Omni-Lite Industries Reports Results for the Second Quarter of 2012

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Aug 27, 2012, 13:01 ET

OML-TSX VENTURE

CERRITOS, CA, Aug. 27, 2012 /CNW/ - For the six months ended June 30, 2012 Omni-Lite Industries Canada Inc. is pleased to report revenue of $2,754,468 US ($2,822,806 CAD) and Cash Flow from Operations⁽¹⁾ of $636,761 US ($652,559 CAD). Net income was $243,446 US ($249,486 CAD). Earnings per share in the first six months of 2012 were $0.02 US ($0.02 CAD), based on the weighted average number of shares outstanding of 12,957,461.

Omni-Lite Industries is also pleased to announce that it has received new orders that include several divisions of the Company. The total value of these new orders is approximately $1,077,916. Of these new orders, approximately 42% per cent are in the specialty automotive division, 30% are in the sports and recreation division and 28% are in the aerospace division. Revenues in the specialty automotive and aerospace divisions are up over the same quarter in 2011 which partially make up for the delay in several large military programs. This month the Company was qualified for an additional military program and has shipped the preproduction quantities. Omni-Lite is now qualified for six military programs. The Company is in the final stages of qualifying for two additional major U.S. Military contracts and has critical submissions to make in August and September of 2012.

"The Company received its first highly modified OD PLUS header in July 2012 and initial tests indicate that this will be a significant improvement on the original OD system. This modification more than doubles the current capabilities of the original OD design used in the progressive forging of the complex asymmetrical parts required by the military. This innovation may be critical in the future success of these programs. The Company has three additional machines being modified in Japan with the first machine ready for return shipment to Cerritos in September 2012. The other systems will follow in October and November 2012. Pending the results of further testing, the Company is also considering modifying the two existing OD machines on the factory floor to the upgraded OD PLUS specification. Omni-Lite has already negotiated the worldwide rights to this technology from the Japanese manufacturer and expects to submit a patent application for this technology in September 2012," stated Allen W. Maxin, President. "On another program, the Company has recently received first article approval for the first battery component that it has been developing for the last two years. It is anticipated that Omni-Lite will receive approval for the other three components of this system in the next couple of months."

SUMMARY OF SIX MONTH FINANCIAL HIGHLIGHTS (US $)

Basic Weighted Average Shares Issued And Outstanding: 12,957,461	For the period ended June 30, 2012	For the period ended June 30, 2011	% Increase (Decrease)
Revenue	$2,754,468	$3,621,658	(24%)
Cash flow from operations⁽¹⁾	636,761	1,401,269	(55%)
Net Income	243,446	818,859	(70%)
EPS (US)	0.02	0.07	(71%)
EPS (CAD)	0.02	0.07	(71%)

(Note: at 06/30/12, $1US = $1.0248 CAD; 06/30/11, $1US = $0.9765 CAD)

Revenue in the three month period ended June 30, 2012 was $1,386,824 US ($1,421,230 CAD). Cash flow from operations ⁽¹⁾over the same period was $313,234 US ($321,005 CAD). EBITDA over the period was $404,891 US ($414,936 CAD). Net income in the second quarter was $179,903 US. ($184,366 CAD). Earnings per share in Q2 2012 were $0.01 US ($0.01 CAD), based on the weighted average number of shares outstanding of 12,902,788.

SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)

Weighted Average Shares Issued And Outstanding: 12,902,788	For the three months ended June 30, 2012	For the three months ended June 30, 2011	% Increase (Decrease)
Revenue	1,386,824	2,139,344	(35%)
Cash flow from operations⁽¹⁾	313,234	763,456	(76%)
Net Income	179,903	510,960	(65%)
EPS (US)	0.014	0.039	(64%)
EPS (CAD)	0.014	0.038	(63%)

(Note: at 6/30/12, $1US = $1.0248 CAD; 6/30/11, $1US = $0.9765 CAD)

Quarterly Information

The following table summarizes the Company's financial performance over the last eight quarters.

ALL FIGURES IN US DOLLARS UNLESS NOTED

	Jun 30/2012	Mar 31/2012	Dec 31/2011	Sep 30/2011	Jun 30/2011	Mar 31/2011	Dec 31/2010	Sep 30/2010
Revenue	1,386,824	1,367,644	1,098,466	1,793,959	2,139,344	1,482,314	1,126,037	1,720,995
Cash Flow from Operations(1)	313,234	323,527	110,268	414,176	763,456	637,813	523,347	881,838
Net Income	179,903	63,543	996,036	143,761	510,960	307,899	231,268	427,806
EPS - basic (US)	.014	.005	.076	.011	.039	.026	.017	.048
EPS - basic (CAD)	.014	.005	.081	.011	.038	.025	.017	.048
EPS - diluted (US)	.014	.005	.074	.011	.038	.026	.016	.047
EPS - diluted (CAD)	.014	.005	.079	.011	.037	.025	.016	.047

⁽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.

SOURCE: Omni-Lite Industries Canada Inc.