Press release from Marketwire
AirBoss Announces 1st Quarter 2013 Results
- Net income increases by 17% over Q4 2012 - Quarterly dividend declared at $0.05 / share - CAD $35 million operating loan available at end of Q1 2013 despite decline in operating profits and significant increase in R&D facilities and equipment refurbishments
Tuesday, May 07, 2013
AirBoss Announces 1st Quarter 2013 Results19:57 EDT Tuesday, May 07, 2013
NEWMARKET, ONTARIO--(Marketwired - May 7, 2013) - AirBoss of America Corp. (TSX:BOS) -
|Three months ended|
|($thousands, except shares and per share amounts)||2013||2012|
|Earnings before interest, tax and amortization from operations (EBITDA) (Note 1)||4,314||4,605|
|Net income per share|
|Common shares outstanding (millions)|
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.
Three months ended
|Provision for income taxes||645||781|
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 s imilar 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", "forecast s", "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".
FOR FURTHER INFORMATION PLEASE CONTACT:
AirBoss of America Corp.
AirBoss of America Corp.