First Quarter 2003 Results|
Omni-Lite Industries Canada Inc.
June 2, 2003
All dollar figures are stated in United States dollars except as noted.
Revenue from operations for the first quarter of fiscal 2003 was $618,348, from $667,422 in the same quarter in 2002, a decrease of 7 per cent. Total revenue (including rental income) for the quarter was $641,682, down from $720,379. EBITDA (earnings before interest, taxes, depreciation and amortization) over the period was $246,650, from $418,026, a decrease of approximately 41 per cent. Over this same period, cash flow from operations decreased to $207,774, from $389,587, a decrease of approximately 47 per cent. Net income decreased from $274,965 to $164,057. Income per share was two cents, a decrease from earnings per share of three cents.
The key differences between the same period in 2002 and the current year is attributed to a change in the revenue mix by segment. A large order in 2002 resulted in $427,928 in sales from the military segment versus $127,895 in the current year, a decline of 70 per cent. New orders have been delayed due to the restructuring of the intermediary to which Omni-Lite provides a component that is included in its product sold to the military. The company expects shipments to resume later this year. The automotive and aerospace segments saw significant increases. The automotive segment grew from $47,233 to $171,600, an increase of 263 per cent. Aerospace grew from $65,911 to $142,713, an increase of 117 per cent. The sports segment grew from $97,577 to $103,509, an increase of 6 per cent.
SUMMARY OF FINANCIAL HIGHLIGHTS Three months ended March 31 2003 2002 Revenue and rental $ 641,682 $ 720,379 EBITDA $ 246,650 $ 418,026 Cash flow from operations $ 207,774 $ 389,587 Net income $ 164,057 $ 274,965 Earnings per share $ 0.02 $ 0.03
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