NEWCASTLE, Ontario (May 13, 2009)—AirBoss of America Corp. recorded net income for the quarter of $365,160, down from to $863,580 in the like 2008 period, as sales dipped 3 percent to about $46 million.
Earnings would have been comparable to the previous year except for a non-cash exchange loss from the company's hedging program of $583,220, according to AirBoss.
A strong first quarter performance of the company's AirBoss-Defense division offset the effects of the economic downturn experienced in its Rubber Compounding division, which had a sales decline of 16 percent to $29.4 million during the first three months.
Sales of defense and industrial products increased by about $4 million to $16 for the three months ended March 31, 2009. Decreased demand was experienced in all sectors, reaching a low in February and gradually increasing thereafter.
The defense division's sales improvement resulted from export volume increases of chemical, biological, radiological and nuclear protective foot and hand wear and the appreciation of the U.S. dollar.