Congoleum Reports Audit Opinion

Congoleum Reports Audit Opinion

Mercerville, NJ, April 24, 2007–Congoleum Corp. reported today that the audit opinion on its financial statements contained a going concern qualification again in 2006. Congoleum’s financial statements for 2002, 2003, 2004, and 2005 also received audit opinions containing going concern qualifications. The American Stock Exchange rules require companies to make a public announcement through the news media disclosing the receipt of such qualified opinion. Roger S. Marcus, Chairman of the Board, commented, “We have been receiving this form of audit opinion every year since we first announced our reorganization plans in January of 2003. Although the audit opinion is included in the annual report on form 10-K we filed, the American Stock Exchange brought to our attention their rule requiring a specific news release to announce the opinion, and we are issuing this release to comply with that rule.”

 

On December 31, 2003, Congoleum Corporation filed a voluntary petition with the United States Bankruptcy Court for the District of New Jersey (Case No. 03-51524) seeking relief under Chapter 11 of the United States Bankruptcy Code as a means to resolve claims asserted against it related to the use of asbestos in its products decades ago.

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