Congoleum Corporation reports Fourth Quarter results
MERCERVILLE, N.J.-- Congoleum Corporation (AMEX:CGM), a leader in the manufacture of sheet and tile flooring, reported sales for the quarter ended Dec. 31, 2001 were $56.7 million, up $5.2 million or 9.9 percent from the fourth quarter of 2000. Fourth quarter 2001 sales were up $1.2 million, or 2.2 percent over 2000.
Congoleum generated net earnings of $700,000, compared to a net loss of $5.7 million in the fourth quarter of 2000. Charges for expenses related to a major distributor transition and the margin effect of the related inventory return provision reduced net earnings in the fourth quarter of 2000 by $6 million.
"Our performance has improved considerably since the first quarter of 2001," said Roger S. Marcus, Chairman of the Board. "The cost reductions instituted at the end of the first quarter contributed to our turnaround during the remainder of the year. Sales of two new builder products and the August introduction of DuraStone, a completely new product category, also added to profitability in the latter part of the year."
Income per share was 9-cents in the fourth quarter of 2001 compared with loss per share of 69-cents in the fourth quarter of 2000.
Sales for the year ended December 31, 2001 were $223.3 million, a decrease of .6 percent from the $224.6 million reported in 2000. The net loss in 2001 was $1.6 million compared with a net loss of $8.1 million in 2000, which included the $6 million after-tax effect of the distributor transition described earlier.
Congoleum Corporation (www.congoleum.com) is a leading manufacturer of resilient flooring, serving both residential and commercial markets. Its sheet, tile and plank products are available in a wide variety of designs and colors, and are used in remodeling, manufactured housing, new construction and commercial applications.
Congoleum is a 55 percent owned subsidiary of American Biltrite Inc. (AMEX:ABL, www.ambilt.com).