Omni-Lite Industries Reports Results for Third Quarter 2011

OML-TSX VENTURE

CERRITOS, CALIFORNIA, Nov. 30, 2011 /CNW/ - For the nine months ended September 30, 2011, Omni-Lite Industries Canada Inc. is pleased to report revenue of $5,415,617 ($5,592,112 CDN), Cash flow from Operations of $1,815,445 US ($1,874,629 CDN) and EBITDA of $1,821,201 US ($1,880,572 CDN).  Net income was $960,620 ($991,936 CDN).

The Omni-Lite team continues to work diligently with customers on current development projects requiring a multidisciplinary approach to solve many different issues affecting the overall performance of the products that our components are integrated into.  "We have several products in the testing phase and are awaiting customer authorization before entering the production phase," stated Allen W. Maxin, President.  "Omni-Lite has a strong track record in overcoming technical challenges by innovation and team work.  We anticipate receiving approvals shortly and will provide updates through subsequent press releases."

Omni-Lite is also pleased to announce that a purchase order for a pre-production quantity of a military component was received. This purchase order will be a precursor for a production quantity pending customer approval.

2011 NINE MONTHS FINANCIAL HIGHLIGHTS (in US $)

Basic Weighted Average
Shares Issued And
Outstanding: 12,826,713
For the period
ended
September 30,
2011
For the period
ended
September 30,
2010
%
Increase
(Decrease)
Revenue $5,415,617 $5,994,776 (10%)
Cash flow from operations(1) 1,815,445 2,655,453 (32%)
Net Income 962,260 1,599,782 (40%)
EPS (US) 0.08 0.16 (52%)
EPS (CDN) 0.08 0.16 (51%)

All figures are in US dollars except as noted.
(Note: at 9/30/11, $1US = $1.0326 CDN; 9/30/10, $1US = $1.0294 CDN)

(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.

Basic earnings per share were $0.08 US ($0.08 CDN) compared to $0.16 US ($0.16 CDN) in the same period of 2010, based on the weighted average number of shares outstanding of 12,826,713.

Revenue in the three month period ended September 30, 2011 was $1,793,959 ($1,852,442 CDN).  Cash flow from operations over the same period was $414,176 US ($427,678 CDN). EBITDA over the period was $440,320 US ($454,674 CDN). Net income in the third quarter was $143,761 US. ($148,448 CDN).  Earnings per share in Q3 2011 were $0.01 US ($0.01 CDN), based on the weighted average number of shares outstanding of 13,282,199.

Through the private placement financing completed in February 2011 and cash flow from operations, the Company's balance sheet remains very strong with cash reserves of $5.8 million US.  However, the value of the cash on hand was affected by the decrease in the foreign exchange rate of the Canadian dollar with respect to the US dollar which resulted in a decrease of approximately $154,000 US at September 30 from net income.

SUMMARY OF THREE MONTH FINANCIAL HIGHLIGHTS (US $)

Weighted Average Shares
Issued And Outstanding:
13,282,199
For the three
months
ended September
30, 2011
For the three
months
ended September
30, 2010
%
Increase
(Decrease)
Revenue 1,793,959
1,720,995
4%
Cash flow from operations 414,176 881,838 (53%)
Net Income  143,761 427,806 (66%)
EPS (US)     0.011 0.042 (74%)
EPS (CDN) 0.011 0.043 (74%)

(Note: at 9/30/11, $1US = $1.0326 CDN; 9/30/10, $1US = $1.0294 CDN)

Quarterly Information

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

ALL FIGURES IN US DOLLARS UNLESS NOTED

  Sep
30/2011
Jun
30/2011
Mar
31/2011
Dec
31/2010
Sep
30/2010
Jun
30/2010
Mar
31/2010
Dec
31/2009
Revenue 1,793,959 2,139,344 1,482,314 1,126,037 1,720,995 2,439,705 1,834,076 1,175,516
Cash Flow
from
Operations(1)
414,176 763,456 637,813 523,347 881,838 1,005,306 768,309 429,416
Net Income 143,761 510,960 307,899 220,290 427,806 687,889 484,087 83,011
EPS(US) .011 .039 .026 .017 .048 .066 .045 .008
EPS(CDN) .011 .038 .025 .017 .048 .067 .045 .008

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.

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: info@omni-lite.com

Website:  www.omni-lite.com

Profil de l'entreprise

Omni-Lite Industries Canada Inc.

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