Omni-Lite Industries Delivers Strong Gains
CERRITOS, CALIFORNIA, April 23, 2015 – For the year ended December 31, 2014, Omni-Lite Industries Canada Inc. (the "Company") (TSXV: OML) is pleased to announce audited revenue of US$5,850,318, an increase of 10 percent over revenues in 2013. In the 2014 fiscal period, cash flow from operations increased to US$1,269,725 versus US$988,936 in 2013, a gain of 28 percent.
"The Company delivered significant improvement in many financial metrics in 2014. Bookings increased in excess of 15%, which bodes well for management's expectations for 2015. As a capital intensive company, cash flow from operations is an important measure of the Company's success. In 2014, cash flow from operations in U.S. dollars, increased 28 percent over 2013 results. Net income was up 240 percent and earnings per share increased 247 percent," stated David F. Grant, CEO. "In 2015 the Company continues to execute on its growth plan with new programs in the military, aerospace and specialty automotive markets. Of particular significance, the Company ended 2014 debt free with a strong balance sheet."
Revenue: For the year ended December 31, 2014, Omni-Lite reported revenue of US$5,850,318.
Sales by division are summarized below:
Net Income: Net income was US$469,283.
Earnings per share: Basic earnings per share were US$0.04 compared to US$0.01 in 2013 based on the weighted average number of shares outstanding of 11,982,866 versus 12,228,094 in 2013. The weighted average number of shares decreased approximately 2 percent over the prior year. As part of an ongoing Normal Course Issuer Bid, the Company repurchased 575,000 shares in 2014 which were subsequently cancelled. The actual numbers of shares outstanding at December 31, 2014 were 11,637,932.
SUMMARY OF FINANCIAL HIGHLIGHTS (US$)
(Note: at 12/31/14, US$1 = CAD$1.1627; 12/31/13, US$1 = CAD$1.0694)
(1) Cash flow from operations is a non-IFRS 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 write-downs and gains (losses) on sale of assets, if any. Thenon-IFRS financial measures, as defined herein, and should be read in conjunction with IFRS financial measures. The non-IFRS financial measures are not presented as an alternative to IFRS cash flows from operations, as a measure of our liquidity or as an alternative to reported net income as an indicator of our operating performance. The non-GAAP financial measures as used herein may not be comparable to similarly titled measures reported by other companies. We believe the use of non-IFRS cash flow from continuing operations along with IFRS financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of other companies and estimating our enterprise value.
Please see www.sedar.com or contact the Company for complete results.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 Companies including Boeing, Airbus, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tim Wang, CFO, Tel. No. (562) 404-8510 x108, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com
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