2002 Year End Results|
Omni-Lite Industries Canada Inc.
May 21, 2003
Revenue from operations for fiscal 2002 was $2,296,254 (U.S.) from $2,231,704 (U.S.), an increase of 3 per cent. Total revenue (including rental income) for the year was $2,338,785 (U.S.), down from $2,443,532 (U.S.). EBITDA (earnings before interest, taxes, depreciation and amortization) over the period was $504,116 (U.S.) from $1,287,575 (U.S.), a decrease of approximately 60 per cent. Over this same period, cash flow from operations decreased to $415,671 (U.S.) from $1,151,862 (U.S.), a decrease of approximately 64 per cent. Net loss of $369,404 (U.S.) from net income of $819,886 (U.S.). Loss per share was four U.S. cents, a decrease from earnings per share of eight U.S. cents.
The loss in 2002 was due primarily to a non-cash item. The company has amortized all deferred development expenses in the current year. The total amortization of deferred development expenses was $711,687 (U.S.). Beginning in 2002, the company has started to expense all product design and development costs as period costs.
Other one-time costs incurred in 2002 include prior years business property taxes assessed and expensed in the current year of $80,000 (U.S.), and higher building expenses relating to the move into the new premises. These costs impacted the cash flow from operations.
SUMMARY OF FINANCIAL HIGHLIGHTS Twelve months ended Dec. 31 (in U.S. dollars) 2002 2001 Revenue and rental $ 2,338,785 $ 2,443,532 EBITDA $ 504,116 $ 1,287,575 Cash flow from operations $ 415,671 $ 1,151,862 Net income (loss) $ (369,404) $ 819,886 Earnings (loss) per share $ (0.04) $ 0.08
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