AirBoss first quarter sales and income announced, dividend declared

qiangzi

Thursday, May 10, 2012

Newmarket, Ontario, Canada - AirBoss of America reported net sales of $69.9 million for the first quarter ended March 31. Net sales for the first quarter of 2011 were $70.3 million. Net income was $2.2 million compared to $4.2 million in 2011. The company said increased sales in rubber compounding were offset by lower sales of defense products. Traditional mining and industrial related market segments continued to perform well, while there was a decline in toll mixing in the major tire segment. Volume in tire toll mixing will start to recover in the third quarter due to the addition of a significant new customer. The industrial rubber products division is increasing in importance with continued strong demand in supplying rubber track manufacturers and major tire companies with rubber retreading products. This is expected to continue. Defense products will remain at near current levels in the next few quarters as the firm increases sales efforts in non-traditional markets. The new defense products research and development center is scheduled for completion early in the third quarter of this year. In the meantime, work on new products continues in conjunction with both industry and public sector partners. AirBoss of America approved a quarterly dividend of CAD 5 cents per common share to be paid July 19, 2012, to shareholders of record at June 29, 2012.