American Biltrite Reports Second 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)--Aug. 9, 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 June June: see month. 30, 2001 of $680,000 or $.20 per share on sales of $98,060,000. This compares with earnings in the second quarter of 2000 of $984,000 or $.28 per share on sales of $102,398,000. For the six months ended June 30, 2001, the net loss was $2,671,000 or $.77 per share on sales of $197,757,000. In the comparable period in 2000, the Company had net earnings of $1,334,000 or $.38 per share on sales of $204,843,000. Roger S. Marcus Marcus, in the Bible: see Mark, Saint. , Chairman of the Board and Chief Executive Officer, indicated that the weak economy has hurt all segments of the business, with sales of products to manufacturing-based customers affected most significantly. 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 reported year over year sales declines and losses during the quarter versus income in the second quarter of 2000. Flooring segment sales were higher in the second quarter primarily due to the acquisition of Janus Janus, in astronomy Janus (jā`nəs), in astronomy, one of the named moons, or natural satellites, of Saturn. Also known as Saturn X (or S10), Janus is an irregularly shaped (nonspherical) body measuring about 122 mi (196 km) by 119 mi Flooring in October 2000. Significant cost reductions initiated in March of 2001 by Congoleum (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) produced a profit versus a loss one year earlier. K&M reported a small loss versus a small profit in the second quarter of last year on lower sales. The Company announced that its Directors today voted its regular cash dividend of $.125 per share on Common Stock, payable October 4, 2001 to stockholders of record September 20, 2001.
AMERICAN BILTRITE INC.
RESULTS FOR THE THREE MONTHS AND SIX MONTHS (UNAUDITED)
For the Quarter For the Six Months
Ended Ended
June 30, July 1, June 30, July 1,
2001 2000 2001 2000
Net sales $98,060,000 $102,398,000 $197,757,000 $204,843,000
Loss from
operations $ (599,000) $ (66,000) $ (4,231,000) $ (605,000)
Noncontrolling
interests (81,000) 1,050,000 1,560,000 1,939,000
Net (loss)
earnings $ (680,000) $ 984,000 $ (2,671,000) $ 1,334,000
Earnings (loss)
per share:
Basic ($0.20) $0 .28 ($0.77) $0.38
Diluted ($0.20) $0.28 ($0.77) $0.38
Number of shares
used in computing:
Basic earnings
per share 3,448,961 3,517,386 3,468,908 3,518,737
Diluted earnings
per share 3,449,017 3,540,724 3,468,936 3,542,863
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