Exhibit
99.18








FOR
IMMEDIATE RELEASE





For
Further Information:





Howard
N. Feist


Chief
Financial Officer


(609)
584-3586











CONGOLEUM
CORPORATION REPORTS YEAR END RESULTS







MERCERVILLE, NJ, March 30,
2009 – Congoleum Corporation (OTC: CGMC) today reported its financial
results for the fourth quarter ended December 31, 2008.  Sales for the
three months ended December 31, 2008 were $31.7 million, compared with sales of
$43.8 million reported in the fourth quarter of 2007, a decrease of 27.6%. The
net loss for the quarter was $6.4 million, compared with a net loss of $2.4
million in the fourth quarter of 2007. Net loss per share was $0.77 in the
fourth quarter of 2008 compared with net loss of $.29 per share in the fourth
quarter of 2007.




Sales for the year ended December 31,
2008 were $172.6 million, compared with sales of $204.3 million in
2007.  The net loss for the year ended December 31, 2008 was $14.6
million, or $1.77 per share, versus a net loss of $0.7 million, or $.08 per
share, in 2007. The net loss for 2008 includes an $11.5 million charge taken
during the third quarter of 2008 to increase reserves for estimated legal and
related expenses in connection with the reorganization
proceedings.  The net loss for the year ended December 31, 2007
included four adjustments that were recorded to reflect revised estimates of
costs and cost recoveries associated with the Chapter 11 proceedings and related
matters.  First, Congoleum reversed $41.0 million of post-petition
interest expense it had accrued on its 8 5/8% Senior Notes.  Payment
of this interest had been contemplated under earlier plans of reorganization,
but has been eliminated under the terms of plans filed in 2007 and
2008.  Second, Congoleum wrote off $14.9 million in formerly
anticipated legal fee recoveries.  These recoveries had likewise been
anticipated under earlier plans but not under the terms of plans filed in 2007
and 2008.  Third, based on the expected timing and cost to obtain
confirmation of its most recent plan at the time, Congoleum recorded a $26.4
million charge to increase its reserves for estimated legal and related
expenses.  Finally, the tax impact of these adjustments gave rise to a
net deferred tax liability of $1.7 million, which was recorded as tax
expense.Excluding these charges and credits, Congoleum’s net
income in 2007 would have been $1.4 million, which included a $1.3 million gain
on replacement of a production line.




Roger
S. Marcus, Chairman of the Board, commented “Before addressing our 2008 results
and the status of our reorganization, let me begin with the economy and how it
has affected our business.  Nearly all of our products are purchased
for use in three end markets.  The first is the new residential
construction market which has been depressed for some time now.  The
second market is manufactured housing, which includes recreational vehicles and
motor homes.  This market seemed to be holding up relatively well in
the early part of 2008, but began deteriorating rapidly later in the year due to
the combined impact of the economy and high gas prices, with production coming
to a virtual standstill by December.  Forecasts for 2009 predict this
market may be down as much as 50% from 2008.  Our third market is
residential retail, which serves consumer remodel and replacement
demand.  While this market has been relatively better than the other
two, it is also economically sensitive and was down well into double digits in
2008 from 2007.”








“The
current economic downturn and its impact on our industry are unprecedented in
recent decades, and our operating results for 2008 suffered
accordingly.  Although our sales decrease was significant, it was
consistent with conditions in our end markets and we believe we maintained our
share of these markets during the year.  Excluding the charge for
asbestos reorganization costs, we lost $4.8 million.  We incurred some
one-time costs in 2008 that contributed to the loss.  First, we
invested over $2 million in display systems during the fourth quarter of 2008 to
expand our position in major home centers, although little sales benefit was
anticipated before 2009.  Second, we spent over $1 million on samples,
displays, and merchandising in connection with the introduction of several new
products in late fall 2008, likewise for the primary benefit of
2009.  Finally, we reduced costs aggressively during the year,
including shrinking our workforce by 19%.  Severance charges related
to these layoffs affected 2008 results by $1.3 million.  Without these
steps and the charge related to the reorganization proceedings, our results for
2008 would have been close to breaking even.  Our overall performance
was an extraordinary feat in light of the economy and resulting sales
decrease.  It speaks volumes about the dedication and resourcefulness
of our employees.”





Mr.
Marcus continued, “Despite these challenging market conditions, we have
continued to make selective investments where we think we can mitigate the
current demand weakness and improve our position as the economy
recovers.  During the fourth quarter of 2008, as mentioned, we
increased our presence significantly in the major home center channel and
launched three new product lines.  While we anticipate 2009 will be
another very difficult year, we believe our products offer excellent value to
consumers willing to spend in this environment.”





Mr. Marcus concluded, “As we reported
earlier this month, the Bankruptcy Court found some legal deficiencies in our
latest reorganization plan, and we are seeking to resolve those through the
appellate process as the Bankruptcy Judge suggested.  I’m encouraged
that this will give all parties the guidance necessary to reach agreement on a
confirmable plan, which we hope will enable us to emerge in late 2009 or early
2010.”





Congoleum Corporation is a leading
manufacturer of resilient flooring, serving both residential and commercial
markets. Its sheet, tile and plank products are available in a wide variety of
designs and colors, and are used in remodeling, manufactured housing, new
construction and commercial applications. The Congoleum brand name is recognized
and trusted by consumers as representing a company that has been supplying
attractive and durable flooring products for over a century.





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 statements can be identified by the use of the words such as
"anticipate," "believe," "estimate," "expect," "intend,” "plan," "project" and
other words of similar meaning. In particular, these include statements relating
to intentions, beliefs or current expectations concerning, among other things,
future performance, results of operations, the outcome of contingencies such as
bankruptcy and other legal proceedings, and financial conditions. These
statements do not relate strictly to historical or current facts. These
forward-looking statements are based on Congoleum's expectations, as of the date
of this release, of future events, and Congoleum undertakes no obligation to
update any of these forward-looking statements.








Although
Congoleum believes that these expectations are based on reasonable assumptions,
within the bounds of its knowledge of its business and operations, there can be
no assurance that actual results will not differ materially from its
expectations. Readers are cautioned not to place undue reliance on any
forward-looking statements. Any or all of these statements may turn out to be
incorrect. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that may
or may not occur in the future. Any forward-looking statements made in this
press release speak only as of the date of such statement. It is not possible to
predict or identify all factors that could potentially cause actual results to
differ materially from expected and historical results. Factors that could cause
actual results to differ from expectations 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 the Company for asbestos-related claims,
(iii) the costs relating to the execution and implementation of any plan of
reorganization pursued by 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 Congoleum's outstanding debt
instruments, (vi) the response from time to time of Congoleum's and its
controlling shareholder's, American Biltrite Inc.'s, lenders, customers,
suppliers and other constituencies to the ongoing process arising from
Congoleum's strategy to settle its 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
pursued by Congoleum, and the court overruling any objections to the plan that
may be filed, (ix) compliance with the United States Bankruptcy Code, including
Section 524(g), (x) costs of, developments in, and the outcome of insurance
coverage litigation pending in New Jersey state court involving Congoleum and
certain insurers, (xi) the possible adoption of another party's plan of
reorganization which may prove to be unfeasible, (xii) increases in raw material
and energy prices or disruption in supply, (xiii) increased competitive activity
from companies in the flooring industry, some of which have greater resources
and broader distribution channels than Congoleum, (xiv) increases in the costs
of environmental compliance and remediation or the exhaustion of insurance
coverage for such expenses, (xv) unfavorable developments in the national
economy or in the housing industry in general, including developments arising
from the war in Iraq and Afghanistan and from the tightening of credit
availability, (xvi) shipment delays, depletion of inventory and increased
production costs resulting from unforeseen disruptions of operations at any of
Congoleum's facilities or distributors, (xvii) product warranty costs, (xviii)
changes in distributors of Congoleum's products, and (xix) Congoleum’s interests
may not be the same as its controlling shareholder, American Biltrite
Inc.  In any event, if Congoleum is not successful in obtaining
sufficient creditor and court approval of a plan of reorganization, such failure
would have a material adverse effect upon its business, results of operations
and financial condition. Actual results could differ significantly as a result
of these and other factors discussed in Congoleum's annual report on Form 10-K
for the year ended December 31, 2007 and subsequent filings made by Congoleum
with the Securities and Exchange Commission.




CONGOLEUM
CORPORATION
 
 RESULTS
OF OPERATIONS
 
 (In
thousands, except per share amounts)
 (Unaudited)
 
 Three
      Months Ended
                      December
      31,
                    
                    
                    Year-Ended
                      December
      31,2008
                    
                    
                    2007
                    
                    
                    2008
                    
                    
                    2007Net
      Sales
                    
                    $
                    31,696
                    
                    
                    $
                    43,818
                    
                    
                    $
                    172,644
                    
                    
                    $
                    204,262Cost
      of Sales
                    
                    
                    30,166
                    
                    
                    
                    33,331
                    
                    
                    
                    142,032
                    
                    
                    
                    153,809Selling,
      General & Administrative Expenses
                    
                    
                    9,259
                    
                    
                    
                    8,226
                    
                    
                    
                    35,397
                    
                    
                    
                    37,469Asbestos
      Related Reorganization Charges
                    
                    
                    ---
                    
                    
                    
                    41,315
                    
                    
                    
                    11,491
                    
                    
                    
                    41,315Income
      (Loss) from Operations
                    
                    
                    (7,729
                    )
                    
                    
                    (39,054
                    )
                    
                    
                    (16,276
                    )
                    
                    
                    (28,331
                    )Interest
      Income/(Expense), Net
                    
                    
                    (144
                    )
                    
                    
                    38,565
                    
                    
                    
                    857
                    
                    
                    
                    29,800Other
      Expense, Net
                    
                    
                    (179
                    )
                    
                    
                    (200
                    )
                    
                    
                    (970
                    )
                    
                    
                    (447
                    )Net
      Income (Loss) before Income Taxes
                    
                    
                    (8,052
                    )
                    
                    
                    (689
                    )
                    
                    
                    (16,389
                    )
                    
                    
                    1,022Provision
      (Benefit) for Taxes
                    
                    
                    (1,665
                    )
                    
                    
                    1,686
                    
                    
                    
                    (1,768
                    )
                    
                    
                    1,713Net
      Loss
                    
                    $
                    (6,387
                    )
                    
                    $
                    (2,375
                    )
                    
                    $
                    (14,621
                    )
                    
                    $
                    (691
                    )Net
      Loss Per Share, Basic
                    
                    $
                    (0.77
                    )
                    
                    $
                    (0.29
                    )
                    
                    $
                    (1.77
                    )
                    
                    $
                    (0.08
                    )Net
      Loss Per Share, Diluted
                    
                    $
                    (0.77
                    )
                    
                    $
                    ( 0.29
                    )
                    
                    $
                    (1.77
                    )
                    
                    $
                    (0.08
                    )Weighted
      Average Number of Common Shares Outstanding – Basic
                    
                    
                    8,272
                    
                    
                    
                    8,272
                    
                    
                    
                    8,272
                    
                    
                    
                    8,272Weighted
      Average Number of Common Shares Outstanding – Diluted
                    
                    
                    8,272
                    
                    
                    
                    8,272
                    
                    
                    
                    8,272
                    
                    
                    
                    8,272ADDITIONAL FINANCIAL
      INFORMATION:Capital
      Expenditures
                    
                    $
                    1,845
                    
                    
                    $
                    2,278
                    
                    
                    $
                    4,591
                    
                    
                    $
                    4,541Depreciation
      and Amortization
                    
                    $
                    2,457
                    
                    
                    $
                    2,638
                    
                    
                    $
                    10,238
                    
                    
                    $
                    10,641
 
  
  CONDENSED
BALANCE SHEET
 
 (In
thousands)
 (Unaudited)
 
 December 31,
                      2008
                    
                    
                    December 31,
                      2007ASSETS:Cash
      and cash equivalents
                    
                    $
                    15,077
                    
                    
                    $
                    26,327Restricted
      cash
                    
                    
                    29,680
                    
                    
                    
                    6,501Accounts
      & notes receivable, net
                    
                    
                    13,789
                    
                    
                    
                    14,162Inventory
                    
                    
                    35,814
                    
                    
                    
                    35,182Other
      current assets
                    
                    
                    3,922
                    
                    
                    
                    13,138Total
      current assets
                    
                    
                    98,282
                    
                    
                    
                    95,310Property,
      plant & equipment (net)
                    
                    
                    56,520
                    
                    
                    
                    61,993Other
      assets (net)
                    
                    
                    17,065
                    
                    
                    
                    15,402Total
      assets
                    
                    $
                    171,867
                    
                    
                    $
                    172,705LIABILITIES
      AND STOCKHOLDERS’ EQUITY:Accounts
      payable, accrued expenses & deferred income taxes
                    
                    $
                    80,924
                    
                    
                    $
                    70,389Revolving
      credit loan – secured debt
                    
                    
                    13,994
                    
                    
                    
                    10,551Liabilities
      subject to compromise - current
                    
                    
                    4,997
                    
                    
                    
                    4,997Total
      current liabilities
                    
                    
                    99,915
                    
                    
                    
                    85,937Liabilities
      subject to compromise
                    
                    
                    161,503
                    
                    
                    
                    133,224Long
      term debt
                    
                    
                    --
                    
                    
                    
                    --Other
      liabilities
                    
                    
                    --
                    
                    
                    
                    --Total
      liabilities
                    
                    
                    261,418
                    
                    
                    
                    219,161Stockholders’
      equity (deficit)
                    
                    
                    (89,551
                    )
                    
                    
                    (46,456
                    )Total
      liabilities & stockholders’ equity
                    
                    $
                    171,867
                    
                    
                    $
                    172,705ADDITIONAL FINANCIAL
      INFORMATION:Working
      Capital
                    
                    $
                    (1,633
                    )
                    
                    $
                    9,373Current
      Ratio
                    
                    
                    1.0
                    
                    
                    
                    1.1