AirBoss Announces 1st Quarter 2014 Results
07 Maio 2014 - 5:41PM
Marketwired
AirBoss Announces 1st Quarter 2014 Results
TORONTO, ONTARIO--(Marketwired - May 7, 2014) - AirBoss of
America Corp. (TSX:BOS)
Q1 2014 versus Q1 2013 Highlights:
- Net sales increases by 31%
- EPS increased to $0.11 USD, up 22%
- EBITDA up by 45%
|
|
Three months ended March 31 |
(In thousands of US dollars except per share
amounts) |
|
2014 |
|
2013 |
Net sales |
|
71,416 |
|
54,359 |
Gross margin |
|
9,450 |
|
6,492 |
|
Earnings before interest, tax and amortization from
operations (EBITDA) (Note 1) |
|
6,268 |
|
4,314 |
|
Finance costs |
|
(580) |
|
192 |
|
|
Net income |
|
2,481 |
|
2,046 |
|
Net income per
share |
|
|
|
|
|
- Basic |
|
0.11 |
|
0.09 |
|
- Diluted |
|
0.11 |
|
0.09 |
|
Common shares
outstanding (millions) |
|
|
|
|
|
- Basic |
|
22,749,156 |
|
22,498,247 |
|
- Diluted |
|
22,966,032 |
|
22,699,617 |
Net income increased
21% over the first quarter 2013 reflecting the positive benefit of
the Flexible Products automotive acquisition. The first quarter
performance was achieved despite adverse weather affecting the
Rubber Compounding business and a decline in Engineered Products
revenue. The compounding business continues to see a weakness in
the mining industry; however, sees a strengthening in the tire
industry. Raw material prices appear to be stable going forward.
The Flexible automotive business continues to benefit from a strong
US auto market and expects this to continue throughout 2014.
Engineered Products
which includes Defense, is down significantly compared to prior
year due to an overall weakness in the defense industry.
Various initiatives
are underway to improve margins including productivity efforts and
the introduction of new products. AirBoss continues to build upon
its core strengths to add greater value to its customers.
Automotive is expected to continue to perform strongly for the
remainder of the year through the introduction of mid-year new
product launches. New markets where we have experienced recent
success, such as oil and gas, continue to perform well and we are
optimistic about the improvement of all other sectors over 2013. We
continue to aggressively pursue options to accelerate growth both
organically and through additional strategic acquisitions.
AirBoss of America
Corp. develops, manufactures, and sells high quality, proprietary
rubber based products offering enhanced performance and
productivity to transportation, military and industrial markets.
With a capacity to supply over 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. AirBoss-Defense is a world leader in rubber chem-bio
protective wear. AirBoss' Flexible Products is a leading supplier
of innovative anti-vibration solutions to the North American
automotive market. The Corporation'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 Thursday, May 8, 2014 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.marketwired.com under webcasts or dial in to the following
numbers: 416-340-8530 or Toll Free: 1-800-766-6630. Direct Replay
Access number: 1-800-408-3053.
|
|
|
Note 1: |
|
|
|
|
Three months ended |
|
|
March 31 |
(in thousands of US dollars) |
|
2014 |
|
2013 |
|
|
|
|
|
Net
income |
|
2,481 |
|
2,046 |
Finance costs |
|
580 |
|
192 |
Amortization |
|
2,075 |
|
1,431 |
Provision for income taxes |
|
1,132 |
|
645 |
EBITDA |
|
6,268 |
|
4,314 |
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", "anticipates",
"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 2013 Annual Report to Shareholders
under the heading "Risk Factors".
AirBoss of America Corp.Timothy ToppenPresident(905)
751-1188AirBoss of America Corp.Wendy FordCFO(905)
751-1188www.airbossofamerica.com
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