AirBoss records substantial increase in net income in 2006
AirBoss of America Corp. posted net income of $6.5 million on net sales of $230.6 million for its fiscal 2006 ended Dec. 31, 2006. That compares to net income of $1.6 million on sales of $226.2 million for the previous year.
Net income from continuing operations was $6.7 million, an increase of 333% versus fiscal 2005. According to AirBoss, the increase was attributable to a "substantial year-over-year improvement" by the company's Rubber Compounding division and "a strong performance" by the Railway Products division.
Demand from customers in certain sectors, such as rubber compounds for mining belting, rubber tracks and automotive parts, softened in the fourth quarter and this will continue into 2007. For its fourth quarter, the company recorded a net loss of $8,000 on sales of $52.9 million.
"Despite this weakness, we continue to be optimistic that 2007 will result in a continuation of the trend of increased volumes and profitability year-over-year," says the company.
AirBoss of America Corp. develops, manufactures, and sells proprietary rubber-based products to transportation, military and industrial markets. For more information, visit www.airbossofamerica.com.