AirBoss Reports Continued Record Growth in Third Quarter.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 , Ontario--(BUSINESS WIRE)--Nov. 13, 1997-- -0-
3 MONTHS 9 MONTHS
SALES $14.6 million + 280% $ 40.4 million + 300%
NET INCOME $968,000 -- $ 2 million + 108%
Toronto-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. reports sales of $40.4 million for the nine months ended September September: see month. 30, 1997 compared to $13.4 million in the same period in 1996 -- an increase of 201%. Sales in the third quarter were $14.6 million compared to $3.7 million in 1996. Sales of AirBoss custom mixed rubber increased significantly in the quarter due to the acquisition of several important new customers and significantly increasing business with existing customers. Monthly mixing sales are now in the $5.5 million per month range -- $66 million annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. . The company has introduced three new tire sizes in its Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). molding facility and has restarted the seasonal production of railpads in the fourth quarter. Net income increased by 79% in the third quarter of 1997 compared to the second. Overall net income has increased by 108% for the first nine months of 1997 compared to 1996. -0-
9 months ending 3 months ending
September 30 September 30
1997 1996 Change 1997 1996 Change
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$ (in thousands)
Sales $40,442 $13,395 +201% $14,604 $3,845 +280%
Gross Profit 5,539 3,708 + 49% 2,007 881 +128%
Expenses 3,367 2,528 + 33% 1,012 753 + 34%
Net Income $ 2,026 $ 973 +108% $ 968 $ (12) -
EPS $0.036 .02
Cash flow per
share .035 .028
AirBoss is a manufacturer of proprietary rubber molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. products, including the patented AirBoss tire and custom rubber compounds, and is traded 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. CONTACT: Robert L. Hagerman, President 416/368-Boss (2677) 519/579-1234 |
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