WELLESLEY HILLS, Mass. (Nov. 16)—American Biltrite Inc. recorded a jump in net income to about $1.4 million in the third quarter from $426,000 in the same period last year as sales rose 5 percent to $113.2 million.
The performance in the period is an improvement over the firm's first two quarter of 2004, despite raw material cost increases that impacted its manufacturing operations, said Roger Marcus, chairman of the board. He noted that the company's K&M and Congoleum businesses reported significant improvements while its American Biltrite Canadian division also performed better.
However, the company's Tape division's results were below year-earlier levels, he added.
American Biltrite's net income came in at $1.1 million for the first nine months of 2004, compared to a net loss of $14.6 million last year. Sales rose 4 percent to about $325 million.