Omni-Lite Reports 2010 Result including Record Net Income
Omni-Lite Industries Canada Inc.
April 25, 2011
CERRITOS, CALIFORNIA, April 25, 2011 - Omni-Lite Industries Canada Inc. (TSX VENTURE:OML) (the "Company")CERRITOS, CA - For the year ended December 31, 2010, Omni-Lite Industries Canada Inc. is pleased to announce that revenue increased 62 percent over fiscal 2009. Total revenue was $7,120,813 US over $4,385,485 US reported in 2009. In the 2010 fiscal period, cash flow increased to $3,178,800 US, an increase of 196 percent over the prior period. Net income increased to $1,818,522 US, a 298 percent increase over 2009. Earnings per share increased to $0.18 US per share, an increase of 308 percent on a $US basis and 289 percent on a $CDN basis. In 2010, gross margins were 69.2 percent, an increase from 66.4 percent in fiscal 2009.
"In 2010, Omni-Lite reported earnings of $0.18 CDN per share, a 28 percent increase on the record earnings reported in 2007. This strong performance lead to the introduction of a dividend in November 2010 and ultimately, the raising of $6,923,000 CDN in a private placement in February 2011. The Company is now well poised to continue the development of the eight new projects that it has underway in the Military and Specialty Automotive markets. Many of the Company's new products will be utilized in the hybrid and electric vehicles of the near future, the advanced braking systems mandated for new vehicles, and the many off-road vehicles developed for agricultural and infrastructural development," stated David F. Grant, Chairman and Chief Executive Officer. "On the development and new program side, our project pipeline is full for the next 12 to 18 months."
Revenue: For the year ended December 31, 2010, Omni-Lite reported revenue of $7,120,81 ($7,122,237 CDN), an increase of 62 percent from the prior year.
The Military division represented the largest portion of sales with 51 percent of revenue. Sales in this division were higher by 101 percent when compared to the year ended December 31, 2009. The Aerospace division contributed 16 percent of revenue, a 3 percent decrease from 2009. The Automotive division contributed 16 percent of revenue, an increase of 118 percent from the same period in 2009. The Sports and Recreation division contributed 16 percent of revenue, and 42 percent increase from 2009. The Commercial divisions provided 1 percent of the revenue.
Sales by division are summarized below:
Net Income: Net income in 2010 was $1,818,522 ($1,818,886 CDN) versus $457,008 in 2009, an increase of 298 percent. Increased revenue, coupled with the cost-saving measures implemented in 2009, resulted in significant earnings growth in 2010.
Earnings per share: Basic earnings per share were $0.18 ($0.18 CDN) compared to $0.04 ($0.04 CDN) in 2009 based on the weighted average shares outstanding of 10,367,374. At the year end, the actual number of common shares issued and outstanding was 10,233,866.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars unless noted.
(Note: at 12/31/10, $1US = $1.0002 CDN; 12/31/09, $1US = $1.0494 CDN)
(2) Cash flow from operations is a non-GAAP 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 write-downs and gains (losses) on sale of assets, if any.
The following table summarizes the Company's financial performance over the last eight quarters. All figures in US dollars unless noted.
ALL FIGURES IN US DOLLARS UNLESS NOTED
In the fourth quarter of 2010, revenue was $1,126,037 ($1,126,261 CDN), a decrease of 4 percent over the same period in 2009. Cash flow over the period was $523,347 ($523,452 CDN) Net income was $231,268 ($231,314 CDN) versus a $83,011 in 2009.
For complete results, please visit www.sedar.com or request a copy from the Company.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
For further information: Mr. Tim Wang, CFO, Tel. (562) 404-8510, or (800) 577-6664 (Canada and USA), Fax. (562) 926-6913, email: email@example.com
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