AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) (the “Company”
or “AirBoss”) announced today that its subsidiary AirBoss Defense
Group (“ADG”) has successfully shipped or commenced shipment of all
remaining nitrile patient examination gloves for the Strategic
National Stockpile (SNS) for the U.S. Department for Health and
Human Services (“DHHS”) – Office of the Assistant Secretary for
Preparedness and Response (ASPR) pursuant to the previously
announced order expected to be worth up to US$288 million. The
Company anticipates that delivery of this order will be primarily
completed in the fourth quarter of 2021, due to production
stoppages in Malaysia related to government lockdowns which created
a 4-6 week production delay, in addition to global logistics
difficulties, notably record backlogs at U.S. cargo ports.
Due to the backlog, approximately US$116M of
sales originally expected to be accounted for as revenue in the
third quarter of 2021 are now anticipated to be recorded in the
fourth quarter of 2021. The Company does not anticipate any impact
to its previously announced outlook for the full year 2021.
Based on preliminary unaudited results, the
Company currently anticipates reporting Q3 2021 revenues of
approximately US$112 million and Adjusted EBITDAi of approximately
$13 million. These preliminary results reflect year-over-year sales
growth (not factoring in ADG’s sales of respirators to DHHS in Q3
2020), offset by a decline at AirBoss Engineered Products driven by
the impact of continuing supply chain challenges related to raw
material supply, chip shortages and elevated freight costs. In
addition, the Company had recognized government subsidies that
offset costs at AirBoss Rubber Solutions and ADG in Q3 2020 which
the Company did not recognize in Q3 2021. This information is based
on unaudited expected results and certain accounting assumptions.
The views on anticipated results are based on management’s initial
review of its operations and performance for the quarter ended Sep.
30, 2021, do not include all results expected to be reported and
are subject to the completion of the Company’s customary closing
and review procedures.
NIOSH Approval for new AirBoss
100™ Half Mask Respirator
AirBoss also announced that it has received
approval from the National Institute for Occupational Safety and
Health (NIOSH) for its new AirBoss 100™ Half Mask
Respirator.
Designed and developed by AirBoss in
consultation with first responders and health care professionals,
this new reusable respirator expands the range of the Company’s
certified respiratory protection products for medical, defense and
law enforcement personnel operating in high-risk areas. The AirBoss
100™ Half Mask is designed to provide filtered particulate
protection from chem-bio agents and contaminants at 99.97% and
builds on the success within the healthcare sector of the Company’s
existing NIOSH-approved FlexAir powered air purifying respirator
(PAPR) systems. The AirBoss 100™ is designed to provide the
same level of respiratory protection as the Flex-Air PAPR but at a
lower price point as a result of a more portable design not
requiring a battery operated blower. NIOSH is part of the U.S.
Centers for Disease Control and Prevention, in the U.S. Department
of Health and Human Services.
For an overview of ADG’s existing product line,
please visit https://vimeo.com/624970633/cc197a7ccb
Q3 2021 Conference Call
The Company will release its third quarter
results after market close on Tuesday November 9, 2021. The release
will be followed by a conference call to discuss its financial
results on Wednesday November 10, 2021 at 9:00 am ET.
DATE: Wednesday, November 10,
2021TIME: 9:00 am ETDIAL-IN
NUMBER: 1-800-319-4610 or 416-915-3239CONFERENCE
ID: 55506WEBCAST LINK:
https://www.gowebcasting.com/11513
Please connect approximately 10 minutes prior to
the beginning of the call to ensure participation.Investor
Contact: Chris Bitsakakis, President or Gren Schoch, CEO
at 905-751-1188.
Media Contact:
media@airboss.com
AirBoss of America Corp.
AirBoss of America is a leading and diversified
developer, manufacturer and provider of innovative survivability
solutions, advanced custom rubber compounds and finished rubber
products that are designed to outperform in the most challenging
environments. Founded in 1989, the company operates through three
divisions. AirBoss Defense Group is a global leader in personal and
respiratory protective equipment and technology for the defense,
healthcare, medical and first responder communities. AirBoss Rubber
Solutions is a top-tier North American custom rubber compounder
with 500 million turn pounds of annual capacity. AirBoss Engineered
Products is a supplier of innovative anti-vibration solutions to
the North American automotive market and other sectors. The
Company’s shares trade on the TSX under the symbol BOS and on the
OTCQX under the symbol ABSSF. Visit www.airboss.com or www.adg.com
for more information.
AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by
reference herein, including those that express management’s
expectations or estimates of future developments or AirBoss’ future
performance, constitute “forward-looking information” or
“forward-looking statements” within the meaning of applicable
securities laws, and can generally be identified by words such as
“will”, “may”, “could” “expects”, “believes”, “anticipates”,
“forecasts”, “plans”, “intends” or similar expressions. These
statements are not historical facts but instead represent
management’s expectations, estimates and projections regarding
future events and performance.
Statements containing forward-looking
information are necessarily based upon a number of opinions,
estimates and assumptions that, while considered reasonable by
management at the time the statements are made, are inherently
subject to significant business, economic and competitive risks,
uncertainties and contingencies. AirBoss cautions that such
forward-looking information involves known and unknown
contingencies, uncertainties and other risks that may cause
AirBoss’ actual financial results, performance or achievements to
be materially different from its estimated future results,
performance or achievements expressed or implied by the
forward-looking information. Numerous factors could cause actual
results to differ materially from those in the forward-looking
information, including without limitation: impact of general
economic conditions, notably including its impact on demand for
rubber solutions and products; dependence on key customers; global
defense budgets, notably in the Company’s target markets, and
success of the Company in obtaining new or extended defense
contracts; cyclical trends in the tire and automotive,
construction, mining and retail industries; sufficient availability
of raw materials at economical costs; weather conditions affecting
raw materials, production and sales; AirBoss’ ability to maintain
existing customers or develop new customers in light of increased
competition; AirBoss’ ability to successfully integrate
acquisitions of other businesses and/or companies or to realize on
the anticipated benefits thereof; changes in accounting policies
and methods, including uncertainties associated with critical
accounting assumptions and estimates; changes in the value of the
Canadian dollar relative to the US dollar; changes in tax laws and
potential litigation; ability to obtain financing on acceptable
terms; environmental damage and non-compliance with environmental
laws and regulations; impact of global health situations; potential
product liability and warranty claims and equipment malfunction.
COVID-19 could also negatively impact the Company’s operations and
financial results in future periods. There is increased uncertainty
associated with future operating assumptions and expectations as
compared to prior periods. As such, it is not possible to estimate
the impacts COVID-19 will have on the Company’s financial position
or results of operations in future periods. While the direct
impacts of COVID-19 are not determinable at this time, the Company
has a credit facility that can provide financing up to $250,000.
This list is not exhaustive of the factors that may affect any of
AirBoss’ forward-looking information.
All of the forward-looking information in this
press release is expressly qualified by these cautionary
statements. Investors are cautioned not to put undue reliance on
forward-looking information. All subsequent written and oral
forward-looking information attributable to AirBoss or persons
acting on its behalf are expressly qualified in their entirety by
this notice. Forward-looking information contained herein is made
as of the date of this Interim Report and, whether as a result of
new information, future events or otherwise, AirBoss disclaims any
intent or obligation to update publicly the forward-looking
information except as required by applicable laws. Risks and
uncertainties about AirBoss’ business are more fully discussed
under the heading “Risk Factors” in our most recent Annual
Information Form and are otherwise disclosed in our filings with
securities regulatory authorities which are available on SEDAR at
www.sedar.com.
i This release contains non-IFRS Measures,
including Adjusted EBITDA. Adjusted EBITDA means net earnings
before interest and financing costs (net of interest income),
income taxes, depreciation and amortization, impairment expenses
and transaction-related costs and certain other items. AirBoss’
non-IFRS measures are directly derived from the Company’s
consolidated financial statements but do not have a standardized
meaning prescribed by IFRS and are not necessarily comparable to
similar measures presented by other issuers. The Company discloses
these terms for use in financial measurements made by interested
parties and investors to monitor the ability of the Company to
generate cash from operations for debt service, to finance working
capital and capital expenditures and to pay dividends. These terms
are not a measure of performance under IFRS and should not be
considered in isolation or as a substitute for net income under
IFRS. Reconciliations of these measures for prior periods are
presented in the Company’s Management’s Discussion & Analysis
(MD&As).
16441 Yonge StreetNewmarket, Ontario,
Canada, L3X 2G8Tel: 905-751-1188 Fax: 905-751-1101Email:
info@airboss.com
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