Omni-Lite Industries Reports Results for the First Quarter of 2012|
Omni-Lite Industries Canada Inc.
CERRITOS, CALIFORNIA, May 31, 2012. For the three months ended March 31, 2012 Omni-Lite Industries Canada Inc. is pleased to report revenue of $1,367,644 US ($1,363,582 CAD) and Cash Flow from Operations(1) of $323,527 US ($322,566 CDN). Net income was $63,543 US ($63,354 CDN). Earnings per share in Q1 2012 were $0.01 US ($0.01 CDN), based on the weighted average number of shares outstanding of 13,012,134.
Omni-Lite Industries is also pleased to announce that it has received several new orders that include several divisions of the Company. The total value of these new orders is approximately $342,000. Of these new orders, approximately 52% per cent are in the specialty automotive division, 28% are in the sports and recreation division and 20% are in the aerospace division.
"The Company continues to invest heavily in equipment and technology to meet current and anticipated future demands from our U.S. Military customers," stated Allen W. Maxin, President. "The Company invested approximately $450,000 US in a new highly modified cold forging system that will be delivered in July of 2012. This system incorporates the latest version of a sophisticated forging adaptation called the OD PLUS and is the first machine to be modified to this specification, which may be essential to current and future U.S. Military orders. Given the success of this modification in Japan, the Company has returned three additional systems for similar modifications. These machines are expected to be returned to Omni-Lite in September 2012 and will most likely be utilized in the production of military products. It will cost approximately $250,000 US to modify these three machines. To protect the intellectual property developed by the Company, the OD PLUS system is the subject of a pending patent submission. The Company has already negotiated the worldwide rights on this technology from the Japanese manufacturer."
Through the private placement financing completed in February 2011 and cash flow from operations, the Company's balance sheet remains very strong, allowing the continued development of critical technology and the purchase of new highly modified equipment. Without the financing of 2011, the Company may not have been in a position to aggressively pursue these long term programs. At March 31, 2012, the Company had cash reserves of $4,723,081.SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
(Note: at 03/31/12, $1US = $0.99703 CAD; 03/31/11, $1US = $0.9722 CAD)
The following table summarizes the Company's financial performance over the last eight quarters.
ALL FIGURES IN US DOLLARS UNLESS NOTED
(1) 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.
Please see www.sedar.com or contact the Company for complete results.
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: Tim Wang, CFO, Tel. No. (562) 404-8510 x108, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: firstname.lastname@example.org
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