American Biltrite Reports First Quarter Results, Declares Dividend.Business Editors WELLESLEY Wellesley, town (1990 pop. 26,615), Norfolk co., E Mass., a residential suburb SW of Boston; settled 1660, inc. 1881. Its many educational institutions include several private preparatory schools, Babson College, and Wellesley College. HILLS, Mass.--(BUSINESS WIRE)--May 14, 2003 American Biltrite Inc. (AMEX AMEX See: American Stock Exchange - ABL) reported that sales for the three months ended March 31, 2003 were $104.0 million, up 1.2% from sales of $102.7 million in the first quarter of 2002. The net loss for the three months ended March 31, 2003 was $3.1 million, or $.91 per share, compared with a net loss of $0.8 million, or $.22 per share (before a required accounting change) in the first quarter of 2002. The Company recorded a non-cash transition charge of $7.7 million or $2.25 per share in the first quarter of 2002 for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill as required for adoption of Statement of Financial Accounting Standards No. 142. Roger S. Marcus, Chairman of the Board and Chief Executive Officer, indicated that overall results for American Biltrite Inc.'s operations excluding Congoleum improved over year earlier levels on continued strong performance in the jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. business, which more than offset declines in results at the Tape, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. , and Janus operations. Congoleum's results declined due to weakness in the manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected and remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. markets. The Company announced that its Directors today voted a cash dividend of $ .0625 per share on Common Stock, payable July 9, 2003 to stockholders of record June 13, 2003.
AMERICAN BILTRITE INC.
Results for the three months ended March 31
(unaudited)
2003 2002
Net sales $103,959,000 $102,738,000
Loss from operations $(3,048,000) $(1,043,000)
Noncontrolling interests (77,000) 268,000
Net loss before accounting change (3,125,000) (775,000)
Cumulative effect of accounting change - (7,742,000)
Net loss $(3,125,000) $(8,517,000)
Net loss per share before cumulative
effect of accounting change, basic and
diluted $(0.91) $(0.22)
Cumulative effect of accounting change - (2.25)
Net loss per share, basic and
diluted $(0.91) $(2.47)
Weighted average number of common and
equivalent shares outstanding 3,441,551 3,441,585
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