ABL News American Biltrite Reports Third Quarter Results
WELLESLEY HILLS, Mass.--(BUSINESS WIRE)--American Biltrite Inc. (AMEX:ABL) reported its results for the third
quarter of 2006 today. Net sales for the three months ended September
30, 2006 were $108.5 million, down 5.0% from $114.2 million in the third
quarter of 2005. The net loss for the three months ended September 30,
2006 was $852 thousand or $.25 per share (basic and diluted) compared
with net income of $1.0 million or $.30 per share (basic and $.29 per
share diluted) in the third quarter of 2005. Included in the net loss
for the three months ended September 30, 2006 is $860 thousand in other
expense for early extinguishment of debt. For the nine months ended
September 30, 2006, American Biltrite’s net
income was $650 thousand, or $.18 per share (basic and diluted), on
sales of $337.7 million, compared with a net loss of $13.1 million, or
$3.80 per share (basic and diluted), on sales of $331.1 million for the
same period last year. The net loss for the nine months ended September
30, 2005 included a $15.5 million charge by its 55% owned consolidated
subsidiary Congoleum Corporation (AMEX:CGM) for asbestos-related
reorganization costs and a gain of $887 thousand (net of taxes and
non-controlling interest) on the sale of a warehouse.
Roger S. Marcus, Chairman of the Board, commented, "Our manufacturing
operations all felt the effect of a slowing housing economy in the third
quarter. Sales at the tape division in the third quarter of 2006
increased over year earlier levels due to selling price increases, but
these increases did not fully compensate for higher raw material and
energy costs, and the division was marginally unprofitable for the
quarter. The Canadian division’s sales
decreased slightly in the third quarter over year earlier levels, but
the division’s loss for the quarter narrowed
considerably from the loss for the same period last year, reflecting the
results of its cost reductions and turnaround efforts. The jewelry
business reported significantly lower sales and income for the quarter
from prior year levels, with the majority of the decline resulting from
the effect of the consolidation of two major department store chains.
Congoleum’s third quarter sales were below
year ago levels and the business swung to a modest loss due to soft
demand and the impact of a fire that temporarily disrupted production.”
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2006 AND 2005
($000, except share and per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2006
2005
2006
2005
Net sales
$
108,474
$
114,152
$
337,660
$
331,118
Cost of products sold
81,575
85,841
253,218
246,630
Selling, general & administrative expenses
24,223
23,938
73,790
88,428
Income (loss) from operations
2,676
4,373
10,652
(3,940)
Interest and other expense, net
4,068
2,733
10,024
6,870
(Benefit from) provision for income taxes
(555)
481
(76)
1,436
Noncontrolling interest
(21)
(71)
(34)
(632)
(Loss) income from continuing operations
(858)
1,088
670
(12,878)
Discontinued operation
6
(80)
(20)
(193)
Net (loss) income
$
(852)
$
1,008
$
650
$
(13,071)
Basic earnings per share:
(Loss) income per common share from continuing operations
$
(0.25)
$
0.32
$
0.19
$
(3.74)
Discontinued operation
-
(0.02)
(0.01)
(0.06)
Net (loss) income per share
$
(0.25)
$
0.30
$
0.18
$
(3.80)
Diluted earnings per share:
(Loss) income per common share from continuing operations
$
(0.25)
$
0.31
$
0.19
$
(3.74)
Discontinued operation
-
(0.02)
(0.01)
(0.06)
Net (loss) income per share
$
(0.25)
$
0.29
$
0.18
$
(3.80)
Weighted average number of common and equivalent shares outstanding
