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
May 14, 2003
Date of Report (Date of earliest event reported)
AMERICAN BILTRITE INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 1-4773
Delaware 04-1701350
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
57 River Street
Wellesley Hills, Massachusetts 02481-2097
(Address of principal executive office)
Registrant's telephone number, including area code: (781) 237-6655
Not Applicable
(Former name or former address, if changed since last report)
Item 7: Financial Statements, Pro Forma Financial Information And Exhibits
(c) Exhibits.
99.1 Press release dated May 14, 2003
Item 12: Results of Operations and Financial Condition.
On May 14, 2003, the Registrant issued a press release announcing its
financial results for the fiscal quarter ended March 31, 2003. A copy of that
press release is furnished herewith and attached as Exhibit 99.1.
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 thereunto duly authorized.
AMERICAN BILTRITE INC.
Date: May 16, 2003 By /s/ Howard N. Feist III
--------------------------
Howard N. Feist III
Chief Financial Officer
Exhibit Index
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Exhibit Description
Number
99.1 Press Release dated May 14, 2003
EXHIBIT 99.1
Wednesday, May 14, 2003
AMERICAN BILTRITE REPORTS FIRST QUARTER RESULTS,
DECLARES DIVIDEND
WELLESLEY HILLS, MA - American Biltrite Inc. (AMEX - ABL) reported
that sales for the three months ended March 31, 2003 were $104.0 million, up
1.2% from sales of $102.7 million in the first quarter of 2002. The net loss
for the three months ended March 31, 2003 was $3.1 million, or $.91 per share,
compared with a net loss of $0.8 million, or $.22 per share (before a required
accounting change) in the first quarter of 2002. The Company recorded a
non-cash transition charge of $7.7 million or $2.25 per share in the first
quarter of 2002 for impairment of goodwill as required for adoption of
Statement of Financial Accounting Standards No. 142.
Roger S. Marcus, Chairman of the Board and Chief Executive
Officer, indicated that overall results for American Biltrite Inc.'s
operations excluding Congoleum improved over year earlier levels on continued
strong performance in the jewelry business, which more than offset declines in
results at the Tape, Canadian, and Janus operations. Congoleum's results
declined due to weakness in the manufactured housing and remodel markets.
The Company announced that its Directors today voted a cash
dividend of $ .0625 per share on Common Stock, payable July 9, 2003 to
stockholders of record June 13, 2003.
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CONTACT: Howard N. Feist
American Biltrite Inc.
Tel: 781-237-6655
AMERICAN BILTRITE INC.
Results for the three months ended March 31 (unaudited)
2003 2002
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Net sales $ 103,959,000 $ 102,738,000
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Loss from operations $ (3,048,000) $ (1,043,000)
Noncontrolling interests (77,000) 268,000
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Net loss before accounting change (3,125,000) (775,000)
Cumulative effect of accounting change - (7,742,000)
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Net loss $ (3,125,000) $ (8,517,000)
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Net loss per share before cumulative
effect of accounting change, basic and diluted $ (0.91) $ (0.22)
Cumulative effect of accounting change - (2.25)
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Net loss per share, basic and diluted $ (0.91) $ (2.47)
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Weighted average number of common and
equivalent shares outstanding 3,441,551 3,441,585