Omni-Lite Industries Canada Inc V.OML

Q2 Numbers (readable)

[stevwd]

NEWS RELEASE SECOND QUARTER RESULTS OML-TSX VENTURE CERRITOS, CALIFORNIA. - August 30,2002 - Omni-Lite announces its financial results for the periods three months ended June 30, 2002 and six months ended June 30, 2002. Revenue for the second quarter was lower than revenue in the comparable period in 2001 although for the first six months of 2002, total revenues increased 7% over total revenues in the same period of 2001. Net income was negative reflecting in large part changes in the Company’s accounting policy. During the current period, the company revised its estimate with respect to the amortization period for deferred development expenses and adopted a more conservative policy in regard to deferral of such expenses. This has increased non-cash expenses by approximately $95K in the year-to-date results. Also, an increase in value of the Canadian dollar with reference to the U.S. dollar over the period has resulted in a foreign exchange charge of approximately $17K. FINANCIAL HIGHLIGHTS Three months ended June 30 (in U.S. dollars) 2002 2001 Total revenue $ 445,833 $ 591,263 Cash flow from operations $ 60,841 $ 349,267 Net income (loss) $ (58,418)$ 269,217 Earnings (loss) per share (U.S.) $ (0.01)$ 0.03 Earnings (loss) per share (Canadian) $ (0.01)$ 0.04 FINANCIAL HIGHLIGHTS Six months ended June 30 (in U.S. dollars) 2002 2001 Total revenue $ 1,166,212 $ 1,089,473 Cash flow from operations $ 450,428 $ 568,744 Net income (loss) $ 216,547 $ 389,081 Earnings (loss) per share (U.S.) $ 0.02 $ 0.04 Earnings (loss) per share (Canadian) $ 0.04 $ 0.06 Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by some of the largest corporations including GM, Ford, Mazda, Daimler-Chrysler, Boeing, Airbus, Bombardier, the U.S. Military, Fairchild, 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. For further information please contact: Timothy Wang, Sales and Business Development Manager Tel. No. [phone] or [phone] (USA Only) Fax. No. [phone], E-Mail Address: [e-mail]