05:25 PM EDT, 08/13/2024 (MT Newswires) -- AirBoss of America ( ABSSF ) on Tuesday said its second-quarter adjusted loss was flat even though net sales fell.

The rubber-products manufacturer lost US$2.7 million, or US$0.35 per share, in the period, compared with a net loss of US$2.6 million, or US$0.35 per share, in the year-prior quarter.

Net sales fell 16% to US$95.37 million from US$114.06 million. AirBoss said both its manufactured products and rubber solutions divisions experienced lower sales.

The board approved a quarterly dividend of C$0.035, payable on October 15.

"Despite the continued economic slowdown occurring in North America, which impacted both AirBoss Rubber Solutions and AirBoss Manufactured Products, the company remained focused on operational execution, aggressive deleveraging and cost management, as we drove our strategy to broaden and grow ARS while refocusing on core product lines at AMP," said CEO Chris Bitsakakis.

"Although both segments continued to experience softness in the past quarter, we are encouraged by the recently announced Bandolier awards that have begun shipping in the third quarter of 2024 as well as increased momentum in the CBRN markets, which are expected to drive improved performance at AMP in the second half of 2024 and into 2025 and beyond."

AirBoss closed $0.20 higher, to $4.60 on the Toronto Stock Exchange.