American Biltrite Reports Past Quarter Results, Declares Dividend.Business/Technology 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, 2001 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 a net loss for the three months ended March 31, 2001 of $2.0 million or $.57 per share on sales of $99.7 million. This compares with earnings in the first quarter of last year of $.4 million or $.10 per share on sales of $102.4 million. Roger S. Marcus, Chairman of the Board and Chief Executive Officer, indicated first quarter profits were below year ago levels at all operations due to the soft economy. This weakness was most evident in the results of the flooring segment, which includes Congoleum Corporation (AMEX-CGM), a 55% owned subsidiary, and Janus Flooring. Congoleum's results also reflect depressed conditions 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 industry and the impact of a major distributor transition, as well as a first quarter charge of $.7 million for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when in connection with a 13% reduction in its workforce. The Company announced that its Directors today voted its regular cash dividend of $.125 per share on Common Stock, payable July 6, 2001 to stockholders of record June 8, 2001. The Directors also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: an increase of $2,200,000 for the purchase of the Company's outstanding Common Stock. The total available for this Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program is now $3,000,000.
AMERICAN BILTRITE INC.
Results For The Three Months Ended March 31 (unaudited)
2001 2000
Net sales $ 99,697,000 $ 102,445,000
Loss from operations $ (3,632,000) $ (539,000)
Noncontrolling interests 1,641,000 889,000
Net (loss) earnings $ (1,991,000) $ 350,000
Earnings (loss) per share:
Basic $ (0.57) $ 0.10
Diluted $ (0.57) $ 0.10
Number of shares used in computing:
Basic earnings per share 3,489,076 3,520,073
Diluted earnings per share 3,489,076 3,544,987
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