MERCERVILLE, N.J., Nov. 14--Congoleum Corp. in the third quarter reported net income that was off 50 percent to $600,000 or $0.07 per share, versus $1.2 million or $0.14 per share in the same quarter of prior year.
Sales for the quarter rose 1.8 percent to $57.7 million, compared with $56.7 million in the third quarter of 2001,
Net income for the first nine months of 2002 (before a required accounting change) was $0.7 million, or $0.09 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, the company 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.
Sales for the first nine months of 2002 increased 12.9 percent to $183.6 million, compared with of $162.7 million in the first nine months of 2001.
