-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MgoqpAdqxQHncYnLrA5HMzF+GLSAec6NKCeogdbhbE7e/1mam51QkK1XIXK8NLxM W+Kx38Nc52HGvVm00kSgbA== 0001005477-99-002295.txt : 19990514 0001005477-99-002295.hdr.sgml : 19990514 ACCESSION NUMBER: 0001005477-99-002295 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONGOLEUM CORP CENTRAL INDEX KEY: 0000023341 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 020398678 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13612 FILM NUMBER: 99619874 BUSINESS ADDRESS: STREET 1: 3705 QUAKERBRIDGE RD STE 211 STREET 2: PO BOX 3127 CITY: MERCERVILLE STATE: NJ ZIP: 08619-0127 BUSINESS PHONE: 6095843000 MAIL ADDRESS: STREET 1: 3705 QUAKERBRIDGE RD STE 211 STREET 2: PO BOX 3127 CITY: MERCERVILLE STATE: NJ ZIP: 08619-0127 10-Q 1 QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 -------------------------- FORM 10-Q |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 or |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission File Number 1-13612 CONGOLEUM CORPORATION (Exact name of Registrant as specified in Its Charter) DELAWARE 02-0398678 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 3705 Quakerbridge Road P.O. Box 3127 Mercerville, NJ 08619-0127 (Address of Principal Executive Offices, including Zip Code) Telephone number: (609) 584-3000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES |X| NO |_| Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at April 30, 1999 ---------------------------- ------------------------------------ Class A Common Stock 4,155,190 Class B Common Stock 4,608,945 Page 1 of 17 CONGOLEUM CORPORATION Index
Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Balance Sheets as of March 31, 1999 (unaudited) and December 31, 1998...........................................................3 Statements of Operations for the three months ended March 31, 1999 and 1998 (unaudited)...................................................4 Statements of Changes in Stockholders' Equity for the year ended December 31, 1998 and the three months ended March 31, 1999 (unaudited)............................................................................5 Statements of Cash Flows for the three months ended March 31, 1999 and 1998 (unaudited)...................................................6 Notes to Unaudited Condensed Financial Statements ..........................................7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.................................................................. 9 Item 3. Quantitative and Qualitative Disclosures About Market Risk...........................................9 PART II. OTHER INFORMATION Item 1. Legal Proceedings ..................................................................................13 Item 2. Changes in Securities...............................................................................13 Item 3. Defaults Upon Senior Securities.....................................................................13 Item 4. Submission of Matters to a Vote of Security Holders.................................................13 Item 5. Other Information ..................................................................................13 Item 6. Exhibits and Reports on Form 8-K....................................................................13 Signatures ..................................................................................................14 Exhibit Index ...............................................................................................15
2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements CONGOLEUM CORPORATION BALANCE SHEETS
March 31, December 31, 1999 1998 (Unaudited) (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents................................................ $39,217 $50,344 Accounts and notes receivable, net....................................... 26,436 15,880 Inventories.............................................................. 52,617 45,192 Prepaid expenses and other current assets................................ 2,778 3,022 Deferred income taxes.................................................... 3,046 3,046 -------- -------- Total current assets................................................. 124,094 117,484 Property, plant and equipment, net............................................ 88,048 87,954 Goodwill, net................................................................. 11,711 11,819 Deferred income taxes......................................................... 1,863 1,863 Other noncurrent assets....................................................... 12,732 12,745 -------- -------- Total assets......................................................... $238,448 $231,865 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable......................................................... $18,685 $14,399 Accrued expenses......................................................... 33,953 31,209 Accrued income taxes..................................................... 856 317 Deferred income taxes.................................................... 3,058 3,058 -------- -------- Total current liabilities............................................ 56,552 48,983 Long-term debt................................................................ 99,538 99,526 Other liabilities............................................................. 23,538 23,501 Noncurrent pension liability.................................................. 12,046 12,130 Accrued postretirement benefit obligation..................................... 9,872 9,872 -------- -------- Total liabilities.................................................... 201,546 194,012 -------- -------- STOCKHOLDERS' EQUITY Class A common stock, par value $0.01 per share; 20,000,000 shares authorized; 4,736,950 and 4,658,000 shares issued; 4,172,360 and 4,258,610 shares outstanding as of March 31, 1999 and December 31, 1998, respectively................................................... 47 47 Class B common stock, par value $0.01 per share; 4,608,945 and 4,755,000 shares authorized, issued and outstanding as of March 31, 1999 and December 31, 1998, respectively.......................................... 46 47 Additional paid-in capital.................................................... 49,105 49,574 Retained deficit.............................................................. (4,643) (5,380) Minimum pension liability adjustment.......................................... (2,302) (2,302) Common stock held in Treasury, at cost; 564,590 and 399,390 shares at March 31, 1999 and December 31, 1998, respectively....................... (5,351) (4,133) -------- -------- Total stockholders' equity........................................... 36,902 37,853 -------- -------- Total liabilities and stockholders' equity........................... $238,448 $231,865 ======== ========
The accompanying notes are an integral part of the condensed financial statements. 3 CONGOLEUM CORPORATION STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, ------------------------------- 1999 1998 (In thousands, except per share amounts) Net sales.......................................................................... $65,387 $63,875 Cost of sales...................................................................... 47,194 46,518 Selling, general and administrative expenses....................................... 15,627 15,224 -------- -------- Income from operations.................................................... 2,566 2,133 Other income (expense): Interest income............................................................... 488 178 Interest expense.............................................................. (2,096) (1,675) Other income.................................................................. 245 95 Other expense................................................................. (20) (59) -------- -------- Income before income taxes................................................ 1,183 672 Provision for income taxes.................................................... 446 245 -------- -------- Net income................................................................ $ 737 $ 427 ======== ======== Net income per common share, basic and diluted............................ $ .08 $ .05 ======== ======== Weighted average number of common and equivalent shares outstanding........................................ 8,981 9,039 ======== ========
The accompanying notes are an integral part of the condensed financial statements. 4 CONGOLEUM CORPORATION STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Dollars in thousands) (Unaudited)
Common Stock par value $0.01 Additional Accumulated Other ---------------- Paid-in Retained Comprehensive Loss Class A Class B Capital Deficit Adjustment* ------- ------- ------- ------- ----------- Balance, December 31, 1997.................. $47 $47 $49,574 $(12,820) $(1,122) Purchase of treasury stock.................. Minimum pension liability Adjustment, net of tax ................. (1,180) Net income.................................. 7,440 Net comprehensive income.................... ------- ------- ------- ------- ------- Balance, December 31, 1998.................. 47 47 49,574 (5,380) (2,302) Purchase of treasury stock.................. Purchase and retirement of Class B Common Stock.................... (1) (469) Net income.................................. 737 Net comprehensive income.................... ------- ------- ------- ------- ------- Balance, March 31, 1999..................... $47 $46 $49,105 $(4,643) $(2,302) ======== ======== ======= ======= =======
Treasury Comprehensive Stock Total Income ----- ----- ------ Balance, December 31, 1997.................. $(3,943) $31,783 Purchase of treasury stock.................. (190) (190) Minimum pension liability Adjustment, net of tax ................. (1,180) $(1,180) Net income.................................. 7,440 7,440 -------- Net comprehensive income.................... $6,260 ------- ------- ======== Balance, December 31, 1998.................. (4,133) 37,853 Purchase of treasury stock.................. (1,218) (1,218) Purchase and retirement of Class B Common Stock.................... (470) Net income.................................. 737 $ 737 -------- Net comprehensive income.................... $ 737 ------- ------- ======== Balance, March 31, 1999..................... $(5,351) $36,902 ======= =======
*Entire amount relates to minimum pension liability adjustment. The accompanying notes are an integral part of the condensed financial statements. 5 CONGOLEUM CORPORATION STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, ------------------------------ 1999 1998 (In thousands) Cash flows from operating activities: Net income.................................................................... $ 737 $ 427 Adjustments to reconcile net income to net cash used by operating activities: Depreciation.............................................................. 2,555 2,419 Amortization.............................................................. 204 237 Changes in certain assets and liabilities: Accounts and notes receivable........................................ (10,556) (10,598) Inventories.......................................................... (7,425) (2,703) Prepaid expenses and other current assets............................ 175 1,496 Accounts payable..................................................... 4,286 2,424 Accrued expenses..................................................... 3,283 2,018 Other liabilities.................................................... (48) 18 ------- ------- Net cash used by operating activities........................... (6,789) (4,262) ------- ------- Cash flows from investing activities: Capital expenditures...................................................... (2,650) (1,832) Purchase of short-term investments........................................ -- (9,200) Maturities of short-term investments...................................... -- 7,900 ------- ------- Net cash used by investing activities........................... (2,650) (3,132) ------- ------- Cash flows from financing activities: Purchase of Class B shares................................................ (470) -- Purchase of treasury stock................................................ (1,218) -- ------- ------- Net cash used by financing activities........................... (1,688) -- ------- ------- Net decrease in cash and cash equivalents.......................................... (11,127) (7,394) Cash and cash equivalents: Beginning of period........................................................... 50,344 11,069 ------- ------- End of period ................................................................ $39,217 $ 3,675 ======= =======
The accompanying notes are an integral part of the condensed financial statements. 6 CONGOLEUM CORPORATION NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (Dollars in thousands, except per share amounts) 1. Basis of Presentation The condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with Rule 10-01 of Regulation S-X and have not been audited by the Company's independent accountants. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles for complete financial statements have been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission. The preparation of condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair presentation of the Company's financial position have been included. The results of operations for the three months ended March 31, 1999 are not necessarily indicative of the results to be expected for a full year. These condensed financial statements should be read in conjunction with the Company's audited financial statements which appear in the Company's Annual Report to Stockholders for the period ended December 31, 1998. 2. Inventories A summary of the major classifications of inventories is as follows: March 31, December 31, 1999 1998 --------- ------------ Finished goods.......................... $43,796 $36,018 Work-in-process......................... 3,386 3,106 Raw materials and supplies.............. 5,435 6,068 ------- ------- $52,617 $45,192 ======= ======= If the FIFO (first-in, first-out) method of inventory accounting (which approximates current cost) had been used, inventories would have been approximately $1,207 and $1,251 lower than reported at March 31, 1999 and December 31, 1998, respectively. 7 3. Income Per Share Income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Due to the immaterial effect of common stock equivalents, there is no difference between basic and fully diluted net income per common share for the three month periods ending March 31, 1999 and 1998. 4. Commitments and Contingencies The Company is subject to federal, state and local environmental laws and regulations and certain legal and administrative claims are pending or have been asserted against the Company. Among these claims, the Company is a named party in several actions associated with waste disposal sites, asbestos-related claims and general liability claims. These actions include possible obligations to remove or mitigate the effects on the environment of wastes deposited at various sites, including Superfund sites and certain of the Company's owned and previously owned facilities. The contingencies also include claims for personal injury and/or property damage. The exact amount of such future costs and timing of payments are indeterminable due to such unknown factors as the magnitude of clean-up costs, the timing and extent of the remedial actions that may be required, the determination of the Company's liability in proportion to other potentially responsible parties and the extent to which costs may be recoverable from insurance. The Company records a liability for environmental remediation, asbestos-related claim costs and general liability claims when a clean-up program or claim payment becomes probable and the costs can be reasonably estimated. As assessments and clean-ups progress, these liabilities are adjusted based upon progress in determining the timing and extent of remedial actions and the related costs and damages. The extent and amounts of the liabilities can change substantially due to factors such as the nature or extent of contamination, changes in remedial requirements and technological improvements. The recorded liabilities are not discounted for delays in future payments and are not reduced by the amount of estimated insurance recoveries. Such estimated insurance recoveries are considered probable of recovery. Although the outcome of these matters could result in significant expenses or judgments, management does not believe based on present facts and circumstances that their disposition will have a material adverse effect on the financial position of the Company. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Three months ended March 31, 1999 as compared to three months ended March 31, 1998. Net sales for the first quarter of 1999 were $65.4 million compared to $63.9 million for the first quarter of 1998, an increase of $1.5 million or 2.4%. Increases in sales to mass market merchandise retailers and the manufactured housing industry were partially offset by lower sales of commercial tile and declines in selling prices of certain products. Gross profit for the first quarter of 1999 was $18.2 million compared to $17.4 million for the first quarter of 1998, an increase of $0.8 million. As a percent of sales, gross profit was 27.8% in the first quarter of 1999, as compared to 27.2% in the first quarter of 1998. The improvement in gross profit margins resulted from lower raw material costs and higher manufacturing productivity. Selling, general and administrative expenses were $15.6 million in the first quarter of 1999 compared to $15.2 million in the first quarter of 1998, an increase of $0.4 million or 2.6%. As a percent of sales, selling, general and administrative expenses were 23.9% for the first quarter of 1999, up from 23.8% for the first quarter of 1998. The increase in selling, general and administrative expenses is due to spending related to the introduction of a wood laminate product line which will begin shipping in the second quarter of 1999. Income from operations for the first quarter of 1999 was $2.6 million (3.9% of net sales), compared to $2.1 million (3.3% of net sales) for the first quarter of 1998, an increase of $0.4 million. The increase in income from operations resulted from the higher sales and gross profit margins. Interest expense for the first quarter of 1999 was $2.1 million compared with $1.7 million for the first quarter of 1998, an increase of $0.4 million. This increase was due to a higher level of debt outstanding, partially offset by a slightly lower interest rate. Interest income increased from $0.2 million in the first quarter of 1998 to $0.5 million in the first quarter of 1999 due to higher average investment balances. Net income for the first quarter of 1999 was $0.7 million, compared to $0.4 million for the first quarter of 1998, an increase of $0.3 million. The effective tax rate for the first quarter of 1999 was 37.8%, compared with 36.5% for the first quarter of 1998. The increase in effective tax rate for 1999 is primarily due to higher effective state income tax rates. Liquidity and Capital Resources Cash and cash equivalents declined $11.1 million for the three months ended March 31, 1999, to $39.2 million. Working capital at March 31, 1999 was $67.5 million, down slightly from $68.5 million at December 31, 1998. The ratio of current assets to current liabilities at March 31, 1999 was 9 2.2 compared to 2.4 at December 31, 1998. The ratio of debt to total capital at March 31, 1999 was .42 compared to .43 at December 31, 1998. Cash used by operations was $6.8 million for the first quarter of 1999, compared to $4.3 million in the first quarter of 1998. The increase in cash used by operations in the first quarter of 1999 over the first quarter of 1998 was due to purchases of inventory for the introduction of the wood laminate product line. Capital expenditures were $2.7 million for the first quarter of 1999, and are expected to increase during the balance of the year. Total 1999 capital spending is projected to be approximately $18.0 to $20.0 million. The Company has recorded what it believes are adequate provisions for environmental remediation and product-related liabilities, including provisions for testing for potential remediation of conditions at its own facilities. While the Company believes its estimate of the future amount of these liabilities is reasonable, that such amounts will not have a material adverse effect on the financial position of the Company and that they will be paid over a period of five to ten years, the timing and amount of such payments may differ significantly from the Company's assumptions. Although the effect of future government regulation could have a significant effect on the Company's costs, the Company is not aware of any pending legislation which could have a material adverse effect on its results of operations or financial position. There can be no assurances that such costs could be passed along to its customers. In 1998, the Company's Board of Directors approved a new plan to repurchase up to $5 million of the Company's Common Stock. As of March 31, 1999, the Company had repurchased 232,305 shares of its Common Stock for an aggregate cost of $1.9 million pursuant to this plan. Expenditures on share repurchases in the first quarter of 1999 totaled $1.7 million. In 1996, the Company began the initial planning of a comprehensive initiative to address the impact of the Year 2000 on its information and equipment systems. The Company organized a Year 2000 oversight team to develop a strategy of evaluation, implementation, testing and contingency planning to address the Company's Year 2000 readiness. The evaluation phase involved performing a complete, company-wide inventory to identify all internal, general purpose and production hardware and software systems, as well as any embedded logic devices used to control equipment or facilities, that required modification to become Year 2000 compliant. In addition to the Company's internal assessment, the Company communicated with all its distributors and all key third party suppliers of goods and services to determine their states of Year 2000 readiness, implementation of Year 2000 compliant systems and related contingency plans. In the second quarter of 1997, the Company began the implementation and testing phase of replacing or modifying system hardware, software and devices. As of March 1999, the Company has completed work on 91% of the systems identified as requiring modification. The remaining systems, none of which are critical to the Company's operations, are scheduled for modification during the second quarter of 1999. Costs directly associated with achieving Year 2000 compliance, including modifying computer software or converting to new programs, consist of payments to third parties as well as an allocation of the payroll and benefits of its employees based on the amount of their time devoted 10 to this activity. These costs are expensed as incurred. Costs for new hardware are capitalized in accordance with the Company's fixed asset policy, and any equipment retired is written off. The following table summarizes the Company's direct Year 2000 compliance expenditures (actual and planned) by year: (In thousands) 1997 1998 1999 ---- ---- ---- Expenses paid to third parties $52 $330 $108 Allocated payroll costs 174 386 67 Capital expenditures 5 206 -- In addition to work undertaken explicitly to achieve Year 2000 compliance, the Company has replaced or upgraded a number of systems in the ordinary course of business where the replacement or upgrade will, in addition to its primary benefits, also provide Year 2000 compliance. The nature of these costs, and their accounting treatment, is the same as described above. The following table summarizes the Company's actual or planned expenditures on systems improvements undertaken for reasons unrelated to the Year 2000, but also serving to achieve Year 2000 compliance: (In thousands) 1997 1998 1999 ---- ---- ---- Expenses paid to third parties $13 $76 $111 Allocated payroll costs 48 37 48 Capital expenditures 92 144 126 The costs of achieving Year 2000 compliance, and of improving the Company's systems, are being funded through operating cash flow. With respect to embedded logic devices used to monitor or control equipment or facilities, the Company has completed a survey of all locations and identified 12 devices which must be modified or replaced. The Company expects to complete modification or replacement of these devices by the end of the second quarter of 1999 at an estimated aggregate cost of $0.2 million. Although the Company believes it has taken all of the necessary steps to ensure that the Company will be Year 2000 compliant, there can be no assurances that the Company will be able to complete all of the modifications in the required time frame, that all third parties will be Year 2000 compliant or that unforeseen Year 2000 issues will not arise. Management currently believes the worst case scenario with any reasonable probability is that a small number of vendors, who are not critical to the operation of the Company's business, will be unable to supply materials for a short time after January 1, 2000, and that minor additional systems modifications not identified during evaluation or testing will be identified and corrected in a matter of days. The Company does not anticipate any disruption of service to its customers. The Company is currently preparing contingency plans for the various potential disruptions that could occur in spite of its own efforts and representations from its distributors and suppliers. 11 The Company's principal sources of liquidity are net cash provided by operating activities and borrowings under its Amended and Restated Financing Agreement. The Company believes that these sources will be adequate to fund working capital requirements, debt service payments, stock and note repurchases and planned capital expenditures through the foreseeable future. Some of the information presented in or incorporated by reference in this report constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Registrant believes that its expectations are based on reasonable assumptions, within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. Factors that could cause actual results to differ from expectations include: (i) increases in raw material prices, (ii) increased competitive activity from companies in the flooring industry, some of which have greater resources and broader distribution channels than the Registrant, (iii) unfavorable developments in the national economy or in the housing industry in general, (iv) shipment delays, depletion of inventory and increased production costs resulting from unforeseen disruptions of operations at any of the Registrant's facilities or distributors and (v) the future cost and timing of payments associated with environmental, product and general liability claims. Item 3: Quantitative and Qualitative Disclosure About Market Risk The Company is exposed to changes in prevailing market interest rates affecting the return on its investments but does not consider this interest rate market risk exposure to be material to its financial condition or results of operations. The Company invests primarily in highly liquid debt instruments with strong credit ratings and short-term (less than one year) maturities. The carrying amount of these investments approximates fair value due to the short-term maturities. Substantially all of the Company's outstanding long-term debt as of March 31, 1999 consisted of indebtedness with a fixed rate of interest which is not subject to change based upon changes in prevailing market interest rates. Under its current policies, the Company does not use derivative financial instruments, derivative commodity instruments or other financial instruments to manage its exposure to changes in interest rates, foreign currency exchange rates, commodity prices or equity prices. 12 PART II. OTHER INFORMATION Item 1. Legal Proceedings: None Item 2. Changes in Securities and Use of Proceeds: None Item 3. Defaults Upon Senior Securities: None Item 4. Submission of Matters to a Vote of Security Holders: None Item 5. Other Information: None Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits: 11. Computation of Per Share Earnings 27. Financial Data Schedule (b) Reports on Form 8-K: None 13 CONGOLEUM CORPORATION SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CONGOLEUM CORPORATION (Registrant) Date: May 13, 1999 By: /s/ ---------------------------------------- (signature) Howard N. Feist III Chief Financial Officer (Principal Financial & Accounting Officer) 14 EXHIBIT INDEX Exhibit Number - ------- ------ Computation of Per Share Earnings 11 Financial Data Schedule 27 15 EX-11 2 STATEMENT OF PER SHARE EARNINGS Congoleum Corporation Computation of Income Per Common Share (Amounts in thousands, except earnings per share)
Three Months Ended March 31, Basic Earnings Per Common Share: 1999 1998 --------------- --------------- Income per common and common equivalent share $ 737 $ 427 ======= ======= Weighted average common shares outstanding 8,981 9,038 ======= ======= Weighted average common shares 8,981 9,038 ======= ======= Income per common share $ .08 $ .05 ======= ======= Diluted Earnings Per Common Share Income per common and common equivalent share $ 737 $ 427 ======= ======= Weighted average common shares outstanding 8,981 9,038 Effect of assumed exercise of dilutive stock options (1) -- 1 ------- ------- Weighted average common and common equivalent shares 8,981 9,039 ======= ======= Income per common and common equivalent share $ .08 $ .05 ======= =======
(1) Computed based on the treasury stock method. 16 EX-27 3 FDS
5 This schedule contains summary financial information extracted from the consolidated balance sheets, statements of operations and statements of cash flows as reported in the form 10-Q and is qualified in its entirety by reference to such financial statements. 0000023341 Congoleum Corporation 1,000 USD 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 1 39,217 0 30,344 3,908 52,617 124,094 184,192 96,144 238,448 56,552 99,538 0 0 93 36,809 238,448 65,387 66,120 47,194 47,194 15,627 0 2,096 1,183 446 737 0 0 0 737 .08 .08
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