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 8, 2002 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Biltrite Inc. (AMEX AMEX See: American Stock Exchange - ABL) reported that sales for the three months ended March 31, 2002 were $102.4 million, up 5.2% from sales of $97.4 million in the first quarter of 2001. The net loss (before a required accounting change) for the three months ended March 31, 2002 was $.8 million, or $.22 per share, compared with a net loss of $2.0 million, or $.57 per share in the first quarter of 2001. 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 Marcus, in the Bible: see Mark, Saint. , Chairman of the Board and Chief Executive Officer, indicated that the improved first quarter results were attributable to the performance of Congoleum Corporation (AMEX - CGM (1) (Computer Graphics Metafile) An ISO/IEC standard format for 2D graphics images introduced in 1987. Primarily a vector graphics format for technical illustrations and geophysical visualizations, CGM also supports raster graphics and text. ), a 55% owned subsidiary, and K&M Associates L.P. Congoleum's performance benefited from sales of new products and continued improvements in manufacturing efficiency, while K&M's results were aided by a line of licensed products acquired in July July: see month. 2001. These positive changes were partially offset by declines in first quarter sales and profitability at the Tape and 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. operations as a result of continued economic weakness in their commercial and industrial sales base. The Company announced that its Directors today voted its regular cash dividend of $.125 per share on Common Stock, payable July 8, 2002 to stockholders of record June 10, 2002.
AMERICAN BILTRITE INC.
Results for the three months ended March 31 (unaudited)
2002 2001
Net sales $102,420,000 $ 97,353,000
Loss from operations $ (1,043,000) $ (3,632,000)
Noncontrolling interests 268,000 1,641,000
Net loss before accounting change (775,000) (1,991,000)
Cumulative effect of accounting change (7,742,000)
Net loss $ (8,517,000) $ (1,991,000)
Net loss per share before
cumulative effect of accounting
change, basic and diluted $ (0.22) $ (0.57)
Cumulative effect of accounting change (2.25)
Net loss per share, basic and diluted $ (2.47) $ (0.57)
Weighted average number of common and
equivalent shares outstanding 3,441,585 3,489,076
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