ICS Magazine

Congoleum Sees $7.3M Charge Related To Pension Plans

November 20, 2002
WASHINGTON -(Dow Jones)- Congoleum Corp. expects it will record a charge to other comprehensive income of $7.3 million in the fourth quarter to adjust its minimum pension liability, according to its quarterly report filed with the Securities and Exchange Commission.

If the pension plans' year-end asset values are the same as they were on Sept. 30, the company anticipates it will record the charge, according to the filing released Friday by the SEC.

The company said the pension plans' recent rates of return on investments have been below both actual longer-term and future assumed rates of returns. As a result, the company anticipates pension expense and funding requirements will increase in 2003 as well.

Congoleum manufactures sheet and tile flooring for residential and commercial use.