Congoleum Corp. reports second quarter results.MERCERVILLE, N.J.--(BUSINESS WIRE)--Aug. 5, 1996--Congoleum Corp. (NYSE NYSE See: New York Stock Exchange :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. ) reported Monday net income for the three months ended June 30, 1996 of $4.8 million, or 48 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on sales of $74.4 million. This compares with net earnings in the second quarter of 1995 of $3.8 million, or 38 cents per share, on sales of $68.7 million. Roger S. Marcus, chairman of the board, said, "Second quarter sales were at record levels, due to strong performance in most segments, particularly 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 . Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. benefited from moderate raw material costs and increased manufacturing efficiencies. Although marketing expenses have been increased, operating margins of 12.7% were achieved." Marcus continued, "The company undertook several initiatives in 1995 and early 1996 to improve sales and margins, and I believe the second quarter results indicate the success of these efforts. I am also optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our strategies will continue to produce positive results in the future. "Specifically, during the second quarter we added several new customers, including Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , to whom we anticipate added sales during the second half of 1996. Also, we announced three aggressive new promotions which should further increase business during the balance of the year. Finally, our margins should continue to benefit from ongoing capital improvement programs." Congoleum Corp. is North America's second largest manufacturer of resilient vinyl flooring, serving both commercial and residential markets with products in a wide variety of designs and colors. The company's products are used primarily by the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , replacement, commercial, manufactured home and new residential markets. The Congoleum brand name has been associated with the flooring industry since 1924. Congoleum is a 44% owned subsidiary of American Biltrite Inc. (AMEX AMEX See: American Stock Exchange : ABL). -0-
CONGOLEUM CORP.
UNAUDITED RESULTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
1996 1995 1996 1995
---- ---- ---- ----
Net sales $74,380 $68,703 $128,498 $131,924 Cost of sales 48,851 47,537 88,621 90,465
Selling, general &
administrative expenses 16,114 13,396 30,787 28,258
------ ------ ------ ------
Income from operations 9,415 7,770 9,090 13,201
Interest expense, net (1,688) (1,762) (3,393) (3,430)
Other income, net 289 458 594 957
------ ------ ------ ------
Income before income taxes 8,016 6,466 6,291 10,728
Provision for income taxes 3,166 2,645 2,485 4,388
------ ------ ------ ------
Net income $4,850 $3,821 $3,806 $6,340
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Primary earnings per
common share $.48 $.38 $.38 $.63
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Weighted average number
of common and equivalent
shares outstanding 10,000 10,046 10,000 10,045
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CONTACT: Congoleum Corp., Mercerville Howard N. Feist feist also fice n. Chiefly Southern U.S. A small mongrel dog. [Variant of obsolete fist, short for fisting dog, from Middle English fisting, , Sr. VP/Finance, 609/584-3586 or Dewe Rogerson Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Debra Wasser or Daniel Gray, 212/688-6840 |
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