AirBoss Announces 3rd 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. -- 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. (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 three and nine month periods ended September September: see month. 30, 2005:
(000's except shares and Three months ended Nine months ended
per share amounts) September 30 September 30
2005 2004 2005 2004
---- ---- ---- ----
Net Sales $ 53,827 $ 50,002 $174,984 $143,349
Gross margin 5,537 7,044 20,641 20,507
Income before interest, tax
and amortization from
continuing operations
(EBITDA) (Note 1) (513) 4,246 8,643 12,735
Interest expense 728 664 2,309 2,110
Net income (loss) from
continuing operations (1,562) 1,428 1,779 4,038
Loss from discontinued
operations, net of tax (182) (500) (407) (1,546)
Net income (loss) per share
from continuing operations
- Basic (0.07) 0.06 0.08 0.18
- Diluted (0.06) 0.06 0.07 0.18
Net income (loss) per share
- Basic (0.08) 0.04 0.06 0.11
- Diluted (0.07) 0.04 0.06 0.11
Cash flow before changes
in non-cash working capital
from continuing operations (1,550) 2,458 4,836 9,220
Common shares outstanding
(millions)
- Basic 22.8 22.5 22.7 22.5
- Diluted 24.1 23.0 23.9 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 Nine months ended
(thousands) September 30 September 30
2005 2004 2005 2004
---- ---- ---- ----
Income (loss) from
continuing operations
before income taxes (2,478) 2,195 2,534 6,026
Interest expense 728 664 2,309 2,110
Amortization from
continuing operations 1,237 1,387 3,800 4,599
----- ----- ----- -----
EBITDA- continuing
operations (513) 4,246 8,643 12,735
----- ----- ----- ------
----- ----- ----- ------
Sales for the three-month period ended September 30, 2005 increased by $3.8 million or 7.6% compared to the same period in 2004. Sales increased by 22% for the nine month period. The increases came from all three of the Company's businesses including rubber compounding, military and first response safety products and railway track fastening products. These trends, adjusted for seasonal fluctuations are expected to continue for the remainder of the year. Rubber compound raw material costs remain high and are expected to remain so in the immediate future. Current expectations are that material markets will continue to be volatile as the effect of worldwide demand, weather related production disruptions and oil price changes are absorbed Absorbed 1. In a general business sense, when a cost is treated as an expense instead of being passed on to the customer in the form of higher prices. 2. In underwriting, when an issue has been completely sold to the public. 3. . Profitability was affected by the closure of a temporary rubber mixing facility and the previously announced adverse court ruling received by the Railway Products Division. The total cost of these items was approximately $5.3 million before tax ($3.2 million after tax) or $0.14 per share. AirBoss is a manufacturer of proprietary rubber products for the military and transportation industry. AirBoss is also one of North America's largest custom rubber mixing companies serving a wide range of industries. 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 11 am EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , Wednesday Wednesday: see week. , November November: see month. 9, 2005. Please either follow the link on our website or at www.ccnmatthews.com under webcasts and /or dial in to the following numbers: 416-695-9701 or Toll Free: 1 800 772 8997. Playback Playback could mean:
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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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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