AirBoss announces strong second quarter results
Newmarket, Ontario, Canada – AirBoss of America Corp. announced strong second quarter performance as it enters the second half of 2021 with continued momentum. The company hosted a conference call and webcast to discuss the results on August 11.
Highlights include: Highest quarterly earnings per share in the company’s history, growing diluted EPS by 141 percent to $0.65 for the quarter ended June 30 compared to $0.27 for the quarter ended June 30, 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 percent 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 Groupthat it did not already own enabling the company to control 100 percent 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 and related peripherals to the U.S. Department for Health and Human Services and commenced initial deliveries of nitrile patient examination gloves to HHS, which we expect to ramp up significantly in the third quarter 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 mergers and acquisitions opportunities that will accelerate our growth strategy and leverage our very healthy balance sheet.”