Second Quarter Financials|
Omni-Lite Industries Canada Inc.
August 30, 2002
Omni-Lite has released its financial results for the periods three months ended June 30, 2002, and six months ended June 30, 2002. Revenue for the second quarter was lower than revenue in the comparable period in 2001, although for the first six months of 2002, total revenues increased 7 per cent over total revenues in the same period of 2001. Net income was negative reflecting in large part changes in the company's accounting policy. During the current period, the company revised its estimate with respect to the amortization period for deferred development expenses and adopted a more conservative policy in regard to deferral of such expenses. This has increased non-cash expenses by approximately $95,000 in the year-to-date results. Also, an increase in value of the Canadian dollar with reference to the United States dollar over the period has resulted in a foreign exchange charge of approximately $17,000.
FINANCIAL HIGHLIGHTS Three months ended June 30 (in U.S. dollars) 2002 2001 Total revenue $ 445,833 $ 591,263 Cash flow from operations $ 60,841 $ 349,267 Net income (loss) $ (58,418)$ 269,217 Earnings (loss) per share (U.S.) $ (0.01)$ 0.03 Earnings (loss) per share (Canadian) $ (0.01)$ 0.04 FINANCIAL HIGHLIGHTS Six months ended June 30 (in U.S. dollars) 2002 2001 Total revenue $ 1,166,212 $ 1,089,473 Cash flow from operations $ 450,428 $ 568,744 Net income (loss) $ 216,547 $ 389,081 Earnings (loss) per share (U.S.) $ 0.02 $ 0.04 Earnings (loss) per share (Canadian) $ 0.04 $ 0.06
WARNING: The company relies upon litigation protection for
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