Omni-Lite Q3 revenues reach $1.19-million|
Omni-Lite Industries Canada Inc.
October 12, 2004
For the quarter ended Sept. 30, 2004, Omni-Lite Industries Canada Inc.'s revenue including rental was approximately $910,000 (U.S.) ($1,191,308 (Canadian)), a 2-per-cent increase over the corresponding period in 2003.
Total revenues for the nine months ended Sept. 30, 2004, were approximately $2,523,560 (U.S.) ($3,303,668 (Canadian)), an increase of 12 per cent over the same period last year.
As of Sept. 30, Omni-Lite has repurchased 362,300 common shares under the normal course issuer bid in 2004.
During the third quarter, the research and development team completed the design and manufacture of six groups of components for the aerospace division for a total of 34 new part numbers. These parts have either been submitted to the respective customers for approval or have been accepted for delivery.
"We are pleased with the success that the R&D department has experienced this past quarter," stated Paul Burkey, president and chief operating officer. "The R&D team has a number of significant projects to complete for the last quarter of 2004. To improve the turnaround time, the company has continued to invest in 3-D computer aided design software and training, and has added more support to the machine shop. As the R&D department completes and obtains customer approval of the new components, we should continue to see further growth in revenue."
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