AirBoss of America Corp. (TSX:BOS)
AirBoss of America Corp. ("AirBoss") announces the following results:
Three months Twelve months
ended ended
December 31 December 31
(In thousands of US dollars, except
shares and per share amounts) 2012 2011 2012 2011
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Net Sales 54,114 61,654 248,698 282,520
Gross margin 6,260 5,702 26,061 34,853
Earnings before interest, tax and
amortization from continuing operations
(EBITDA) (Note 1) 4,069 2,990 16,302 25,571
Interest expense 231 305 1,019 1,452
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Net income 1,755 595 7,170 13,004
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Net income per share
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-Basic 0.08 0.03 0.31 0.55
-Diluted 0.08 0.02 0.31 0.54
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Net cash provided by operating
activities 11,281 19,088 10,855 16,790
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Common shares outstanding (millions)
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-Basic 22.8 23.5 23.0 23.6
-Diluted 23.0 23.7 23.2 24.1
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Fourth quarter sales decreased by $7.5 million compared to 2011
due to decreases in Rubber Compound sales to the heavy conveyor
belting and major tire sectors. Gross margins improved for the
quarter year-over-year due to product mix, improvements in plant
and equipment in North Carolina and increased production of CBRN
footwear by the defense products division.
Sales will continue to be negatively impacted in 2013 as long as
the belting sales to the coal industry remain depressed. This
should be offset mid-year by a forecast increase in volumes to
major tire manufacturers.
Despite significant repurchases of shares under its normal
course issuer bid program and an increase in dividends paid, the
Company ended the year with improved working capital debt to equity
ratios, no operating debt and an unused line of credit of CAD $35
million.
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 year end results is scheduled
for 9:00 am EDT, March 21, 2013. Please follow the link on our
website or at www.marketwire.com under "webcasts" or dial in to the
following numbers: 416-340-8010 or Toll Free: 1-866-226-1799.
Direct Replay Access number: 1-800-408-3053.
Note 1:
The Company discloses EBITDA, based on the Company's continuing
operations, a financial measurement used by interested parties.
EBITDA does not have a standardized meaning prescribed by GAAP and
is not necessarily comparable to similar measures presented by
other issuers. EBITDA is not a measure of performance under GAAP
and should not be considered in isolation or as a substitute for
net income under GAAP.
Three months ended Twelve months ended
December 31 December 31
(In thousands of US dollars) 2012 2011 2012 2011
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Net Income 1,755 595 7,170 13,004
Interest expense 231 305 1,019 1,452
Amortization from continuing
operations 1,635 1,217 5,783 4,755
Provision for income taxes 448 873 2,330 6,360
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EBITDA from continuing
operations 4,069 2,990 16,302 25,571
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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 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)
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