Third Quarter Results|
Omni-Lite Industries Canada Inc.
November 29, 2004
For the nine months ended Sept. 30, 2004, Omni-Lite Industries Canada Inc. reported revenue including rental of $2,523,640 ($3,353,060 (Canadian)), an 11.7-per-cent increase over the corresponding period in 2003. (All figures are in U.S. dollars unless otherwise noted.)
Net income increased to $729,303 ($968,995 (Canadian)) versus income of $555,652 in 2003, an increase of 31 per cent.
Earnings per share were eight cents (11 Canadian cents) compared with six cents in the first six months based on the weighted average shares outstanding of 8,610,292. A total of 362,300 common shares were repurchased between Jan. 1 and Sept. 30 through the normal course issuer bid, which reduced the actual number of outstanding shares to 8,421,969. As of Sept. 30, 2004, there were 8,461,969 shares outstanding and the remaining 40,000 shares repurchased were subsequently cancelled.
For the year-to-date, the cash flows from operations increased by 14 per cent to $912,755 ($1,159,108 (Canadian)).
For the three-month period ended Sept. 30, 2004, the net income was $241,974 ($306,339 (Canadian)), a decrease of 4 per cent over the same period in 2003. Revenue including rent increased 4.5 per cent to $933,530 ($1,181,848 (Canadian)) compared with $892,966 in 2003. Compared with the third quarter of 2003, cash flows from operations decreased 27 per cent to 304,637 ($386,859 (Canadian)).
Omni-Lite Industries has promoted Allen Maxin to vice-president of operations support. He will be responsible for technical sales, production control and quality assurance. Mr. Maxin joined the company in 2002 as a technical sales manager.
SUMMARY OF FINANCIAL HIGHLIGHTS Nine months ended Sept. 30 (U.S. dollars) 2004 2003 Revenue and rental $2,523,640 $2,259,160 Cash flow from operations $912,755 $801,301 Net income $729,303 $555,652 EPS (U.S.) $0.084 $0.06 EPS (Canadian) $0.108 $0.082 SUMMARY OF FINANCIAL HIGHLIGHTS Three months ended Sept. 30 (U.S. dollars) 2004 2003 Revenue and rental $933,530 $892,966 Cash flow from operations $304,637 $419,167 Net income $241,974 $252,288 EPS (U.S.) $0.03 $0.03 EPS (Canadian) $0.04 $0.04
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.
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