• Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • A&D
  • INSTALLATION
  • MARKETS
  • AWARDS
  • EDUCATION
  • BUYER'S GUIDE
  • MEDIA
  • EMAGAZINE
  • SIGN UP
cart
facebook twitter linkedin youtube
  • NEWS
  • Breaking Flooring News
  • eNewsletters
  • PRODUCTS
  • Carpet & Area Rugs
  • Hardwood
  • Installation Products
  • Installation Tools & Equipment
  • Laminate
  • Resilient
  • Specialty
  • Tile & Stone
  • MARKETS
  • Commercial
  • Residential
  • AWARDS
  • Installation Awards
  • Top Flooring Products
  • EDUCATION
  • Continuing Education
  • Webinars
  • MEDIA
  • FLOOR Podcast
  • Videos
  • TISE 2025 Videos
  • Product Spotlights
  • eBooks
  • EMAGAZINE
  • eMagazine
  • Archive Issues
  • Contact
  • Advertise
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP
Breaking Flooring News

Congoleum reports second quarter improvement

August 6, 2002
MERCERVILLE, N.J. -- Congoleum Corp. reported improved sales, earnings and net income for the second quarter ended June 30.

Sales for the quarter came in at $68 million, a 25 percent increase over second quarter 2001 sales of $54.4 million. Net income for the period was $800,000 vs. $200,000 in the second quarter of 2001. Earnings per share for the quarter were 10 cents per share compared with 2 cents in the year-earlier period.

Sales for the six months ended June 30, 2002 were $125.9 million, compared with sales of $106 million in the first six months of 2001, an increase of 18.8 percent.

Net income for the first six months of 2002 (before a required accounting change) was $200,000, or 2 cents per share, compared with a net loss of $3.5 million, or 43 cents per share, for the first six 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 six months of 2002 was $10.3 million, or $1.25 per share.

"Our sales performance for the second quarter and first half of 2002 has been excellent, thanks to the continued success of Ultima (introduced in the fall of 2000), overwhelming demand for the DuraStone line we brought out last August, and a very favorable response to improvements in our line of products for the builder market," said Roger S. Marcus, chairman of the board. "Our success in acquiring new business has also contributed to this positive performance, with the first quarter benefiting from opening shipments to Lowe's, a major home center chain, for an in-stock do-it-yourself tile program. Our sales success is all the more encouraging given that we have seen no improvement in the manufactured housing industry, a major market for our products.

"Our profit margins in the second quarter, while below the same period last year, improved versus the first quarter of 2002," Marcus added. "Achieving our sales growth has required significant investments in new products and new business that have limited margins. We have, however, maintained a focus on controlling operating expenses, which have declined as a percentage of sales. I believe the improved results achieved in the first half of 2002 position us for a solid full year performance despite our expectation of a flat economy and little to no improvement in the manufactured housing sector. We look forward to continued success with our new products. At the same time, I am hopeful we can improve margins through a combination of further cost reductions and a recently announced price increase of 3 to 5 percent which (took) effect Aug. 1."

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • resilient flooring

    The 7 Types of Resilient Flooring

    The resilient flooring category is comprised of many...
    Resilient Flooring
    By: Resilient Floorcovering Institute
  • QuickDrain USA’s ShowerLine linear drain

    Tips for Curbless Shower Installation Using a Linear Drain

    Consider these four tips when planning for a curbless...
    Flooring Installation Products
    By: Darryl Jones
  • 2024 New Flooring Product Guide

    2024 New Flooring Products Guide

    We explore this year's introductions in area rugs,...
    Flooring Installation
    By: FLOOR Trends & Installation Editors
You must login or register in order to post a comment.

Report Abusive Comment

Subscribe For Free!
  • eMagazine
  • eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

Retailers Share Top Takeaways from Shaw Flooring Network Convention

Retailers Share Top Takeaways from Shaw Flooring Network Convention

Shaw Flooring Network Retailers Report Post-Election Sales Surge

Shaw Flooring Network Retailers Report Post-Election Sales Surge

What Shaw Flooring Network Dealers are Banking on for 2025

What Shaw Flooring Network Dealers are Banking on for 2025

Takeaways from the 2024 AHSG Convention & Member Outlook for 2025

Takeaways from the 2024 AHSG Convention & Member Outlook for 2025

More Videos

Popular Stories

RevWood American Originals.jpg

How Mohawk's Domestic Manufacturing Powers Growth in Challenging Times

Ken Ballin manning the Tools 4 Flooring booth in Tool Alley at TISE 2025

10 Tool Innovations Every Flooring Contractor Should Have on Their Wish List

Schluter waterproofing system

Waterproofing Wet Areas: Three Essential Methods to Protect Your Bathroom and Shower Installation


Download the Free Moisture Meters Guide

Events

June 9, 2025

NeoCon 2025

A trade show for the commercial interior design industry.

December 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Flooring Groups

Flooring retailers, do you belong to a buying, marketing or franchise group?
View Results Poll Archive

Products

2025 BNI Interiors Square Foot Costbook

2025 BNI Interiors Square Foot Costbook

See More Products

FLOORtalk podcasts - Listen Now

Related Articles

  • Congoleum reports second quarter loss

    See More
  • Congoleum Corporation reports second quarter results

    See More
  • NAHB

    Builder confidence in 55+ housing market shows improvement in second quarter

    See More
×

We’re rolling out the red carpet of flooring knowledge!

Stay in the know on the latest flooring retail trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP