ICS Magazine

Armstrong Holdings 1st-Quarter Net 5 Cents/Share

May 9, 2003
LANCASTER, Pa. (Dow Jones)--Armstrong Holdings Inc. reported first quarter earnings of $1.9 million, or 5 cents a share, up from a year ago loss of $571.9 million, or $14.12, which included a large accounting charge.

Armstrong World, the main operating unit of Armstrong Holdings, filed for Chapter 11 protection in December 2000 to manage asbestos liabilities from products it manufactured.

In a press release Friday, the company said its latest quarter includes a $6.4 million drop in the U.S. pension credit from last year. The quarter also includes a restructuring charge of $3.2 million to consolidate certain functions in the European Textiles and Sports Flooring and Resilient Flooring segments

The prior year results includes an accounting charge of $593.8 million, along with a $5.3 million benefit from changes in long-term disability benefit policies for certain employees. The results also included a $500,000 restructuring charge in 2002 in the Textiles and Sports Flooring segment.