CERRITOS, CA, July 8 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that revenue in the second quarter of 2010 was approximately $2,439,000 US ($2,556,150 CDN), an increase of 112 percent over the same period in 2009. This revenue represents a record level of sales for any quarter in the Company's history. Revenues for the first six months of 2010 were approximately $4,273,000 US ($4,478,230 CDN). The revenue increased over the same period in 2009 by 101 percent and represents a record revenue for any six month period in the Company's history.
"The revenue increases reflect the successful completion of several critical development programs and demonstrate the financial effects of quickly moving these programs into the production phase," stated Allen W. Maxin, VP of Operations. "The revenue in the first six months of 2010 is at a level almost equal to that achieved in all of 2009." The complete financial statements will be released in the next 14 days.
The Company would also like to note that it has received several new orders in the Sports and Recreational, Aerospace, and Automotive divisions. The total value of these orders was approximately $485,000 US ($508,295 CDN). Of these new orders, approximately 48 percent were in the Sports and Recreational division, 28 percent were in the Aerospace division and 24 percent were in the Automotive division.
In late May of 2010, the Company received, at its Cerritos, California facility, a second highly modified cold forging system that has been developed for a U.S. Military program. This system will be necessary to meet the customer's production needs once the product development requirements of the program have been met.
To add to the Company's ability to quickly complete the sophisticated engineering changes that are required for Omni-Lite's Fortune 500 customer base, the Company has purchased and installed a new $60,000 US CNC Lathe. This system will allow tooling modifications to be made in about two days instead of the six weeks that have been experienced utilizing outside vendors. To further reduce lead times, the Company has also purchased and is installing a Wire EDM system. To continue expanding the AVATAR real-time production management system, the Company has received eight additional data collection units and is currently installing and integrating these units into the production system. Upon completion of this phase of the AVATAR system, 14 cold forging systems will be linked in this real time data collection, processing, and display network.
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: 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: email@example.com, Website: www.omni-lite.com