Mercerville, NJ, Nov. 14ÐCongoleum Corporation1s sales for the third quarter ended September 30 were $57.7 million, compared with sales of $56.7 million reported in the same period a year ago, an increase of 1.8%. Net income for the third quarter was $0.6 million versus $1.2 million in the third quarter last year. Earnings per share for the third quarter were $.07 compared with $.14 in the same period a year ago.
Sales for the first nine months of 2002 were $183.6 million, compared with sales of $162.7 million in the first nine months last year, an increase of 12.9%. Net income for the year to date (before a required accounting change) was $0.7 million, or $.09 per share, compared with a net loss of $2.4 million, or $.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 the year was $9.8 million or $1.18 per share.
