Fourth Quarter & Year End Results Announced|
Omni-Lite Industries Canada Inc
May 18, 2001
Mr. David Grant reports
Omni-Lite Industries Canada posted audited revenues for the fiscal year ending Dec. 31, 2000, totalling $1,801,766 (U.S.) or approximately $2,792,737 (Canadian). This 6-per-cent reduction in revenue from 1999 was due to large shipments that could not be completed in 2000. Some of these shipments were booked in the first quarter of 2001 and are reflected in record revenue during this period. As a result, in fiscal 2000, net income for the year decreased to $548,350 (U.S.) or approximately $849,943 (Canadian) from $809,131 (U.S.) or $1,254,153 (Canadian). Basic earnings were six U.S. cents per share or nine Canadian cents per share share versus eight U.S. cents per share or 12 Canadian U.S. cents per share in fiscal 1999. "While we are disappointed that we could not complete last year's development efforts in time to produce a positive impact on the fourth quarter results, the first quarter and second quarter results of 2001 reflect continuing revenue growth," stated David F. Grant, president and chief executive officer.
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