Exhibit 99.1








For
Further Information:





Howard N.
Feist


Chief
Financial Officer


(781)
237-6655








AMERICAN
BILTRITE REPORTS SECOND QUARTER RESULTS








WELLESLEY HILLS, MA, AUGUST 13, 2008
- American Biltrite Inc. (AMEX:ABL) reported its results for the second quarter
of 2008 today.  Net sales for the three months ended June 30, 2008
were $101.2 million, down 12.4% from $115.6 million in the second quarter of
2007.  The net loss for the three months ended June 30, 2008 was $70
thousand or $0.02 per share (basic and diluted) compared with net income of $1.1
million or $0.33 per share (basic and diluted) in the second quarter of
2007.  For the six months ended June 30, 2008, American Biltrite’s net
income was $902 thousand, or $0.26 per share (basic and diluted), on net sales
of $197.0 million, compared with net income of $390 thousand, or $0.11 per share
(basic and diluted), on net sales of $215.6 million for the same period last
year.  Net income for the three and six months ended June 30, 2008
includes $1.0 million in income from discontinued operations arising from the
sale of real estate.





American Biltrite’s consolidated
results include the results of its 55% owned subsidiary Congoleum Corporation,
which is in Chapter 11 bankruptcy reorganization
proceedings.  American Biltrite anticipates its ownership interest in
Congoleum will be eliminated upon conclusion of such
proceedings.  Accordingly, American Biltrite believes its financial
results excluding Congoleum to be the most meaningful presentation to
investors.  Excluding the results of Congoleum, American Biltrite’s
net sales for the three months ended June 30, 2008 were $54.1 million, down 6.8%
from $58.0 million for the three months ended June 30, 2007, and its net loss
for the three months ended June 30, 2008 was $275 thousand compared with net
income of $293 thousand for the three months ended June 30, 2007.  For
the six months ended June 30, 2008, excluding the results of Congoleum, American
Biltrite’s net loss was $990 thousand on net sales of $102.1 million compared
with a net loss of $99 thousand on sales of $108.7 million for the six months
ended June 30, 2007.  Congoleum comprises the flooring products
segment in American Biltrite’s reported results.





Roger S. Marcus, Chairman of the
Board, commented “We are facing an unprecedented combination of weak demand and
upward cost pressures.  The housing decline has hurt sales of building
related products at our three manufacturing operations, yet raw materials and
energy costs have continued to rise.  These same inflationary
pressures appear to have left the end customers for our costume jewelry with
little discretionary income after buying gas and
groceries.  Unfortunately, we do not see economic conditions or
consumer sentiment improving before sometime in 2009 at the
earliest.  We have taken steps at all operations to try to mitigate
the effect of lower sales and higher costs.  These steps include
significant headcount reductions, elimination or deferral of expenses, steps to
further improve efficiencies, and price increases.  We also continue
to focus on cash flow and succeeded in reducing our debt by $5.4 million during
the last quarter, thanks in part to receiving payment on a note from the sale of
a building of a discontinued operation.”








Warning
regarding forward-looking statements





The above news release contains
certain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, that involve risks, uncertainties and
assumptions.  These forward-looking statements are based on American
Biltrite's expectations, as of the date of this release, of future
events.  American Biltrite undertakes no obligation to update any of
these forward-looking statements.  Although American Biltrite believes
that its expectations are based on reasonable assumptions, within the bounds of
its knowledge of its business and experience, there can be no assurance that
actual results will not differ materially from expectations.  Readers
are cautioned not to place undue reliance on any forward-looking
statements.  Actual results could differ significantly as a result of
various factors.  For example, the above news release may imply that
the current economic conditions are a cause of American Biltrite's operating
results and that American Biltrite's results will improve when economic
conditions and consumer sentiment improves.  However, American
Biltrite's results may be driven by other factors beyond economic conditions and
consumer sentiment and its results may not improve when economic conditions and
consumer sentiment improve.  In addition, the news release indicates
that American Biltrite has taken steps to try to mitigate the effect of lower
sales and higher costs.  Those steps may not be sufficient to offset
American Biltrite's lower sales and higher costs, and American Biltrite may not
be able to sustain the actions it has taken and it may need to take further
steps to address the lower sales and higher costs.  Any actions taken
to address American Biltrite's lower sales and higher costs may not be
successful or sufficient.  The above news release also indicates that
American Biltrite continues to focus on cash flow and that it has succeeded in
reducing some of its debt and may imply that American Biltrite will take steps
that will improve its cash flow.  However, there can be no assurance
that American Biltrite will be successful in doing so.  Some
additional factors that could cause actual results to differ from expectations
include:  (i) American Biltrite's and Congoleum's ability to comply
with the covenants imposed on them under their respective credit facilities and
the availability of borrowings under those facilities, (ii) the future cost and
timing of payments associated with and availability of insurance coverage for
environmental and non-asbestos related product and general liability claims;
(iii) increases in raw material prices and availability of raw materials; (iv)
increased competitive activity from competitors, some of which have greater
resources and broader distribution channels; (v) unfavorable developments in
various markets for American Biltrite's or its subsidiaries' products or in the
national economy in general, (vi) shipment delays, depletion of inventory and
increased production costs resulting from unforeseen disruptions of operations
at any of American Biltrite's or its subsidiaries' facilities or distributors;
(vii) the incurrence of product warranty costs; (viii) changes in customers for
American Biltrite's or its subsidiaries' products; (ix) any discontinuation of
American Biltrite's intercompany arrangements with Congoleum on terms
substantially consistent with those currently in effect and as would have been
revised as contemplated by a recent proposed plan of reorganization for
Congoleum in connection with Congoleum's Chapter 11 case, which is referred to
further below; and (x) the loss of any key executives.





American Biltrite and Congoleum have
significant asbestos related liabilities.  On December 31, 2003,
Congoleum 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.  Congoleum's Chapter 11 case is pending.  Some factors
which may cause American Biltrite and Congoleum to not realize their plan for
resolving asbestos liabilities include:  (i) the future cost and
timing of estimated asbestos liabilities and payments; (ii) the availability of
insurance coverage and reimbursement from insurance companies that underwrote
the applicable insurance policies for asbestos-related claims, including
insurance





coverage
and reimbursement for asbestos claimants under any plan of reorganization for
Congoleum in connection with Congoleum's Chapter 11 case, which certain insurers
have objected to in bankruptcy court and are litigating in New Jersey state
court; (iii) the costs relating to the execution and implementation of any plan
of reorganization for Congoleum; (iv) timely reaching agreement with other
creditors, or classes of creditors, that exist or may emerge; (v) satisfaction
of the conditions and obligations under American Biltrite's and Congoleum's
outstanding debt instruments, and amendment or waiver of those outstanding debt
instruments, as necessary, to permit Congoleum and American Biltrite to satisfy
their obligations under Congoleum's plan of reorganization; (vi) the response
from time-to-time of American Biltrite's and Congoleum's lenders, customers,
suppliers, holders of Congoleum's Senior Notes and other creditors and
constituencies to the Chapter 11 process and related developments arising from
the strategy to resolve asbestos liability; (vii) Congoleum's ability to
maintain debtor-in-possession financing sufficient to provide it with funding
that may be needed during the pendency of its Chapter 11 case and to obtain exit
financing sufficient to provide it with funding that may be needed for its
operations after emerging from the bankruptcy process, in each case, on
reasonable terms; (viii) timely obtaining sufficient creditor and court approval
(including the results of any relevant appeals) of any reorganization plan and
the court overruling any objections to that reorganization plan that may be
filed; (ix) developments in, costs associated with and the outcome of insurance
coverage litigation pending in New Jersey state court involving Congoleum and
certain insurers; (x) compliance with the United States Bankruptcy Code,
including section 524(g); and (xi) the impact any adopted federal legislation
addressing asbestos personal injury claims may have on American Biltrite's or
Congoleum's businesses, results of operations or financial
conditions.  In addition, in view of American Biltrite's relationships
with Congoleum, American Biltrite will be affected by Congoleum's negotiations
regarding, and its pursuit of, a plan of reorganization, and there can be no
assurance as to what that impact, positive or negative, might be. In any event,
the failure of Congoleum to obtain confirmation and consummation of a plan of
reorganization would have a material adverse effect on Congoleum's business,
results of operations or financial condition and could have a material adverse
effect on American Biltrite's business, results of operations or financial
condition. Actual results could differ significantly as a result of these and
other factors discussed in American Biltrite's Annual Report on Form 10-K for
the year ended December 31, 2007, Quarterly Report on Form 10-Q for the quarter
ended March 31, 2008 and its subsequent filings with the Securities and Exchange
Commission.








AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007


($000,
except per share amounts)




Three
      Months Ended
              June
      30,
            
            
            Six
      Months Ended
              June
      30,2008
            
            
            2007
            
            
            2008
            
            
            2007Net
      sales
            
            $
            101,239
            
            
            $
            115,558
            
            
            $
            196,996
            
            
            $
            215,589Cost
      of products sold
            
            
            77,677
            
            
            
            86,058
            
            
            
            150,270
            
            
            
            160,253Selling,
      general & administrative expenses
            
            
            23,576
            
            
            
            24,975
            
            
            
            45,965
            
            
            
            48,229(Loss)
      income from operations
            
            
            (14
            )
            
            
            4,525
            
            
            
            761
            
            
            
            7,107Other
      (expense) income, net
            
            
            (545
            )
            
            
            (3,311
            )
            
            
            131
            
            
            
            (6,751
            )Provision
      for (benefit from) income taxes
            
            
            563
            
            
            
            63
            
            
            
            1,082
            
            
            
            (59
            )Noncontrolling
      interest
            
            
            27
            
            
            
            (20
            )
            
            
            67
            
            
            
            (25
            )(Loss)
      income from continuing operations
            
            
            (1,095
            )
            
            
            1,131
            
            
            
            (123
            )
            
            
            390Discontinued
      operation
            
            
            1,025
            
            
            
            –
            
            
            
            1,025
            
            
            
            –Net
      (loss) income
            
            $
            (70
            )
            
            $
            1,131
            
            
            $
            902
            
            
            $
            390Basic
      earnings per share:(Loss)
      income per common share from continuing operations
            
            $
            (0.32
            )
            
            $
            0.33
            
            
            $
            (0.04
            )
            
            $
            0.11Discontinued
      operation
            
            
            0.30
            
            
            
            –
            
            
            
            0.30
            
            
            
            –Net
      (loss) income per share
            
            $
            (0.02
            )
            
            $
            0.33
            
            
            $
            0.26
            
            
            $
            0.11Diluted
      earnings per share:(Loss)
      income per common share from continuing operations
            
            $
            (0.32
            )
            
            $
            0.33
            
            
            $
            (0.04
            )
            
            $
            0.11Discontinued
      operation
            
            
            0.30
            
            
            
            –
            
            
            
            0.30
            
            
            
            –Net
      (loss) income per share
            
            $
            (0.02
            )
            
            $
            0.33
            
            
            $
            0.26
            
            
            $
            0.11Weighted
      average number of common and equivalent shares outstandingBasic
            
            
            3,441,551
            
            
            
            3,441,551
            
            
            
            3,441,551
            
            
            
            3,441,551Diluted
            
            
            3,441,551
            
            
            
            3,442,346
            
            
            
            3,441,551
            
            
            
            3,442,326





AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007


BY
SEGMENT


($000)




Three
      Months Ended
              June
      30,
            
            
            Six
      Months Ended
              June
      30,2008
            
            
            2007
            
            
            2008
            
            
            2007Revenues
      from external customersFlooring
      products
            
            $
            47,166
            
            
            $
            57,541
            
            
            $
            94,863
            
            
            $
            106,856Tape
      products
            
            
            26,042
            
            
            
            25,804
            
            
            
            48,485
            
            
            
            49,922Jewelry
            
            
            12,709
            
            
            
            17,143
            
            
            
            24,456
            
            
            
            30,733Canadian
      division
            
            
            15,322
            
            
            
            15,070
            
            
            
            29,192
            
            
            
            28,078Total
      revenues from external customers
            
            $
            101,239
            
            
            $
            115,558
            
            
            $
            196,996
            
            
            $
            215,589Segment
      profit (loss) before taxesFlooring
      products
            
            $
            365
            
            
            $
            842
            
            
            $
            2,973
            
            
            $
            491Tape
      products
            
            
            (642
            )
            
            
            (242
            )
            
            
            (231
            )
            
            
            (663
            )Jewelry
            
            
            (625
            )
            
            
            774
            
            
            
            (1,956
            )
            
            
            536Canadian
      division
            
            
            454
            
            
            
            295
            
            
            
            556
            
            
            
            382Corporate
      expense
            
            
            (111
            )
            
            
            (455
            )
            
            
            (450
            )
            
            
            (390
            )Total
      (loss) profit
            
            $
            (559
            )
            
            $
            1,214
            
            
            $
            892
            
            
            $
            356