Congoleum Announces Share Repurchase Plan

Business Wire, Nov 18, 1998

MERCERVILLE, N.J.--(BUSINESS WIRE)--Nov. 18, 1998--Congoleum Corp. (NYSE:CGM) announced Wednesday that its Board of Directors has authorized a program to repurchase up to $5,000,000 of its outstanding Class A Common Stock, either in the open market or in privately negotiated transactions, depending on market conditions and other factors.

Roger S. Marcus, Chairman of the Board, said, "We are optimistic about the future outlook for Congoleum, and believe that our shares are an excellent value at recent price levels."

Congoleum has 4,282,800 Class A and 4,755,000 Class B Common shares outstanding.

Congoleum Corp. is a leading manufacturer of resilient flooring, serving both residential and commercial markets. Its sheet, tile and plank products are available in a wide variety of designs and colors, and are used in remodeling, manufactured housing, new construction and commercial applications.

The Congoleum brand name is recognized and trusted by consumers as representing a company that has been supplying attractive and durable flooring products for over a century.

Congoleum is a 49% owned subsidiary of American Biltrite Inc. (AMEX:ABL).