Record First Quarter|
Omni-Lite Industries Canada Inc
May 30, 2000
Omni-Lite is pleased to announce record revenue and net earnings for the first quarter of fiscal 2000. Over this period, revenue increased to $US 419,967, an increase of 40% over the same period in 1999. During the quarter, cash flow increased by 40% to $US 178,118 and net income increased to $US 137,357, an increase of over 41%. These results are particularly encouraging as Omni-Lite's first quarter is traditionally the slowest quarter. " The effects of increasing production capacity and the intensive research conducted on new products are now beginning to show," stated Mr. David F. Grant, President and CEO. " Further positive results should continue in the ensuing quarters, particularly as initial shipments of the second generation link have been initiated to the US Army in April, 2000."
All figures are in US dollars except as noted.
Further increasing future earnings per share, on April 27, 2000 a shareholder agreed to return 1,000,000 escrowed shares to the treasury, which will have the effect of reducing the number of shares outstanding to 9,753,902. These shares were part of the 1,500,000 shares issued on the acquisition of Formed Fast Inc. of Cerritos, California that were held in escrow pending achievement of certain performance requirements contained in the acquisition agreement. The remaining 500,000 shares remain in escrow pending certain financial milestones that would be of direct benefit to Omni-Lite.
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