OML-TSX VENTURE
CERRITOS, CA,
May 2, 2013 /CNW/ - For the year
ended December 31, 2012 Omni-Lite
Industries Canada Inc. is pleased to announce that revenue was
$5,370,534 US ($5,353,832 CAD). In the 2012 fiscal period, cash
flow from operations was $1,025,164
US ($1,021,986 CAD). Comprehensive
income was $272,584 ($271,739 CAD), an 86% decrease over 2011,
primarily due to a large unrealized gain on share purchase warrants
from the prior year. Earnings per share were $0.02 US per share based on a weighted average
number of shares outstanding of 12,720,976. In 2012, gross
margins were 44 percent, a decrease from 62 percent in fiscal 2011.
The decrease in gross margin was largely attributed to lower sales
pending the completion of several new development programs and a
$585,107 write-down of inventory that
had been largely manufactured during the preproduction runs for
these new product lines.
"Over the last two to three years, the Company
has devoted significant resources towards the development of
several new products in the Military and Specialty Automotive
divisions. Of significance, the Company has been approved and
delivered product on seven U.S. Military programs. At this time,
two of the largest programs are still pending. The Company
continues to pursue these key programs and is working with several
customers to complete these projects," stated David F. Grant, Chairman and Chief Executive
Officer. "Due to the potential impairment of some products because
of final design changes made during the preproduction stages of
these programs, the Board of Directors have elected to take a
write-down against the inventory on the 2012 financial
statements. The Company has implemented a comprehensive plan
to return to traditional gross margins experienced during most of
the Company's history."
Financial Highlights
Revenue: For the year ended December 31, 2012, Omni-Lite reported revenue of
$5,370,534 ($5,353,832 CAD), a decrease of 18 percent from
the prior year in 2011.
The Aerospace division represented the largest
portion of sales with 37 percent of revenue. Sales in this division
were higher by 10 percent when compared to the year ended
December 31, 2011. The
Automotive division contributed 33 percent of revenue, a 9 percent
increase from 2011. In 2013 the Company is experiencing a
continued increase in both aerospace and specialty automotive
sales. The Sports and Recreation division contributed 24
percent of revenue, a 10 percent decrease from 2011. The
Military division contributed 4 percent of revenue, a decrease of
86 percent from the same year in 2011. The Commercial
division provided 2 percent of the revenue.
Sales by division are summarized below:
Division/
Segments |
|
|
Military |
|
|
Aerospace |
|
|
Sport & Recreation |
|
|
Automotive |
|
|
Commercial |
| 2012 |
|
|
4% |
|
|
37% |
|
|
24% |
|
|
33% |
|
|
2% |
| 2011 |
|
|
24% |
|
|
28% |
|
|
22% |
|
|
25% |
|
|
1% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income: Net income was $210,448 ($209,794
CAD) versus $1,958,656 in 2011, a
decrease of 89 percent which was primarily due to decreases in
Military division revenue and an unrealized gain in share purchase
warrants.
Earnings per share: Basic earnings per
share were $0.02 ($0.02 CAD) compared to $0.15 ($0.15 CAD)
in 2011 based on the weighted average number of shares outstanding
of 12,720,976 and 12,918,561 in 2011. The actual number of shares
outstanding on December 31, 2012 was
12,280,632. The Company repurchased 858,300 shares in 2012
which were subsequently cancelled.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars unless noted.
Basic Weighted Average
Shares Issued And
Outstanding: 12,720,976 |
For the
year
ended
December
31, 2012 |
For the
year
ended
December
31, 2011 |
%
Increase
(Decrease) |
| Revenue |
$5,370,534 |
$6,514,083 |
(18%) |
| Cash flow from operations(1) |
1,025,164 |
1,930,431 |
(47%) |
| Net Income |
210,448 |
1,958,656 |
(89%) |
| EPS (US) |
0.02 |
0.15 |
(89%) |
| EPS (CAD) |
0.02 |
0.15 |
(89%) |
(Note: at 12/31/12, $1US = $0.9969 CAD; 12/31/11, $1US = $1.0197 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.
Quarterly Information
The following table summarizes the Company's
financial performance over the last eight quarters. All figures in
US dollars unless noted.
ALL FIGURES IN US DOLLARS UNLESS NOTED
|
Dec
31/2012 |
Sep
30/2012 |
Jun
30/2012 |
Mar
31/2012 |
Dec
31/2011 |
Sep
30/2011 |
Jun
30/2011 |
Mar
31/2011 |
| Revenue |
1,090,939 |
1,525,127 |
1,386,824 |
1,367,644 |
1,098,466 |
1,793,959 |
2,139,344 |
1,482,314 |
| Cash Flow from Operations(1) |
(18,952) |
407,355 |
313,234 |
323,527 |
110,268 |
414,176 |
763,456 |
637,813 |
| Net Income (Loss) |
(173,132) |
140,134 |
179,903 |
63,543 |
996,036 |
143,761 |
510,960 |
307,899 |
| E(Loss)PS - basic (US) |
(.013) |
.011 |
.014 |
.005 |
.076 |
.011 |
.039 |
.026 |
| E(Loss)PS - basic (CAD) |
(.014) |
.011 |
.014 |
.005 |
.081 |
.011 |
.038 |
.025 |
| E(Loss)PS - diluted (US) |
(.014) |
.011 |
.014 |
.005 |
.074 |
.011 |
.038 |
.026 |
| E(Loss)PS - diluted (CAD) |
(.014) |
.011 |
.014 |
.005 |
.079 |
.011 |
.037 |
.025 |
In the fourth quarter of 2012, revenue was $1,090,939 ($1,087,546 CAD), a decrease of 1 percent over the
same period in 2011. Net loss in the quarter was $173,132 ($172,594
CAD) versus income of $996,036 in
2011.
For complete results, please visit www.sedar.com or request a
copy from the Company.
Omni-Lite Industries Canada Inc. 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.
SOURCE Omni-Lite Industries Canada Inc.