Omni-Lite earns $768,297 (U.S.) in 2004
Omni-Lite Industries Canada Inc.
June 10, 2005
Omni-Lite Industries Canada Inc. would like to thank shareholders for their patience during the delay of filing of the financial results and to apologize for any inconveniences caused by the subsequent cease trade orders. The corporation has commenced the process for revocation of the cease trade orders. It has been advised by the Alberta Securities Commission that it may be as much as three weeks before its cease trade order is revoked. The B.C. Securities Commission's order is expected to be revoked shortly. All figures are in U.S. dollars, unless otherwise specified.
First quarter 2005 results
For the quarter ended March 31, 2005, Omni-Lite Industries Canada Inc. reported revenue of $923,660 ($1,124,371 (Canadian)), a new record. In this quarter, the aerospace division primarily drove growth with a 231-per-cent increase over the same period in 2004. The growth in the aerospace division reflects the increased requirement for Omni-Lite's components and the completion of several research and development projects. The favourable growth rates were offset by reductions of revenue in the military and automotive divisions of 33 per cent and 29 per cent, respectively. In the military division, sales are steady and are expected to grow in the second half of 2005. The decline in revenue in the automotive division reflects the phasing out of certain components which have been replaced by a new design, which is also provided by Omni-Lite. Over all, revenues increased by 35 per cent.
Net income for the first quarter of 2005 was $309,156 ($379,427 (Canadian)) or three cents (four Canadian cents) per common share. This compares with net income of $265,782 or three cents per share in the first quarter of last year, an increase of 16 per cent.
SUMMARY OF FINANCIAL HIGHLIGHTS For the three months ended March 31 2005 2004 Revenue $923,660 $681,809 Cash flow from operations(1) $428,924 $373,883 Net income $309,156 $265,782 Earnings per share $0.03 $0.03 Earnings per share (Canadian) $0.04 $0.04
Note: At March 31, 2005, $1 (U.S.) equalled $1.2171 (Canadian). At March 31, 2004, $1 (U.S.) equalled $1.3081 (Canadian).
(1) Cash flow from operations is a non-GAAP (generally accepted accounting principles) term requested by the oil and gas investment community that represents net earnings adjusted for non-cash items including depreciation, depletion and amortization, future income taxes, asset writedowns, and gains (losses) on sale of assets, if any. Cash flow per share is calculated by dividing cash flow from operations as previously described by the weighted average number of common shares outstanding during the period.
Year-end 2004 results
For the year ended Dec. 31, 2004, Omni-Lite Industries Canada reported revenue of $3,153,655 ($3,799,524 (Canadian)), an increase of 8 per cent. The sports and recreation division represented the largest portion of sales with 30 per cent of revenue, down from 36 per cent in 2003. As the other divisions continue to grow, the amount of revenue becomes less weighted toward sports and recreation, allowing for more balanced revenue streams. Aerospace division sales contributed 28 per cent of the revenue, up from 24 per cent in 2003. The automotive and military divisions provided 14 per cent and 21 per cent of the revenue, respectively. The commercial division contributed the remaining 7 per cent of revenue.
Net income was $768,297 ($925,644 (Canadian)) compared with $682,404 ($883,440 (Canadian)) in 2003.
Earnings per share were nine cents (11 Canadian cents) compared with seven cents, based on the weighted average shares outstanding of 8,558,412. A total of 435,000 common shares were repurchased in 2004 through the normal course issuer bid, which reduced the actual number of outstanding shares to 8,298,303.
For the year, cash flow from operations increased by 19 per cent to $1,185,472 ($1,428,257 (Canadian)). This reflects the increase in revenue and amortization expense, which is non-cash.
SUMMARY OF FINANCIAL HIGHLIGHTS For the year ended Dec. 31 2004 2003 Revenue $3,153,655 $2,920,744 Cash flow from operations $1,185,471 $993,392 Net income $768,297 $682,404 Earnings per share $0.09 $0.07 Earnings per share (Canadian) $0.11 $0.09
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.
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