NEWMARKET, Ontario (March 22)—Spurred by increased volume in its rubber compounding business and growth of its military protective wear unit, AirBoss of America Corp. recorded net income of $1.4 million in 2004, a major improvement from its loss of about $3.6 million last year.
Sales from continuing operations for the year jumped 21 percent to $160 million.
AirBoss reported a loss of $629,970 for the fourth quarter, a significant improvement from the $4.7 million it lost in the fourth quarter of 2003. Sales for the period shot up 64 percent to $41 million for the period.
A net loss from discontinued operations—primarily some unprofitable footwear lines—impacted total net earnings for both the year and the quarter. The Newmarket-based company had net income of $4.3 million for the year, more than six times its earnings of $618,350 recorded in 2003, for continuing operations. It had $657,360 in net income for the fourth quarter compared to a $2 million loss last year for those businesses.