AirBoss Reports Record Year in 1996.TORONTO--(BUSINESS WIRE)--March 17, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BOS.) 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. reported 1996 profit of $663,724. Sales for the year ended December December: see month. 31, 1996 increased by 75 percent over the previous year. Gross profits as a percentage of sales increased to 27 percent from 14 percent. These improvements are attributable to AirBoss acquiring in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. manufacturing facilities of non-pneumatic (airless) off-road off-road adj. Existing, taking place, or designed for use off paved or public roads or in rugged terrain: off-road sports such as snowmobiling. tires ("AirBoss Tires"), a strong railway products season in the first half of the year, and increased tire sales. On December 31, 1996, AirBoss acquired the assets and business of a high quality custom rubber mixing business. In conjunction with this acquisition AirBoss established new credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities with a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission and terminated its previous arrangement with a U.S.-based lender. This change resulted in a write off to 1996 income of $179,698 but will have a significant positive impact on interest costs in 1997. The custom rubber mixing business had sales for its most recently audited year-end in excess of $21 million and has the manufacturing capacity to more than triple these sales. It is currently supplying the rubber for AirBoss tires which will have a positive impact in 1997 on margins in the tire business. -0-
December 31
1996 1995
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Sales $16,293,012 $9,595,499
Cost of Sales $11,838,810 $8,219,628
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$4,454,202 $1,375,871
Expenses $3,280,931 $3,612,981
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Income before interest,
financing and other $1,173,271 ($2,237,110)
Interest expense and
other $329,849 $246,063
Write off of financing
charges $179,698 -
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Net Income $663,724 ($2,483,173)
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Earnings per share $0.02 ($0.06)
Cash Flow $1,468,836 ($2,125,410)
Cash flow per share $0.03 ($0.05)
CONTACT: AirBoss of America Corp. Robert L. Hagerman, 905/564-9875 |
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