- Revenues increase by 29%
- Production output increases 37%
- Omni-Lite adds new aerospace customer
- New contracts announced
CERRITOS, CA, April 2, 2015 /CNW/ - Omni-Lite Industries Canada Inc. (the "Company") (TSXV: OML) is pleased to note that it has received new contracts in the amount of $763,248 US ($969,325 CAD). Of these orders, approximately 56% are in the Aerospace division, 40% are in the Specialty Automotive division and 4% are in the Sports and Recreation division.
The Company's revenues in the first quarter of 2015 were approximately $1,774,340 US ($2,253,411 CAD). In US dollar terms, this represents an increase of approximately 29% over the revenues in the first quarter of 2014. In Canadian dollar terms, these revenues are a record for the Company's performance in the first quarter. "As a US based company, with US denominated revenues, Omni-Lite is benefiting from the continuing depreciation in the Canadian dollar versus the US currency," stated Tim Wang, CFO. "Not only are our Canadian expenses reduced in US dollar terms but our financial metrics expressed in Canadian dollars should show an upward trend."
In the first quarter, the Company's production volumes increased by approximately 37% due to increased requirements from several key customers. Of particular significance, military sales grew from a very small base to become 32% of sales in the quarter.
"The Company has received an initial order from the new aerospace customer that was mentioned in the press release of Feb 18, 2015. The Company has also been working on several new products for existing customers in the aerospace industry, with some of these components already going into full production," stated Michael Walker, VP of R and D. "With the aerospace industry continuing robust expansion, it is expected that Omni-Lite will continue to see growth in this area."
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Embraer, Bombardier, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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SOURCE Omni-Lite Industries Canada Inc.
For further information: Mr. Mikel Damke, Tel. No. (403) 660-7770, email: [email protected]; Mr. Tim Wang, CFO, Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: [email protected]; Website: www.omni-lite.com