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AirBoss of America Corp. reports developments across its custom rubber compounding, rubber-molded products and survivability solutions businesses. The company operates through AirBoss Rubber Solutions and AirBoss Manufactured Products, including AirBoss Defense operations that supply personal and respiratory protective equipment, technology and related products for defense, healthcare, medical and first responder markets.
Recurring news for ABSSF includes quarterly and annual results, adjusted EBITDA and balance sheet commentary, dividend declarations, annual meeting matters, board changes and defense-product orders such as Low Burden Masks, filters and accessories. Updates also discuss customer demand across automotive, defense and other industrial sectors, manufacturing footprint optimization and operating conditions affecting rubber and molded-product markets.
AirBoss of America has secured new senior credit facilities totaling up to US$180 million, replacing its current senior secured revolving credit facilities. The new arrangement includes an asset-based credit facility expected to reach US$125 million (currently US$100 million) and a US$55 million term loan facility, both maturing on November 29, 2027. Key terms include reduced maximum margin on revolving debt from 450 to 225 basis points, conditional dividend increases, and specific EBITDA requirements. The company continues its strategic review, exploring potential divestitures and real estate asset monetization, though no immediate transactions are expected.
AirBoss of America reported Q3 2024 financial results showing consolidated net sales decreased by 5.9% to $96,204 compared to Q3 2023. The company experienced a net loss of $3,279 in Q3 2024, with Adjusted EBITDA decreasing by 11.4%. Notable developments include commencing shipments under a $45M Bandolier contract for a NATO partner and securing an increased HHS contract worth $69.3M for protective isolation gowns. The company faced challenges from ongoing industrial economic slowdown in North America, with decreased volumes across most sectors in Rubber Solutions and continued softness in Manufactured Products segment.
AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) has announced the release date for its third quarter 2024 financial results. The company will publish its Q3 results after market close on Wednesday, November 6, 2024, followed by a conference call on Thursday, November 7, 2024, at 9:00 am ET.
Conference call details:
- Dial-in: 1-800-898-3989 or 416-406-0743, access code 3575261#
- Webcast: https://www.gowebcasting.com/13695
AirBoss of America is a diversified company operating through two divisions: AirBoss Rubber Solutions and AirBoss Manufactured Products. The company specializes in custom rubber compounds, anti-vibration solutions, and personal protective equipment for various industries including automotive, defense, healthcare, and first responders.
AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) announced changes to its Board of Directors, effective September 13, 2024. Mary Matthews, who has served since May 2006, is retiring for personal reasons. Jo-Anne O'Connor, President and CEO of Strategem Capital, has been appointed to the board.
Chairman and Co-CEO Gren Schoch expressed gratitude for Matthews' contributions and welcomed O'Connor, citing her extensive experience in financial capital markets and corporate sectors. O'Connor brings over 35 years of experience, including trading large-cap energy, natural resources, and mining stocks for one of Canada's largest banks. She is expected to provide valuable insights as AirBoss moves forward with its strategic transition and explores growth opportunities.
AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) has announced that its subsidiary, AirBoss Defense Group (ADG), has been awarded a contract worth up to US$84 million by the U.S. Department of Health and Human Services for the supply of protective isolation gowns. The contract includes a funded base of US$59 million and an unfunded option of up to US$25 million.
Deliveries are expected to start in Q4 2024 and continue through 2026. The gowns will supply the U.S. Strategic National Stockpile for use during public health emergencies. This contract builds on ADG's history of providing protective equipment to the U.S. government, including previous deliveries of PAPR systems, filters, gloves, and COVID test kits.
AirBoss of America Corp. (TSX: BOS, OTCQX: ABSSF) announced its Q2 2024 results, showing a 16.4% decrease in net sales compared to Q2 2023, mainly due to lower sales and volumes in its AMP and ARS segments.
Net loss increased to $9.57 million from $2.61 million in Q2 2023, with gross profit down by $9.12 million, impacted by a $6.05 million inventory write-down of nitrile gloves and medical gowns.
Adjusted EBITDA for Q2 2024 rose by 17.5% year-over-year but fell by 32.9% year-to-date.
Net debt rose to $92.56 million from $88.21 million as of December 2023. The Board declared a quarterly dividend of C$0.035 per share.
Key highlights include the commencement of shipments under a $45 million defense contract, court approval of a class action lawsuit settlement, and the strategic review by TD Securities to explore value creation alternatives.
Despite economic headwinds, AirBoss is focused on operational execution, cost management, and strategic transitions to drive long-term shareholder value. A conference call will be held on August 14, 2024, to discuss these results.
AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) has announced the release of its second quarter 2024 financial results on August 13, 2024, after market close. A conference call to discuss the results is scheduled for August 14, 2024, at 9:00 am ET. Investors can join via dial-in (1-844-763-8274 or 647-484-8814) or webcast. AirBoss, founded in 1989, is a diversified company operating through two divisions: AirBoss Rubber Solutions, a North American custom rubber compounder, and AirBoss Manufactured Products, supplying anti-vibration and rubber-molded solutions to various sectors, including automotive and defense.
AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) has announced a strategic transition, focusing on its core rubber compounding capabilities and growth opportunities. The company has realigned into two segments: AirBoss Rubber Solutions and AirBoss Manufactured Products.
To assist in this transition, AirBoss has engaged TD Securities Inc. as a financial advisor to explore various strategic alternatives, including acquisitions, divestitures, and financing options, as well as the potential monetization of real estate assets.
While no specific outcomes or timelines are assured, Chairman and Co-CEO Gren Schoch emphasized the commitment to exploring all options to enhance shareholder value and transform AirBoss into a global leader in custom rubber compounding and related industries.
AirBoss of America Corp. announced the results of its Annual General Meeting where directors were elected and auditors appointed. The Company's diversified operations focus on developing survivability solutions, rubber compounds, and finished products for challenging environments.
AirBoss of America Corp. reported its first quarter 2024 results, highlighting a contract award, reduction in borrowings, settlement of a lawsuit, credit facility amendments, and dividend declaration. The Company saw decreased net sales and gross profit, with a focus on operational execution and aggressive deleveraging. Strategic transitions and long-term priorities were emphasized, alongside detailed financial data.