AirBoss Announces 3rd Quarter 2012 Results
07 Novembre 2012 - 10:56PM
Marketwired
AirBoss of America Corp. (TSX:BOS) -
Three months Nine months
ended ended
September 30 September 30
(US $ thousands, except shares and per
share amounts) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net Sales 57,901 73,109 194,584 220,866
Gross margin 5,776 8,205 19,801 29,151
Earnings before interest, tax and
amortization from
operations (EBITDA) (Note 1) 3,793 6,592 12,233 22,582
Interest expense 243 417 788 1,147
----------------------------------------------------------------------------
Net income 1,507 3,585 5,415 12,409
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share
-Basic 0.07 0.15 0.24 0.52
-Diluted 0.06 0.15 0.23 0.52
Common shares outstanding (millions)
-Basic 23.0 23.6 23.0 23.6
-Diluted 23.2 23.8 23.2 23.8
----------------------------------------------------------------------------
Sales decreased by $15.2 million for the quarter and by $26.3
million or 12% year-to-date. Of the decrease in the quarter, $8.6
million is due to declines in sales of rubber compounds to both the
major tire and heavy belting sectors. The volume in the tire
industry has been replaced starting in October, 2012 which should
lead to improved divisional performance in the fourth quarter. The
Company has also won new business in the international mining
market and this should begin to offset some of the decline to the
belting industry attributed to reduced demand in the coal mining
sector.
Sales of military protective wear to the US military are on
plan, but at reduced levels and this accounts for the remainder of
the decreased sales. The Company is increasing production of its
CBRN protective overshoes in November, in anticipation of the
finalization of contracts, which is a significant increase in
orders for 2013.
The Industrial Products business is performing slightly ahead of
expectations due to the increased demand for tire retread products
and this is expected to continue for the remainder of the year.
The Company moved its Defense products business into its new
research & development and administrative offices in July. Work
is progressing well on new products and we hope to have multiple
working prototypes before the end of the calendar year.
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.
A conference call to discuss the quarterly results is scheduled
for 9:00 a.m. EDT Thursday, November 8, 2012. Please follow the
link on our website or at www.marketwire.com under webcasts or dial
in to the following numbers: 416-981-9095 or Toll Free:
800-269-3762. Direct Replay Access number: 1-800-558-5253.
Note 1:
Three months Nine months
ended ended
September 30 September 30
($ thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income 1,507 3,585 5,415 12,409
Interest expense 243 417 788 1,147
Amortization 1,503 1,168 4,148 3,539
Provision for income taxes 540 1,422 1,882 5,487
----------------------------------------------------------------------------
EBITDA 3,793 6,592 12,233 22,582
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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: 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'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
AirBoss of America (TSX:BOS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
AirBoss of America (TSX:BOS)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
