Omni-Lite earns $108,598 (U.S.) in Q1
Omni-Lite Industries Canada Inc.
June 4, 2009
Omni-Lite Industries Canada Inc. had, for the quarter ended March 31, 2009, cash flow from operations of $393,027 (U.S.) ($491,127 (Canadian)) and EBITDA of $471,237 (U.S.) ($588,858 (Canadian)). This represents an increase of in cash flow from operations of 134 per cent and an increase of 156 per cent in EBITDA over the fourth quarter of 2008. "Omni-Lite is starting to see green shoots of growth after a period of worldwide uncertainty in the last two quarters of 2008 and in the first quarter of 2009," stated Timothy Wang, chief financial officer. "The military contracts announced in May and the forecasts for production for the new Scorpion diesel engine program have provided more clarity on the future revenues of the company. These and other new programs that the company are hoping to complete in the second quarter should help drive the growth envisioned in the Vision 2015 growth strategy."
Q1 2009 FINANCIAL HIGHLIGHTS (in United States dollars) For the period ending For the period ending March 31, 2009, March 31, 2008, Increase (decrease) Total revenue $973,902 $1,959,467 (50)% EBITDA $471,237 $981,842 (52)% Cash flow from operations (1) $393,027 $883,657 (56)% Net income $108,598 $521,555 (79)% Earnings per share .01 .05 (80)%
(1) Cash flow from operations is a non-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 or losses on sale of assets, if any.
Earnings per share in the first quarter of 2009 were one U.S. cent (one Canadian cent) compared with five U.S. cents (six Canadian cents) in the first quarter of 2008, based on the weighted average number of shares outstanding of 10,620,854 in the first quarter of 2009, versus 10,946,580 shares outstanding in 2008.
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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