Omni-Lite sees quarterly revenue and production growth as key programs continue
- Revenues increase by 29%
- Production output increases 37%
- Omni-Lite adds new aerospace customer
- New contracts announced
CERRITOS, CA, April 2, 2015 /CNW/ - Omni-Lite Industries Canada Inc. (the "Company") (OML.V) is pleased to note that it has received new contracts in the amount of $763,248 US ($969,325 CAD). Of these orders, approximately 56% are in the Aerospace division, 40% are in the Specialty Automotive division and 4% are in the Sports and Recreation division.
The Company's revenues in the first quarter of 2015 were approximately $1,774,340 US ($2,253,411 CAD). In US dollar terms, this represents an increase of approximately 29% over the revenues in the first quarter of 2014. In Canadian dollar terms, these revenues are a record for the Company's performance in the first quarter. "As a US based company, with US denominated revenues, Omni-Lite is benefiting from the continuing depreciation in the Canadian dollar versus the US currency," stated Tim Wang, CFO. "Not only are our Canadian expenses reduced in US dollar terms but our financial metrics expressed in Canadian dollars should show an upward trend."
In the first quarter, the Company's production volumes increased by approximately 37% due to increased requirements from several key customers. Of particular significance, military sales grew from a very small base to become 32% of sales in the quarter.
"The Company has received an initial order from the new aerospace customer that was mentioned in the press release of Feb 18, 2015. The Company has also been working on several new products for existing customers in the aerospace industry, with some of these components already going into full production," stated Michael Walker, VP of R and D. "With the aerospace industry continuing robust expansion, it is expected that Omni-Lite will continue to see growth in this area."
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Embraer, Bombardier, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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