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Omni-Lite Industries reports audited 2013 results

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.

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