Omni-Lite Industries Reports Strong First Quarter Results
CERRITOS, CALIFORNIA, April 28, 2015 – For the three months ended March 31, 2015, Omni-Lite Industries Canada Inc. (the "Company") (TSXV: OML) is pleased to report revenue of US$1,773,335, an increase of 29% over the same period in 2014. In the first three months of this fiscal year, cash flow from operations(1) increased to US$525,354, an increase of 40% over last year. Net income was US$312,313, up 633% over the first quarter in 2014.
Omni-Lite is also pleased to note that it has received new contracts worth US$680,042. Of these orders, 54% are in the Specialty Automotive division, 40% are in the Aerospace division and 6% are in the Sports and Recreation division. "This brings the total value of the new orders announced in April 2015 to US$1,443,290," stated Allen W. Maxin, President. "Approximately 49 percent of these orders were from the aerospace industry. This is consistent with our planned growth strategy in this space."
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
(Note: at 3/31/15, US$1 = CAD$1.2642; 3/31/14, US$1 = CAD$1.1058)
(1) Please see 2014 Management Discussion and Analysis for detailed notes and definitions
In addition to the new seven station cold forging system arriving in July this year, the Company has purchased five new SK monitoring systems that enable state of the art control of the forming process on its complex manufacturing systems. "Our experience, with the nine SK systems that the Company has been utilizing for the last three years, is that production efficiencies increase dramatically and scrap and non-conforming parts are reduced significantly," stated Michael Walker, VP of R and D. "These systems will be installed in the Cerritos facility in May. The value of these SK systems is in excess of US$125,000."
"In the first three months of the year, the Company's financial performance continued to trend upward with key metrics such as cash flow from operations, net income and earnings per share increasing significantly," stated David F. Grant, CEO. "The US$2.2 million military contract announced in November 2014 continues to increase the Company's revenues in tandem with additional developments in the aerospace and specialty automotive markets."
Please see www.sedar.com or contact the Company for complete results.
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, 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: firstname.lastname@example.org
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