Omni-Lite Industries Reports First Quarter 2011 Results
Omni-Lite Industries Canada Inc.
July 4, 2011
CERRITOS, CA, July 4, 2011 - For the period ended March 31, 2011, Omni-Lite Industries Canada Inc. is pleased to announce that revenue was $1,482,314 US. Cash flow was $637,813 US. Net income was $307,899. Earnings per share were $0.03 US per share.
"This is a very productive time at Omni-Lite with key brake, battery, and military programs all going ahead simultaneously. These future revenue streams should have a very positive effect on the growth of the Company," stated David F. Grant, CEO. "As an example, the revenue in the second quarter was $2,131,000 US, a 44% increase from Q1 2011."
Highlighting the quarter were the following events:
Revenue: For the period ended March 31, 2011, Omni-Lite reported revenue of $1,482,314 ($1,441,150 CDN), a decrease of 19 percent from the prior period in 2010.
The Automotive division represented the largest portion of sales with 27 percent of revenue. Sales in this division were higher by 47 percent when compared to the period ended March 31, 2010. The Military division contributed 26 percent of revenue, a 65 percent decrease from 2010. The Aerospace division contributed 24 percent of revenue, an increase of 8 percent from the same period in 2010. The Sports and Recreation division contributed 22 percent of revenue, a 150 percent increase from 2010. The Commercial divisions provided 1 percent of the revenue.
Sales by division and by geographic location are summarized below:
Net Income: Net income was $307,899 ($299,349 CDN) versus $484,087 in 2010, a decrease of 36 percent. A decrease in military revenue was largely responsible for the reduction in revenue and income in the first quarter of 2011 as compared with 2010.
Earnings per share: Basic earnings per share were $0.03 ($0.03 CDN) compared to $0.05 ($0.05 CDN) in 2010 based on the weighted average number of shares outstanding of 11,769,089. The actual number of shares outstanding was 13,419,166. The weighted average number of shares increased approximately 11 percent over the first quarter of the prior year. Under the Normal Course Issuer Bid, 34,700 shares were repurchased for cancellation.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
(Note: at 3/31/11, $1US = $0.9722 CDN; 3/31/10, $1US = $1.0192 CDN)
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
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. No. (562) 404-8510, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: firstname.lastname@example.org
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