Record Fourth Quarter and Year-End Results|
Omni-Lite Industries Canada Inc
Tuesday May 9, 2000
Fourth Quarter Record Sales Reach US $686,036; a 142 % Increase From 1998
Cerritos, California. May 9, 2000 - Mr. David Grant, President and Chief Executive Officer of Omni-Lite Industries Canada Inc. (OML-CDNX), a high technology engineering and manufacturing company is pleased to announce that audited revenues for the calendar year ended December 31, 1999 were US $1,924,339. This represents a 13% increase from US $1,701,395 for the year ended December 31, 1998. Net income increased to US $809,131 or US $0.08 a share-basic, from US $801,119, or US $0.08 a share-basic in 1998. All figures are in US dollars except as noted.
Revenue for the fourth quarter increased 142% to US $686,036 from US $283,059 in 1998. Net income for the quarter was US $316,215, or US $0.03 a share-basic compared to US $46,231 or US $0.004 a share-basic, for the same period last year.
In 1999, strong sales growth was reported in both Asia and the United States. To meet this demand, Omni-Lite acquired five new cold forging systems bringing the total number at the company's facility to ten. During the year, Omni-Lite incurred additional costs to install the new forging systems, computers and ancillary equipment. This increase in production capacity also led to the addition of three operators necessitating further heavy expenditures in the training of these individuals on the company's complex equipment and product line.
In fiscal 2000, Omni-Lite continues to invest in the development of several new products. These include the 2nd generation coupling for the US Army and NATO, a new transmission component for Daimler-Chrysler, airbag components utilized by GM, Ford, Mazda, and Volkswagon, and several products for Nike and adidas. The benefit of these expenditures is reflected in increased revenues for Q4 1999 and fiscal 2000.
In July of 1999 Omni-Lite hired a Chief Operating Officer who has helped diversify the company by establishing an aerospace division. In fiscal 2000, Omni-Lite has received 14 contracts from Fairchild for components that are utilized in jet aircraft, nuclear submarines and armored vehicles. In April 2000, the company further expanded management depth by adding a CFO with corporate finance experience. The addition of these key individuals will enable the company to focus on research and development, sales and marketing and additional growth in the company; further enhancing shareholder value.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components used by 400 companies including GM, Ford, Mazda, Daimler-Chrysler, the U.S. military, Nike, Adidas and Reebok.
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