AirBoss Announces 4th Quarter 2002 Results AirBoss of America Corp.Business Editors NEWMARKET, Ontario--(BUSINESS WIRE)--March 17, 2003 AirBoss of America Corp. ("AirBoss") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BOS) is pleased to announce the following results for the year ended December 31, 2002: -0-
($000's except shares and per share amounts)
Twelve months ended Three months ended
December 31 December 31
2002 2001 2002 2001
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Net sales $182,685 $169,201 $45,556 $38,837
Gross profit 30,877 29,898 7,590 6,726
Earnings before interest,
taxes & amortization 13,481 13,636 3,525 2,150
(EBITDA) (Note 2)
Interest 2,970 3,325 654 773
Income before income taxes 5,649 5,302 1,393 93
Net income (Note 1) 3,557 3,218 684 366
Earnings per share - Basic $0.16 $0.14 $0.03 $0.02
- Diluted 0.16 0.14 0.03 0.02
Cash flow $9,489 $10,790 $2,113 $1,928
Cash flow per share
(weighted) 0.42 0.48 0.09 0.09
Common shares
outstanding (million):
- Basic 22.5 22.5 22.5 22.5
- Diluted 22.9 22.6 22.9 22.6
Sales increased by 17% for the fourth quarter ended December 31, 2002, resulting in a yearly increase of 8%. While all core businesses experienced increases, military protective sales showed the greatest gains. This trend is expected to continue with significant contracts in progress to produce gas masks gas mask, face covering or device used to protect the wearer from injurious gases and other noxious materials by filtering and purifying inhaled air. In addition to military use (see chemical warfare), gas masks are employed in mining, in industrial chemistry, and by in 2003 and protective boots for the U.S. military in 2004 and beyond. Volume increases in our Rubber Compounding and Railway Products divisions are also anticipated for 2003. Profit margins in the fourth quarter were slightly below the yearly average as rising raw material and energy costs continue to impact on results. A rising 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 will have the effect of compressing margins and this will also have a short term impact in the first quarter of 2003 as the Company has substantial current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. denominated in U.S. dollars. While we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for 2003, visibility with respect to demand remains low. 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.
Twelve months Three Months
ended December 31 ended December 31
2002 2001 2002 2001
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Income before income taxes $5,649 $5,302 $1,393 $93
Interest 2,970 3,325 654 773
Amortization 4,862 5,009 1,478 1,284
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EBITDA $13,481 $13,636 $3,525 $2,150
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Note 1 Effective January 1, 2002 new accounting standards require the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of amortization of goodwill. Had the company adopted this change retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin , net income would have been $3,938 and $446, basic earnings per share would have been $0.18 and $0.02 and diluted earnings would have been $0.17 and $0.02 for the year and three months ended December 31, 2001, respectively. Note 2 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 meaning prescribed by GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and is not 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. AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER 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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