Airboss Of Ameri Stock Price, News & Analysis

AirBoss of America Corp. (OTCQX: ABSSF) announced the filing of its 2022 audited annual consolidated financial statements with regulators in Canada and the U.S. The documents include detailed notes and a management discussion regarding the annual financials. Interested stakeholders can access these filings on the Canadian Securities Administrators' and OTCMarkets' websites, as well as on AirBoss’ Investor Centre page. Founded in 1989, AirBoss specializes in survivability solutions, advanced rubber compounds, and products across multiple sectors, including defense and automotive.

AirBoss of America Corp. (OTCQX: ABSSF) reported its Q4 and annual results for 2022, revealing a significant decline in consolidated net sales. For Q4, net sales dropped 52.8% to $117.5 million, with total annual sales down 18.7% to $477.2 million, largely due to decreased performance in the AirBoss Defense Group. Adjusted EBITDA fell 48.5% in Q4 and 43.6% for the year. Despite challenges, AirBoss declared a quarterly dividend of C$0.10. The company remains optimistic about 2023, citing potential growth in its Rubber Solutions segment and ongoing innovation in product offerings.

AirBoss of America Corp. (OTCQX: ABSSF) will release its fourth quarter and full year 2022 results on March 9, 2023, before market opening. A conference call will follow at 10:00 am ET to discuss the financial outcomes. The company operates in three divisions: AirBoss Defense Group, a leader in protective equipment; AirBoss Rubber Solutions, a custom rubber compounder; and AirBoss Engineered Products, which focuses on anti-vibration solutions for the automotive industry. Investors can join the call using the dial-in number 1-800-319-4610 or via webcast at this link.

AirBoss of America Corp. has been awarded a US$410M IDIQ contract by the Defense Logistics Agency for COVID-19 test kits. This contract, awarded to Access Bio, marks a strategic shift towards American-made products. The first order is valued at US$205M, with expected revenue of US$19M in the next six months, totaling up to US$38M for the contract's lifetime. AirBoss aims to enhance domestic supply chain capabilities in healthcare and defense sectors.

AirBoss of America Corp. announced its intention to renew its normal course issuer bid for up to 500,000 common shares, representing approximately 1.85% of its public float. The renewed bid will commence on December 6, 2022, and aims to enhance shareholder value by purchasing shares at market price, which may not reflect the company's underlying value. The previous bid, expiring December 5, 2022, had not resulted in any share repurchases. Funding for the shares will come from available cash, with all acquired shares intended for cancellation.

AirBoss of America Corp. (OTCQX:ABSSF) reported Q3 2022 results with net sales decreasing by 6.6% to $104.7 million. A significant non-cash inventory write-down of $57 million impacted gross profit, resulting in a loss of $47 million for the quarter. Adjusted EBITDA fell by 90.9% to $1.3 million. Despite challenges, the company secured orders worth $40.6 million for Husky 2G Vehicles. The quarterly dividend is set at C$0.10 per share, to be paid on January 16, 2023. The net debt to adjusted EBITDA ratio stands at 1.92x, highlighting an increase in leverage since the previous year.

AirBoss Defense Group, a subsidiary of AirBoss of America Corp. (OTCQX: ABSSF), secured a US$35 million order for ten Husky 2G counter-improvised explosive device vehicles. These vehicles will feature advanced detection systems and comprehensive training for operators. Additionally, a $5.6 million contract was awarded for three Husky 2G vehicles to support operations in West Africa. Delivery of the first order is scheduled over 16 months, while the second is expected within six months. This expansion underscores AirBoss's commitment to providing top-tier survivability solutions in defense.

AirBoss of America Corp. (OTCQX: ABSSF) reported a non-cash charge of US$57 million due to significant drops in nitrile glove prices, with over 80% decline in the market. The firm will dispose of a portion of its gloves that no longer meet safety standards. For Q3 2022, revenue is expected to be between US$102 million and US$105 million, with an adjusted EBITDA of US$1 million to US$1.4 million, and adjusted EPS is projected to be between ($0.44) to ($0.47). The results are anticipated to be released on November 8, 2022.

AirBoss of America Corp. (OTCQX: ABSSF) announced it will release its third quarter results on November 8, 2022, after market close. A conference call to discuss these results will take place on November 9, 2022, at 9:00 am ET. The company, founded in 1989, operates through three divisions, focusing on survivability solutions, rubber compounds, and anti-vibration products. AirBoss is known for its leadership in personal protective equipment and has a substantial annual production capacity. For more details, visit www.airboss.com.