Omni-Lite earns seven U.S. cents per share in 2003|
Omni-Lite Industries Canada Inc.
May 19, 2004
OMNI-LITE 2003 YEAR-END RESULTS
(All figures are in U.S. dollars except as noted.)
Omni-Lite Industries, for the year ended Dec. 31, 2003, posted revenue including rental of $3,012,445 ($3,899,911 (Canadian)). The strong growth in sales in the automotive, aerospace and military divisions has increased sales over 2002 by 27 per cent. The sports and recreation division represented the largest portion of sales with 36 per cent of revenue, down from 45 per cent in 2002. As the other divisions continue to grow, the amount of revenue becomes less weighted toward sports and recreation, allowing for more balanced revenue streams. Automotive sales contributed 18 per cent of the revenue, up from 12 per cent in 2002. The aerospace and military divisions rounded out the remaining sales with contributions of 24 per cent and 22 per cent.
Net income rose to $682,404 ($883,440 (Canadian)) versus a loss of $369,404 ($478,230 (Canadian)) in 2002. In 2003, the company was able to benefit from the new equipment and facilities commissioned in 2002. Productivity and output increased by 33 per cent which resulted in lower unit costs for production. With selling prices remaining stable, the increased efficiency improved the gross margin to 72 per cent, up from 65 per cent in 2002.
Earnings per share were seven cents (10 Canadian cents) compared with a loss of four cents based on the weighted average shares outstanding of 9,179,677. Four hundred fifty thousand common shares were repurchased in 2003 through the normal course issuer bid which reduced the actual number of outstanding shares to 8,784,269. As of Dec. 31, 2003, there were 8,966,769 shares outstanding and 182,500 shares were awaiting cancellation.
For the year, cash flow from operations increased by 139 per cent to $993,392 ($1,391,712 (Canadian)). The increase reflects the increase in revenue and productivity (on Dec. 31, 2003 -- $1 equals $1.2946 (Canadian); average exchange rate in 2003 -- $1 equals $1.4009 (Canadian)).
WARNING: The company relies upon litigation protection for "forward-looking" statements.
SUMMARY OF FINANCIAL HIGHLIGHTS Year ended Dec. 31 (U.S. dollars) 2003 2002 Revenue and rental $3,012,445 $2,338,785 Net income (loss) $682,404 $(369,404) Earnings per share (loss) $0.07 $(0.04) Earninge per share (Canadian) (loss) $0.10 $(0.06)
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