- New bookings of approximately $540,000 US
- Sales for Q2 over $2.1 Million US
- New program for solar components
- Backlog rises 255% from Jan 2016
- Book to Bill ratio rises to 1.7 in Q2 from 1.2 last year
LOS ANGELES, July 8, 2016 /CNW/ - Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to note that it has received new contracts since May 27, 2016, in the amount of approximately $540,000 US. Of these orders, 58% are in the Specialty Automotive division, 40% are in the Aerospace division, and 2% are in the Sports and Recreational division. This brings the total value of new orders announced since the start of the year to over $5,040,000, US. At the US to CAD currency exchange rate of July 7, 2016, these orders are valued at approximately $6,552,000 CAD.
The Company is pleased to note that revenues in the second quarter exceeded $2,110,000 US. This brings revenue in the first six months of the fiscal year to approximately $3,595,000 US. As forecast earlier in the year, revenues are continuing to build into the latter half of the year, as the military production continues to gain in momentum.
The Company is also pleased to announce that it has received an initial contract for a component developed for the solar industry. This component is utilized in high quantities in the electrical system of popular solar installations. The Company delivered to the customer, the first article for final testing in late June, 2016.
"The Company is fortunate to have a backlog that has grown 255% from January to June 2016. This increased order visibility is also shown in the book to bill ratio increasing to 1.7 from 1.2 this time last year." stated David F. Grant, CEO.
The Company is also pleased to be featured in a SNN( Stock News Now) video where the growth strategy of the company is discussed at the L D Micro conference in Belair, CA, on June 7, 2016. The Company is fortunate to be a growing company in several growing industries. This video interview can also be found on the updated Omni-Lite website at www.omni-lite.com.
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures mission critical, precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Ford, Borg Warner, Chrysler, the U.S. Military, and Nike.
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.
Video with caption: "Video: SNNLive spoke with David Grant, Chairman & CEO of Omni-Lite Industries Canada Inc. (TSX-V: OML) (OTCQX: OLNCF) at the LD Micro Invitational 2016 in Bel Air, CA. For more information about Omni-Lite Industries Canada Inc., please visit: http://www.omni-lite.com/index.php". Video available at: https://www.youtube.com/watch?v=UzD5uaVwaBQ
For further information: Mr. David Grant, Founder, Chairman, and CEO, Tel. No. (714) 757-8863 or (800) 577-6664, Fax. No. (562) 926-6913, email: [email protected], Website: www.omni-lite.com