Omni-Lite revenue for 2008 increases 33%, cash flow increases 45% and EBITDA increases 20% in CDN dollar terms



    OML-TSX VENTURE

    CERRITOS, CA, May 1 /CNW/ - For the year ended December 31, 2008,
Omni-Lite Industries Canada Inc. is pleased to report an increase in revenue
of 33% over fiscal 2007. Total revenue reported was $9,115,151 CDN over
$6,858,136 CDN reported in 2007. In 2008, the Military and Aerospace divisions
accounted for approximately 73% of revenue, up from 68% in 2007. In the 2008
fiscal period Cash Flow increased 45% and EBITDA increased 20%. In 2008 gross
margins were 71.3%, an increase from 69.8% in fiscal 2007. Over the period,
the Canadian dollar changed from 0.9804 to the US Dollar to 1.2228 to the US
Dollar.
    "In 2008, the Company undertook 18 new programs that include components
for the US Army, US Marine Corps, John Deere, Caterpillar, Ford, Bosch and
several other Fortune 100 customers. Many of these projects will go into
production in 2009 or early 2010. The revenues expected from these programs
will guide the Company's growth in the near future," stated Mr. David F.
Grant, Chairman and CEO. "The Company is working 17 hours per day to complete
these tasks. Our customers are in varying stages of the testing and evaluation
these new components. Of particular significance, several customers have
completed the multi-month testing cycles required and are moving toward first
article approval and production."
    Consistent with the Company's Vision 2015 growth strategy, the company
added three new progressive forging systems in 2009. An additional seven
systems will be installed in 2009. The value of these new machines is
approximately $5,300,000 CDN. In these difficult financial times worldwide,
these investments will provide an additional benefit to Omni-Lite. The
Company's cash position has been aided by the accelerated depreciation allowed
under the US Economic Recovery Act of 2008. This stimulus will result in
reducing the current US taxes (actual taxes) that the Company will pay in 2008
and 2009. The stimulus program will have the immediate effect of triggering a
substantial refund on prepaid taxes for the 2008 fiscal year. It is
anticipated that the Stimulus package will also substantially reduce the
current taxes paid in 2009. The majority of the future taxes (a non-cash item)
associated with the Stimulus Package have been expensed on the income
statement in the fourth quarter. As a capital equipment-intensive company,
Omni-Lite's management and Board of Directors will continue to measure the
performance of the Company by the metrics of Cash Flow from Operations and
EBITDA.
    Revenue in the fiscal 2008 period was $9,115,151 CDN ($7,454,327 US) up
from $6,858,136 CDN ($6,983,845 US) in 2007. Cash flow from operations over
the same period was $3,488,143CDN ($2,852,587 US) up from $2,414,863 CDN
($2,459,127 US), an increase of 45% for the year. EBITDA was $3,657,590 CDN
($2,991,160US) up from $3,049,419 CDN ($ 3,105,315 US), an increase of 20%
year over year. Net income after current and future taxes was $1,069,995 CDN
($875,037 US), a reduction from $1,554,869 CDN ($1,583,370 US) in 2007. Gross
margins for the year were 71.3% versus 69.8 in fiscal 2007. The following
table summarizes these results.

    
                     2008 FINANCIAL HIGHLIGHTS (in CDN $)

    -------------------------------------------------------------------------
                                           For the      For the
    Basic Weighted Average              year ended   year ended
    Shares Issued And                     December     December   % Increase
    Outstanding: 10,872,011               31, 2008     31, 2007    (Decrease)
    -------------------------------------------------------------------------
    Revenue                              9,115,151    6,858,136          33%
    -------------------------------------------------------------------------
    Cash flow from operations(1)         3,488,143    2,414,863          45%
    -------------------------------------------------------------------------
    EBITDA                               3,657,590    3,049,419          20%
    -------------------------------------------------------------------------
    Net Income                           1,069,995    1,554,869         (31%)
    -------------------------------------------------------------------------
    EPS (CDN)                                $0.10        $0.14         (28%)
    -------------------------------------------------------------------------
    EPS (US)                                 $0.08        $0.14         (44%)
    -------------------------------------------------------------------------

               All figures are in CDN dollars except as noted.
    (Note: at 12/31/08, $1US = $ 1.2228 CDN; 12/31/07, $1US = $0.9820 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 $0.10 CDN ($0.08 US) compared to $0.14 CDN
($0.14 US) in 2007 based on the number of weighted average shares outstanding
of 10,872,011. In 2008, Omni-Lite repurchased 614,400 (2007 - 238,400) common
shares through the Normal Course Issuer Bid. In the year, the weighted average
number of shares decreased from 11,059,967 to 10,872,011.

    Quarterly Information

    In the fourth quarter of 2008, revenue was $1,670,591 CDN (1,366,201 US).
Cash flow over the period was $352,707 CDN ($288,442 US). Largely due to the
expense of future taxes in the quarter, net loss for the quarter was $0.06 CDN
($0.05 US).

    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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