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March 22, 2016 02:00 AM

AirBoss earnings flat for 2015

Rubber & Plastics News Report
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    NEWMARKET, Ontario—AirBoss of America Corp.'s net income was pretty much flat for both the fourth quarter and the year in 2015, the firm's top officials said in their year-end report.

    It recorded net earnings of a little more than $3.7 million for the final quarter of last year, up slightly from $3.6 million in the like year-earlier period. Sales for the quarter dropped to $73.5 million from $78 million in the fourth quarter of 2014.

    Net income for the year fell slightly to $13.3 million from $13.7 million in 2014. Sales increased to almost $305 million in 2015 from $303 million the prior year.

    EBITDA for the quarter increased by 24 percent to $8.7 million and by 3.6 percent to $30 million for the year. Gross margin dollars for the fourth period increased 15 percent to $13.3 million and for the year jumped 22.5 percent to $55.3 million.

    AirBoss said that overall, 2015 was a year when the company positioned itself for continued growth, both organic and via the acquisition of Immediate Response Technologies L.L.C., which is being integrated into the Newmarket-based company's operation.

    The firm also is in the midst of restructuring its defense business to move the unit into a position where it will benefit from an increase in global defense spending, AirBoss said, noting that it intends to maintain its focus on operational improvements throughout 2016.

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