Congoleum records $16.28 million 2008 operating loss

By Caroline Salls

Pittsburgh, March 30 - Congoleum Corp. reported a $16.28 million operating loss for the year ended Dec. 31 on $172.64 million in net sales, according to a 10-K filed Monday with the Securities and Exchange Commission.

In comparison, the company posted a $28.33 million operating loss for the year ended Dec. 31, 2007 on $204.26 million in net sales.

According to the 10-K, the decrease in sales resulted primarily from lower sales to the manufactured housing industry coupled with continued demand weakness in the new construction and remodeling markets, partially offset by price increases instituted during 2008.

The 2008 net loss was $14.62 million, widening from a $691,000 2007 net loss.

The company had $15.08 million in cash and cash equivalents at Dec. 31, 2008, down from $26.33 million at Dec. 31, 2007.

Congoleum, a Mercerville, N.J.-based flooring company, filed for bankruptcy on Dec. 31, 2003 in the U.S. Bankruptcy Court for the District of New Jersey. Its Chapter 11 case number is 03-51524.

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