AirBoss Announces 1st Quarter 2005 Results.NEWMARKET, Ontario Newmarket (2006 Population 74,295) is a town located approximately 45 km north of Toronto, Ontario, Canada. Newmarket is served by three interchanges along Highway 404. It is the seat of York Region. Southlake Regional Health Centre (hospital) is located in Newmarket. -- NET INCOME FROM CONTINUING OPERATIONS continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the UP 22% AirBoss of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Corp. ("AirBoss") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BOS) announces the following results for the three month period ended March 31, 2005:
(000's except shares and per share amounts)
Three months ended March 31
2005 2004
---- ----
Net Sales $59,568 $44,055
Gross margin 7,292 6,281
Earnings before interest, taxes & amortization
from continuing operations (EBITDA) (Note 1) 4,324 3,879
Interest Expense 801 698
Net income from continuing operations 1,558 1,272
Net income (loss) from discontinued operations (38) (681)
Net income 1,520 591
Net income per share from continuing operations
- Basic $0.07 $0.06
- Diluted $0.07 $0.06
Net income per share
- Basic 0.07 0.03
- Diluted 0.06 0.03
Cash flow before changes in non-cash working capital
from continuing operations
Common shares outstanding (millions)
- Basic 22.7 22.5
- Diluted 23.8 23.0
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
March 31
2005 2004
---- ----
Income from continuing operations before income taxes 2,266 1,796
Interest expense 801 698
Amortization from continuing operations 1,257 1,385
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EBITDA - continuing operations 4,324 3,879
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Sales for the three-month period ended March 31, 2005 increased by $15.5 million or 35% compared to the same period in 2004, while net income from continuing operations increased by 22% to $1.6 million. The increase in volume is due primarily to strong demand for rubber compounds used in the energy generation and transportation industries. This trend is expected to continue for the remainder of the year. Commodity prices continued to impact the industry and have compressed margins in high volume compounds. Positive production efficiencies in our military and engineered products groups bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. profits in the first quarter and more than offset start-up Start-up The earliest stage of a new business venture. costs in the new compounding facility in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . The AirBoss Railway Products group also contributed a strong quarter with significant revenues generated from major track construction projects. AirBoss is a manufacturer of proprietary rubber products for the military and transportation industry. AirBoss is also one of North America's manufacturers of custom rubber compounds for a wide range of industrial applications. The Company's shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("BOS"). The full quarterly report will be posted on the Company's website (www.airbossofamerica.com). A conference call to discuss the quarterly results is scheduled for 11am EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , Thursday, May 5, 2005. Please either follow the link on our website or at www.ccnmatthews.com under webcasts and/or dial in to the following numbers: 416-695-7896 or Toll Free1-800-565-0813 AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the This report contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which reflect management's best judgment based on factors currently known but involve significant risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including but not limited to risks more fully described in the "Risk factors" section of the Company's Annual Report, and other risks detailed in filings with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . Forward-looking information provided pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. established by recent securities legislation should be evaluated in the context of these factors. Airboss Of America Corp. (TSX:BOS) |
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