ABL News American Biltrite Reports Second Quarter Results
WELLESLEY HILLS, Mass.--(BUSINESS WIRE)--Aug. 10, 2006--American Biltrite Inc. (AMEX:ABL) reported its results for the second quarter of 2006 today. Net sales for the three months ended June 30, 2006 were $117.5 million, up 7.2% from $109.5 million in the second quarter of 2006. Net income for the three months ended June 30, 2006 was $1.0 million or $0.29 per share (basic and diluted) compared with a net loss of $14.7 million or $4.27 per share (basic and diluted) in the second quarter of 2005. The net loss for the three months ended June 30, 2005 included a $15.5 million charge by its 55% owned consolidated subsidiary Congoleum Corporation (AMEX:CGM) for asbestos-related reorganization costs. For the six months ended June 30, 2006, American Biltrite's net income was $1.5 million, or $0.43 per share (basic and diluted), on sales of $229.2 million, compared with a net loss of $14.1 million, or $4.09 per share (basic and diluted), on sales of $217.0 million for the same period last year. Net income in the first quarter of 2005 included a gain of $887 thousand (net of taxes and non-controlling interest) or $0.26 per share ($0.25 diluted per share) on the sale of a warehouse.
Roger S. Marcus, Chairman of the Board, commented, "All of our businesses increased their sales revenue from the second quarter of last year. Unfortunately, we have seen substantial increases in energy and raw material costs, of which we have only been able to recover a portion to date through increased sales prices for our products. As a result, the improvement in our bottom line, excluding the effect of special charges, was modest relative to our improved sales."
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005
($000, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------
Net sales $ 117,465 $ 109,542 $ 229,186 $ 216,966
Cost of products sold 88,279 81,435 171,643 160,789
Selling, general &
administrative
expenses 25,177 39,464 49,567 64,490
---------- ---------- ---------- ----------
Income (loss) from
operations 4,009 (11,357) 7,976 (8,313)
Other expense, net 2,800 3,218 5,956 4,137
Provision for (benefit
from) income taxes 232 (16) 479 955
Noncontrolling
interest 3 (87) (13) (561)
---------- ---------- ---------- ----------
Income (loss) from
continuing operations 980 (14,646) 1,528 (13,966)
Discontinued operation 36 (57) (26) (113)
---------- ---------- ---------- ----------
Net income (loss) $ 1,016 $ (14,703) $ 1,502 $ (14,079)
========== ========== ========== ==========
Basic earnings per
share:
Income (loss) per
common share from
continuing operations $ 0.28 $ (4.25) $ 0.44 $ (4.06)
Discontinued operation 0.01 (0.02) (0.01) (0.03)
---------- ---------- ---------- ----------
Net income (loss) per
share $ 0.29 $ (4.27) $ 0.43 $ (4.09)
========== ========== ========== ==========
Diluted earnings per
share:
Income (loss) per
common share from
continuing operations $ 0.28 $ (4.25) $ 0.44 $ (4.06)
Discontinued operation 0.01 (0.02) (0.01) (0.03)
---------- ---------- ---------- ----------
Net income (loss) per
share $ 0.29 $ (4.27) $ 0.43 $ (4.09)
========== ========== ========== ==========
Weighted average
number of common and
equivalent shares
outstanding
Basic 3,441,551 3,441,551 3,441,551 3,441,551
Diluted 3,471,200 3,441,551 3,469,869 3,441,551
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005
BY SEGMENT
($000)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
-------- -------- -------- --------
Revenues from external
customers
Flooring products $ 58,743 $ 58,056 $115,980 $115,738
Tape products 28,587 25,231 54,710 47,830
Jewelry 14,924 13,788 30,008 29,676
Canadian division 15,211 12,467 28,488 23,722
-------- -------- -------- --------
Total revenues from external
customers $117,465 $109,542 $229,186 $216,966
======== ======== ======== ========
Segment profit (loss) before
taxes
Flooring products $ 691 $(14,598) $ 953 $(14,950)
Tape products 1,116 891 1,267 922
Jewelry (289) (297) (118) 328
Canadian division 415 (348) 675 (597)
Corporate (expense) income (724) (223) (757) 1,847
-------- -------- -------- --------
Total profit (loss) $ 1,209 $(14,575) $ 2,020 $(12,450)
======== ======== ======== ========
Corporate expenses for the six months ended June 30, 2005 include a gain of $2.3 million from the sale of a warehouse during the first quarter. The Flooring division's loss for the three and six months ended June 30, 2005 includes a $15.5 million charge by Congoleum to increase its reserves for asbestos related reorganization costs.
