Omni-Lite earns $1.58-million (U.S.) in fiscal 2007
Omni-Lite Industries Canada Inc.
April 30, 2008
Omni-Lite Industries Canada Inc., in the year ended Dec. 31, 2007, increased its revenue 39 per cent over fiscal 2006. These results are largely the effect of growth experienced in the military and aerospace divisions. In 2007, the military and aerospace divisions accounted for approximately 68 per cent of revenue, up from 57 per cent in 2006. In the 2007 fiscal period, EBITDA (earnings before interest, taxes, depreciation and amortization) increased 76 per cent and cash flow increased 65 per cent. Net income increased 58 per cent.
"In 2007, gross margins were 70 per cent, an increase from 65 per cent in fiscal 2006. This increased productivity was highlighted by the fact that the company manufactured approximately 74 million components in 2007, an increase of 90 per cent from 2006. The significant efforts to improve productivity made in the last year are continuing to pay dividends as the company estimates gross margin for the first quarter 2008 at approximately 73 per cent," stated David Grant, chairman and chief executive officer. "As the company adopts the Vision 2015 plan approved by the board in February, 2008, further build out in the infrastructure of the company is under way. The company has added new design and engineering capabilities, and is actively looking for a 60,000- to 70,000-square-foot building in the vicinity of the current 30,900-square-foot building in Cerritos. To meet the significant opportunities that the company is fortunate to have on the table will require considerable continued investment by the company within the next 24 months. Many of the very large programs that the company is developing products for could be in production in 2009 and 2010."
Revenue in the fiscal 2007 period was $6,983,845 (U.S.), up from $5,007,061 (U.S.) in 2006. Cash flow from operations over the same period was $2,459,127 (U.S.), up from $1,490,916 (U.S.), an increase of 65 per cent for the year. EBITDA was $3,105,315 (U.S.), up from $1,763,875 (U.S.), an increase of 76 per cent year over year. Net income was $1,583,370 (U.S.), up from $1,001,312 (U.S.) in 2006, an increase of 58 per cent for the year. Gross margins for the year were 70 per cent and net margins were 23 per cent. An attached table summarizes these results.
FINANCIAL HIGHLIGHTS (in U.S. dollars, unless otherwise stated) For the year For the year ended ended Dec. 31, Dec. 31, 2007 2006 Revenue $ 6,983,845 $ 5,007,061 Cash flow from operations 2,459,127 1,490,916 Net Income 1,583,370 1,001,312 Earnings per share (U.S.) $0.14 $0.09 Earnings per share (Canadian) $0.14 $0.11
Basic earnings per share were 14 U.S. cents (14 Canadian cents) compared witn nine U.S. cents (11 Canadian cents) in 2006, based on the weighted average shares outstanding of 11,059,967. In 2007, Omni-Lite repurchased 238,400 (2006 -- 339,000) common shares through the normal course issuer bid. The weighted average number of shares increased from 10,693,164 to 11,059,967.
The company has continued to diversify its revenue stream. The military division represented 42 per cent of sales. The aerospace division now accounts for 26 per cent of revenue. The sports and recreation division reported 17 per cent of revenue and the automotive division reported 12 per cent. Commercial activities accounted for 3 per cent of revenue.
In the fourth quarter of 2007, revenue was $1,900,077, an increase of 127 per cent over the same period in 2006. Net income for the quarter was $17,073 compared with a net loss of $150,122 in fourth quarter 2006.
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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