OML-TSX VENTURE
CERRITOS, CA, April 23, 2014 /CNW/ - For the year ended December 31,
2013 Omni-Lite Industries Canada Inc. is pleased to announce that
revenue was $5,301,035 US ($5,669,086 CAD). In Canadian dollar terms,
this is an increase of approximately 6 percent over revenues in 2012.
In the 2013 fiscal period, cash flow from operations was $988,936 US
($1,057,598 CAD) versus 1,025,164 US ($1,021,986 CAD) in 2012, an
increase of 4 percent in Canadian dollar terms.
"The Company experienced significant growth in both the aerospace and
specialty automotive markets in 2013. This growth is continuing into
2014. Further revenue increases will come from the three military
programs undertaken in the second quarter of this year," stated David F
Grant, CEO. The Company's gross margin grew from approximately 44
percent in 2012 to approximately 55 percent in 2013 due to production
efficiencies implemented over the last year. Additional benefits are
expected as the Company continues to add key members to the engineering
and production teams and completes the integration of six additional
progressive cold forging systems into the production facility.
Financial Highlights
Revenue: For the year ended December 31, 2013, Omni-Lite reported revenue of
$5,301,035 US ($5,669,086 CAD).
Sales by division are summarized below:
|
Division
|
|
|
Aerospace
|
|
|
Automotive
|
|
|
Sport & Recreation
|
|
|
Military
|
|
|
Commercial
|
|
2013
|
|
|
41%
|
|
|
38%
|
|
|
18%
|
|
|
2%
|
|
|
1%
|
|
2012
|
|
|
37%
|
|
|
33%
|
|
|
24%
|
|
|
4%
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income: Net income was $137,949 US ($147,527 CAD) versus $210,448 US ($209,796
CAD) in 2012.
Earnings per share: Basic earnings per share were $0.01 ($0.01 CAD) compared to $0.02 ($0.02
CAD) in 2012 based on the weighted average number of shares outstanding
of 12,228,094 versus 12,720,976 in 2012. The weighted average number of
shares decreased approximately 4 percent over the prior year. The
Company repurchased 67,700 shares in 2013 which were subsequently
cancelled. The Company has repurchased a total of 926,000 shares over
the last two years. The actual numbers of shares outstanding at
December 31, 2013 were 12,212,932.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars unless noted.
Basic Weighted Average
Shares Issued And
Outstanding: 12,228,094
|
For the year
ended
December 31,
2013
|
For the year
ended
December 31,
2012
|
%
Increase
(Decrease)
|
|
Revenue
|
$5,301,035
|
$5,370,534
|
(1%)
|
|
Cash flow from operations(1)
|
988,936
|
1,025,164
|
(4%)
|
|
Net Income
|
137,949
|
210,448
|
(34%)
|
|
EPS (US)
|
0.011
|
0.017
|
(32%)
|
|
EPS (CAD)
|
0.012
|
0.016
|
(27%)
|
(Note: at 12/31/13, $1US = $1.06943 CAD; 12/31/12, $1US = $0.9969 CAD)
|
(1)
|
Cash flow from operations is a non-GAAP term requested by the oil and
gas investment community that represents net earnings adjusted for
non-cash items including depreciation, depletion and amortization,
future income taxes, asset write-downs and gains (losses) on sale of
assets, if any.
|
Quarterly Information
The following table summarizes the Company's financial performance over
the last eight quarters. All figures in US dollars unless noted.
ALL FIGURES IN US DOLLARS UNLESS NOTED
|
|
Dec
31/2013
|
Sep
30/2013
|
Jun
30/2013
|
Mar
31/2013
|
Dec
31/2012
|
Sep
30/2012
|
Jun
30/2012
|
Mar
31/2012
|
|
Revenue
|
1,182,752
|
1,667,030
|
1,395,314
|
1,055,939
|
1,090,939
|
1,525,127
|
1,386,824
|
1,367,644
|
|
Cash Flow from Operations(1)
|
53,130
|
512,102
|
342,092
|
81,612
|
(18,952)
|
407,355
|
313,234
|
323,527
|
|
Net Income (Loss)
|
(254,297)
|
316,596
|
136,479
|
(60,829)
|
(173,132)
|
140,134
|
179,903
|
63,543
|
|
EPS(loss) - basic (US)
|
(.021)
|
.026
|
.011
|
(.005)
|
(.013)
|
.011
|
.014
|
.005
|
|
EPS(loss) - basic (CAD)
|
(.022)
|
.027
|
.012
|
(.005)
|
(.014)
|
.011
|
.014
|
.005
|
|
EPS(loss) - diluted (US)
|
(.021)
|
.026
|
.011
|
(.005)
|
(.014)
|
.011
|
.014
|
.005
|
|
EPS(loss) - diluted (CAD)
|
(.022)
|
.027
|
.012
|
(.005)
|
(.014)
|
.011
|
.014
|
.005
|
In the fourth quarter of 2013, revenue was $1,182,752 US ($1,264,870
CAD), an increase of 8 percent over the same period in 2012. Net loss
was $254,297 US ($271,953 CAD) versus a loss of $173,132 US in 2012.
For complete results, please visit www.sedar.com or request a copy from the Company.
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.
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.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.
SOURCE Omni-Lite Industries Canada Inc.
