Omni-Lite earns $265,782 (U.S.) in Q1 2004|
Omni-Lite Industries Canada Inc.
June 1, 2004
OMNI-LITE 2004 FIRST QUARTER RESULTS
Omni-Lite Industries Canada Inc., for the quarter ended March 31, 2004, has posted revenue including rental of $708,354 (U.S.) ($933,582 (Canadian)), a 10-per-cent increase over the corresponding period in 2003.
Net income for the period increased to $265,782 (U.S.) versus income of $164,057 (U.S.) in 2003, an increase of 62 per cent.
In first quarter 2004, overhead expenses were $291,560 (U.S.), a decrease of 3 per cent. Research and product design expenses increased in first quarter, but were offset by $52,329 (U.S.) paid for engineering services by customers. Research and development expenses will rise in 2004 as many of the new projects have greater complexity and cannot share tooling designs. The costs may continue to be offset by fees collected from customers.
Earnings per share were three U.S. cents, compared with two U.S. cents in the first quarter of 2003, based on the weighted average shares outstanding of 8,797,327. A total of 86,200 common shares were repurchased between Jan. 1 and March 31, through the normal course issuer bid, which reduced the actual number of outstanding shares to 8,698,069. As of March 31, 2004, there were 8,744,269 shares outstanding and 46,200 shares were awaiting cancellation.
For the first quarter of the year, cash flow from operations increased by 80 per cent to $326,883 (U.S.) ($427,596 (Canadian)). The increase reflects the increase in revenue and productivity.
SUMMARY OF FINANCIAL HIGHLIGHTS Three months ended March 31 (in United States dollars) 2004 2003 Revenue and rental $ 708,354 $ 641,680 Cash flow from operations $ 326,883 $ 207,774 Net income $ 265,782 $ 164,055 Earnings per share $ 0.03 $ 0.02
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