EX-99.1
2
ex99-1.txt


                                                                    Exhibit 99.1


                                                           FOR IMMEDIATE RELEASE
                                                        Thursday, March 10, 2005
For Further Information:

Howard N. Feist
Chief Financial Officer
(781) 237-6655

                     AMERICAN BILTRITE REPORTS 2004 RESULTS

WELLESLEY HILLS, MA, MARCH 10, 2005 - American Biltrite Inc. (AMEX:ABL) reported
today its results for 2004. Net sales for the year ended December 31, 2004 were
$433.9 million, up 4.2% from $416.6 million in 2003. Net income from continuing
operations for 2004 was $2.4 million, compared to a net loss from continuing
operations in 2003 of $6.8 million. Net income in 2004 was $2.0 million or $.57
per share ($.54 per share, diluted) compared with a loss of $14.2 million or
$4.11 per share in 2003.

Roger S. Marcus, Chairman of the Board, commented "Overall operating results
improved from 2003 to 2004 in spite of raw material cost pressures at our
manufacturing operations. The biggest improvement came at Congoleum, thanks to a
combination of new products, sales increases, and manufacturing efficiencies.
Congoleum continues to make progress with its modified plan of reorganization,
and a hearing to consider confirmation of the plan is scheduled to begin April
12, 2005."

Mr. Marcus continued "K&M Associates, our jewelry business, further expanded its
business with department stores, mid-tier and specialty retailers, which helped
offset lower sales to mass merchandisers. Profits increased despite the slight
decrease in overall revenue. The Tape division lost money on a modest sales
increase as raw material and other cost increases outpaced price increases. The
Canadian division reported higher sales but lost money as improved operating
results were offset by higher interest expense and unfavorable foreign
exchange."

American Biltrite owns 55% of the outstanding common stock of Congoleum
(AMEX:CGM), which filed a voluntary petition with the United States Bankruptcy
Court for the District of New Jersey (Case No. 03-51524) seeking relief under
Chapter 11 of the United States Bankruptcy Code, as a means to resolve claims
asserted against it related to the use of asbestos in its products decades ago.
Congoleum's proposed reorganization plan, which remains subject to Bankruptcy
Court approval, anticipates no changes in the equity ownership upon emergence
from bankruptcy. As a result, American Biltrite continues to include the results
of Congoleum in its consolidated financial statements. However, Congoleum is
separately financed and American Biltrite neither guarantees nor is otherwise
obligated for any of Congoleum's debts.




                             AMERICAN BILTRITE INC.

             RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEAR ENDED
                           DECEMBER 31, 2004 AND 2003
                        ($000, except per share amounts)

Three Months Ended Year Ended December 31, December 31, 2004 2003 2004 2003 -------------- -------------- -------------- ------------- Net sales $ 108,764 $ 103,356 $ 433,869 $ 416,569 ============== ============== ============== ============= Income (loss) before other items $ 870 $ (3,719) $ 2,489 $ (6,623) Noncontrolling interests 34 (31) (107) (174) -------------- -------------- -------------- ------------- Income (loss) from continuing operations 904 (3,750) 2,382 (6,797) Discontinued operation (87) 4,177 (429) (7,361) -------------- -------------- -------------- ------------- Net income (loss) $ 817 $ 427 $ 1,953 $ (14,158) ============== ============== ============== ============= Basic earnings per share: Income (loss) per common share from continuing operations $ 0.26 $ (1.09) $ 0.69 $ (1.97) Discontinued operation (0.02) 1.21 (0.12) (2.14) -------------- -------------- -------------- ------------- Net income (loss) per share $ 0.24 $ 0.12 $ 0.57 $ (4.11) ============== ============== ============== ============= Diluted earnings per share(1): Income (loss) per common share from continuing operations $ 0.24 $ (1.09) $ 0.66 $ (1.97) Discontinued operation (0.02) 1.21 (0.12) (2.14) -------------- -------------- -------------- ------------- Net income (loss) per share $ 0.22 $ 0.12 $ 0.54 $ (4.11) ============== ============== ============== ============= Weighted average number of common and equivalent shares outstanding Basic 3,441,551 3,441,551 3,441,551 3,441,551 Diluted 3,445,403 3,441,551 3,458,171 3,441,551
(1) Diluted earnings per share for the quarter and year ended December 31, 2004 include the dilutive effect of Congoleum's stock options during those periods. During the quarter and year ended December 31, 2003, Congoleum's stock options had no effect on American Biltrite Inc.'s diluted earnings per share. AMERICAN BILTRITE INC. RESULTS FOR THE YEAR ENDED DECEMBER 31, 2004 AND 2003 BY SEGMENT ($000) Year ended December 31 2004 2003 -------------- -------------- Revenues from external customers Flooring products $ 229,650 $ 220,650 Tape products 85,560 81,141 Jewelry 75,757 76,157 Canadian division 42,902 38,621 -------------- -------------- Total revenues from external customers $ 433,869 $ 416,569 ============== ============== Segment profit (loss) before taxes Flooring products $ 403 $ (10,636) Tape products (630) 300 Jewelry 5,400 4,782 Canadian division (2,276) (2,178) Corporate (2,089) (2,214) -------------- -------------- Total profit (loss) $ 808 $ (9,946) ============== ==============

The following information was filed by American Biltrite Inc (ABLT) on Monday, March 14, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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