News & Revenue UpdateReleased this morning:
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Omni-Lite Industries receives new orders across all divisions (cnw)
OML-TSX VENTURE
CERRITOS, CA, Oct. 14, 2011 /CNW/ - Omni-Lite Industries is pleased to announce that it has received several new orders spread across all divisions of the Company. The total value of the new orders received is approximately $743,500 US. Of these new orders, 44 percent are in the Specialty Automotive division, 26 percent are in the Aerospace division, 18 percent are in the Sports and Recreation division, and 12 percent are in the Military division.
Omni-Lite notes that it has largely completed the development of two of the four components for the EV and Hybrid program undertaken with a leading supplier of Nanocrystalline battery technology in the United States. The Company is waiting for final customer approval before initiating production for these first two products.
"This program is proceeding very well technically and if the customer's forecasts are correct the revenues from this program could be more substantial than initially estimated," stated Allen W. Maxin, President. "The development of the two additional components is expected to be completed in about 30 days and all four components are scheduled to be in production by year end."
The Company is pleased to announce that revenues in the third quarter of 2011 were approximately $1,793,000 US ($1,839,040 CDN).
Omni-Lite Industries Canada Inc. 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.
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Nice to see all divisions with strong contributions. Quarterly revenue of US 1.79M compares nicely to recent history and is a 4% increase over the same period last year and a 65% increase over the same period in 2009 (see below).
Quarterly Revenues (from most recent MD&A):
Jun 30/2011 = 2.14M
Mar 31/2011 = 1.48M
Dec 31/2010 = 1.13M
Sep 30/2010 = 1.72M
Jun 30/2010 = 2.44M
Mar 31/2010 = 1.83M
Dec 31/2009 = 1,18M
Sept 30/2009 = 1.08M
Although the summer has been tough on small cap investors, I am very comfortable to continue to hold this stock and add to my position during the dips.
GLTA
-K