AirBoss Announces 2003 Results.Business Editors NEWMARKET Newmarket, town (1991 pop. 15,861), Suffolk, E England. It has been a horse-racing center since early in the 17th cent. There are four principal races: the One Thousand Guineas, the Two Thousand Guineas, the Cambridgeshire, and the Cesarewitch. , Ontario--(BUSINESS WIRE)--March 9, 2004 AirBoss of America Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : BOS) ("AirBoss") announces the following results for the year ended December 31, 2003:
($000's except per share amounts)
Twelve Months Three Months Ended
Ended December 31 December 31
2003 2002 2003 2002
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Net sales $175,870 $182,685 $34,930 $45,556
Gross profit 21,316 30,877 1,555 7,590
Earnings before interest,
taxes and amortization
(EBITDA) 5,896 13,481 (2,313) 3,525
Interest 2,792 2,970 646 654
Asset
impairment/reorganization 3,037 586 3,037 181
Income before income
taxes (5,511) 5,649 (7,696) 1,393
Net income (4,310) 3,557 (5,723) 684
Earnings per share
- Basic $(0.19) $0.16 $(0.25) $0.05
- Diluted (0.19) 0.16 (0.25) 0.05
EBITDA per share (Note 1) $0.26 $0.60 $(0.10) $0.16
Cash flow from operations
before changes in working
capital $3,331 $9,489 $(2,023) $2,113
Cash flow per share $ 0.15 $ 0.42 $(0.09) $ 0.09
Common shares outstanding
(million):
-Basic 22.5 22.5 22.5 22.5
-Diluted 23.1 22.9 23.1 22.9
Note 1: Year Ended Three Months
December 31 Ended
2003 2002 2003 2002
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Income before income
taxes $(5,511) $5,649 $(7,696) $1,393
Interest 2,792 2,970 646 654
Amortization/
impairment charge 8,615 4,862 4,737 1,478
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EBITDA $5,896 $13,481 $(2,313) $3,525
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The Company discloses EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , a financial measurement used by interested parties. EBITDA does not have a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meaning prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (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. Sales for the year decreased by 3.7% due principally to translation of sales in foreign currencies. The rapid appreciation of the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents had the effect of reducing sales by $12.5 million or 6.8%. Results of operations were negatively impacted by an estimated $2.5 million before tax from exchange write downs of U.S. dollar purchased inventory and annual U.S dollar fixed price military contracts. The change in exchange rates has accelerated the implementation of the planned re-organization of the Company's Quebec-based footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). manufacturing. The Company will focus manufacturing on military and firefighter protective wear and reduce production of consumer orientated o·ri·en·tate v. o·ri·en·tat·ed, o·ri·en·tat·ing, o·ri·en·tates v.tr. To orient: "He . . . footwear. Accordingly the Company has taken a non-cash write-down of $3 million on related footwear production equipment. Sales and income were also affected in the fourth quarter by the labour dispute in Quebec which was resolved in November 2003 with the signing of a four year contract. Costs directly associated with this dispute amounted to an estimated $1.6 million in the fourth quarter. The events described above, a majority of which are non-recurring, have resulted in the violation of two debt covenants and waivers from the Company's lenders have been obtained. While sales were disappointing in the fourth quarter they have rebounded strongly in the first two months of 2004. Our rubber compounding division, for example, has experienced a 15% increase in shipments over the same two-month period in the previous year. We also anticipate another year of increase in the sales of military protective products. A conference call/webcast 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 , Tuesday, March 10, 2004. Please either follow the link on our website or at www.ccnmatthews.com under webcasts and/or dial in to the following numbers: 416-405-9328 or Toll Free: 800-387-6216 transcripts will be available for two weeks at 800-408-3053, I.D. code 3017048. The annual report will be posted on the Company's website (www.airbossofamerica.com). AirBoss is a manufacturer of proprietary rubber and plastic products for the transportation industry and military. AirBoss is also one of North America's largest rubber mixing companies specializing in custom rubber mixing and compound development. AirBoss is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BOS. 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 judgement 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. |
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