AirBoss Announces 2nd Quarter 2012 Results
08 Agosto 2012 - 4:22PM
Marketwired
AirBoss Of America Corp. (TSX:BOS) -
Q2 2012 Highlights:
-- Declared dividend $0.05 payable October 18, 2012
-- Opened R&D centre in Bromont, Quebec July 30, 2012
Three months ended Six months ended
June 30 June 30
(US $ thousands, except shares and
per share amounts) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net Sales 66,784 77,440 136,683 147,756
Gross margin 6,423 9,983 14,025 20,946
Earnings before interest, tax and
amortization from
operations (EBITDA) (Note 1) 3,820 7,995 8,440 15,990
Interest expense 302 377 545 730
----------------------------------------------------------------------------
Net income 1,621 4,527 3,908 8,824
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share
-Basic 0.07 0.19 0.17 0.37
-Diluted 0.07 0.19 0.17 0.37
----------------------------------------------------------------------------
Common shares outstanding (millions)
-Basic 23.0 23.6 23.1 23.6
-Diluted 23.2 24.1 23.2 24.1
----------------------------------------------------------------------------
Sales decreased by $10.6 million or 14% for the quarter and by
$11.1 million or 8% year-to-date. Of the decrease in the quarter,
$6.4 is due to declines in sales of rubber compounds to both the
major tire and heavy belting sectors. The decline to the belting
industry began in mid-quarter and is attributed to reduced demand
in the coal industry. The majority of the remainder of the sales
decline is due to the reduced sales in the current year of military
protective wear due to reduced demand from the US military.
The rubber compounding business is expected to be impacted by
the reduced demand by the belting industry for the remainder of the
year but the company anticipates improvement in volumes from the
tire industry by mid-third quarter with potential further
significant increases in the fourth quarter. Raw material prices
are expected to trend downwards and this should have a positive
impact on margins for certain products as well as for reduced
working capital requirements.
The Defense and Industrial Products businesses are performing
slightly ahead of expectations beginning the year and this is
expected to continue.
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 August 9, 2012. 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:
Three months ended Six months ended
June 30 June 30
($ thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income 1,621 4,527 3,908 8,824
Interest expense 302 377 545 730
Amortization 1,336 1,210 2,645 2,371
Provision for income taxes 561 1,882 1,342 4,065
----------------------------------------------------------------------------
EBITDA 3,820 7,996 8,440 15,990
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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
AirBoss of America (TSX:BOS)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
AirBoss of America (TSX:BOS)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
