Omni-Lite earns $221,547 (U.S.) in Q2|
Omni-Lite Industries Canada Inc.
August 30, 2004
All dollar amounts are in United States currency unless otherwise noted.
For the six months ended June 30, 2004, Omni-Lite Industries Canada Inc. reported revenue including rental of $1,536,943 ($2,067,649 (Canadian)), a 17-per-cent increase over the corresponding period in 2003.
Net income increased to $487,329 ($655,604 (Canadian)) versus income of $303,364 in 2003, an increase of 61 per cent.
Earnings per share were six cents (eight Canadian cents) compared with three cents in the first six months based on the weighted average shares outstanding of 8,689,981. Two hundred thirty-four thousand three hundred common shares were repurchased between Jan. 1 and June 30 through the normal course issuer bid which reduced the actual number of outstanding shares to 8,549,969. As of June 30, 2004, there were 8,589,669 shares outstanding and the remaining 39,700 shares repurchased were subsequently cancelled.
For the first half of the year, cash flow from operations increased by 34 per cent to $608,118 ($818,101 (Canadian)).
SUMMARY OF FINANCIAL HIGHLIGHTS Six months ended June 30 (In U.S. dollars) 2004 2003 Revenue and rental $1,590,110 $1,366,194 Cash flow from operations $608,118 $454,573 Net income $487,329 $303,364 EPS (U.S.) $0.06 $0.03 EPS ((Canadian)) $0.08 $0.05
At June 30, 2003, $1 (U.S.) equalled $1.3475 (Canadian); at June 30, 2004, $1 (U.S.) equalled $1.3453 (Canadian)).
For the period three months ended June 30, the net income was $221,347 ($298,047 (Canadian)), an increase of 59 per cent over the same period in 2003. Revenue including rent increased 22 per cent to $881,756 ($1,186,226 (Canadian)) compared with $724,512 in 2003.
Compared to second quarter 2003, cash flow from operations decreased 5 per cent to $234,235 ($315,116 (Canadian)).
SUMMARY OF FINANCIAL HIGHLIGHTS Three months ended June 30 (In U.S. dollars) 2004 2003 Revenue and rental $881,756 $724,512 Cash flow from operations $234,235 $246,799 Net income $221,547 $193,307 EPS (U.S.) $0.03 $0.02 EPS ((Canadian)) $0.04 $0.02
Please see Stockwatch's SEDAR files for Aug. 28, 2004, for the full interim report or please contact Omni-Lite to request a copy.
Omni-Lite Industries Canada Inc. is pleased to announce new contracts for its aerospace division. These contracts are for a new group of components used in the assembly of aircraft. The total value of the contracts is worth $250,000. In addition, the company has received a contract from the Boeing Company for a research and development project.
"The company continues to receive excellent ratings from its established customers for on-time delivery and for high quality. Coupled with the successful completion of several new components by the R&D department over the past months, Omni-Lite is building its reputation as a world-class supplier," stated Paul Burkey, president and chief operating officer. "Following the record revenue for the first six months and a new record for second quarter revenue, the new contracts will provide another opportunity for growth."
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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