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 15, 2009 -
American Biltrite Inc. (NYSE Amex: ABL) reported today its results for the first
quarter of 2009. Net sales for the three months ended March 31, 2009 were $70.1
million, compared with $95.8 million in the first quarter of 2008. The net loss
for the three months ended March 31, 2009 was $5.5 million or $1.60 per share
(basic and diluted) compared with net income of $972 thousand or $0.28 per share
(basic and diluted) in the first quarter of 2008.





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 a more meaningful
presentation to investors.  Excluding the results of Congoleum,
American Biltrite’s net sales for the three months ended March 31, 2009 were
$40.0 million, down 16.9% from $48.1 million for the three months ended March
31, 2008, and its net loss for the three months ended March 31, 2009 was $3.3
million compared with a net loss of $715 thousand for the three months ended
March 31, 2008.  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 first quarter.  Our tape business fared the worst due
to weakness in demand in many of the markets it serves, which include graphics
on RV’s and capital goods, protective film on consumer durables including
automotive applications, and insulation tapes and protective films for the
construction industry.  Our jewelry business sales were only down
slightly from year earlier levels, and our first quarter performance in that
business was better than last year.  Our Canadian business reported
lower sales in the first quarter of 2009 than in 2008 primarily due to the
weaker Canadian dollar and was modestly profitable in both
periods.”





Mr. Marcus continued “While we are
operating under the assumption that there will be little or no improvement in
the economy for the balance of 2009, we have picked up some new automotive
customers for our tape business and some holiday business in jewelry that we did
not have last year.  This business, together with the cost reduction
and pricing steps taken in the second half of 2008 and additional cost
reductions in the first quarter of 2009, should permit us to show improved
results over the balance of the year.”








Mr.
Marcus concluded with “As we reported at the end of March, we are working on
obtaining a new, three year credit facility that would provide up to $38 million
in revolving and term debt, and would replace our existing credit facility with
our current lender.   I am pleased to report that we have made
considerable progress on the due diligence and believe we will have a new loan
agreement in place by the end of the second quarter.”








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.  The news release states that our Canadian division’s lower
sales were primarily due to the weaker Canadian dollar, which may imply that the
Canadian division’s sales will improve if the Canadian dollar strengthens;
however, there can be no assurance that other factors would not result in lower
sales for the Canadian division even if the Canadian dollar were to
strengthen.  In addition, the news release indicates that American
Biltrite has picked up new business and reduced its costs and that these factors
should permit American Biltrite to improve its results over the balance of
2009.  However, the new business and cost reductions may not be
sustainable or sufficient to offset declines in American Biltrite's results..
The above news release may further imply that American Biltrite will enter into
a new, three year credit facility with a new lender on satisfactory terms and
that the new facility would provide American Biltrite with up to $38 million in
term and revolving debt.  In fact, the negotiations with this lender
may not result in an agreement for a new credit facility and the terms of any
new credit facility that American Biltrite may obtain have not been
determined.  The revolving debt under the credit agreement governing
that credit facility expires on September 30, 2009 and American Biltrite failed
to comply with one of its financial covenants under that credit agreement as of
March 31, 2009.  Although American Biltrite received a temporary
waiver of that default from its existing lender, that waiver expires on June 30,
2009 and is subject to possible earlier termination upon the occurrence of
certain specified events.  If the amounts owed under that credit
agreement were not





repaid
in full by the expiration or termination of the temporary waiver, American
Biltrite would be in default under that credit agreement.  If the
lenders were to declare that an event of default had occurred, the lenders could
cease to make borrowings available under the credit facility and require
American Biltrite to repay all amounts outstanding under the credit
agreement.  If American Biltrite were unable to repay those amounts
due, the lenders could have their rights over the collateral (most of American
Biltrite’s and its subsidiaries’ (excluding Congoleum) assets, as applicable)
exercised, which would likely have a material adverse effect on American
Biltrite’s business, results of operations and financial
condition.  Although American Biltrite expects to obtain replacement
financing on commercially reasonable terms, if it were unable to do so, it may
not be able to continue as a going concern.





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 agreements and
the availability of borrowings under their credit 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.  However, in
February 2009, the Bankruptcy Court issued an order dismissing Congoleum’s
chapter 11 case.  That order has been appealed to the United States
District Court for the District of New Jersey, which appeal is
pending.  The Bankruptcy Court subsequently issued an order granting a
stay of its order of dismissal pending a final nonappealable decision affirming
the order of dismissal.  There can be no assurance that the appeal of
the order of dismissal will be successful or that the Bankruptcy Court will not
vacate its order granting a stay of the order of dismissal.  Some
additional factors that 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, 2008 and its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2009 to be filed on or about May 15, 2009 and its
subsequent filings with the Securities and Exchange Commission.











AMERICAN
BILTRITE INC.





RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008


($000,
except share and per share amounts)








Three
      Months Ended
                March
      31,2009
              
              
              2008(Unaudited)Net
      sales
              
              $
              70,061
              
              
              $
              95,757Cost
      of products sold
              
              
              56,161
              
              
              
              72,593Selling,
      general & administrative expenses
              
              
              20,510
              
              
              
              22,389(Loss)
      income from operations
              
              
              (6,610
              )
              
              
              775Interest
      & other (expense) income, net
              
              
              (837
              )
              
              
              676(Loss)
      income before income taxes
              
              
              (7,447
              )
              
              
              1,451(Benefit
      from) provision for income taxes
              
              
              (53
              )
              
              
              519Net
      (loss) income
              
              
              (7,394
              )
              
              
              932Noncontrolling
      interests
              
              
              1,897
              
              
              
              40Net
      (loss) income attributable to
                American
      Biltrite Inc.
              
              $
              (5,497
              )
              
              $
              972Net
      (loss) income attributable to American Biltrite Inc. per common
      shareBasic
              
              $
              (1.60
              )
              
              $
              0.28Diluted
              
              $
              (1.60
              )
              
              $
              0.28Weighted
      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, 2009 AND 2008


BY
SEGMENT


($000)








Three
      Months Ended
                March
      31,2009
              
              
              2008(Unaudited)Net
      sales to external customersFlooring
      products
              
              $
              30,106
              
              
              $
              47,697Tape
      products
              
              
              16,469
              
              
              
              22,443Jewelry
              
              
              11,565
              
              
              
              11,747Canadian
      division
              
              
              11,921
              
              
              
              13,870Total
      net sales to external customers
              
              $
              70,061
              
              
              $
              95,757Segment
      (loss) profit before taxesFlooring
      products
              
              $
              (4,092
              )
              
              $
              2,608Tape
      products
              
              
              (2,533
              )
              
              
              411Jewelry
              
              
              (838
              )
              
              
              (1,331
              )Canadian
      division
              
              
              75
              
              
              
              102Corporate
      items
              
              
              (59
              )
              
              
              (339
              )Total
      (loss) profit
              
              $
              (7,447
              )
              
              $
              1,451