AirBoss Issues 3rd Quarter Profit Warning; Acton Labour Dispute Resolved.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)--Oct. 30, 2003 AirBoss of America Corp. ("AirBoss") announces that its profit for the third quarter will be reduced from expectations to approximately break even. The higher 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 , weak U.S. demand and higher raw material prices were contributing factors as was the performance of its subsidiary Acton International Inc. ("Acton"). Acton was affected in the third quarter by a labour dispute which shut down a majority of production on September 2, 2003. Employees voted on October 29, 2003 to accept a new four-year contract. The vote was 79% in favour of the new pact which includes yearly wage increases of 1.5%, 2.0%, 2.5% and 3.0%. Production should resume November 3 and be back to normal within a week of start-up. The Company does not see significant improvement in earnings until 2004 despite year over year volume increases in key business sectors such as rubber compounding and military protective wear. 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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