AirBoss of America Corp. (TSX: BOS)(OTCQX:ABSSF) (the “Company” or
“AirBoss”) today announced strong second quarter performance as it
enters the second half of 2021 with continued momentum. The Company
will host a conference call and webcast to discuss the results on
August 11th at 9 a.m. ET, the details of which are further below.
Recent Highlights($US except where
otherwise noted)
- Highest
quarterly earnings per share in the Company's history, growing
diluted EPS by 141% to $0.65 for the quarter ended June 30, 2021
("Q2 2021") compared to $0.27 for the quarter ended June 30, 2020
("Q2 2020");
- Commenced
trading on OTCQX® Best Market in the United States;
- Completed
acquisition of Blackbox Biometrics®, the developer of the Blast
Gauge® System of lightweight wearable blast overpressure sensors
which have been outfitted on U.S. Special Forces, Army, and SWAT
teams across the U.S.;
- Increased
quarterly dividend 43% to $CAD 0.10 per share from $CAD 0.07 per
share; and
- Commenced
deliveries of nitrile gloves under the recently awarded HHS
contract worth up to $288 million.
“I’m pleased to report another strong quarter of
results and record profitability for AirBoss, driven in part by
healthy year-over-year growth in sales and the Company’s prescient
decision last October to acquire the minority interest in AirBoss
Defense Group (“ADG”) that it did not already own enabling the
Company to control 100% of ADG’s profits and cash flows,” said
Chris Bitsakakis, President and COO of AirBoss.
“ADG continued to execute on its growth
strategy, including expanding its proprietary products and
delivering critical personal protective equipment to the health
care sector. ADG completed the acquisition of Blackbox Biometrics,
developer of the Blast Gauge System of lightweight wearable blast
overpressure sensors, which we anticipate will be a future growth
opportunity for this segment. In addition, ADG successfully
completed its contract to deliver powered air purifying respirators
(“PAPRs”) and related peripherals to the U.S. Department for Health
and Human Services (“HHS”) and commenced initial deliveries of
nitrile patient examination gloves to HHS, which we expect to ramp
up significantly in Q3 and continue through 2021.”
“Our Rubber Solutions segment experienced
significant year-over-year growth and continues to benefit from
increased momentum in volumes, including for our specialty and
niche product lines, stemming from a gradual return to normalcy at
most customers’ operations despite continuing supply chain
challenges related to raw material supply and elevated freight
costs. At Engineered Products, we continued to drive efficiencies
and best in class automation including through the installation of
a series of new injection presses, which is part of our multi-year
investment to upgrade this segment’s capital equipment to the
latest standards. This focus on operational efficiency has helped
counter surging raw material and freight costs.”
“While we anticipate continued global supply
chain challenges in the near future, we remain confident in the
continued growth of our business and remain opportunistic in the
current environment. We have a significantly expanded pipeline of
organic sales opportunities compared to prior years, and we
continue to assess further M&A opportunities that will
accelerate our growth strategy and leverage our very healthy
balance sheet.”
|
Three-months ended June 30 |
Six-months ended June 30 |
In thousands of US
dollars, except share data |
|
|
(unaudited) |
2021 |
2020 |
2021 |
2020 |
Financial results: |
|
|
|
|
Net sales |
118,449 |
112,450 |
225,778 |
206,647 |
Net income |
18,320 |
14,383 |
24,639 |
15,170 |
Profit attributable to owners
of the Company |
18,320 |
6,675 |
24,639 |
6,155 |
Adjusted Profit attributable
to owners of the Company2 |
18,474 |
6,710 |
24,793 |
8,483 |
Earnings per share (US$) |
|
|
|
|
– Basic |
0.68 |
0.29 |
0.91 |
0.26 |
– Diluted |
0.65 |
0.27 |
0.87 |
0.26 |
Adjusted earnings per share2
(US$) |
|
|
|
|
– Basic |
0.68 |
0.29 |
0.92 |
0.36 |
– Diluted |
0.65 |
0.27 |
0.88 |
0.35 |
EBITDA2 |
24,914 |
25,630 |
39,304 |
33,065 |
Adjusted EBITDA2 |
25,068 |
25,665 |
39,458 |
35,393 |
Net cash provided by operating
activities |
(6,693) |
17,323 |
(10,669) |
29,732 |
Free cash flow2 |
(9,731) |
13,947 |
(18,947) |
24,514 |
Dividends declared per share
(CAD$) |
0.10 |
0.07 |
0.17 |
0.14 |
Capital additions |
3,055 |
3,376 |
12,836 |
6,017 |
Financial
position: |
June 30, 2021 |
|
December 31, 2020 |
Total assets |
393,093 |
|
|
367,369 |
Term loan and other debt¹ |
76,051 |
|
|
90,734 |
Net Debt2 |
12,884 |
|
|
(9,718) |
Shareholders’ equity |
216,718 |
|
|
194,588 |
Outstanding shares (#) * |
26,984,987 |
|
|
26,908,802 |
* at
August 10, 2021 |
|
|
|
|
Financial Results
AirBoss increased consolidated net sales for the
three- and six-month periods ended June 30, 2021 by 5.3% to
$118,449 and by 9.3% to $225,778, respectively, compared with the
same periods in 2020. The increases were attributable to the Rubber
Solutions and Engineered Products segments and ADG’s substantial
completion of the HHS PAPR contract, supported by the continued
integration of Critical Solutions International. The increases were
partially offset by the large FEMA contract substantially completed
by ADG in Q2 2020.
Consolidated gross profit for Q2 2021 increased
by $1,830 to $33,303, compared with Q2 2020, driven by improved
volume at Rubber Solutions and Engineered Products further
supported by government-directed subsidies, partially offset by
lower volume at ADG related to the FEMA contract in the prior year
period noted above. Gross profit as a percentage of net sales
remained relatively consistent at 28.1% in Q2 2021 compared with
28.0% in Q2 2020. Consolidated gross profit for 2021 year-to-date
increased by $9,124 to $59,078 compared with 2020 year-to-date,
driven by higher volume from Rubber Solutions and Engineered
Products and margin improvement at ADG, partially offset by lower
volumes at ADG related to the FEMA contract in the prior year
period noted above. Gross profit as a percentage of net sales
increased to 26.2% for 2021 year-to-date compared with 24.2% for
2020 year-to-date. These increases were primarily as a result of
the margin improvement at ADG, supported by the continued
management of controllable overhead costs in all segments further
supported by government-directed wage subsidies.
Adjusted EBITDA for Q2 2021 decreased by 2.3%
compared to Q2 2020 and increased by 11.5% for the six-month period
ended June 30, 2021 compared with the six-month period ended June
30, 2020.
Financial Position
With $46.15 million in cash and cash
equivalents, $134.2 million in undrawn availability under its
credit facilities and a net debt to TTM EBITDA ratio of 0.12x,
AirBoss enters the second half of 2021 in strong financial
condition.
Dividend
The Board of Directors of the Company has
approved a quarterly dividend of C$0.10 per common share, to be
paid on October 15, 2021 to shareholders of record at September 30,
2021.
Segment Results
In the Rubber Solutions segment, net sales for
Q2 2021 increased by 79.3% to $41,860 and by 37.3% to $79,076
year-to-date from the comparable periods in 2020. In both cases,
volume increased across the vast majority of sectors due to
increased momentum at most customers’ operations despite continuing
supply chain challenges related to raw material supply and elevated
freight costs. Tolling volume was up by 568% in the quarter and
46.2% year-to-date from the comparable periods in 2020. Non-tolling
volume increased by 57.6% for the quarter and 29.8% year-to-date
compared to the same periods in 2020. Gross profit in the Rubber
Solutions segment increased by 40.1% to $5,490 for the quarter and
by 8.9% to $10,699 year-to-date, from the comparable periods in
2020. For both periods, the increases in gross profit were
primarily a result of increased tolling and non-tolling volumes as
noted above and managing controllable overhead costs, partially
offset by raw material, labor and logistics costs and a decrease in
government-directed subsidies.
At Engineered Products, net sales in the quarter
increased by 104.4% to $27,627 and by 37.6% to $59,984 year-to-date
from the comparable periods in 2020. In both cases, the increase
was due to much stronger volumes in the SUV, light truck and
mini-van platforms in addition to continued production of certain
molded defense products. Gross profit in the Engineered Products
segment for Q2 2021 was $2,652, compared to $(698) in Q2 2020.
Gross profit in the Engineered Products segment year-to-date
increased by 93.9% to $2,372, from $1,223 in the comparable period
in 2020. For both periods, the increases in gross profit were
primarily the result of higher volumes in the automotive sector and
a continued focus on controllable operational cost containment,
supported by government-directed subsidies, partially offset by
higher labor, material and logistics costs.
In the AirBoss Defense Group segment, net sales
in the quarter decreased by 30.8% to $56,785 and by 13.0% to
$101,847 year-to-date from the comparable periods in 2020. In both
cases, the decrease was primarily the result of the large contract
from FEMA substantially delivered in Q2 2020, which was partially
offset by the completion in Q2 2021 of deliveries under the HHS
PAPR contract in addition to the commencement of deliveries under
the new HHS nitrile examination glove order. Gross profit at
AirBoss Defense Group decreased by 10.9% to $25,161 for the quarter
and increased by 18.2% to $46,007 year-to-date, from the comparable
periods in 2020. The decrease in gross profit for Q2 2021 was
primarily the result of the large contract from FEMA substantially
delivered in Q2 2020 and the reduction of government-directed wage
subsidies which was partially offset by the completion in Q2 2021
of deliveries under the HHS PAPR contract in addition to the
commencement of deliveries under the new HHS nitrile examination
glove order. The increase in gross profit year-to-date was
primarily due to higher volume associated with awards from HHS
compared to the same period in 2020, despite the large contract
from FEMA substantially delivered in Q2 2020 partially offset by a
decrease in government-directed wage subsidies.
Overview
The Company has continued to build momentum in
Q2 2021 despite the continued impact of the COVID-19 pandemic. The
emergence of new aggressive COVID-19 strains has created global
challenges even as countries attempt to reopen businesses and
economies in a staggered and measured manner. Despite these rapidly
evolving global challenges, AirBoss has continued to build on its
results, further solidifying its position in the personal
protective equipment (“PPE”), health care and survivability sectors
and has remained focused on supporting its customers, employees and
stakeholders during the pandemic, ensuring the highest standards
for safety at all of its locations.
This was a strong quarter for AirBoss with
growth in sales and profitability compared to Q2 2020. The Company
believes it is poised for continued success during the remainder of
the year notwithstanding the ongoing challenges presented by
COVID-19. Further recovery of volumes that have been impacted by
COVID-19 will be subject, at least in part, to the continued
management of stable and sustained operations of businesses
globally, which could be difficult to predict, especially in light
of current COVID-19 impacts globally and across North America in
particular, which remains a key market for the Company. Supply
chain issues continue to present significant challenges due to
global freight constraints, material availability and significant
raw material price increases, as well as increasing demand
outpacing traditional supply models. A combination of domestic
sourcing, advanced buying tactics and the development of
alternative sources have been utilized to attempt to mitigate the
significant risks associated with these challenges, however we
expect and have anticipated further constraints on our supply chain
throughout the remainder of 2021.
AirBoss has been able to take advantage of
ongoing opportunities supporting continued demand for personal
protective equipment (“PPE”) which has offset the COVID-19 related
impact on the Engineered Products and Rubber Solutions segments.
This quarter saw strong momentum at ADG with the completion of the
remaining portion of the US$121 million order for PAPRs from HHS,
awarded in Q2 2020 and the commencement of deliveries under the
recently awarded HHS contract for ASPR nitrile patient examination
gloves worth up to US$288 million.
ADG also closed the acquisition of Blackbox
Biometrics, developer of the Blast Gauge System of lightweight
wearable blast overpressure sensors which have been outfitted on
U.S. Special Forces, Army, and SWAT teams across the U.S.. In
addition, ADG continues to work on the significant opportunities in
its sales pipeline which are expected to help augment ADG’s
traction and momentum and are expected to help offset possible
further COVID-19 related weakness which may still impact the Rubber
Solutions and Engineered Products segments during the second half
of 2021.
AirBoss continued to effectively manage its
operations through the quarter, despite many customers, including
automakers, tire makers and related suppliers, struggling with
supply chain issues including freight delays out of Asia driven by
the lack of available containers, increased demands on raw
materials as global economies recover, unprecedented increases on
raw material pricing driven by supply constraints/availability and
electronic chip shortages. Both the Rubber Solutions and Engineered
Products segments saw sustained demand that exceeded volumes for
the same quarter in 2020, which was heavily impacted by COVID-19
disruptions. As stated previously, timing for a sustained and full
recovery in volumes will be subject, at least in part, to the
continued evolution of COVID-19 across North America, specifically
in the U.S. which is seeing continued challenges despite
significant vaccination deployment.
In the case of the Engineered Products segment,
the Company continued to focus on its operational improvement plan
including managing variable costs and focusing on sustaining a
stable hourly workforce while weathering the volume volatility in
the automotive sector and specifically on AirBoss' products for
SUV, light truck and mini-van platforms. Despite global supply
chain challenges and shutdowns in Asia adding to logistical
challenges associated with the supply of certain molded products,
the Company continued its focus and commitment to drive
efficiencies and best in class automation as evidenced by the
installation of a series of new injection presses, the latest in a
multi-year investment to upgrade this segment’s capital equipment
to the latest standards. The Engineered Products segment has also
continued to sustain the production of certain molded defense
products for ADG at its Auburn Hills, MI facility.
The Rubber Solutions segment continued to focus
on optimizing its equipment capacity, specifically in Scotland
Neck, NC, while continuing to optimize the use of the automated
small ingredient weighment system in Kitchener which is running at
steady capacity. While this segment saw progressive traction this
quarter, continued significant raw material price increases coupled
with international freight constraints proved challenging on the
supply chain which carried over from the prior quarter and was
further challenged by labor shortages primarily driven by the
pandemic which are anticipated to continue into the next quarter.
The Company’s development and sales in niche products including
colored rubber continued to grow in line with the Company’s margin
expansion strategy with new customers. Additionally, the Company
has continued to develop new compounds, proprietary compounds, and
continuous improvement on existing compounds to maintain its
leadership position as a supplier of customer rubber compounds and
formulations. The Company continues to take advantage of its scale
and global supply chain management expertise to onboard new
customers seeking new suppliers in the current environment to drive
volume and growth in its core markets. The continued focus on
operational excellence supported production of a broader array of
compounded products (white and color), as well as providing
enhanced flexibility in attracting and fulfilling new business. The
Company has also made further inroads in utilization of the small
volume specialty mixer, which should support the production of
increasingly specialized, higher margin compounds, further
diversifying AirBoss’ offering and enhancing penetration with both
existing and new customers. In Kitchener, AirBoss continued to
invest in its R&D expertise and lab capital to support enhanced
collaboration with customers and better reflect the Company’s focus
on innovative R&D and proprietary technical solutions.
Management believes that the future sourcing of
PPE for first responders and healthcare professionals will continue
to be a necessity, a priority and a requirement for front line
workers in response to the COVID-19 pandemic. As a part of overall
future emergency preparedness planning, management expects a more
unified and streamlined approach to PPE acquisition aimed at
reducing complexity, shortening acquisition times and building
strategic stockpiles, compared to the fragmented and complex
distributor relationship arrangements seen previously. This is
expected to be a future driver for the business and ADG is
modifying its business development approach accordingly. Beyond
this, ADG continues to target traditional defense contracts,
potentially valued at hundreds of millions of dollars globally over
the next several years, for its broader portfolio of survivability
solutions. This includes opportunities for its low-burden mask as
well as next-generation products like the Blast Gauge™ blast
overpressure solution, Bandolier and Rollover Detection Warning
System (RDWS).
The Company remains in sound financial position.
The strong performance of the business has continued to support
increased balance sheet strength and will provide management
enhanced flexibility to execute opportunistically on both organic
and inorganic growth initiatives, particularly as potential
acquisition targets may lack the balance sheet strength to weather
a prolonged downturn. AirBoss believes it is well positioned to
further leverage its significant recent investments in innovation,
capacity expansion, and innovative solutions as industry conditions
improve.
Despite the continued headwinds associated with
COVID-19, the Company’s longer-term priorities remain intact and
include:
- Growing the core
Rubber Solutions segment by positioning it as a specialty supplier
of choice in the consolidating North American market, with a
growing focus on building defensible leadership positions in
selected compounds;
- Capitalizing on
ADG’s enhanced scale and capabilities to pursue an array of growth
and value-creation opportunities in the broader survivability
solutions segment serving both defense and first responder
markets;
- Driving improved
performance from Engineered Products through a combination of
disciplined cost containment, client relationship expansion, new
product development and sector diversification; and
- Targeting
additional acquisition opportunities across the business with a
focus on adding new compounds and products, technical capabilities,
and geographic reach into selected North American and international
markets.
As before, management remains dedicated to the
creation of long-term value for all stakeholders through a
combination of strategic initiatives that both drive organic growth
and support possible transactions.
2021 Guidance
AirBoss reiterated its outlook for full-year
2021, as previously provided on May 12, 2021:
- Revenues in the
range of $630 to $710 million, reflecting growth of approximately
25% – 41% over 2020
- Adjusted EBITDA2
margin in the range of 15.0% – 15.5%
- Adjusted
Earnings per diluted share2 of $1.80 to $2.19, reflecting growth of
approximately 24% – 51% over 2020
The Company’s Guidance is based on its current
outlook, but excludes the potential follow-on portion of the
Company’s nitrile rubber glove contract with HHS and any other
significant new contracts or significant M&A. For important
information on risk factors related to 2021 Guidance, refer to
“AirBoss Forward Looking Information Disclaimer” later in this news
release.
Conference Call Details and Investor
Presentation
A conference call to discuss the quarterly
results is scheduled for 9:00 a.m. ET on Wednesday, August 11,
2021. Please go to https://www.gowebcasting.com/11413 or dial in to
the following numbers: 1-800-319-4610 or 416-915-3239, pass code:
55506. Please connect approximately 10 minutes prior to the
beginning of the call to ensure participation. A replay of the
conference call as well as the Company’s updated investor
presentation will also be made available at:
https://airboss.com/investor-media-center.
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 for more
information.
Note (1): Term loan and other
debt as at June 30, 2021 and December 31, 2020 include lease
liabilities of $17,014 and $13,482, respectively.
Note (2): Non – IFRS Financial
Measures: EBITDA, Adjusted EBITDA, Adjusted profit
attributable to owners of the Company, Adjusted earnings per share,
Free Cash Flow and Net Debt are directly derived from the
consolidated financial statements but do not have a standardized
meaning prescribed by IFRS and are not necessarily comparable to
similar measure 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 net income to EBITDA and Adjusted EBITDA,
net income to Adjusted Profit attributable to owners of the Company
and Adjusted earnings per share, loans and borrowings to Net Debt
and net cash provided by (used in) operating activities to Free
Cash Flow are presented below.
|
Three-months ended June 30 |
Six-months ended June 30 |
|
(unaudited) |
(unaudited) |
In thousands of US dollars |
2021 |
2020 |
2021 |
2020 |
EBITDA: |
|
|
|
|
Profit |
18,320 |
14,383 |
24,639 |
15,170 |
Finance costs |
1,134 |
802 |
1,681 |
1,971 |
Depreciation and
amortization |
4,830 |
4,013 |
9,493 |
8,248 |
Income tax expense |
630 |
6,432 |
3,491 |
7,676 |
EBITDA |
24,914 |
25,630 |
39,304 |
33,065 |
Acquisition fees |
154 |
35 |
154 |
2,328 |
Adjusted EBITDA |
25,068 |
25,665 |
39,458 |
35,393 |
|
Three-months ended June 30 |
Six-months ended June 30 |
|
(unaudited) |
(unaudited) |
In thousands of US dollars |
2021 |
2020 |
2021 |
2020 |
Adjusted profit attributable to owners of the Company: |
|
|
|
|
Profit attributable to owners
of the Company |
18,320 |
6,675 |
24,639 |
6,155 |
Acquisition fees |
154 |
35 |
154 |
2,328 |
Adjusted profit attributable to owners of the Company |
18,474 |
6,710 |
24,793 |
8,483 |
|
|
|
|
|
Basic weighted average number
of shares outstanding |
26,985 |
23,399 |
26,953 |
23,396 |
Diluted weighted average
number of shares outstanding |
28,374 |
24,427 |
28,269 |
23,962 |
|
|
|
|
|
Adjusted earnings per
share:Basic |
0.68 |
0.29 |
0.92 |
0.36 |
Diluted |
0.65 |
0.27 |
0.88 |
0.35 |
In thousands of US dollars (unaudited) |
June 30, 2021 |
December 31, 2020 |
Net debt: |
|
|
Loans and borrowings -
current |
10,938 |
27,083 |
Loans and borrowings -
non-current |
65,113 |
63,651 |
Leases included in loans and
borrowings |
(17,014) |
(13,482) |
Cash and cash equivalents |
(46,153) |
(86,970) |
Net debt |
12,884 |
(9,718) |
|
Three-months ended June 30 |
Six-months ended June 30 |
|
(unaudited) |
(unaudited) |
In thousands of US dollars |
2021 |
2020 |
2021 |
2020 |
Free cash flow: |
|
|
|
|
Net cash provided by (used in)
operating activities |
(6,693) |
17,323 |
(10,669) |
29,732 |
Acquisition of property, plant
and equipment |
(2,870) |
(3,105) |
(7,743) |
(5,109) |
Acquisition of intangible
assets |
(168) |
(271) |
(541) |
(609) |
Proceeds from government
grant |
— |
— |
— |
500 |
Proceeds from disposition |
— |
— |
6 |
— |
Free cash flow |
(9,731) |
13,947 |
(18,947) |
24,514 |
|
|
|
|
|
Basic weighted average number
of shares outstanding |
26,985 |
23,399 |
26,953 |
23,396 |
Diluted weighted average
number of shares outstanding |
26,985 |
24,427 |
26,953 |
23,962 |
|
|
|
|
|
Free cash flow per
share:Basic |
(0.36) |
0.60 |
(0.70) |
1.05 |
Diluted |
(0.36) |
0.57 |
(0.70) |
1.02 |
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 $150,000.
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.
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