AirBoss Announces Strong 2nd Quarter Results and Ongoing Momentum Moving Into the Second Half of 2021

Rhea-AI Summary

AirBoss of America Corp. (ABSSF) reported remarkable Q2 2021 results, achieving a record diluted EPS of $0.65, up 141% from Q2 2020. The company completed the acquisition of Blackbox Biometrics® and announced a 43% increase in its quarterly dividend to C$0.10 per share. Revenue rose 5.3% YoY to $118.4 million, driven by robust performance in Rubber Solutions and Engineered Products segments. Despite facing challenges from supply chain issues, AirBoss anticipates continued growth and affirmed its 2021 revenue guidance of $630 to $710 million.

Positive

• Record diluted EPS of $0.65, up 141% YoY.
• 5.3% YoY revenue growth to $118.4 million.
• Quarterly dividend increased by 43% to C$0.10.
• Successful acquisition of Blackbox Biometrics, enhancing growth opportunities.

Negative

• Challenges from supply chain disruptions and elevated freight costs.
• Decreased revenue in the AirBoss Defense Group segment by 30.8% due to major FEMA contract completion.

NEWMARKET, Ontario, Aug. 10, 2021 (GLOBE NEWSWIRE) -- 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 11^th 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:

1. 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;
2. 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;
3. Driving improved performance from Engineered Products through a combination of disciplined cost containment, client relationship expansion, new product development and sector diversification; and
4. 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.

FAQ

What were AirBoss of America Corp.'s earnings per share for Q2 2021?

AirBoss reported a record diluted EPS of $0.65 for Q2 2021.

How much revenue did AirBoss of America Corp. generate in Q2 2021?

AirBoss achieved revenue of $118.4 million in Q2 2021, a 5.3% increase compared to Q2 2020.

What is the recent dividend declared by AirBoss of America Corp.?

The Board of Directors approved a quarterly dividend of C$0.10 per share, up 43% from the prior dividend.

What challenges is AirBoss of America Corp. facing in Q2 2021?

AirBoss is facing supply chain disruptions and elevated freight costs, impacting their operations.

What is the revenue guidance for AirBoss of America Corp. for 2021?

AirBoss reaffirmed its revenue guidance for 2021, estimating between $630 to $710 million.