Omni-Lite Industries to pay two-cent dividend
Omni-Lite Industries Canada Inc.
December 1, 2006
Upon review of the financial results of the first three quarters of 2006, the board of directors of Omni-Lite Industries Canada Inc. has declared a dividend of two cents per share for shareholders of Omni-Lite's common shares of record on Jan. 15, 2007. The dividend will be payable on Jan. 31, 2007.
"We are pleased to announce this fifth dividend," stated David F. Grant, chairman and chief executive officer. "This cash dividend is intended to complement the gains made in the company's stock price over the last 24 months. In combination, these benefits represent significant additions to shareholder value, which after satisfying our customers, is our focus at Omni-Lite."
The board of directors will review the company's dividend policy on a semi-annual basis.
"The company's 37-per-cent revenue increase in the third fiscal quarter is reflective of the growth that the company is experiencing," stated Paul A. Burkey, president and chief operating officer. "Our substantial investment in the Omni-Lite facility and staff has proven to be timely and has helped the company meet the huge challenges placed upon us by our customers."
As mentioned in previous press releases, the aerospace, military, automotive, and sports and recreational divisions have all received new orders that will continue to drive the growth at Omni-Lite. To sustain this growth in the very challenging engineering environment that the company operates in, and to maintain the customer satisfaction record that has become a company hallmark, Omni-Lite has addressed several key issues in the last few months. Firstly, the board of directors approved the Vision 2010 plan at the December, 2005, board meeting. This allowed the purchase of approximately $8-million worth of new equipment to add to the world-class facility in Cerritos, Calif. The first $1.4-million worth of equipment arrived this year with an additional $2.3-million scheduled to arrive in 2007. To prepare for the additional projects planned for 2007, the company has increased its staff from 25 to 40 people. Many of these people are trainees who could become part of the backbone of the company's highly skilled work force in the years to come.
The company has added key management in the quality, production and tooling support areas with the objective of further increasing customer satisfaction and production efficiency. Without this large commitment by the company and the substantial investment that it is making in the current fiscal period, the growth aspirations of Omni-Lite will not be realized. If the company is successful in implementing this growth plan, the company's success in the aerospace, military and specialty automotive areas should match the rapid growth in these areas of the economy.
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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