Omni-Lite Industries reports results for the first quarter of 2012
May 29 2012 - 12:25PM
PR Newswire (Canada)
OMNI-LITE INDUSTRIES CANADA INC. OML-TSX VENTURE CERRITOS, CA, May
31, 2012 /CNW/ - For the three months ended March 31, 2012
Omni-Lite Industries Canada Inc. is pleased to report revenue of
$1,367,644 US ($1,363,582 CAD) and Cash Flow from Operations((1))
of $323,527 US ($322,566 CDN). Net income was $63,543 US
($63,354 CDN). Earnings per share in Q1 2012 were $0.01 US
($0.01 CDN), based on the weighted average number of shares
outstanding of 13,012,134. Omni-Lite Industries is also pleased to
announce that it has received several new orders that include
several divisions of the Company. The total value of these new
orders is approximately $342,000. Of these new orders,
approximately 52% per cent are in the specialty automotive
division, 28% are in the sports and recreation division and 20% are
in the aerospace division. "The Company continues to invest heavily
in equipment and technology to meet current and anticipated future
demands from our U.S. Military customers," stated Allen W. Maxin,
President. "The Company invested approximately $450,000 US in
a new highly modified cold forging system that will be delivered in
July of 2012. This system incorporates the latest version of a
sophisticated forging adaptation called the OD PLUS and is the
first machine to be modified to this specification, which may be
essential to current and future U.S. Military orders. Given the
success of this modification in Japan, the Company has returned
three additional systems for similar modifications. These machines
are expected to be returned to Omni-Lite in September 2012 and will
most likely be utilized in the production of military
products. It will cost approximately $250,000 US to modify
these three machines. To protect the intellectual property
developed by the Company, the OD PLUS system is the subject of a
pending patent submission. The Company has already negotiated the
worldwide rights on this technology from the Japanese
manufacturer." Through the private placement financing completed in
February 2011 and cash flow from operations, the Company's balance
sheet remains very strong, allowing the continued development of
critical technology and the purchase of new highly modified
equipment. Without the financing of 2011, the Company may not have
been in a position to aggressively pursue these long term programs.
At March 31, 2012, the Company had cash reserves of $4,723,081.
SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)
_____________________________________________________________________
|Basic Weighted Average| | | | |Shares Issued And | For the period
| For the period | % | |Outstanding: | ended March | endedMarch |
Increase | |13,012,124 | 31, 2012 | 31, 2011 | (Decrease) |
|______________________|________________|________________|____________|
|Revenue | $1,367,644 | $1,482,314 | (8%) |
|______________________|________________|________________|____________|
|Cash flow from | | | | |operations(1) | 323,527 | 637,813 | (49%)
|
|______________________|________________|________________|____________|
|Net Income | 63,543 | 307,899 | (79%) |
|______________________|________________|________________|____________|
|EPS (US) | 0.01 | 0.03 | (66%) |
|______________________|________________|________________|____________|
|EPS (CAD) | 0.01 | 0.03 | (66%) |
|______________________|________________|________________|____________|
(Note: at 03/31/12, $1US = $0.99703 CAD; 03/31/11, $1US = $0.9722
CAD) Quarterly Information The following table summarizes the
Company's financial performance over the last eight quarters. ALL
FIGURES IN US DOLLARS UNLESS NOTED
__________________________________________________________________________________________________________
| | Mar | Dec | Sep | Jun | Mar | Dec | Sep | Jun | | | 31/2012 |
31/2011 | 30/2011 | 30/2011 | 31/2011 | 31/2010 | 30/2010 | 30/2010
|
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|Revenue | 1,367,644 | 1,098,466 | 1,793,959 | 2,139,344 |
1,482,314 | 1,126,037 | 1,720,995 | 2,439,705 |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|Cash Flow | | | | | | | | | |from | 323,527 | 110,268 | 414,176 |
763,456 | 637,813 | 523,347 | 881,838 | 1,005,306 | |Operations| |
| | | | | | | |(1) | | | | | | | | |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|Net Income| 63,543 | 996,036 | 143,761 | 510,960 | 307,899 |
231,268 | 427,806 | 687,889 |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|EPS - | .005 | .076 | .011 | .039 | .026 | .017 | .048 | .066 |
|basic (US)| | | | | | | | |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|EPS - | | | | | | | | | |basic | .005 | .081 | .011 | .038 | .025
| .017 | .048 | .067 | |(CAD) | | | | | | | | |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|EPS - | | | | | | | | | |diluted | .005 | .074 | .011 | .038 |
.026 | .016 | .047 | .066 | |(US) | | | | | | | | |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
|EPS - | | | | | | | | | |diluted | .005 | .079 | .011 | .037 |
.025 | .016 | .047 | .067 | |(CAD) | | | | | | | | |
|__________|___________|___________|___________|___________|___________|___________|___________|___________|
((1) )Cash flow from operations is a non-GAAP term requested
by the oil and gas investment community that represents net
earnings adjusted for non-cash items including depreciation,
depletion and amortization, future income taxes, asset write-downs
and gains (losses) on sale of assets, if any. Please see
www.sedar.com or contact the Company for complete results.
Omni-Lite is a rapidly growing high technology company that
develops and manufactures precision components utilized by several
Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford,
Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and
adidas. 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. Omni-Lite Industries Canada Inc. CONTACT:
Mr. Tim Wang, CFOTel. No. (562) 404-8510 or (800) 577-6664 (Canada
and USA)Fax. No. (562) 926-6913, email: info@omni-lite.comWebsite:
www.omni-lite.com
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