Omni-Lite Industries earns $482,537 (U.S.) in Q1 2010
Omni-Lite Industries Canada Inc.
May 5, 2010
Omni-Lite Industries Canada Inc.'s revenue increased by 88 per cent in its quarter ended March 31, 2010. In addition, cash flow increased by 95 per cent, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 107 per cent, and net income increased by 344 per cent.
"After two years of intense development, new products in both the military and automotive divisions provided strong growth in the first quarter of the year. The military division grew by 154 per cent, while the automotive division grew 110 per cent," stated Allen W. Maxin, vice-president of operations. "The company is working on several new programs that could lead to continued growth in the next two to three years. These new products, combined with larger orders for the company's existing product lines, bode well for the remainder of 2010 and beyond."
FIRST QUARTER 2010 FINANCIAL HIGHLIGHTS (in U.S. dollars) For the period ended March 31, 2010 2009 Total revenue $1,834,076 $973,902 EBITDA $919,447 $417,237 Cash flow from operations(1) $768,309 $393,027 Net income $482,537 $108,598 EPS 0.05 0.01 EPS (Canadian dollars) 0.05 0.01
(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 the sale of assets, if any.
(2) At March 31, 2010, $1 (U.S.) equalled $1.0192 (Canadian). At March 31, 2009, $1 (U.S.) equalled $1.2495 (Canadian).
Earnings per share in the first quarter of 2010 were five U.S. cents (five Canadian cents), compared with one U.S. cent (one Canadian cent) in the first quarter of 2009. In the first quarter:
The military division accounted for 59 per cent of revenue;
Please see SEDAR or contact the company for a copy of the audited 2009 and 2010 first quarter interim financial statements as well as management's discussion and analysis.
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.
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