Omni-Lite completes development of new components
 
Omni-Lite Industries Canada Inc
OML-ASE

Thursday Jun 17 1999

Mr. David Grant reports 
 The company's first quarter saw revenues of $300,060 (U.S.), and net income of
 $97,732 (U.S.). Earnings per share were one U.S. cent. 


Three months ended March 31

                            1999      1998

 Revenue                $300,060  $358,025

 Cash flow from 
 operations              127,070   248,050

 Net income               97,732   199,900

 Earnings per share       1 cent   2 cents


Year ended Dec. 31, 1998

 Revenue                $1,701,395 

 Cash flow from 
 operations                997,338

 Net income                801,119

 Earnings per share        8 cents
 

 Over the period, the company completed the development of new components for Daimler Chrysler, Volkswagen, Adidas, and Nike. In addition, the development of a second-generation coupling for the United States Army was started in February. The first prototypes of this product were tested in June, and final development of the component is scheduled for September, 1999.  

The company has completed the installation of the additional five precision cold forging systems in the Cerritos facility and all 10 systems should be contributing to the bottom line by the end of the second quarter. The company is still looking to expand the manufacturing facility to a 10,000-square-foot space to consolidate all management, production, quality control, shipping, and warehousing functions. The move should be completed by the end of the third quarter.  

The first quarter reflects a significant increase in staff in both the production and administrative areas and a slight drop in revenues due to timing issues in the automotive and military divisions. Management feels the company is now poised for an extended period of growth.

For further information, please contact:
IN U.S.A.
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: info@omni-lite.com
Website: www.omni-lite.com


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