Omni-Lite Industries reports audited 2011 results

CERRITOS, CA, April 19, 2012 /PRNewswire/ - For the year ended December 31, 2011, Omni-Lite Industries Canada Inc. is pleased to announce that revenue was $6,514,083 US ($6,642,150 CAD). In the 2011 fiscal period, cash flow from operations was $1,930,431 US ($1,968,460 CAD). Comprehensive income was to $2,004,124 ($2,043,605 CAD), a 10% increase over 2010. Earnings per share were $0.15 US per share based on a weighted average number of shares outstanding of 12,918,561 which was increased by 25% after the private placement in February 2011. In 2011, gross margins were 61.6 percent, a decrease from 69.2 percent in fiscal 2010. The decrease in gross margin was largely attributed to a large increase in sales in the sports and recreational division, a category where gross margins are typically lower than the other divisions.

"The financing completed in 2011 has allowed the Company to aggressively pursue the development of the unique technologies required to complete the most important programs currently underway at Omni-Lite. Of particular significance, the Company has recently purchased a progressive forging system to undertake a large new military project announced in March of 2012. This system is expected to be delivered to the Cerritos facility in late July of this year. This highly modified system is an extension of the technology developed for the U.S. military over the last 5 years. Omni-Lite has an exclusive worldwide license for this technology and is currently processing a U.S. patent application for these concepts," stated David F. Grant, Chairman and Chief Executive Officer. "On the development and new program side, our project pipeline is full for the next 12 to 18 months."

Financial Highlights

Revenue: For the year ended December 31, 2011, Omni-Lite reported revenue of $6,514,083 ($6,642,150 CAD), a decrease of 9 percent from the prior year in 2010.

The Aerospace division represented the largest portion of sales with 28 percent of revenue. Sales in this division were higher by 55 percent when compared to the year ended December 31, 2010.  The Automotive division contributed 25 percent of revenue, a 43 percent increase from 2010.  The Military division contributed 24 percent of revenue, a decrease of 56 percent from the same year in 2010.  The Sports and Recreation division contributed 22 percent of revenue, a 25 percent increase from 2010.  The Commercial divisions provided 1 percent of the revenue.

Sales by division are summarized below:

Net Income: Net income was $1,958,656 ($1,997,163 CAD) versus $1,820,072 in 2010, an increase of 8 percent.  A decrease in the military segment's revenue, coupled with the other segment revenue increases, resulted in the reduction in revenue in 2011 when compared with 2010.  In connection with the closing of a private placement in 2011, an unrealized gain on the fluctuation in the market value of share purchase warrants, which is impacted by the Company's share price and foreign exchange rates, was recognized for the year ended December 31, 2011 in the amount of $1,256,357.

Earnings per share: Basic earnings per share were $0.15 ($0.15 CAD) compared to $0.18 ($0.18 CAD) in 2010 based on the weighted average shares outstanding of 12,918,561 and 10,367,374 in 2010. Actual shares outstanding were 13,113,266.  The weighted average number of shares increased approximately 25 percent over the prior year.

SUMMARY OF FINANCIAL HIGHLIGHTS (US $)

All figures in US dollars unless noted.

(Note: at 12/31/11, $1US = $1.0197 CAD; 12/31/10, $1US = $1.0002 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

 

In the fourth quarter of 2011, revenue was $1,098,466 ($1,120,062 CAD), a decrease of 2 percent over the same period in 2010.  Net income was $996,036 ($1,015,618 CAD) versus $231,268 in 2010.

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.