Omni-Lite completes development of new
|Omni-Lite Industries Canada Inc
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.
Revenue $300,060 $358,025
Cash flow from
Net income 97,732 199,900
Earnings per share 1 cent 2 cents
Year ended Dec. 31, 1998
Cash flow from
Net income 801,119
Earnings per share 8
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.
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