Exhibit
99.1








For
Further Information:





Howard N.
Feist


Chief
Financial Officer


(781)
237-6655











AMERICAN
BILTRITE REPORTS FIRST QUARTER RESULTS








WELLESLEY HILLS, MA, MAY 6, 2008 -
American Biltrite Inc. (AMEX:ABL) reported today its results for the first
quarter of 2008. Net sales for the three months ended March 31, 2008 were $95.8
million, compared with $100.0 million in the first quarter of 2007. Net income
for the three months ended March 31, 2008 was $972 thousand or $0.28 per share
(basic and diluted) compared with a net loss of $741 thousand or $0.22 per share
(basic and diluted) in the first quarter of 2007.





American Biltrite’s consolidated
results include the results of its 55% owned subsidiary Congoleum Corporation,
which is in Chapter 11 bankruptcy reorganization proceedings.  Under
the terms of the pending proposed plan of reorganization for Congoleum, American
Biltrite's ownership interest in Congoleum would be
eliminated.  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 March 31, 2008 were $48.1 million, down
5.2% from $50.7 million for the three months ended March 31, 2007, and its net
loss for the three months ended March 31, 2008 was $715 thousand compared with a
net loss of $392 thousand for the three months ended March 31,
2007.  Congoleum comprises the flooring products segment in American
Biltrite’s reported results.





Roger S. Marcus, Chairman of the
Board, commented "We are operating in an extremely challenging economic
environment, given the state of housing and consumer
confidence.  Sales at the Tape division were 6.9% below the first
quarter of last year due to weak demand for paper, film, HVAC and electrical
products.  Increased sales through the Belgium operation provided a
partial offset to domestic sales declines.  The Tape division obtained
a $1.2 million insurance recovery during the quarter and was
profitable.  This recovery was for costs of a product recall in 2006
caused by our supplier shipping us defective raw material.  The
Canadian division’s sales in the first quarter were up 6.6% versus the first
quarter of last year, as the effect of currency translation more than offset
sales volume declines in flooring, and the division reported a modest
profit.   Sales at K&M were 13.6% below the first quarter of
2007 due to retail weakness and increased sales allowances, and K&M’s loss
for the quarter increased from the first quarter of 2007.”





Mr. Marcus continued “We took steps
to reduce costs in the first quarter, and we are planning additional actions to
improve performance, as we are not expecting help from the economy in the near
future.  We continue to make progress in reducing our debt, and cash
generation will remain a key focus for the balance of the year.”





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 pending proposed plan of reorganization for Congoleum
will be confirmed and become effective.  In fact, that plan will be
subject to numerous conditions, approvals and other requirements, including the
receipt of necessary creditor, claimant and court approvals.  Further,
certain insurers are contesting the plan in the bankruptcy court and Congoleum
is involved in ongoing litigation against its insurers in a state court coverage
action.  In order to obtain confirmation of the plan Congoleum will
need sufficient funds to pay for the continued litigation with these insurers as
well the bankruptcy proceedings generally.  In addition, in view of
American Biltrite's relationships with Congoleum, American Biltrite could be
affected by Congoleum's negotiations regarding its pursuit of a plan or
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 Chapter 11 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. In addition,
the above news release indicates that American Biltrite took steps to reduce its
costs and that it plans additional actions to improve
performance.  Those prior steps and any future actions American
Biltrite may take may not be successful in reducing its costs or improving its
performance.  The above news release further indicates that American
Biltrite has made progress in reducing its debt and that cash generation will
remain a key focus.  American Biltrite's ability to reduce its debt
and generate cash will be subject to a number of factors and it may not be able
to successfully or meaningfully reduce its debt or generate positive cash
flows.  Other factors which may cause actual results to differ from
American Biltrite's expectations include those set forth in American Biltrite's
Annual Report on Form 10-K for the year ended December 31, 2007 and subsequent
filings with the Securities and Exchange Commission.











AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007


($000,
except share and per share amounts)








Three
      Months Ended
              March
      31,2008
            
            
            2007(Unaudited)Net
      sales
            
            $
            95,757
            
            
            $
            100,031Cost
      of products sold
            
            
            72,593
            
            
            
            74,195Selling,
      general & administrative expenses
            
            
            22,389
            
            
            
            23,254Income
      from operations
            
            
            775
            
            
            
            2,582Interest
      & other income (expense), net
            
            
            676
            
            
            
            (3,440
            )Provision
      for (benefit from) income taxes
            
            
            519
            
            
            
            (122
            )Noncontrolling
      interests
            
            
            40
            
            
            
            (5
            )Net
      income (loss)
            
            $
            972
            
            
            $
            (741
            )Income
      (loss) per common shareBasic
            
            $
            0.28
            
            
            $
            (0.22
            )Diluted
            
            $
            0.28
            
            
            $
            (0.22
            )Weighted
      average number of common and equivalent shares outstandingBasic
            
            
            3,441,551
            
            
            
            3,441,551Diluted
            
            
            3,441,551
            
            
            
            3,441,551








AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007


BY
SEGMENT


($000)








Three
      Months Ended
              March
      31,2008
            
            
            2007(Unaudited)Net
      sales to external customersFlooring
      products
            
            $
            47,697
            
            
            $
            49,315Tape
      products
            
            
            22,443
            
            
            
            24,118Jewelry
            
            
            11,747
            
            
            
            13,590Canadian
      division
            
            
            13,870
            
            
            
            13,008Total
      net sales to external customers
            
            $
            95,757
            
            
            $
            100,031Segment
      profit (loss) before taxesFlooring
      products
            
            $
            2,608
            
            
            $
            (351
            )Tape
      products
            
            
            411
            
            
            
            (421
            )Jewelry
            
            
            (1,331
            )
            
            
            (238
            )Canadian
      division
            
            
            102
            
            
            
            87Corporate
      items
            
            
            (339
            )
            
            
            65Total
      profit (loss)
            
            $
            1,451
            
            
            $
            (858
            )