CERRITOS, CA, Feb. 11, 2014 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce approximately $657,000 US ($725,966 CAD) in new orders that include three divisions of the Company. Of these new orders 45 percent are in the Aerospace division, 41 percent are in the Specialty Automotive division and 14 percent are in the Sports and Recreation division.
The Company is also pleased to announce that one of the U.S. Military programs completed in late 2013 is now scheduled for testing with results pending in the near future. Of particular significance, the Company has quoted larger quantities of three of the military programs undertaken in the last couple of years. "The results of these bids will be announced in the next couple of months," stated Allen W. Maxin, President.
Some of the production enhancements introduced in 2013 are now being felt at Omni-Lite where a record number of components were produced in January 2014. These results are also increasing the gross margins at the Company. "Omni-Lite is focused on making continued improvements in 2014 which will enable the firm to meet the increasing production needs of its customers," stated Mike Walker, VP of Research and Development.
Total unaudited revenue for fiscal 2013 was approximately $5,300,000 US ($5,667,000 CDN), an increase of 6 percent in Canadian dollar terms from 2012. "Given that the Company's revenues are in U.S. dollars, the Company expects further currency benefits from the decline in the Canadian dollar versus the U.S. dollar," stated Tim Wang, CFO. "Some Canadian denominated expenses will be reduced in U.S. dollar terms. Revenues and earnings will increase as a result of the devaluation of the Canadian dollar."
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: [email protected]