Congoleum reports third quarter results
Net income for the quarter was $0.6 million versus $1.2 million in the third quarter of 2001. Earnings per share for the quarter were $0.07 compared with $0.14 in the third quarter of 2001.
Sales for the nine months ending the third quarter were $183.6 million, compared with sales of $162.7 million in the first nine months of 2001, an increase of 12.9 percent. Net income for the first nine months of 2002 (before a required accounting change) was $0.7 million, or $.09 per share, compared with a net loss of $2.4 million, or $0.28 per share, for the first nine months of 2001.
During the first quarter of 2002, Congoleum recorded a non-cash transition charge of $10.5 million or $1.27 per share for impairment of goodwill as required for adoption of Statement of Financial Accounting Standards No. 142. Including this charge, Congoleum's net loss for the first nine months of 2002 was $9.8 million or $1.18 per share.