Airboss Of America Corp.

Airboss Of America Corp.

March 21, 2005 16:47 ET

AirBoss Announces 2004 Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AIRBOSS OF AMERICA CORP.

TSX SYMBOL: BOS

MARCH 21, 2005 - 16:47 ET

AirBoss Announces 2004 Results

NEWMARKET, ONTARIO--(CCNMatthews - March 21, 2005) - AirBoss of America
Corp. ("AirBoss")(TSX:BOS) announces the following results for the year
ended December 31, 2004:




($000's except per share amounts)
Twelve-Months Three-Months
Ended Ended
December 31 December 31

2004 2003 2004 2003
---- ---- ---- ----
Net sales from continuing
operations $192,595 $159,027 $49,259 $30,346
Earnings before interest, taxes
and amortization from continuing
operations (EBITDA)(Note 1) 17,042 9,173 4,414 (1,206)
Interest 2,781 2,792 747 646

Net income from continuing
operations 5,200 745 792 (2,435)
Net income (loss) from
discontinued operations (3,468) (5,055) (1,551) (3,288)
------- ------- ------ -------
Net income 1,732 (4,310) (759) (5,723)

Net income per share from
continuing operations
Basic $0.23 $0.03 $0.03 ($0.11)
Diluted $0.23 $0.03 $0.03 ($0.11)

Net income per share
Basic $0.08 ($0.19) ($0.03) ($0.25)
Diluted $0.08 ($0.19) ($0.03) ($0.25)

Cash flow before changes in
non-cash working capital from
continuing operations $11,634 $5,046 $2,077 ($1,800)

Common shares outstanding
(million):
-Basic 22.6 22.5 22.6 22.5
-Diluted 23.0 23.1 23.0 23.1


Note 1

The Company discloses EBITDA, based on the Company's continuing
operations, a financial measurement used by interested parties. EBITDA
does not have a standardized meaning prescribed by GAAP and is not
necessarily comparable to similar measures presented by other issuers.
EBITDA is not a measure of performance under GAAP and should not be
considered in isolation or as a substitute for net income under GAAP.


Three
Year Ended Months Ended
December 31 December 31
2004 2003 2004 2003
---- ---- ---- ----
Income from continuing operations
before income taxes $7,612 $1,134 $1,584 ($3,523)
Interest 2,781 2,792 747 646
Amortization and loss on disposal
of assets from continuing
operations 6,649 5,275 2,083 1,671
----- ----- ----- -----
EBITDA - continuing operations $17,042 $9,201 $4,414 ($1,206)
----- ----- ----- -----
----- ----- ----- -----


Sales for the year ended December 31, 2004 from continuing operations
increased by 21% while net income from continuing operations increased
by 598% to $5.2 million. These increases are due to the increased volume
in our rubber compounding business and the continued success of
AirBoss-Defense, our military protective wear business.

AirBoss Rubber Compounding has been operating at or near capacity since
May of 2004. The additional volume provided to customers serving the
mining and energy generation industries has allowed the Company to
increase profits over the prior year despite continued challenges from
escalating raw material costs. The Company has recently announced the
acquisition of increased rubber compounding capacity located in the
south eastern United States. The new location will free up much needed
capacity in Kitchener, Ontario and Acton Vale, Quebec. Total capacity
will now exceed 220 million pounds with further additions planned for
late 2005.

AirBoss-Defense increased sales in 2004 in key new products such as the
CBRN (Chemical, Biological, Radiological and Nuclear) injection moulded
protective gloves. Sales of the CBRN products are expected to remain
strong in 2005 along with extreme cold weather "ECW" military boots.

AirBoss is a manufacturer of proprietary rubber and plastic products for
the transportation industry and military. AirBoss is also one of North
America's largest rubber mixing companies specializing in custom rubber
mixing and compound development. AirBoss is listed on the Toronto Stock
Exchange under the symbol BOS.

The full quarterly report will be posted on the Company's website
(www.airbossofamerica.com).

A conference call/webcast to discuss the year end results is scheduled
for 10 am EDT,Tuesday, March 22, 2005. Please either follow the link on
our website or at www.ccnmatthews.com under webcasts and/or dial in to
the following numbers: 416 695 9720 or Toll Free: 1 888 334 9269.
Playback transcripts will be available for two weeks at 1 866 518 1010.

AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER

This report contains forward-looking statements which reflect
management's best judgement based on factors currently known but involve
significant risks and uncertainties. Actual results could differ
materially from those anticipated in these forward-looking statements as
a result of a number of factors, including but not limited to risks more
fully described in the "Risk factors" section of the Company's Annual
Report, and other risks detailed in filings with the Ontario Securities
Commission. Forward-looking information provided pursuant to the safe
harbor established by recent securities legislation should be evaluated
in the context of these factors.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    AirBoss of America Corp.
    R.L. Hagerman
    CEO
    (905) 751-1188
    (905) 751-1101 (FAX)