American Biltrite Reports First Quarter Results.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. -- 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 today its results for the first quarter of 2006. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended March 31, 2006 were $111.7 million, up 4.0% from $107.4 million in the first quarter of 2005. Income from operations for the three months ended March 31, 2006 was $4.0 million compared with $3.0 million in the first quarter of 2005. Net income for the three months ended March 31, 2006 was $486 thousand or $0.14 per share (basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared with net income of $624 thousand or $.18 per share ($.17 diluted) in the first quarter of 2005. Net income in the first quarter of 2005 included a gain of $887 thousand (net of taxes and noncontrolling interests) or $0.26 per share ($.25 diluted) on the sale of a warehouse. Roger S. Marcus Marcus, in the Bible: see Mark, Saint. , Chairman of the Board, commented "Our first quarter operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. improved 30% over year earlier levels despite the continued high costs of raw materials and energy, and all of our businesses were profitable this past quarter. I am also pleased to report that we closed on the sale of our former wood business factory in April."
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
($000, except per share amounts)
Three Months Ended
March 31,
2006 2005
---------- ----------
(Unaudited)
Net sales $111,721 $107,424
Cost of products sold 83,364 78,856
Selling, general & administrative expenses 24,390 25,524
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Income from operations 3,967 3,044
Interest & other expense, net 3,156 919
Provision for income taxes 247 971
Noncontrolling interests 16 474
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Income from continuing operations 548 680
Discontinued operation (62) (56)
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Net income $486 $624
========== ==========
Basic earnings per share:
Income per common share from continuing
operations $ 0.16 $ 0.20
Discontinued operation (0.02) (0.02)
---------- ----------
Net income per share $0.14 $0.18
========== ==========
Diluted earnings per share:
Income per common share from continuing
operations $ 0.16 $ 0.19
Discontinued operation (0.02) (0.02)
---------- ----------
Net income per share $0.14 $0.17
========== ==========
Weighted average number of common and
equivalent shares outstanding
Basic 3,441,551 3,441,551
Diluted 3,468,537 3,492,077
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
BY SEGMENT
($000)
Three Months Ended
March 31,
2006 2005
---------- ----------
(Unaudited)
Revenues from external customers
Flooring products $57,237 $57,682
Tape products 26,123 22,599
Jewelry 15,084 15,888
Canadian division 13,277 11,255
---------- ----------
Total revenues from external customers $111,721 $107,424
========== ==========
Segment profit (loss) before taxes
Flooring products $262 $(352)
Tape products 151 31
Jewelry 171 625
Canadian division 260 (249)
Corporate (expense) income (33) 2,070
---------- ----------
Total profit $811 $2,125
========== ==========
Corporate income for the three months ended March 31, 2005 includes a gain of $2.3 million from the sale of a warehouse. |
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