WELLESLEY HILLS, Mass.--(BUSINESS WIRE)--American Biltrite Inc. (AMEX:ABL) reported its results for 2006 today. Net sales for the year ended December 31, 2006 were $435.5 million, down 2.2% from $445.2 million in 2005. Net income for the year ended December 31, 2006 was $685 thousand or $0.19 per share (basic and diluted) compared with a net loss of $17.6 million or $5.12 per share (basic and diluted) in 2005. The net loss for 2005 included $25.3 million of charges for asbestos-related reorganization costs for Congoleum, a gain of $887 thousand on the sale of a property from a former operation (net of taxes and non-controlling interest) and expense recoveries resulting from an insurance settlement of $1.8 million (net of taxes).
Roger S. Marcus, Chairman of the Board, commented, "We faced a number of challenges in 2006. Our Canadian division, Congoleum and, to a lesser extent, our Tape division all felt the effects of the housing slowdown, as well as continuing high costs for energy and raw materials. At the same time, consolidation in the department store channel left K&M with fewer outlets for its products. Given the difficult environment, I am pleased with the sales gains achieved at Tape and Canada, and that all operations were profitable in 2006.”
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED
DECEMBER 31, 2006 AND 2005
($000, except per share amounts)
Three Months Ended December 31,
Year Ended
December 31,
2006
2005
2006
2005
Net sales
$97,877
$114,054
$435,537
$445,172
Cost of products sold
74,367
88,192
327,585
334,324
Selling, general & administrative expenses
22,897
30,522
96,687
119,448
Income (loss) from operations
613
(4,660)
11,265
(8,600)
Other expense, net
1,099
2,824
11,123
9,694
(Benefit from) provision for income taxes
(533)
(2,970)
(609)
(1,534)
Noncontrolling interest
(13)
(4)
(47)
(636)
Income (loss) from continuing operations
34
(4,518)
704
(17,396)
Discontinued operation
1
(44)
(19)
(237)
Net income (loss)
$ 35
$ (4,562)
$ 685
$ (17,633)
Basic earnings per share:
Income (loss) per common share from continuing operations
$ 0.01
$ (1.31)
$ 0.20
$ (5.05)
Discontinued operation
-
(0.01)
(0.01)
(0.07)
Net income (loss) per share
$ 0.01
$ (1.32)
$ 0.19
$ (5.12)
Diluted earnings per share:
Income (loss) per common share from continuing operations
$ 0.01
$ (1.31)
$ 0.20
$ (5.05)
Discontinued operation
-
(0.01)
(0.01)
(0.07)
Net income (loss) per share
$ 0.01
$ (1.32)
$ 0.19
$ (5.12)
Weighted average number of common and equivalent shares outstanding
Basic
3,441,551
3,441,551
3,441,551
3,441,551
Diluted
3,447,830
3,441,551
3,457,280
3,441,551
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED
DECEMBER 31, 2006 AND 2005
BY SEGMENT
($000)
Three Months Ended December 31,
Year Ended
December 31,
2006
2005
2006
2005
Revenues from external customers
Flooring products
$46,034
$ 61,684
$219,474
$237,916
Tape products
23,203
24,230
102,971
96,103
Jewelry
16,159
16,207
59,741
62,790
Canadian division
12,481
11,933
53,351
48,363
Total revenues from external customers
$97,877
$114,054
$435,537
$445,172
Segment (loss) profit before taxes
Flooring products
$ (600)
$ (9,525)
$ (165)
$ (24,150)
Tape products
(714)
(421)
536
1,101
Jewelry
684
303
916
2,162
Canadian division
309
(631)
744
(1,673)
Corporate (expense) income
(165)
2,790
(1,889)
4,266
Total (loss) profit
$ (486)
$ (7,484)
$ 142
$ (18,294)
The Flooring product segment’s loss for 2005 includes $25.3 million of charges ($15.5 million in the second quarter and $9.8 million in the fourth quarter) for Congoleum to increase its reserves for asbestos related reorganization costs. Corporate expenses for the year ended December 31, 2005 include a gain of $2.3 million from the sale of a warehouse during the first quarter and an expense recovery of $2.9 million from an insurance settlement during the fourth quarter.
