Omni-Lite Industries earns $417,339 (U.S.) in Q2 2008
Omni-Lite Industries Canada Inc.
August 29, 2008
For the six months ended June 30, 2008, Omni-Lite Industries Canada Inc. had record revenue, cash flow from operations, EBITDA (earnings before interest, taxes, depreciation and amortization) and net income. In this period, revenue rose 32 per cent and net income increased by 9 per cent, as compared with that in 2007. These results are largely the effect of increased activities in the military and aerospace divisions. All results are in U.S. dollars, unless noted.
Revenue in first six months was $4,019,396 ($4,064,011 (Canadian)). This increase in revenue reflects a 32-per-cent gain over the same period in 2007. Cash flow over the same period was $1,679,773 ($1,698,418 (Canadian)). Net income was $936,837 ($947,236 (Canadian)) or nine cents per share. Gross margins for the period were 72 per cent and net margins were 23 per cent.
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.
Revenue in the three-month period ended June 30, 2008, was $2,059,929 ($2,082,794 (Canadian)). This reflects an increase in revenue of 47 per cent over the same period in 2007. Cash flow over the same period was $796,166 ($805,003 (Canadian)), an increase of 146 per cent. Net income was $417,339 ($421,971 (Canadian)), an increase of 236 per cent. Earnings per share in the second quarter 2008 were 3.8 cents (3.8 Canadian cents) compared with 1.1 cents (one Canadian cent) in the second quarter of 2007, based on the weighted average number of shares outstanding of 10,905,420 in the second quarter of 2008, versus 11,088,611 shares outstanding in 2007. In 2008, Omni-Lite repurchased 236,100 common shares through the normal course issuer bid.
The company has continued to add to its revenue stream. In the three-month period ended June 30, 2008, the military division accounted for 41 per cent of revenue. The aerospace division represented 31 per cent of sales. The sports and recreation division reported 14 per cent of revenue and the automotive division reported an 11-per-cent contribution. Commercial activities accounted for 3 per cent of revenue.
QUARTERLY INFORMATION (in U.S. dollars) June 30, 2008 June 30, 2007 Revenue $2,059,929 $1,403,839 Cash flow from operations $796,166 $324,277 Net income $417,339 $124,174 EPS (U.S.) 0.038 0.011 EPS (Canadian) 0.038 0.012
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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