WELLESLEY HILLS, Mass. (March 31, 2009)—American Biltrite Inc.'s sales dropped 10.8 percent to $375.1 million during 2008, when it posted a net loss of $29.1 million compared with a $2 million loss in 2007.
Those results include the results of its 55-percent ownership in Congoleum Corp., a flooring products subsidiary that currently is in Chapter 11 bankruptcy reorganization proceedings. Under terms of the proposed reorganization plan, American Biltrite's ownership would be eliminated.
Excluding Congoleum, American Biltrite's sales fell 6.5 percent to $202.4 million in 2008, with the net loss at $14.5 million compared to a net loss of $1.3 million the year before.
“Economic conditions were very difficult in 2008, and we expect they will remain so in 2009,” said Chairman Roger S. Marcus.
He said results of the Canadian division improved despite the economy, turning a profit on a modest sales increase.