Congoleum Corporation Plan for Continued Listing Approved by New York Stock Exchange.MERCERVILLE, N.J.--(BUSINESS WIRE)--Nov. 9, 1999-- Congoleum Corporation (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. ) announced today that in response to a recent notification by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , Inc. ("NYSE") that it did not meet new continued listing criteria adopted by the NYSE, it submitted a plan to the NYSE showing how it would come into compliance with the new criteria, which has been approved. The new criteria for continued listing adopted by the NYSE included $50 million minimums for market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . As of September 30, 1999 Congoleum's market capitalization was $38.0 million and its stockholders' equity was $37.7 million. As permitted under the proposed new NYSE regulations, Congoleum submitted a plan to the NYSE showing how it would achieve compliance with the new minimums within an eighteen-month period, and that plan has been approved by the NYSE. The new NYSE regulations also required issuance of this press release. Roger S. Marcus, Chairman of the Board, commented, "We are pleased that the Exchange shares our confidence in the future of Congoleum. However, the proposed new regulations could limit the flexibility of successful but smaller companies such as ours to invest in the growth of the business, to repurchase shares, and to pursue other initiatives. As we see what form the final regulations take and how they are administered, we will evaluate which securities market serves the best interest of our shareholders." Congoleum Corporation is a leading manufacturer of resilient flooring, serving both residential and commercial markets. Its sheet, tile and plank products are available in a wide variety of designs and colors, and are used in remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , manufactured housing, new construction and commercial applications. The Congoleum brand name is recognized and trusted by consumers as representing a company that has been supplying attractive and durable flooring products for over a century. Congoleum is a 52% owned subsidiary of American Biltrite, Inc. (AMEX AMEX See: American Stock Exchange :ABL). The above news release contains certain forward-looking statements which involve a number of risks and uncertainties, including future financial results and share price, future changes in listing criteria, and availability and requirements of alternative trading venues, and other factors. Actual results could differ significantly as a result of these and other factors discussed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998 filed with the Securities and Exchange Commission. |
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