Omni-Lite Industries announces 29 percent increase in second quarter revenue
CERRITOS, CA, July 14, 2014 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that revenue for the second quarter of 2014 was approximately $1,806,000 US ($1,925,770 CAD), an increase of approximately 29 percent from $1,395,314 US ($1,487,610 CAD) in the second quarter of 2013. This would bring the revenue in the first six months of the current year to approximately $3,179,325 US ($3,389,640 CAD), an increase of 30 percent over the same period in the prior fiscal year.
Omni-Lite Industries is also pleased to announce approximately $1,561,879 US ($1,665,200 CAD) in new orders that include three divisions of the Company. Of these new orders, 36 percent are in the Sports and Recreation division, 33 percent are in the Specialty Automotive division, and 30 percent are in the Aerospace division. These orders provide significant visibility into the Company's performance in the third quarter.
"One of the main drivers of the increased sales in the second quarter was the completion of three military orders during this period," stated Allen W. Maxin, President. "In addition, the Company has recently completed the first article components for a new military customer. It is expected that the Company will receive U.S. government approval for this program later this year."
The Company is also pleased to announce that it has been notified that one of the components produced in the Specialty Automotive division will be increasing in volume for a second time. At the end of the ramp up forecast in this program, annual revenues for this product line are expected to exceed $2,000,000 US. This program is expected to continue until at least 2017. The Company has also been notified that a second component developed for this brake system has recently passed the installation tests at the customer's facility.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Omni-Lite Industries Canada Inc.For further information:
Mr. Tim Wang, CFO
Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA)
Fax. No. (562) 926-6913, email: firstname.lastname@example.org