OML-TSX VENTURE
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.
