Omni-Lite earns $1.24-million (U.S.) in 2005
Omni-Lite Industries Canada Inc.
May 1, 2006
For the year ended Dec. 31, 2005, Omni-Lite Industries Canada Inc. has confirmed record revenue, cash flow and net income. All figures are shown in U.S. dollars, unless otherwise specified. These results are largely the effect of growth experienced in the aerospace and military divisions, areas that the company has focused on the past several years. "By all measures, 2005 was a very successful year for Omni-Lite. We expect ongoing research and development efforts to provide further revenue growth to the company in the near future," stated David F. Grant, president and chief executive officer. "The area of nanostructured materials that is the focus of our associated company Omni-Lite E-FORM Technologies Inc. is of particular interest to the company and our customers."
Revenue in the fiscal 2005 period was $4,360,046 ($5,083,813 (Canadian)), the first time the company exceeded the $5-million (Canadian) milestone for revenue. This increase in revenue reflects a 38-per-cent gain over 2004. Cash flow over the same period was $1,961,678 ($2,287,316 (Canadian)), up 65 per cent for the year. Net income was $1,249,416 ($1,456,819 (Canadian)), an increase of 63 per cent for the year. Gross margins for the year were 71 per cent and net margins were 29 per cent. The following table summarizes these results.
FINANCIAL HIGHLIGHTS Year ended Dec. 31 (in U.S. dollars) 2005 2004 Total revenue $4,360,046 $3,153,655 EBITDA 2,012,991 1,199,192 Cash flow from operations (1) 1,961,678 1,185,472 Net income 1,249,416 768,297 Earnings per share 0.13 0.09
All figures are in U.S. dollars except as noted (at Dec. 31, 2005, $1 (U.S.) equals $1.1660 (Canadian); Dec. 31, 2005, $1 (U.S.) equals $1.2048 (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.
Earnings per share were 13 cents (15 Canadian cents) compared with nine cents (11 Canadian cents) in 2004, based on the weighted average shares outstanding of 9,854,497. In 2005, Omni-Lite repurchased 150,000 (2004 -- 435,000) common shares through the normal course issuer bid. New shares, totalling 1,971,475, were issued which increased the weighted average number of shares to 9,854,497 from 8,558,412. In 2005, a total of $301,330 was paid out as a semi-annual dividend to the shareholders. This represented a total dividend of four Canadian cents per share for shareholders on the published record dates.
The company has continued to diversify its revenue stream. The aerospace division now accounts for 35 per cent of revenue. The military division represented 25 per cent of sales. The sports and recreation division reported 25 per cent of revenue and the automotive division reported 12 per cent. Commercial activities accounted for 2 per cent of revenue.
In the fourth quarter of 2005, revenue was $1,092,705, an increase of 54 per cent over the same period in 2004. Net income for the quarter was $103,026 compared with $48,955 in fourth quarter 2004, an increase of 110 per cent.
In acknowledgement of this financial success and to further enhance the liquidity in the company's stock, the board of directors has approved a 2:1 stock split. This split is contingent on shareholder and TSX Venture Exchange approval. The shareholder vote will be part of the proxy information mailed in conjunction with the annual meeting expected in Calgary late June, 2006. Please see SEDAR for a copy of the audited financial statements or contact the company for a copy.
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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