AirBoss Announces Record 1999 Year End Results.Business Editors TORONTO--(BUSINESS WIRE)--March 15, 2000 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. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BOS.) Year Ended December December: see month. 31, 1999 ($'000 except shares and per share amounts)
Period ending Year % 3 Months %
December 31, 1999 1998 Change 1999 1998 Change
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Net Sales
(Note 1) $120,111 $79,400 51.3% $29,823 $19,175 55.5%
Gross profit 27,820 13,492 106.2% 8,017 2,888 177.6%
Expenses 14,083 6,083 131.5% 4,723 1,699 178.0%
Interest and
other 2,367 699 238.6% 868 25 3372.0%
Income before
tax 11,370 6,710 69.4% 2,426 1,164 108.4%
Net Income 7,404 4,560 62.4% 1,645 988 66.5%
Earnings
per share:
Basic $0.35 $0.27 29.6% $0.07 $0.06 16.7%
Fully diluted 0.34 0.26 30.8% 0.07 0.06 16.7%
Cash flow $14,373 $7,723 86.1% $3,920 $940 317.0%
Cash flow
per share
(weighted): $0.67 $0.46 45.6% $0.17 $0.06 183.3%
Common shares outstanding (million):
Basic 22.6 16.7 22.6 16.7
Weighted 21.4 16.6 22.6 16.7
Note 1
Value of Goods
produced
& sold 147,629 90,737 62.7% 37,611 22,225 69.2%
Less: Customer
supplied
materials 27,518 11,337 142.7% 7,788 4,050 92.3%
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Net Sales 120,111 79,400 51.3% 29,823 18,175 64.1%
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AirBoss is pleased to report that for the seventh consecutive year AirBoss has achieved annual sales growth of more than 50%. Sales for the year ended December 31, 1999 increased by 51% over the previous year to $120 million. The fourth quarter increased by 55% over the comparable period. The completion of a major capacity expansion at our custom rubber mixing division which boosts annual capacity from 110 million pounds to 200 million pounds, the acquisition of Acton Acton, town (1990 pop. 17,872), Middlesex co., E Mass., NW of Boston; settled c.1680, inc. 1735. Among its manufactures are electrical machinery, chemicals, prefabricated houses, and precision equipment. International Inc. in April 1999, and growth in railway product sales all contributed to the increase. Net income for the year increased by 62% to $7.4 million. This increase would have been even greater except for an unusually large provision for bad debts of $600,000 which has been recorded relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a single customer. Other unusual costs in 1999 included the week-long strike at Acton in October October: see month. and the training of new staff for the expanded mixing operations. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses increased by 86% to $14.4 million or $0.67 per share. As a result of our investment in 1999 in Acton, the railway products business, and in the expansion of capacity in our custom rubber mixing, the Company is now capable of continuing its high growth rate of the last several years. We have the capacity to double sales before any major additional expansions of capacity are required. AirBoss is one of North America's largest rubber mixing companies specializing in custom rubber mixing and compound development. AirBoss is also a leading manufacturer of military and consumer protective wear, railway products and other rubber and plastic parts for the transportation industry. 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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