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Omni-Lite Industries year-end results Omni-Lite Industries Canada Inc OML-ASE Tuesday Jun 8 1999
Mr. David Grant reports
(in U.S. dollars)
Seven
months
Year ended ended Year ended
Dec. 31, Dec. 31, May 31,
1998 1997 1997
Revenue $1,701,395 $613,274 $375,084
Cash flow
from
operations 997,388 246,825 140,370
Net income 801,119 110,115 87,629
Earnings
per share 8 cents 1 cent 1 cent
Of particular note is that in 1998, on a per-employee basis, revenue was approximately $425,000 (U.S.), cash flow was approximately $250,000 (U.S.), and profit was approximately $200,000 (U.S.). This level of profitability per-employee is 20 times to 40 times that of the industry average. To meet the continuing demand for the company's products, five new $240,000 (U.S.) precision forging systems have been installed, bringing the total number of computer-controlled systems to 10. This completes a $1.5-million (U.S.) expansion of the Omni-Lite plant in Cerritos, Calif. In addition, the company has been reorganized into four divisions specializing in the following product areas: automotive; military; sports and recreation; and commercial. With the commercial division's winning of its first contract in April, 1999, all of these divisions are now contributing to the company's growth. The company has entered into an agreement with Ciris International Inc. for the provision of investor-relations services. Ciris International's remuneration will be $4,000 (Canadian) per month. 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 THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
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