AirBoss Announces Strong 4th Quarter and Full Year 2021 Results With Continued Momentum
NEWMARKET, Ontario, March 08, 2022 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced strong fourth quarter and annual performance as it enters 2022 with continued momentum. The Company will host a conference call and webcast to discuss the results on March 9th at 9 a.m. ET, the details of which are further below.
Recent Highlights
($US except where otherwise noted)
- Highest quarterly net sales in the Company's history at $249.1 million for the fourth quarter of 2021 ("Q4 2021"), reflecting growth of 88.4% compared to the fourth quarter of 2020 ("Q4 2020");
- Highest annual net sales in the Company's history at $586.9 million, reflecting 17.0% growth compared to 2020;
- Grew diluted EPS by 22.2% to $1.65 for 2021 (2020: $1.35);
- Increased diluted Adjusted EPS(2) by 15.2% to $1.67 in 2021 (2020: $1.45);
- Finished 2021 with a Net Debt to EBITDA ratio(2) of 0.70x;
- Declared a quarterly dividend of C$0.10 per common share; and
- Received approval from the National Institute for Occupational Safety and Health ("NIOSH") for its new AirBoss 100™ Half Mask Respirator.
“2021 was another excellent year for AirBoss in terms of growth, profitability and free cash flow generation. Our ability to deliver results in a very complex business climate was bolstered by two key acquisitions, Blackbox Biometrics, Inc. ("B3") and Ace Elastomer, LLC ("Ace"), solidifying the medium to longer term scale of our business as we continue to execute on our strategic plan,” said Chris Bitsakakis, President and COO of AirBoss.
“2021 was also our 26th consecutive year of operating profitably during which time we have generated meaningful returns for investors and continued to succeed through multiple recessions,” said Mr. Bitsakakis. “This reflects the benefits of our carefully cultivated strategy to rely on our culture of innovation and product diversification to mitigate the impact of economic and industry cycles. Despite the extensive obstacles associated with the COVID-19 pandemic on the global economy, including unprecedented supply challenges and record raw material price increases, we continued to grow our business while making strategic investments in long-term growth, efficiency and innovation.”
“We are entering 2022 in strong financial position with a record pipeline of opportunities of over $1.5 billion, the largest in the Company’s history. Our balance sheet strength provides us with enhanced flexibility and positions us well to execute opportunistically on both organic and inorganic growth initiatives broadening our product lines and regional presence, particularly as potential acquisition targets may lack the balance sheet strength to weather a prolonged supply chain challenges.” said Gren Schoch, Chairman and CEO of AirBoss.
“Despite ongoing challenges, we believe we are positioned for another strong performance this year,” said Mr. Schoch. “We will continue to take necessary steps, including risk mitigation plans within our supply chain, to strive to reduce potential impacts on our business and that of our customers. Our continued focus will remain on supporting our customers, employees and stakeholders.”
https://www.globenewswire.com/news-release/2022/03/08/2399429/0/en/AirBoss-Announces-Strong-4th-Quarter-and-Full-Year-2021-Results-With-Continued-Momentum.html