Omni-Lite receives new orders worth $680,000 (U.S.)
Omni-Lite Industries Canada Inc.
February 19, 2008
Omni-Lite Industries Canada Inc. has received several new orders in the military, aerospace and automotive divisions. The total value of these orders is approximately $680,000 (U.S.). Driving this growth is an anticipated 30-per-cent increase in the company's aerospace sales over 2007 and several significant opportunities in the military division. The company is also in discussion with existing customers on additional military programs, the details of which will be released as the contract discussions are finalized. One of these military orders is of particular significance in that it places Omni-Lite at the forefront of a new development for the U.S. military. "These orders further stress the significance of the aerospace and military markets to Omni-Lite. In 2007, approximately 42 per cent of sales were in the military area and about 26 per cent were in the aerospace division. The importance of both of these areas is expected to rise in 2008," stated Allen E. Maxin, vice-president of operations.
The company is also pleased to announce that revenue in fourth quarter of 2007 increased to $1.83-million, an increase of approximately 119 per cent from revenue in fourth quarter of 2006. "The performance of the company in 2007 met all of our financial and production expectations with the number on components being produced increasing from approximately 47 million in 2006 to almost 75 million in 2007," stated Timothy Wang, chief financial officer. "In particular, the increase in revenue in the fourth quarter was impressive in that it occurred at a time when the economy was slowing and many firms were seeing slow or no growth."
To meet the many opportunities that the company sees in the future, the management presented a Vision 2015 strategy to the board of directors at a board meeting in California on Feb. 11, 2008. This plan provides for a new 60,000- to 70,000-square-foot facility and additional support systems for engineering design, tooling development, automated inspection and packaging. This facility would complement the 38 cold forging systems that will be in place by mid-2009.
An additional cold forging system ordered approximately 21 months ago is scheduled to arrive at the end of February. The largest and most expensive machine ordered by the company is now expected to be delivered in May, 2008. This larger machine is to be used on a military research and development program.
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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