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Overview of AirBoss of America (ABSSF)
AirBoss of America (ABSSF) is a leading manufacturer and supplier of innovative rubber-based products and engineered material solutions. With a diverse portfolio spanning the defense, industrial, healthcare, and automotive sectors, AirBoss addresses critical challenges in material durability, safety, and performance. The company leverages its expertise in rubber compounding, molding, and advanced material science to deliver high-quality, customized solutions for demanding applications worldwide.
Core Business Segments
AirBoss operates through distinct business segments, each tailored to meet the needs of specific market sectors:
- Defense: AirBoss Defense Group (ADG) specializes in protective equipment, including chemical, biological, radiological, and nuclear (CBRN) solutions, as well as advanced survivability systems for military and first responders.
- Industrial Solutions: The company provides engineered rubber products for industrial applications, including conveyor belts, gaskets, and vibration-dampening components.
- Automotive: AirBoss supplies high-performance rubber components for automotive manufacturers, enhancing vehicle safety, efficiency, and durability.
- Healthcare: The company produces medical-grade materials and protective equipment, addressing critical needs in healthcare and emergency response sectors.
Revenue Generation and Market Position
AirBoss generates revenue primarily through direct sales of its products to government entities, industrial manufacturers, and OEMs. The company’s ability to provide both standardized and custom-engineered solutions positions it as a versatile player in its industry. Its defense segment benefits from long-term government contracts, while its industrial and automotive segments cater to high-demand, high-growth markets. AirBoss’s focus on innovation and quality has enabled it to establish a strong competitive position, differentiating itself through proprietary technologies and a commitment to customer-centric solutions.
Industry Context and Challenges
Operating within the broader material science and manufacturing industries, AirBoss faces competition from global players specializing in rubber and engineered materials. Key challenges include raw material price volatility, supply chain disruptions, and the need to continuously innovate to meet evolving customer demands. However, the company’s diversified portfolio and strategic focus on high-margin sectors like defense and healthcare provide resilience against market fluctuations.
Strategic Advantages
AirBoss’s strategic advantages lie in its technical expertise, vertically integrated operations, and ability to serve niche markets with tailored solutions. Its defense segment, for instance, benefits from proprietary CBRN technologies that meet stringent government standards, while its industrial and automotive segments leverage advanced rubber compounding techniques to deliver superior performance.
Commitment to Innovation and Sustainability
AirBoss is committed to innovation and sustainability, investing in research and development to create environmentally friendly materials and processes. The company’s focus on sustainability aligns with global trends toward greener manufacturing practices, enhancing its appeal to environmentally conscious customers and investors.
Conclusion
In summary, AirBoss of America (ABSSF) is a multifaceted company with a strong presence in the defense, industrial, healthcare, and automotive sectors. Its ability to deliver innovative, high-quality solutions across diverse markets positions it as a key player in the material science industry. With a focus on innovation, customer-centric solutions, and sustainability, AirBoss continues to address critical challenges and drive value for its stakeholders.
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.
AirBoss of America Corp. (OTCQX: ABSSF) reported Q2 2022 results, revealing a 6.7% decrease in net sales to $110.5 million due to lower deliveries in the AirBoss Defense Group, though year-to-date sales rose 13.0% to $255 million. The company generated EBITDA of $10.46 million and declared a quarterly dividend of C$0.10. Challenges in supply chain and labor persisted, affecting gross profit margins, which dropped to 13.4% from 28.1% year-on-year. The Rubber Solutions segment experienced robust growth, with net sales up 50.9% this quarter.
AirBoss of America Corp. (OTCQX: ABSSF) will release its Q2 2022 financial results on August 4, 2022, after market close. A conference call to discuss these results is scheduled for August 5, 2022, at 9:00 am ET. The company operates in various sectors, including defense and healthcare, providing innovative solutions and products. Investors can connect to the call via the provided webcast link and are encouraged to join 10 minutes prior for seamless participation.
AirBoss of America Corp. held its Annual General Meeting on May 12, 2022, in Kitchener, Ontario, where all nominees listed in the April 8 Management Information Circular were elected as directors. Anita Antenucci received 99.99% support, while David Camilleri garnered 99.88%. The appointment of KPMG LLP as auditors also received a strong vote of 99.58%. The company is a leader in developing innovative survival solutions and operates across multiple divisions including defense and automotive sectors. Its shares trade on TSX as BOS and OTCQX as ABSSF.
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