Record Second Quarter Reveue, Cash Flow and Earnings

Omni-Lite Industries Canada Inc.
OML-CDNX

August 27, 2001

Mr. David Grant reports

Omni-Lite is pleased to announce record revenue, cash flow and earnings for the second quarter and first half of fiscal 2001. During the second quarter, total revenue increased to $ 591,263 US or approximately $916,458 CDN, an increase of 49% over the same period in 2000. During this time frame, cash flow increased by 71% to $349,267 US or approximately $541,364 CDN. The company reported net income for the period of $269,217 US ($.03US/share) or approximately $417,286 CDN ($.04CDN/share), an increase of 67% over the corresponding period of 2000." While we are pleased with the company's performance in the first two quarters, as new products developed in the Aerospace Division begin to ship, Omni-Lite should continue a positive growth pattern that extends into 2002" stated Mr. David F. Grant, President and CEO.

In June 2001, the company initiated a normal course issuer bid. By June 30, 2001 the company had repurchased, through Sprott Securities in Toronto, 45,800 shares. These shares were subsequently canceled.

All figures are in US dollars except as noted.


FINANCIAL HIGHLIGHTS (US $)
Shares Issued And Outstanding : 9,858,102 Three months ended Jun. 30, 2001 Three months ended Jun. 30, 2000 Six Months ended June 30,2001 Six Month ended June 30, 2000 For the year ended Dec. 31, 2000
Total Revenue $591,263 $397,963 1,089,473 817,930 $1,801,766
Cash flow from operations $349,267 $204,151 568,744 382,269 $793,727
Net Income $269,217 $161,094 389,081 298,451 $548,350
EPS (US) $0.03 $0.02 .04 .03 $0.06
EPS (CDN) $0.04 $0.03 .06 .05 $0.09


SECOND QUARTER FINANCIAL HIGHLIGHTS (US $)
Shares Issued And Outstanding: 9,858,102 Three months ended June 30, 2001 Three months ended June 30, 2000 % Increase
Total Revenue $591,263 $397,963 49%
Cash flow from operations $349,267 $204,151 71%
Net Income $269,217 $161,094 67%
EPS (US) $0.03 $0.02 50%
EPS (CDN) $0.04 $0.03 33%


SIX MONTHS FINANCIAL HIGHLIGHTS (US$)
Shares Issued And Outstanding : 9,858,102 Six months ended June 30, 2001 Six months ended June 30, 2000 % Increase
Total Revenue $1,089,474 $817,930 33%
Cash flow from operations $568,744 $382,269 49%
Net Income $389,081 $298,451 30%
EPS (US) $0.04 $0.03 33%
EPS (CDN) $0.06 $0.05 20%


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