- AirBoss (BOS) reports strong Q1 2021 results and increased dividend
- Increased dividend to C$0.10 per share from C$0.07 per share, a 43 per cent increase
- Airboss also agreed to acquire 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
- AirBoss increased consolidated net sales in the first quarter of 2021 by 13.9 per cent to $107,329 compared with Q1 2020
- The company is pursuing a more unified and streamlined approach aimed at reducing complexity, shortening acquisition times and building strategic stockpiles
- AirBoss of America Corp. (BOS) is down 4.91 per cent and is trading at C$38.77 at close
AirBoss of America Corp. (BOS) today released strong first quarter results.
AirBoss also reported an increase in the quarterly dividend from C$0.07 per common share to C$0.10 per common share.
AirBoss’s annual general and a special meeting will be held on Thursday, May 13th, 2021, at 9:00 a.m. (EDT).
Following the formal portion of the meeting, management will provide a presentation including a discussion of Q1 2021 results.
In an effort to safeguard the health of its shareholders and given the current provincial guidelines on public gatherings and social distancing related to the COVID-19 pandemic, the Meeting will be accessible via live webcast or by dialing in to the numbers provided later in this release.
AirBoss has increased dividend by 43 per cent to C$0.10 per share from C$0.07 per share.
It also announced that AirBoss Defense Group agreed to acquire 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.
“I’m pleased to report another strong quarter of growth driven by continued performance and production efficiency by AirBoss Defense Group as well as increased volumes and sales within our Rubber Solutions and Engineered Products segments,” said Chris Bitsakakis, President and COO of AirBoss.
“ADG’s successful delivery over the past year of our proprietary powered air-purifying respirators (PAPRs) to FEMA and HHS, the latter of which we completed last month, enabled us to once again partner with HHS to supply a critical need, as we received a purchase order for up to $288 million worth of nitrile rubber gloves for use in hospitals and health care settings, with potential for a similar follow-on order in the future,” added Bitsakakis.
AirBoss increased consolidated net sales in the first quarter of 2021 by 13.9 per cent to $107,329 compared with Q1 2020, due largely to the substantial completion of the HHS contract, supported by the continued integration of Critical Solutions International into the ADG segment.
This increase was further supported by stronger demand in the Rubber Solutions segment, and higher volumes in Engineered Products despite ongoing challenges due to the impact of the COVID-19 pandemic.
It remains in strong financial condition. With a $150 million credit facility and a net debt to TTM EBITDA ratio of 0.01x at March 31, 2021, AirBoss continues 2021 with significant resources with which to pursue organic and acquisitive growth opportunities.
As a part of overall future emergency preparedness planning, management expects a more unified and streamlined approach 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, AirBoss continues to target traditional defence contracts, potentially valued at hundreds of millions of dollars globally over the next several years, for its broader portfolio of survivability solutions.
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.
AirBoss of America Corp. (BOS) is down 4.91 per cent and is trading at C$38.77 at close.
