AirBoss Reports 51% Sales and 76% Net Income Growth For Nine Months Ending September 30, 1998.TORONTO--(BUSINESS WIRE)--Nov. 11, 1998-- -0-
(thousands except per share)
Nine Months Nine Month Three Months
Ended September 30 Change Ended September 30
------------------- ---------- ------------------
1998 1997 1998 1997
---- ---- ---- ----
Sales $61,225 $40,442 +51% $19,766 $14,604
Cost of Sales 50,621 34,903 +45% 16,103 12,597
------- ------- ---- ------- -------
Gross Profit 10,604 5,539 +91% 3,663 2,007
Expenses 5,058 4,013 +26% 2,057 1,539
------- ------- ---- ------- -------
Net Income
before taxes 5,546 1,526 +263% 1,606 468
-----
Income taxes 1,974 (500) 605 (500)
------- ------- ------- -------
Net Income $3,572 $2,026 +76% $1,001 $968
======= ======= ---- ======= =======
E.P.S. -Basic $0.214 $0.122 $0.060 $0.058
Fully Diluted $0.204 $0.118 $0.058 n/a
-0- Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing based 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) reports sales of $61.2 million for the first three quarters of 1998 compared to $40.4 in the same period in 1997. Net income increased by 76% to $3.6 million. The Kitchener Kitchener, city (1991 pop. 168,282), Regional Municipality of Waterloo, S Ont., Canada, in the Grand River valley. Settled largely by Mennonites from Pennsylvania in 1806, it was known as Berlin until 1916, when it was renamed in memory of Lord Kitchener. Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. custom rubber mixing division continues to perform slightly ahead of expectations although it was affected during the quarter by a planned maintenance shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of one-sixth n. 1. a sixth part. Noun 1. one-sixth - one part in six equal parts sixth common fraction, simple fraction - the quotient of two integers of the available production time. Sales were also affected by the temporary loss of O.E. tire volume due to the G.M. strike. Volume picked up strongly in the last half of September and record sales for the division were recorded in October. A 15% capacity increase was completed by the end of the quarter and plans are to have a further 80% increase completed by mid next year. AirBoss tire sales increased in units over the previous year but dollar sales were flat due to lower rubber prices which were passed along to customers. The Railway Products Division had record sales for the quarter due to significant orders for our new plastic pads in addition to continued strong demand for rubber pads. AirBoss is a manufacturer of custom rubber compounds and proprietary rubber moulded products including patented off-road tire and rail fastening products. 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. |
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