Omni-Lite Industries earns $736,100 (U.S.) in Q1
Omni-Lite Industries Canada Inc.
May 31, 2007
For the quarter ended March 31, 2007, Omni-Lite Industries Canada Inc. posted record revenue and net income. In this period, revenue rose 61 per cent and net income increased by 116 per cent. These results are largely the effect of increased activities in the military and aerospace divisions. "By all measures, the first quarter was a very successful period for Omni-Lite. The benefits of the significant investments made in plant and equipment, employee training and tooling support are starting to show in the financial performance," stated Paul A. Burkey, president and chief operating officer. "In addition, both the military and aerospace sectors are showing considerable strength in Southern California, a fact that may help to provide growing sales for many years to come." All figures are in U.S. dollars, unless otherwise specified.
Revenue in first quarter was $1,633,196 ($1,887,811 (Canadian)). This increase in revenue reflects a 61-per-cent gain over the same period in 2006. Cash flow from operations over the same period was $622,731 ($719,815 (Canadian)), up 24 per cent. Net income was $736,100 ($850,858 (Canadian), an increase of 116 per cent for the period. Gross margins for the period were 74 per cent and net margins were 45 per cent. The table, "First quarter 2007 financial highlights," summarizes these results.
FIRST QUARTER 2007 FINANCIAL HIGHLIGHTS (in U.S. dollars) For the period ending For the period ending March 31, 2007 March 31, 2006 Total revenue $1,633,196 $1,013,680 EBITDA $979,861 $483,008 Cash flow from operations (1) $622,731 $501,212 Net income $736,100 $340,819 Earnings per share (U.S.) $0.07 $0.03 EPS (Canadian) $0.08 $0.04
(Note: At March 31, 2007, $1 (U.S.) equalled $1.1559 (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 in the first quarter of 2007 were seven cents (eight Canadian cents) compared with three cents (four Canadian cents) in the first quarter of 2006, based on the weighted average number of shares outstanding of 11,074,684 in the first quarter of 2007, compared with 10,406,747 shares outstanding in 2006. This represents an increase of 6 per cent in the weighted average number of shares outstanding from the first quarter of 2006 to the the first quarter of 2007 fiscal period. In the first quarter of 2007, Omni-Lite repurchased 50,000 common shares through the normal course issuer bid. In the first quarter of 2007, a total of $190,555 was paid out as a semi-annual dividend to the shareholders. This represented a dividend of two Canadian cents per share for shareholders on the published record date.
The company has continued to add to its revenue stream. In the first quarter, the military division accounted for 39 per cent of revenue. The aerospace division represented 35 per cent of sales. The automotive division reported 16 per cent of revenue. The sports and recreation division reported 6 per cent of revenue and commercial activities accounted for 4 per cent of revenue.
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.
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