2001 Year end results|
Omni-Lite Industries Canada Inc.
May 10, 2002
CERRITOS, CALIFORNIA. May 10, 2002- Omni-Lite Industries Canada Inc. is pleased to announce record revenue, cash flow, and earnings for fiscal 2001. The audited total revenues for the fiscal year ending December 31, 2001 were $2,454,178 US or approximately $3,914,413 CDN, an increase of 35% over fiscal 2000. This increase in revenue was principally derived from growth in the Aerospace and Military Divisions.
As a result, net income for the year increased to $819,886 US or approximately $1,307,718 CDN from $548,350 US or approximately $849,943 CDN, an increase of 50% over fiscal 2000. Basic earnings were over $.08 US/share or approximately $.14 CDN/share versus $.06 US/share or approximately $.09 CDN/share in fiscal 2000. "By all measures, 2001 was a very successful year for Omni-Lite. In addition, we expect ongoing research and development efforts to provide further revenue growth to the company in the near future." stated Mr. David F. Grant, President and CEO.
Of particular note, due to the cancellation of 500,000 escrowed shares and the repurchase of 329,300 shares pursuant to the normal course issuer bid, conducted from June 2001 to December 2001, the company had a total of 9,084,602 shares outstanding at December 31, 2001. The company had 9,903,902 shares outstanding as of December 31, 2000.
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