ICS Magazine

Armstrong posts loss on asbestos charges

August 11, 2003
LOS ANGELES, Aug 8 (Reuters) - Armstrong Holdings Inc., which makes floors, ceilings and cabinets, on Friday posted a second-quarter loss on asbestos-related charges.

Lancaster, Pennsylvania-based Armstrong posted an operating loss of $33.4 million compared with a year-earlier operating profit of $55.6 million. The company said the loss included a non-cash charge of $73 million stemming from asbestos-related claims issues.

Sales in the quarter were $826.9 million compared with $825.7 million a year earlier, though the company said sales actually fell if the favorable effects of foreign exchange rates were excluded.