-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JnntRw19KbSHAacin/dj9y42ApG1owXhscY4qM8FDVUZVDhr5SJuxcWT3s2JYLNO fg1WNQiQc7UBlv7MZPX8/A== 0001171520-07-000098.txt : 20070326 0001171520-07-000098.hdr.sgml : 20070326 20070323174725 ACCESSION NUMBER: 0001171520-07-000098 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070321 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070326 DATE AS OF CHANGE: 20070323 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN BILTRITE INC CENTRAL INDEX KEY: 0000004611 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 041701350 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04773 FILM NUMBER: 07716211 BUSINESS ADDRESS: STREET 1: 57 RIVER STREET STREET 2: SUITE 302 CITY: WELLESLEY HILLS STATE: MA ZIP: 02481 BUSINESS PHONE: 6172376655 MAIL ADDRESS: STREET 1: 57 RIVER STREET STREET 2: SUITE 302 CITY: WELLESLEY HILLS STATE: MA ZIP: 02481 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN BILTRITE RUBBER CO INC DATE OF NAME CHANGE: 19730621 8-K 1 eps2434.txt AMERICAN BILTRITE INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 21, 2007 ----------------------------------------------------------------------------- AMERICAN BILTRITE INC. -------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 1-4773 04-1701350 ---------------------------- ----------- ------------- (State or other jurisdiction (Commission (IRS Employer of Incorporation) File No.) Identification No.) 57 River Street, Wellesley Hills, Massachusetts 02481-2097 ------------------------------------------------------------ (Address of principal executive offices, including zip code) (781) 237-6655 ---------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On March 21, 2007, American Biltrite Inc. issued a press release announcing its financial results for the three and twelve months ended December 31, 2006. A copy of that press release is being furnished to the Securities and Exchange Commission pursuant to this Item 2.02 of Form 8-K and is attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (d) Exhibits - -------------------------------------------------------------------------------- Exhibit No. Description - -------------------------------------------------------------------------------- 99.1 Press release dated March 21, 2007 - -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 23, 2007 AMERICAN BILTRITE INC. By: /s/ Howard N. Feist III ---------------------------- Name: Howard N. Feist III Title: Chief Financial Officer Exhibit Index - -------------------------------------------------------------------------------- Exhibit No. Description - -------------------------------------------------------------------------------- 99.1 Press release dated March 21, 2007 - -------------------------------------------------------------------------------- EX-99.1 2 ex99-1.txt EARNINGS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE For Further Information: Howard N. Feist Chief Financial Officer (781) 237-6655 AMERICAN BILTRITE REPORTS 2006 RESULTS WELLESLEY HILLS, MA, MARCH 21, 2007 - American Biltrite Inc. (AMEX:ABL) reported its results for 2006 today. Net sales for the year ended December 31, 2006 were $435.5 million, down 2.2% from $445.2 million in 2005. Net income for the year ended December 31, 2006 was $685 thousand or $0.19 per share (basic and diluted) compared with a net loss of $17.6 million or $5.12 per share (basic and diluted) in 2005. The net loss for 2005 included $25.3 million of charges for asbestos-related reorganization costs for Congoleum, a gain of $887 thousand on the sale of a property from a former operation (net of taxes and non-controlling interest) and expense recoveries resulting from an insurance settlement of $1.8 million (net of taxes). Roger S. Marcus, Chairman of the Board, commented, "We faced a number of challenges in 2006. Our Canadian division, Congoleum and, to a lesser extent, our Tape division all felt the effects of the housing slowdown, as well as continuing high costs for energy and raw materials. At the same time, consolidation in the department store channel left K&M with fewer outlets for its products. Given the difficult environment, I am pleased with the sales gains achieved at Tape and Canada, and that all operations were profitable in 2006." AMERICAN BILTRITE INC. RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED DECEMBER 31, 2006 AND 2005 ($000, except per share amounts)
Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 ----------- ----------- ----------- ----------- Net sales $ 97,877 $ 114,054 $ 435,537 $ 445,172 Cost of products sold 74,367 88,192 327,585 334,324 Selling, general & administrative expenses 22,897 30,522 96,687 119,448 ----------- ----------- ----------- ----------- Income (loss) from operations 613 (4,660) 11,265 (8,600) Other expense, net 1,099 2,824 11,123 9,694 (Benefit from) provision for income taxes (533) (2,970) (609) (1,534) Noncontrolling interest (13) (4) (47) (636) ----------- ----------- ----------- ----------- Income (loss) from continuing operations 34 (4,518) 704 (17,396) Discontinued operation 1 (44) (19) (237) ----------- ----------- ----------- ----------- Net income (loss) $ 35 $ (4,562) $ 685 $ (17,633) =========== =========== =========== =========== Basic earnings per share: Income (loss) per common share from continuing operations $ 0.01 $ (1.31) $ 0.20 $ (5.05) Discontinued operation - (0.01) (0.01) (0.07) ----------- ----------- ----------- ----------- Net income (loss) per share $ 0.01 $ (1.32) $ 0.19 $ (5.12) =========== =========== =========== =========== Diluted earnings per share: Income (loss) per common share from continuing operations $ 0.01 $ (1.31) $ 0.20 $ (5.05) Discontinued operation - (0.01) (0.01) (0.07) ----------- ----------- ----------- ----------- Net income (loss) per share $ 0.01 $ (1.32) $ 0.19 $ (5.12) =========== =========== =========== =========== Weighted average number of common and equivalent shares outstanding Basic 3,441,551 3,441,551 3,441,551 3,441,551 Diluted 3,447,830 3,441,551 3,457,280 3,441,551
AMERICAN BILTRITE INC. RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED DECEMBER 31, 2006 AND 2005 BY SEGMENT ($000)
Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 -------- --------- --------- --------- Revenues from external customers Flooring products $ 46,034 $ 61,684 $ 219,474 $ 237,916 Tape products 23,203 24,230 102,971 96,103 Jewelry 16,159 16,207 59,741 62,790 Canadian division 12,481 11,933 53,351 48,363 -------- --------- --------- --------- Total revenues from external customers $ 97,877 $ 114,054 $ 435,537 $ 445,172 ======== ========= ========= ========= Segment (loss) profit before taxes Flooring products $ (600) $ (9,525) $ (165) $ (24,150) Tape products (714) (421) 536 1,101 Jewelry 684 303 916 2,162 Canadian division 309 (631) 744 (1,673) Corporate (expense) income (165) 2,790 (1,889) 4,266 -------- --------- --------- --------- Total (loss) profit $ (486) $ (7,484) $ 142 $ (18,294) ======== ========= ========= =========
The Flooring product segment's loss for 2005 includes $25.3 million of charges ($15.5 million in the second quarter and $9.8 million in the fourth quarter) for Congoleum to increase its reserves for asbestos related reorganization costs. Corporate expenses for the year ended December 31, 2005 include a gain of $2.3 million from the sale of a warehouse during the first quarter and an expense recovery of $2.9 million from an insurance settlement during the fourth quarter. -----END PRIVACY-ENHANCED MESSAGE-----