American Biltrite´s earnings slide

WELLESLEY HILLS, Maine (March 20)—American Biltrite Inc. recorded net income of $908,000 for the quarter ended Dec. 31, down more than fourfold from $4.1 million in the comparable 1999 period. Sales, however, rose 1.6 percent to $104.5 million from $102.8 million in the quarter. For the year, the firm had net earnings of $5.3 million, down 82 percent from $9.7 million in 1999. Revenues fell slightly to $420.4 million for the year from $422.5 million. American Biltrite attributed the declines in earnings and sales to an $8.1 million net loss for 2000 posted by 55-percent owned subsidiary Congoleum Corp. Congoleum´s loss was the result of weakness in the manufactured housing industry and a major distributor transition, the company said.