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
10, 2011 - American Biltrite Inc. (NYSE Amex: ABL) reported its results for the first quarter of 2011 today. Net sales for the
three months ended March 31, 2011 were $53.9 million, compared with $46.6 million in the first quarter of 2010. Net income for
the three months ended March 31, 2011 was $485 thousand or $0.14 per share (basic and diluted) compared with a net loss of $726
thousand or $0.21 per share (basic and diluted) in the first quarter of 2010.



Roger S. Marcus, Chairman
of the Board, commented “All three of our divisions were profitable in the first quarter of 2011 with improved net results
over the same period last year. Our Tape and Canadian businesses achieved sales increases over the first quarter of 2010. Unfortunately,
the positive benefit of this sales performance was mitigated by significant raw material cost increases. These divisions are attempting
to recover some of these additional costs through price increases. However, further inflationary pressures are continuing during
the second quarter of 2011.”



The Company’s former
subsidiary Congoleum Corporation filed a voluntary petition for bankruptcy protection on December 31, 2003, with the United States
Bankruptcy Court for the District of New Jersey 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 plan of reorganization
was confirmed by the United States District Court for the District of New Jersey on June 7, 2010 and became effective July 1, 2010.
Upon effectiveness of Congoleum’s plan of reorganization, ABI’s ownership interests in Congoleum were cancelled by
operation of the plan. Consequently, the results of reorganized Congoleum are not included in the consolidated results of the Company
subsequent to June 30, 2010. Sales by the Canadian division to Congoleum of $716 thousand for the three months ended March 31,
2011 are included in the total net sales of $53.9 million for that period, while sales by Tape and Canadian divisions to Congoleum
of $1.8 million for the three months ended March 31, 2010 were eliminated as intercompany sales in consolidation and are not included
in the total net sales of $46.6 million for that period.









Warning regarding forward-looking statements
and certain risks



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,
except as may be required by the federal securities laws. Although American Biltrite believes that these 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. Any or all of these expectations may turn out to be incorrect and any forward-looking
statements made in this release speak only as of the date of this release. 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 indicates that all three of American Biltrite’s divisions were profitable in the first quarter of 2011 and had
improved results over the first quarter of 2010 and that the Tape and Canadian divisions achieved positive sales increases during
the first quarter of 2011 over the first quarter of 2010. This may imply that all of American Biltrite’s operating divisions
will remain profitable, that sales at the Tape and Canadian divisions will continue to increase, and that American Biltrite will
continue to improve its financial condition and operating results. However, American Biltrite continues to operate under difficult
and unpredictable business and industry conditions, and its operating divisions may not remain profitable, its financial results
may not continue to improve, and could decline, and economic conditions may not continue to improve and could worsen. In addition,
the above news release indicates that American Biltrite’s divisions are attempting to recover some of the increased raw material
cost increases they have experienced, which may imply that they will be able to do so. However, American Biltrite operates in highly
competitive markets and under continued challenging economic and industry conditions, and, as a result, it may not be able to successfully
pass through its cost increases to its customers, and its costs, including raw material costs, could continue to increase.



The consummation of the
Congoleum plan of reorganization does not affect American Biltrite’s own significant asbestos related liabilities. The extent
of American Biltrite’s asbestos related liabilities and related funding obligations, and the impact such liabilities may
have on its businesses, financial condition and results of operations, will depend on various factors, many of which are beyond
American Biltrite’s control, including: the future cost and timing of estimated asbestos liabilities and payments; the extent
to which asbestos related claims are made against American Biltrite and the costs and timing associated with defending against
such claims; the availability of insurance coverage and reimbursement from insurance companies that underwrote the applicable insurance
policies for asbestos-related claims; the availability of funds to pay any such amounts for which insurance or other third party
reimbursements are not available; the extent to which resources are diverted from American Biltrite’s businesses to instead
be applied to such liabilities and related matters; the extent to which other defendants which may be found to be jointly and severally
liable with American Biltrite fund their allocated portion of asbestos liabilities; and the impact any adopted federal legislation
addressing asbestos claims may have on American Biltrite’s businesses, results of operations or financial conditions.









Other factors that could
cause actual results to differ from expectations include: (i) any termination of American Biltrite’s business arrangements
with Congoleum and possible conflicting demands on American Biltrite’s executive officers in light of American Biltrite’s
contractual obligations to make those officers’ services available to Congoleum; (ii) American Biltrite’s access to
debt financing on satisfactory terms, its ability to comply with the covenants imposed on it under its credit agreement, the availability
of borrowings under its credit facilities and its ability to generate sufficient operating cash flows to fund its businesses and
operations; (iii) the future cost and timing of payments associated with and availability of insurance coverage for environmental
liabilities and non-asbestos product and general liability claims; (iv) continued or increased volatility or high prices for raw
materials or energy and the availability of raw materials; (v) increased competitive activity from competitors, some of which have
greater resources and broader distribution channels; (vi) unfavorable developments in various markets for American Biltrite’s
or its subsidiaries’ products or in the national or global economy in general; (vii) 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; (viii) the incurrence of product warranty costs; (ix) changes in customers for American Biltrite’s
or its subsidiaries’ products or the failure of customers to timely pay for product purchased; (x) the failure of distributors
or sales representatives to adequately perform; and (xi) the loss of any key executives.



Other factors which may
cause actual results to differ from expectations include those set forth in American Biltrite’s other filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and its subsequent
filings.









AMERICAN BILTRITE INC.



RESULTS FOR THE THREE MONTHS ENDED

March 31, 2011 AND 2010

($000, except share and
per share amounts)

(unaudited)





|                                                                         |  | Three Months Ended March 31,
|------------------------------------------------------------------------ |  | ----------------------------
|                                                                         |  | 2011                        
|                                                                         |  |                             
|Net sales                                                                |  | $                           
|                                                                         |  |                             
|Cost of products sold                                                    |  |                             
|Selling, general & administrative expenses                               |  |                             
|                                                                         |  |                             
|Income (loss) from operations                                            |  |                             
|                                                                         |  |                             
|Interest and other income (expense), net                                 |  |                             
|Provision for  income taxes                                              |  |                             
|Noncontrolling interests                                                 |  |                             
|                                                                         |  |                             
|Income (loss) from continuing operations                                 |  |                             
|Loss from discontinued operation, net of noncontrolling interests        |  |                             
|                                                                         |  |                             
|Net income (loss) attributable to controlling interests                  |  | $                           
|                                                                         |  |                             
|Basic income (loss) per share:                                           |  |                             
|Income (loss) from continuing operations per common share                |  | $                           
|Loss from discontinued operation per common share                        |  |                             
|Net income (loss) attributable to controlling interests per common share |  | $                           
|                                                                         |  |                             
|Diluted income (loss) per share:                                         |  |                             
|Income (loss) from continuing operations per common share                |  | $                           
|Loss from discontinued operation per common share                        |  |                             
|Net income (loss) attributable to controlling interests per common share |  | $                           
|                                                                         |  |                             
|Weighted average number of common and equivalent shares outstanding      |  |                             
|Basic                                                                    |  |                             
|Diluted                                                                  |  |                             









AMERICAN BILTRITE INC.



RESULTS FOR THE THREE MONTHS ENDED

March 31, 2011 AND 2010

BY SEGMENT

($000)

(unaudited)





|                                                      |  | Three Months Ended March 31,
|----------------------------------------------------- |  | ----------------------------
|                                                      |  | 2011                        
|                                                      |  |                             
|Revenues from external customers                      |  |                             
|                                                      |  |                             
|Tape products                                         |  | $                           
|Jewelry                                               |  |                             
|Canadian division                                     |  |                             
|                                                      |  |                             
|Total revenues from external customers                |  | $                           
|                                                      |  |                             
|                                                      |  |                             
|Segment income (loss) before taxes                    |  |                             
|                                                      |  |                             
|Tape products                                         |  | $                           
|Jewelry                                               |  |                             
|Canadian division                                     |  |                             
|Corporate expense and intercompany profit elimination |  |                             
|                                                      |  |                             
|Total segment income (loss) before taxes              |  | $