Omni-Lite reports record revenue and net income for first quarter 2007



    OML-TSX VENTURE

    CERRITOS, CA, June 1 /CNW/ - For the quarter ended March 31, 2007,
Omni-Lite Industries Canada Inc. is pleased to report record revenue and net
income. In this period revenue rose 61% and net income increased by 116%.
These results are largely the effect of increased activities in the military
and aerospace divisions. "By all measures, the first quarter was a very
successful period for Omni-Lite. The benefits of the significant investments
made in plant and equipment, employee training and tooling support are
starting to show in the financial performance," stated Paul A. Burkey,
President and COO. "In addition, both the military and aerospace sectors are
showing considerable strength in Southern California, a fact that may help to
provide growing sales for many years to come."
    Revenue in first quarter was $1,633,196 ($1,887,811 CDN). This increase
in revenue reflects a 61% gain over the same period in 2006. Cash flow from
operations over the same period was $622,731 ($719,815 CDN), up 24%. Net
income was $736,100 ($850,858 CDN), an increase of 116% for the period. Gross
margins for the period were 74% and net margins were 45%. The following table
summarizes these results.

    
                   Q1 2007 FINANCIAL HIGHLIGHTS (in US $)

    -------------------------------------------------------------------------
    Weighted Average         For the period     For the period
    Shares Issued                 ending             ending
    And Outstanding:             March 31,          March 31,
    11,074,684                     2007               2006      % Increase
    -------------------------------------------------------------------------
    Total Revenue             $ 1,633,196        $ 1,013,680          61%
    -------------------------------------------------------------------------
    EBITDA                    $   979,861        $   483,008         103%
    -------------------------------------------------------------------------
    Cash flow from
     operations(1)            $   622,731        $   501,212          24%
    -------------------------------------------------------------------------
    Net Income                $   736,100        $   340,819         116%
    -------------------------------------------------------------------------
    EPS (US)                  $      0.07        $      0.03         133%
    -------------------------------------------------------------------------
    EPS (CDN)                 $      0.08        $      0.04         200%
    -------------------------------------------------------------------------
    All figures are in US dollars except as noted. (note: at 3/31/07,
    $1US = $1.1559 CDN; 3/31/06, $1US = $1.1676 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.
    

    Earnings per share in Q1 2007 were $0.07 ($0.08 CDN) compared with $0.03 
($0.04 CDN) in Q1 2006, based on the weighted average number of shares
outstanding of 11,074,684 in Q1 2007, versus 10,406,747 shares outstanding in
2006. This represents an increase of 6% in the weighted average number of
shares outstanding from Q1 2006 to the Q1 2007 fiscal period. In Q1 2007,
Omni-Lite repurchased 50,000 common shares through the Normal Course Issuer
Bid. In Q1 2007, a total of $190,555 was paid out as a semi-annual dividend to
the shareholders. This represented a dividend of $0.02 CDN per share for
shareholders on the published record date.
    The Company has continued to add to its revenue stream. In Q1, the
Military division accounted for 39% of revenue. The Aerospace division
represented 35% of sales. The Automotive division reported 16% of revenue. The
Sports and Recreation division reported 6% of revenue and Commercial
activities accounted for 4% of revenue.

    
    Quarterly Information

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

    ALL FIGURES IN US DOLLARS UNLESS NOTED

    -------------------------------------------------------------------------
                          Mar            Dec            Sept           June
                        31/2007        31/2006        30/2006        30/2006
    -------------------------------------------------------------------------
    Revenue           1,633,196        838,509      1,823,936      1,330,936
    -------------------------------------------------------------------------
    Cash Flow
     from
     Operations(1)      622,731       (165,466)       500,283        654,887
    -------------------------------------------------------------------------
    Net Income          736,100       (150,122)       433,180        377,435
    -------------------------------------------------------------------------
    EPS(US)                .066          (.014)          .040           .035
    -------------------------------------------------------------------------

    EPS(CDN)               .077          (.016)          .047           .040
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                          Mar            Dec            Sept           June
                        31/2006        31/2005        30/2005        30/2005
    -------------------------------------------------------------------------
    Revenue           1,013,680      1,092,705      1,332,953      1,010,728
    -------------------------------------------------------------------------
    Cash Flow
     from
     Operations(1)      501,212        424,607        634,018        474,129
    -------------------------------------------------------------------------
    Net Income          340,819        103,027        464,421        372,812
    -------------------------------------------------------------------------
    EPS(US)                .032            .01            .05            .04
    -------------------------------------------------------------------------
    EPS(CDN)               .037            .01            .05            .05
    -------------------------------------------------------------------------

    (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.
    

    Omni-Lite is a rapidly growing high technology company that develops and
manufactures precision components utilized by 100 companies including Boeing,
Airbus, Alcoa, Daimler-Chrysler, the U.S. Military, Nike, adidas and Reebok.

    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.





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:
info@omni-lite.com, Website: www.omni-lite.com

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Omni-Lite Industries Canada Inc.

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