WELLESLEY HILLS, Mass. (Aug. 11) — American Biltrite Inc. posted net income for the second quarter of $1 million, compared with a loss of $14.7 million a year ago. Sales rose 7.2 percent to $117.5 million. The loss last year mainly was caused by a $15.5 million charge by Congoleum Corp. — its 55-percent owned subsidiary — for asbestos-related costs.
For the first half of the year, American Biltrite had net earnings of $1.5 million, compared with a $14.1 million loss in 2005. Revenue grew 5.6 percent $229.2 million.
Chairman Roger Marcus said while all the firm's business increased sales, the firm was able to only recover a portion of rising energy and raw material costs through price increases in its products.