record revenue, earnings before interest, taxes, depreciation and amortization, and cash flow. In this period, revenue rose 20 per cent and cash flow increased by 42 per cent over the corresponding period in 2007. These results are largely the effect of increased activities in the military and aerospace divisions. "The first quarter was a very successful period for Omni-Lite. The implementation of the Vision 2010 strategy, which includes additional equipment and engineering and design personnel, is starting to show significant benefit," stated Paul A. Burkey, president and chief operating officer. "In addition, the company's activities in both the military and aerospace sectors are showing momentum, a fact that may help to provide growing sales for many years to come." All figures are in U.S. dollars unless otherwise specified.
Revenue in first quarter was $1,959,467 ($2,004,927 (Canadian)). This increase in revenue reflects a 20-per-cent gain over the same period in 2007. EBITDA over the period was $981,842, a slight increase over the 979,861 reported in 2007. Cash flow over the same period was $883,657 ($904,158 (Canadian)), up 42 per cent. Net income was $519,498 ($531,550 (Canadian)), a decrease of 29 per cent for the same period of 2007. Net income was affected by a large increase in the tax provision and by a non-cash item recorded in 2007 upon the spinoff of California Nanotechnologies. Gross margins for the period were 73 per cent and net margins were 27 per cent. The table summarizes these results.
FIRST QUARTER 2008 FINANCIAL HIGHLIGHTS (in U.S. dollars) For the period ending For the period ending March 31, 2008 March 31, 2007 Total revenue $1,959,467 $1,633,196 Earnings before interest, taxes, depreciation and amortization 981,842 979,861 Cash flow from operations (1) 883,657 622,731 Net income 519,498 736,100 Earnings per share (U.S.) $0.05 $0.07 EPS (Canadian) $0.05 $0.07 (Note: At March 31, 2008, $1 (U.S.) equalled $1.0232 (Canadian); at March 31, 2007, $1 (U.S.) equalled $1.1559 (Canadian))
(1) Cash flow from operations is a non-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 in the first quarter of 2008 were five cents (five Canadian cents) compared with seven cents (seven Canadian cents) in the first quarter of 2007, based on the weighted average number of shares outstanding of 10,946,580 in the first quarter of 2008. In the first quarter of 2008, Omni-Lite repurchased 104,900 common shares through the normal course issuer bid. The company has continued to add to its revenue stream. In 2008 first quarter, the military division accounted for 50 per cent of revenue. The aerospace division represented 26 per cent of sales. The automotive division reported 11 per cent of revenue, and the sports and recreation division reported 7 per cent. Commercial activities accounted for 6 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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INFORMATION CONTAINED HEREIN.
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