Exhibit  99.2





For
Further Information:





Howard
N. Feist


Chief
Financial Officer


(781)
237-6655











AMERICAN
BILTRITE REPORTS THIRD QUARTER RESULTS








WELLESLEY HILLS, MA, NOVEMBER 5, 2008
- American Biltrite Inc. (AMEX:ABL) reported its results for the third quarter
of 2008 today.  Net sales for the three months ended September 30,
2008 were $97.4 million, down 9.4% from $107.4 million in the third quarter of
2007.  Net loss for the three months ended September 30, 2008 was
$10.4 million or $3.01 per share (basic and diluted) compared with net income of
$675 thousand or $0.20 per share (basic and diluted) in the third quarter of
2007.  Included in the net loss for the three and nine months ended
September 30, 2008 is an $11.5 million charge at Congoleum for asbestos related
reorganization costs.  For the nine months ended September 30, 2008,
American Biltrite’s net sales were $294.3 million compared with net sales of
$323.0 million for the same period in 2007.  American Biltrite’s net
loss for the nine months ended September 30, 2008 was $9.5 million, or $2.75 per
share (basic and diluted), compared with net income of $1.1 million, or $0.31
per share (basic and diluted), for the same period last year.





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 the conclusion of such
proceedings.  Accordingly, American Biltrite believes its financial
results excluding Congoleum to be a more meaningful presentation to
investors.  Excluding the results of Congoleum, American Biltrite’s
net sales for the three months ended September 30, 2008 were $51.3 million, down
4.7% from $53.8 million for the three months ended September 30, 2007, and its
net loss for the three months ended September 30, 2008 was $258 thousand
compared to a net loss of $504 thousand for the three months ended September 30,
2007.  For the nine months ended September 30, 2008, excluding the
results of Congoleum, American Biltrite’s net loss was $1.2 million on net sales
of $153.4 million compared with a net loss of $603 thousand on sales of $162.5
million for the nine months ended September 30, 2007.  Congoleum
comprises the flooring products segment in American Biltrite’s reported
results.








Roger S. Marcus, Chairman of the
Board, commented “Business conditions were extremely difficult in the third
quarter, with raw material and energy costs continuing to escalate despite weak
demand in housing and other key end markets we serve.  Operating
results at Congoleum and Tape suffered accordingly.  The general
retail climate was also poor, as reflected in K&M’s lower sales in the third
quarter versus year earlier levels.  Fortunately, K&M’s cost
reduction efforts enabled it to be profitable in the third quarter even with the
lower revenues.  Despite the challenging environment, the Canadian
division increased sales and income versus the third quarter of 2007 on improved
sales of industrial products.”





“While
we do not anticipate that market conditions will improve any time soon, raw
material prices have recently declined, which may provide some relief from the
elevated costs we faced in the first nine months of 2008.  Our plans
also call for additional expense reductions and other steps as may be needed in
response to economic conditions.  At the same time, we are working to
position ourselves to take advantage of competitive opportunities which may
arise from these conditions.”








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.  Moreover, economic conditions may not
soon improve, could deteriorate further and could continue for a prolonged
period.  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 news release also indicates that American Biltrite
is working to position itself to take advantage of opportunities which may rise
from the current economic conditions.  There can be no assurances that
any such opportunities will arise and that, if they did arise, that American
Biltrite would be able to take advantage of such opportunities. 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 and their ability to
generate sufficient operating cash flows to fund their respective businesses and
operations, (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 Reports on Form 10-Q for the
quarters ended March 31, 2008 and June 30, 2008 and its subsequent filings with
the Securities and Exchange Commission.





AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE AND NINE MONTHS ENDED


SEPTEMBER
30, 2008 AND 2007


($000,
except share and per share amounts)








Three
      Months Ended
              September
      30,
            
            
            Nine
      Months Ended
              September
      30,2008
            
            
            2007
            
            
            2008
            
            
            2007Net
      sales
            
            $
            97,351
            
            
            $
            107,403
            
            
            $
            294,347
            
            
            $
            322,992Cost
      of products sold
            
            
            75,330
            
            
            
            79,240
            
            
            
            225,600
            
            
            
            239,493Selling,
      general & administrative expenses
            
            
            21,269
            
            
            
            23,625
            
            
            
            67,234
            
            
            
            71,854Asbestos-related
      reorganization charge
            
            
            11,491
            
            
            
            -
            
            
            
            11,491
            
            
            
            -(Loss)
      income from operations
            
            
            (10,739
            )
            
            
            4,538
            
            
            
            (9,978
            )
            
            
            11,645Interest
      and other expense, net
            
            
            (1,241
            )
            
            
            (3,572
            )
            
            
            (1,110
            )
            
            
            (10,323
            )(Benefit
      from) provision for income taxes
            
            
            (1,631
            )
            
            
            212
            
            
            
            (549
            )
            
            
            153Noncontrolling
      interest
            
            
            (17
            )
            
            
            (79
            )
            
            
            50
            
            
            
            (104
            )(Loss)
      income from continuing operations
            
            
            (10,366
            )
            
            
            675
            
            
            
            (10,489
            )
            
            
            1,065Discontinued
      operation
            
            
            -
            
            
            
            -
            
            
            
            1,025
            
            
            
            -Net
      (loss) income
            
            $
            (10,366
            )
            
            $
            675
            
            
            $
            (9,464
            )
            
            $
            1,065Basic
      earnings per share:(Loss)
      income per common share from continuing operations
            
            $
            (3.01
            )
            
            $
            0.20
            
            
            $
            (3.05
            )
            
            $
            0.31Discontinued
      operation
            
            
            -
            
            
            
            -
            
            
            
            .30
            
            
            
            -Net
      (loss) income per share
            
            $
            (3.01
            )
            
            $
            0.20
            
            
            $
            (2.75
            )
            
            $
            0.31Diluted
      earnings per share:(Loss)
      income per common share from continuing operations
            
            $
            (3.01
            )
            
            $
            0.20
            
            
            $
            (3.05
            )
            
            $
            0.31Discontinued
      operation
            
            
            -
            
            
            
            -
            
            
            
            .30
            
            
            
            -Net
      (loss) income per share
            
            $
            (3.01
            )
            
            $
            0.20
            
            
            $
            (2.75
            )
            
            $
            0.31Weighted
      average number of common and equivalent shares outstandingBasic
            
            
            3,441,551
            
            
            
            3,441,551
            
            
            
            3,441,551
            
            
            
            3,441,551Diluted
            
            
            3,441,551
            
            
            
            3,441,796
            
            
            
            3,441,551
            
            
            
            3,442,149





AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE AND NINE MONTHS ENDED


SEPTEMBER
30, 2008 AND 2007


BY
SEGMENT


($000)








Three
      Months Ended
              September
      30,
            
            
            Nine
      Months Ended
              September
      30,2008
            
            
            2007
            
            
            2008
            
            
            2007Revenues
      from external customersFlooring
      products
            
            $
            46,085
            
            
            $
            53,588
            
            
            $
            140,948
            
            
            $
            160,444Tape
      products
            
            
            21,835
            
            
            
            23,901
            
            
            
            70,320
            
            
            
            73,823Jewelry
            
            
            14,587
            
            
            
            16,025
            
            
            
            39,043
            
            
            
            46,758Canadian
      division
            
            
            14,844
            
            
            
            13,889
            
            
            
            44,036
            
            
            
            41,967Total
      revenues from external customers
            
            $
            97,351
            
            
            $
            107,403
            
            
            $
            294,347
            
            
            $
            322,992Segment
      (loss) profit before taxesFlooring
      products
            
            $
            (11,310
            )
            
            $
            1,220
            
            
            $
            (8,337
            )
            
            $
            1,711Tape
      products
            
            
            (1,875
            )
            
            
            (304
            )
            
            
            (2,106
            )
            
            
            (967
            )Jewelry
            
            
            320
            
            
            
            487
            
            
            
            (1,636
            )
            
            
            1,023Canadian
      division
            
            
            380
            
            
            
            (564
            )
            
            
            936
            
            
            
            (182
            )Corporate
      income (expense)
            
            
            505
            
            
            
            127
            
            
            
            55
            
            
            
            (263
            )Total
      (loss) profit
            
            $
            (11,980
            )
            
            $
            966
            
            
            $
            (11,088
            )
            
            $
            1,322