Breaking News

Armstrong Reports Weak Q4 Numbers; Names New S.V.P./CFO

March 29, 2001
/ Print / Reprints /
/ Text Size+
Lancaster, Pa. (Reuters) -- Building materials company Armstrong Holdings Inc., which filed for bankruptcy protection in December due to rising asbestos-related liabilities, says weaker sales and higher raw material and energy costs helped cause a net loss of more than $100 million for the fourth quarter.

The Lancaster, Pa.-based company said it posted a net loss of $100.3 million, or $2.48 per share, in the quarter ended Dec. 31 vs. a steeper net loss of $178.5 million, or $4.46 per share, a year ago. Sales in the fourth quarter dropped to $659.1 million from $722.8 million a year ago, the company said, led by a 26 percent decline in floor coverings sales.

Chairman Michael Lockhart said in a statement that he expected volume and pricing pressure to continue into 2001.

Additionally, Armstrong has appointed Leonard Campanaro, 53, senior vice president and chief financial officer, replacing E. Follin Smith, who announced her resignation effective March 30th to pursue other professional opportunities.

Campanaro was the former president and chief operating officer of Harsco Corp., a $1.8 billion, publicly-traded industrial-products company based in Camp Hill, PA. Campanaro joined Harsco in 1980 and held a series of senior management posts including that of senior vice president and chief financial officer from 1992 to 1997.

He will begin his new duties at Armstrong on April 2nd.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2013 Experience Convention & Trade Show

A look back in photos at the 2013 Experience Convention & Trade Show in Las Vegas.


ICS Cleaning Specialist Magazine


2014 April

Take a look at the April 2014 issue with features on air movers, going green, carpet cleaning and new products & technologies.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive


Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo