EX-99.1
2
ex99-1.txt
EARNINGS RELEASE


                                                                    Exhibit 99.1


FOR IMMEDIATE RELEASE

For Further Information:

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


                     AMERICAN BILTRITE REPORTS 2006 RESULTS


      WELLESLEY HILLS, MA, MARCH 21, 2007 - American Biltrite Inc. (AMEX:ABL)
reported its results for 2006 today. Net sales for the year ended December 31,
2006 were $435.5 million, down 2.2% from $445.2 million in 2005. Net income for
the year ended December 31, 2006 was $685 thousand or $0.19 per share (basic and
diluted) compared with a net loss of $17.6 million or $5.12 per share (basic and
diluted) in 2005. The net loss for 2005 included $25.3 million of charges for
asbestos-related reorganization costs for Congoleum, a gain of $887 thousand on
the sale of a property from a former operation (net of taxes and non-controlling
interest) and expense recoveries resulting from an insurance settlement of $1.8
million (net of taxes).

      Roger S. Marcus, Chairman of the Board, commented, "We faced a number of
challenges in 2006. Our Canadian division, Congoleum and, to a lesser extent,
our Tape division all felt the effects of the housing slowdown, as well as
continuing high costs for energy and raw materials. At the same time,
consolidation in the department store channel left K&M with fewer outlets for
its products. Given the difficult environment, I am pleased with the sales gains
achieved at Tape and Canada, and that all operations were profitable in 2006."



                             AMERICAN BILTRITE INC.

            RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED
                           DECEMBER 31, 2006 AND 2005
                        ($000, except per share amounts)

Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Net sales $ 97,877 $ 114,054 $ 435,537 $ 445,172 Cost of products sold 74,367 88,192 327,585 334,324 Selling, general & administrative expenses 22,897 30,522 96,687 119,448 ----------- ----------- ----------- ----------- Income (loss) from operations 613 (4,660) 11,265 (8,600) Other expense, net 1,099 2,824 11,123 9,694 (Benefit from) provision for income taxes (533) (2,970) (609) (1,534) Noncontrolling interest (13) (4) (47) (636) ----------- ----------- ----------- ----------- Income (loss) from continuing operations 34 (4,518) 704 (17,396) Discontinued operation 1 (44) (19) (237) ----------- ----------- ----------- ----------- Net income (loss) $ 35 $ (4,562) $ 685 $ (17,633) =========== =========== =========== =========== Basic earnings per share: Income (loss) per common share from continuing operations $ 0.01 $ (1.31) $ 0.20 $ (5.05) Discontinued operation - (0.01) (0.01) (0.07) ----------- ----------- ----------- ----------- Net income (loss) per share $ 0.01 $ (1.32) $ 0.19 $ (5.12) =========== =========== =========== =========== Diluted earnings per share: Income (loss) per common share from continuing operations $ 0.01 $ (1.31) $ 0.20 $ (5.05) Discontinued operation - (0.01) (0.01) (0.07) ----------- ----------- ----------- ----------- Net income (loss) per share $ 0.01 $ (1.32) $ 0.19 $ (5.12) =========== =========== =========== =========== Weighted average number of common and equivalent shares outstanding Basic 3,441,551 3,441,551 3,441,551 3,441,551 Diluted 3,447,830 3,441,551 3,457,280 3,441,551
AMERICAN BILTRITE INC. RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED DECEMBER 31, 2006 AND 2005 BY SEGMENT ($000)
Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 -------- --------- --------- --------- Revenues from external customers Flooring products $ 46,034 $ 61,684 $ 219,474 $ 237,916 Tape products 23,203 24,230 102,971 96,103 Jewelry 16,159 16,207 59,741 62,790 Canadian division 12,481 11,933 53,351 48,363 -------- --------- --------- --------- Total revenues from external customers $ 97,877 $ 114,054 $ 435,537 $ 445,172 ======== ========= ========= ========= Segment (loss) profit before taxes Flooring products $ (600) $ (9,525) $ (165) $ (24,150) Tape products (714) (421) 536 1,101 Jewelry 684 303 916 2,162 Canadian division 309 (631) 744 (1,673) Corporate (expense) income (165) 2,790 (1,889) 4,266 -------- --------- --------- --------- Total (loss) profit $ (486) $ (7,484) $ 142 $ (18,294) ======== ========= ========= =========
The Flooring product segment's loss for 2005 includes $25.3 million of charges ($15.5 million in the second quarter and $9.8 million in the fourth quarter) for Congoleum to increase its reserves for asbestos related reorganization costs. Corporate expenses for the year ended December 31, 2005 include a gain of $2.3 million from the sale of a warehouse during the first quarter and an expense recovery of $2.9 million from an insurance settlement during the fourth quarter.

The following information was filed by American Biltrite Inc (ABLT) on Monday, March 26, 2007 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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