AirBoss Announces 2nd Quarter 2013 Results
07 Agosto 2013 - 1:52PM
Marketwired
AirBoss of America Corp. (TSX:BOS) -
Three months ended Six months ended
June 30 June 30
(US $thousands, except shares and per
share amounts) 2013 2012 2013 2012
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Net Sales 59,659 66,784 114,018 136,683
Gross margin 8,096 6,423 14,588 14,025
Earnings before interest, tax and
amortization from operations (EBITDA)
(Note 1) 6,018 3,820 10,332 8,440
Finance costs 202 302 394 545
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Net income 3,060 1,621 5,106 3,908
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Net income per share
- Basic 0.14 0.07 0.23 0.17
- Diluted 0.13 0.07 0.22 0.17
Common shares outstanding (millions)
- Basic 22.6 23.0 22.6 23.1
- Diluted 22.7 23.2 22.7 23.2
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Sales increased by 10% in the second quarter of 2013 compared to
the first but were $7.1 million or 11% lower than in the same
period in 2012. Quarterly net income, however, increased by 50%
compared to the 1st quarter and by 89% compared to the previous
year. This is due to stable raw material pricing and a shift in
product mix in both Rubber Compounding and AEP. Raw material costs
were relatively stable in the quarter but are expected to decline
significantly for the fourth quarter of the current year. This will
flow impact pricing and result in reduced working capital
requirements. For the remainder of the year rubber mixing tolling
volume is expected to be stable and the mining sector will continue
to fluctuate quarterly; however, new business currently being
quoted should provide opportunities to again increase volume in the
fourth quarter.
The new product development in the defense products group
continues to progress well and the first production of new CBRN
products is anticipated prior to year end, in time for required
independent testing and anticipated 2014 contract tender
qualifications.
AirBoss of America Corp. develops, manufactures, and sells high
quality, proprietary rubber-based products offering enhanced
performance to military and industrial markets. The Company is a
world leader in the development and production of CBRN protective
wear. With a capacity to supply 250 million pounds of rubber
annually to a diverse group of rubber manufacturers, AirBoss is
also one of North America's largest custom rubber compounding
companies. The Company's shares trade on the TSX under the symbol
BOS. Visit www.airbossofamerica.com.
A conference call to discuss the quarterly results is scheduled
for 8:00 a.m. EDT Thursday August 8, 2013. Please follow the link
on our website or at www.marketwire.com under webcasts or dial in
to the following numbers: 416-340-2220 or Toll Free:
1-866-226-1798. Direct Replay Access number: 1-800-408-3053.
Note 1:
Three months ended Six months ended
June 30 June 30
($ thousands) 2013 2012 2013 2012
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Net income 3,060 1,621 5,106 3,908
Finance costs 202 302 394 545
Depreciation and amortization of
intangible assets 1,540 1,336 2,971 2,645
Income tax expense 1,216 561 1,861 1,342
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EBITDA 6,018 3,820 10,332 8,440
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AIRBOSS FORWARD-LOOKING STATEMENT DISCLAIMER
Certain statements contained or incorporated by reference
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, and can generally be identified by
words such as "will", "may", "could" "expects", "believes", "antici
pates", "forecasts", "plans", "intends" or similar expressions.
These statements are not historical facts but instead represent
management's expectations, estimates and projections regarding
future events and performance.
Forward-looking statements are necessarily based upon a number
of opinions, 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 risks, uncertainties and contingencies. AirBoss
cautions that such forward-looking statements involve known and
unknown contingencies, 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.
All of the forward-looking information in this press release is
expressly qualified by these cautionary 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.
Forward-looking information contained herein is made as of the date
of this press release and, whether as a result of new information,
future events or otherwise, AirBoss disclaims any intent or
obligation to update publicly these forward-looking statements
except as required by applicable laws. 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 2012 Annual Report to Shareholders
under the heading "Risk Factors".
Contacts: AirBoss of America Corp. R.L. Hagerman CEO (905)
751-1188 (905) 751-1101 (FAX) AirBoss of America Corp. Stephen
Richards CFO (905) 751-1188 (905) 751-1101 (FAX)
www.airbossofamerica.com
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