AirBoss Announces 1st Quarter 2013 Results
08 Maggio 2013 - 1:57AM
Marketwired
AirBoss of America Corp. (TSX:BOS) -
Three months ended
March 31
($thousands, except shares and per share amounts) 2013 2012
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Net sales 54,359 69,899
Gross margin 6,492 7,602
Earnings before interest, tax and amortization from
operations (EBITDA) (Note 1) 4,314 4,605
Interest expense 192 243
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Net income 2,046 2,287
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Net income per share
- Basic 0.09 0.10
- Diluted 0.09 0.10
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Common shares outstanding (millions)
- Basic 22,498,247 23,143,122
- Diluted 22,699,617 23,314,005
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Net income has increased by 17% over the 4th quarter of 2012;
however, decreased by 10% compared to the same period in 2012.
Whilst the change from the same period a year ago is primarily due
to a decline in sales of rubber compounds into the heavy conveyor
belt market for coal mining, all other sectors in this business
have maintained or increased slightly in volume. Sales dollars were
also affected by declining raw material prices compared to a year
ago. As is industry practice, fluctuations are passed along to
customers. Sales volumes are anticipated to increase in Q2 by
between 10% and 20% and again at the end of Q3 when a significant
increase in tire tolling business is scheduled, as previously
stated.
The Engineered Products business which includes Industrial
Rubber products and AirBoss-Defense was on plan for the quarter and
this is expected to continue for the year. There are opportunities
to increase results compared to plan by penetrating different
geographical territories, although any contracts won in Defense
would likely not impact results significantly until the following
year.
Product development is progressing in all areas with new
products on schedule in the case of defense and with additional
technical resources put in place to support increases in rubber
compounding.
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 Wednesday, May
8, 2013 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: 416-340-2216 or Toll Free: 1-866-226-1792.
Direct Replay Access number: 1-800-408-3053.
Note 1:
Three months ended
March 31
($ thousands) 2013 2012
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Net income 2,046 2,287
Interest expense 192 243
Amortization 1,431 1,294
Provision for income taxes 645 781
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EBITDA 4,314 4,605
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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 - 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: impact of general economic conditions; its
dependence on key customers; cyclical trends in the tire and
automotive, construction, mining and retail industries; sufficient
availability of raw materials at economical costs; weather
conditions affecting raw materials, production and sales; AirBoss'
ability to maintain existing customers or develop new customers in
light of increased competition; changes in accounting policies and
methods, including uncertainties associated with critical
accounting assumptions and estimates; changes in the value of the
Canadian dollar relative to the US dollar; changes in tax laws and
potential litigation; ability to obtain financing on acceptable
terms; environmental damage caused by it and non-compliance with
environmental laws and regulations; potential product liability and
warranty claims and equipment malfunction.
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' business are more fully
discussed in the Management's Discussion and Analysis of Financial
Condition and Results of Operations in the 2012 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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