Omni-Lite Industries Reports Strong First Quarter Results
April 28, 2015
~ Earnings per share up 671%
~ Net Income Up 633%
~ Cash Flow from Operations Up 40%
~ Revenues Up 29%
CERRITOS, CA, April 28, 2015 /CNW/ - For the three months ended March 31, 2015, Omni-Lite Industries Canada Inc. (the "Company") (TSXV: OML) is pleased to report revenue of US$1,773,335, an increase of 29% over the same period in 2014. In the first three months of this fiscal year, cash flow from operations(1) increased to US$525,354, an increase of 40% over last year. Net income was US$312,313, up 633% over the first quarter in 2014.
Omni-Lite is also pleased to note that it has received new contracts worth US$680,042. Of these orders, 54% are in the Specialty Automotive division, 40% are in the Aerospace division and 6% are in the Sports and Recreation division. "This brings the total value of the new orders announced in April 2015 to US$1,443,290," stated Allen W. Maxin, President. "Approximately 49 percent of these orders were from the aerospace industry. This is consistent with our planned growth strategy in this space."
(1) Please see 2014 Management Discussion and Analysis for detailed notes and definitions
In addition to the new seven station cold forging system arriving in July this year, the Company has purchased five new SK monitoring systems that enable state of the art control of the forming process on its complex manufacturing systems. "Our experience, with the nine SK systems that the Company has been utilizing for the last three years, is that production efficiencies increase dramatically and scrap and non-conforming parts are reduced significantly," stated Michael Walker, VP of R and D. "These systems will be installed in the Cerritos facility in May. The value of these SK systems is in excess of US$125,000."
"In the first three months of the year, the Company's financial performance continued to trend upward with key metrics such as cash flow from operations, net income and earnings per share increasing significantly," stated David F. Grant, CEO. "The US$2.2 million military contract announced in November 2014 continues to increase the Company's revenues in tandem with additional developments in the aerospace and specialty automotive markets."
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 Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas. |
