Omni-Lite Industries Reports Second Quarter 2011 Results
Omni-Lite Industries Canada Inc.
August 30, 2011
CERRITOS, CA, August 30, 2011 - For the six months ended June 30, 2011, Omni-Lite Industries Canada Inc. is pleased to report revenue of $3,621,658 US ($3,536,549 CDN), Cash flow from Operations of $1,401,269 US ($1,368,339 CDN) and EBITDA of $1,380,881 US ($1,348,430 CDN). Net income was $818,859 US ($799,615 CDN).
"Revenue in the second quarter of $2,139,344 US represents the second highest quarterly revenue record in corporate history and growth of 44 percent over the revenue of first quarter 2011," stated Tim Wang, CFO."Revenue for the first 6 months of 2011 was partially affected by the reduction in orders in one military program, pending the replacement product for which first article approval was obtained in July 2011 and the first production order was received in August 2011. This new program was originally expected to begin in June 2011. The unprecedented orders in the Sports and Recreation division continued in the second quarter and as a result gross margins in the quarter were 64 percent. The Company's financial model continues to indicate that margins should return to historical levels in the near future, as the product mix changes in subsequent quarters. After the financing completed in February 2011, the Company is well positioned to execute the production phase of the several new projects completed in the last few months and to initiate new marketing and development efforts to facilitate future growth."
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
(Note: at 6/30/11, $1US = $0.9765 CDN; 6/30/10, $1US = $1.0484 CDN)
Basic earnings per share were $0.07 US ($0.06 CDN) compared to $0.11 US ($0.12 CDN) in the same period of 2010, based on a weighted average number of shares outstanding of 12,595,196.
Revenue in the three month period ended June 30, 2011 was $2,139,344 US ($2,089,069 CDN). Cash flow over the same period was $763,456 US ($745,514 CDN). EBITDA over the period was $805,596 US ($786,664 CDN). Net income in the second quarter was $510,960 US. ($498,952 CDN). Earnings per share in Q2 2011 were $0.04 US ($0.04 CDN), based on the weighted average number of shares outstanding of 13,414,074.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
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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