AirBoss Announces 1st Quarter 2012 Results
09 Maggio 2012 - 10:26PM
Marketwired
AirBoss of America Corp. (TSX:BOS) -
Q1 2012 Highlights:
- Dividends increased to CAD $0.05 per Quarter (a 33%
increase)
Three months ended
March 31
($ thousands, except shares and per share
amounts) 2012 2011
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Net sales 69,899 70,316
Gross margin 7,602 10,963
Earnings before interest, tax and
amortization from
operations (EBITDA) (Note 1) 4,605 7,995
Interest expense 243 353
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Net income 2,287 4,297
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Net income per share
-Basic 0.10 0.18
-Diluted 0.10 0.18
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Common shares outstanding (millions)
-Basic 23.1 23.6
-Diluted 23.3 24.3
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Increased sales in Rubber Compounding were offset by lower sales
of Defense Products. Traditional mining and industrial related
market segments continued to perform well, while there was a
decline in toll mixing in the major tire segment. Volume in tire
toll mixing will start to recover in the third quarter due to the
addition of a significant new customer.
The industrial rubber products division is increasing in
importance with continued strong demand in supplying rubber track
manufacturers and major tire companies with rubber retreading
products. This is expected to continue. Defense Products will
remain at near current levels in the next few quarters as we
increase sales efforts in non-traditional markets. The new Defense
Products R&D centre is scheduled for completion early in the
third quarter of this year. In the meantime, work on new products
continues in conjunction with both industry and public sector
partners.
We continue to anticipate year-over-year improvements in Rubber
Compounding, which will help to compensate for budgetary impacts on
our Defense Products business. Unless rubber raw material prices
change dramatically, we will also be in a position of generating
cash excess to our operating and capital expenditure requirements.
We are evaluating both geographical expansion and acquisition
opportunities as they become available. We will also continue our
share buy-back program.
AirBoss of America Corp. develops, manufactures, and sells high
quality, proprietary rubber-based products offering enhanced
performance to military and industrial markets. The Company is a
world leader in the development and production of CBRN protective
wear. With a capacity to supply 250 million pounds of rubber
annually to a diverse group of rubber manufacturers, AirBoss is
also one of North America's largest custom rubber compounding
companies. The Company's shares trade on the TSX under the symbol
BOS. Visit www.airbossofamerica.com.
The annual meeting is scheduled for 4:30 p.m. EDT Thursday, May
10, 2012 at the Company's head office at which time the results for
the 1st Quarter will also be discussed. Please follow the link on
our website or at www.marketwire.com under webcasts or dial in to
the following numbers: 416-340-2218 or Toll Free: 1-866-226-1793.
Direct Replay Access number: 1-800-408-3053.
Note 1:
Three months ended
March 31
($ thousands) 2012 2011
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Net income 2,287 4,297
Interest expense 243 353
Amortization 1,294 1,162
Provision for income taxes 781 2,183
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EBITDA 4,605 7,995
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AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER
Certain statements included herein, including those that express
management's expectations or estimates of future developments or
AirBoss' future performance, constitute "forward-looking
statements" within the meaning of applicable securities laws. Words
such as "may", "could" "expects", "anticipates", "forecasts",
"plans", "intends" or similar expressions are intended to identify
forward-looking statements.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by
management at the time the statements are made, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. AirBoss cautions that such
forward-looking statements involve known and unknown risks,
uncertainties and other risks that may cause AirBoss' actual
financial results, performance, or achievements to be materially
different from its estimated future results, performance or
achievements expressed or implied by those forward-looking
statements. Numerous factors could cause actual results to differ
materially from those in the forward-looking statements, including
without limitation: changes in accounting policies and methods
including uncertainties associated with critical accounting
assumptions and estimates; AirBoss' ability to maintain existing
customers or develop new customers in light of increased
competition; cyclical trends in the tire and automotive,
construction, mining, retail and rail transportation industries;
sufficient availability of raw materials at economical costs;
weather conditions affecting raw materials, production and sales;
potential product liability and warranty claims; its dependence on
key customers; equipment malfunction; changes in the value of the
Canadian dollar relative to the US dollar; ability to obtain
financing on acceptable terms; environmental damage caused by it
and non-compliance with environmental laws and regulations; changes
in tax laws, and potential litigation.
This list is not exhaustive of the factors that may affect any
of AirBoss' forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to AirBoss
or persons acting on its behalf are expressly qualified in their
entirety by this notice. Whether as a result of new information,
future events or otherwise, AirBoss disclaims any intent or
obligation to update publicly these forward-looking statements.
Risks and uncertainties about AirBoss's business are more fully
discussed in the Management's Discussion and Analysis of Financial
Condition and Results of Operations in the 2011 Annual Report to
Shareholders under the heading "Risk Factors".
Contacts: AirBoss of America Corp. R.L. Hagerman CEO (905)
751-1188 AirBoss of America Corp. Stephen Richards CFO (905)
751-1188 www.airbossofamerica.com
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