NEWMARKET, Ontario (March 17, 2009)—AirBoss of America Corp. rode a strong performance by its defense division during the second half of 2009 to a profitable fourth quarter and overall improvement for the full year.
Net income came in at $2.6 million for the quarter, compared with a loss of $6.7 million for the fourth period of 2008, even though sales fell 21 percent to about $57 million. For the year, AirBoss recorded earnings of $6.2 million compared with a loss of $897,694 in 2008. Sales dropped 19 percent to about $208 million.
While it didn't give out specific numbers, the company said sales of chemical, biological, radiological and nuclear products increased in the fourth quarter compared to the previous year while markets for rubber compounding were getting stronger.
AirBoss said it believes the trends upwards will continue in 2010.
The second half performance has allowed the Newmarket-headquartered firm to repay all bank operating loans while maintaining a $35 million unused line of credit for future expansion.