For
Quarter Ended June 30, 2008
|
Commission
File Number 1-4773
|
Delaware
|
04-1701350
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
incorporation
or organization)
|
Class
|
Outstanding
at August 8, 2008
|
|
Common
Stock
|
3,441,551
shares
|
PART
I.
|
FINANCIAL
INFORMATION
|
||
Item
1.
|
Financial
Statements:
|
||
Consolidating
Condensed Balance Sheets – Assets as of June 30, 2008 (Unaudited) and
December 31, 2007
|
1
|
||
Consolidating
Condensed Balance Sheets – Liabilities and Stockholders’ Equity as of June
30, 2008 (Unaudited) and December 31, 2007
|
2
|
||
Consolidating
Condensed Statements of Operations (Unaudited) For the Three Months Ended
June 30, 2008 and 2007
|
3
|
||
Consolidating
Condensed Statements of Operations (Unaudited) For the Six Months Ended
June 30, 2008 and 2007
|
4
|
||
Consolidating
Condensed Statements of Cash Flows – Operating Activities (Unaudited) For
the Six Months Ended June 30, 2008 and 2007
|
5
|
||
Consolidating
Condensed Statements of Cash Flows – Investing &
Financing Activities (Unaudited) For the Six Months Ended June
30, 2008 and 2007
|
6
|
||
Notes
to Unaudited Consolidating Condensed Financial Statements
|
7
|
||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
28
|
|
Item
4T.
|
Controls
and Procedures
|
41
|
|
PART
II.
|
OTHER
INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
41
|
|
Item
1A.
|
Risk
Factors
|
42
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
50
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
50
|
|
Item
5.
|
Other
Information
|
52
|
|
Item
6.
|
Exhibits
|
53
|
|
Signature
|
55
|
ABI
Consolidated
|
Eliminations
|
Congoleum
|
American
Biltrite
|
|||||||||||||||||||||||||||||
June
30,
2008
|
December 31,
2007
|
June
30,
2008
|
December 31,
2007
|
June
30,
2008
|
December 31,
2007
|
June
30,
2008
|
December 31,
2007
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||
Current
Assets:
|
||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 29,049 | $ | 30,185 | $ | 26,474 | $ | 26,327 | $ | 2,575 | $ | 3,858 | ||||||||||||||||||||
Restricted
cash
|
29,373 | 6,501 | 29,373 | 6,501 | ||||||||||||||||||||||||||||
Accounts
receivable, net
|
43,968 | 41,345 | $ | (433 | ) | $ | (316 | ) | 17,120 | 14,162 | 27,281 | 27,499 | ||||||||||||||||||||
Inventories
|
83,552 | 78,401 | (123 | ) | (125 | ) | 40,979 | 35,182 | 42,696 | 43,344 | ||||||||||||||||||||||
Deferred
income taxes
|
961 | 961 | 961 | 961 | ||||||||||||||||||||||||||||
Prepaid
expense & other current assets
|
6,228 | 20,001 | 3,301 | 13,138 | 2,927 | 6,863 | ||||||||||||||||||||||||||
Total
current assets
|
193,131 | 177,394 | (556 | ) | (441 | ) | 117,247 | 95,310 | 76,440 | 82,525 | ||||||||||||||||||||||
Property,
plant & equipment, net
|
93,709 | 99,153 | 58,391 | 61,993 | 35,318 | 37,160 | ||||||||||||||||||||||||||
Other
assets:
|
||||||||||||||||||||||||||||||||
Insurance
for asbestos-related liabilities
|
11,140 | 11,140 | 11,140 | 11,140 | ||||||||||||||||||||||||||||
Goodwill,
net
|
11,605 | 11,605 | 11,605 | 11,605 | ||||||||||||||||||||||||||||
Other
assets
|
18,809 | 19,014 | (117 | ) | (126 | ) | 11,741 | 11,909 | 7,185 | 7,231 | ||||||||||||||||||||||
41,554 | 41,759 | (117 | ) | (126 | ) | 11,741 | 11,909 | 29,930 | 29,976 | |||||||||||||||||||||||
Total
assets
|
$ | 328,394 | $ | 318,306 | $ | (673 | ) | $ | (567 | ) | $ | 187,379 | $ | 169,212 | $ | 141,688 | $ | 149,661 |
ABI
Consolidated
|
Eliminations
|
Congoleum
|
American
Biltrite
|
|||||||||||||||||||||||||||||
June
30,
2008
|
December 31,
2007
|
June
30,
2008
|
December 31,
2007
|
June
30,
2008
|
December 31,
2007
|
June
30,
2008
|
December 31,
2007
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||||||||||
Accounts
payable
|
$ | 18,211 | $ | 22,570 | $ | (433 | ) | $ | (316 | ) | $ | 8,687 | $ | 10,715 | $ | 9,957 | $ | 12,171 | ||||||||||||||
Accrued
expenses
|
34,106 | 37,035 | 17,400 | 20,742 | 16,706 | 16,293 | ||||||||||||||||||||||||||
Asbestos-related
liabilities
|
45,647 | 31,207 | 45,647 | 31,207 | ||||||||||||||||||||||||||||
Deferred
income taxes
|
7,725 | 7,725 | 7,725 | 7,725 | ||||||||||||||||||||||||||||
Notes
payable
|
32,336 | 30,309 | 17,436 | 10,551 | 14,900 | 19,758 | ||||||||||||||||||||||||||
Current
portion of long-term debt
|
2,207 | 2,376 | 2,207 | 2,376 | ||||||||||||||||||||||||||||
Liabilities
subject to compromise
|
4,997 | 4,997 | 4,997 | 4,997 | ||||||||||||||||||||||||||||
Total
current liabilities
|
145,229 | 136,219 | (433 | ) | (316 | ) | 101,892 | 85,937 | 43,770 | 50,598 | ||||||||||||||||||||||
Long-term
debt, less current portion
|
6,235 | 6,725 | 6,235 | 6,725 | ||||||||||||||||||||||||||||
Asbestos-related
liabilities
|
12,840 | 12,600 | 12,840 | 12,600 | ||||||||||||||||||||||||||||
Other
liabilities
|
12,685 | 12,195 | 12,685 | 12,195 | ||||||||||||||||||||||||||||
Noncontrolling
interests
|
895 | 1,093 | 895 | 1,093 | ||||||||||||||||||||||||||||
Liabilities
subject to compromise
|
129,926 | 129,605 | (117 | ) | (126 | ) | 130,043 | 129,731 | ||||||||||||||||||||||||
Total
liabilities
|
307,810 | 298,437 | (550 | ) | (442 | ) | 231,935 | 215,668 | 76,425 | 83,211 | ||||||||||||||||||||||
Stockholders’
equity
|
||||||||||||||||||||||||||||||||
Common
stock
|
46 | 46 | (93 | ) | (93 | ) | 93 | 93 | 46 | 46 | ||||||||||||||||||||||
Additional
paid-in capital
|
19,651 | 19,607 | (49,377 | ) | (49,368 | ) | 49,377 | 49,368 | 19,651 | 19,607 | ||||||||||||||||||||||
Retained
earnings
|
31,746 | 30,835 | 35,423 | 35,413 | (63,526 | ) | (65,417 | ) | 59,849 | 60,839 | ||||||||||||||||||||||
Accumulated
other comprehensive loss
|
(15,727 | ) | (15,487 | ) | 6,111 | 6,110 | (22,687 | ) | (22,687 | ) | 849 | 1,090 | ||||||||||||||||||||
Less
treasury shares
|
(15,132 | ) | (15,132 | ) | 7,813 | 7,813 | (7,813 | ) | (7,813 | ) | (15,132 | ) | (15,132 | ) | ||||||||||||||||||
Total
stockholders’ equity
|
20,584 | 19,869 | (123 | ) | (125 | ) | (44,556 | ) | (46,456 | ) | 65,263 | 66,450 | ||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 328,394 | $ | 318,306 | $ | (673 | ) | $ | (567 | ) | $ | 187,379 | $ | 169,212 | $ | 141,688 | $ | 149,661 |
ABI
Consolidated
|
Eliminations
|
Congoleum
|
American
Biltrite
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Net
sales
|
$ | 101,239 | $ | 115,558 | $ | - | $ | - | $ | 47,166 | $ | 57,541 | $ | 54,073 | $ | 58,017 | ||||||||||||||||
Cost
of products sold
|
77,677 | 86,058 | (400 | ) | (371 | ) | 37,277 | 43,797 | 40,800 | 42,632 | ||||||||||||||||||||||
Selling,
general & administrative expenses
|
23,576 | 24,975 | 9,238 | 9,963 | 14,338 | 15,012 | ||||||||||||||||||||||||||
(Loss)
income from operations
|
(14 | ) | 4,525 | 400 | 371 | 651 | 3,781 | (1,065 | ) | 373 | ||||||||||||||||||||||
Other
income (expense)
|
||||||||||||||||||||||||||||||||
Interest
income
|
212 | 180 | 64 | 130 | 148 | 50 | ||||||||||||||||||||||||||
Interest
expense
|
(611 | ) | (3,687 | ) | - | (3,077 | ) | (611 | ) | (610 | ) | |||||||||||||||||||||
Other
(expense) income
|
(146 | ) | 196 | (407 | ) | (368 | ) | (350 | ) | 8 | 611 | 556 | ||||||||||||||||||||
(545 | ) | (3,311 | ) | (407 | ) | (368 | ) | (286 | ) | (2,939 | ) | 148 | (4 | ) | ||||||||||||||||||
(Loss)
income before taxes and other items
|
(559 | ) | 1,214 | (7 | ) | 3 | 365 | 842 | (917 | ) | 369 | |||||||||||||||||||||
Provision
for income taxes
|
563 | 63 | 153 | 7 | 410 | 56 | ||||||||||||||||||||||||||
Noncontrolling
interests
|
27 | (20 | ) | 27 | (20 | ) | ||||||||||||||||||||||||||
(Loss)
income from continuing operations
|
(1,095 | ) | 1,131 | (7 | ) | 3 | 212 | 835 | (1,300 | ) | 293 | |||||||||||||||||||||
Discontinued
operation
|
1,025 | - | 1,025 | - | ||||||||||||||||||||||||||||
Net
(loss) income
|
$ | (70 | ) | $ | 1,131 | $ | (7 | ) | $ | 3 | $ | 212 | $ | 835 | $ | (275 | ) | $ | 293 |
Basic
|
Diluted
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(Loss)
income per common share from continuing operations
|
$ | (0.32 | ) | $ | 0.33 | $ | (0.32 | ) | $ | 0.33 | ||||||
Discontinued
operation
|
0.30 | - | 0.30 | - | ||||||||||||
Net
(loss) income per common share
|
$ | (0.02 | ) | $ | 0.33 | $ | (0.02 | ) | $ | 0.33 | ||||||
|
||||||||||||||||
Weighted
average number of common and equivalent shares outstanding
|
3,441,551 | 3,441,551 | 3,441,551 | 3,442,346 |
ABI
Consolidated
|
Eliminations
|
Congoleum
|
American
Biltrite
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Net
sales
|
$ | 196,996 | $ | 215,589 | $ | - | $ | - | $ | 94,863 | $ | 106,856 | $ | 102,133 | $ | 108,733 | ||||||||||||||||
Cost
of products sold
|
150,270 | 160,253 | (700 | ) | (554 | ) | 74,101 | 81,113 | 76,869 | 79,694 | ||||||||||||||||||||||
Selling,
general & administrative expenses
|
45,965 | 48,229 | 18,370 | 19,414 | 27,595 | 28,815 | ||||||||||||||||||||||||||
Income
(loss) from operations
|
761 | 7,107 | 700 | 554 | 2,392 | 6,329 | (2,331 | ) | 224 | |||||||||||||||||||||||
Other
income (expense)
|
||||||||||||||||||||||||||||||||
Interest
income
|
1,363 | 336 | 1,192 | 254 | 171 | 82 | ||||||||||||||||||||||||||
Interest
expense
|
(1,319 | ) | (7,235 | ) | (197 | ) | (6,058 | ) | (1,122 | ) | (1,177 | ) | ||||||||||||||||||||
Other
income (expense)
|
87 | 148 | (699 | ) | (549 | ) | (414 | ) | (34 | ) | 1,200 | 731 | ||||||||||||||||||||
131 | (6,751 | ) | (699 | ) | (549 | ) | 581 | (5,838 | ) | 249 | (364 | ) | ||||||||||||||||||||
Income
(loss) before taxes and other items
|
892 | 356 | 1 | 5 | 2,973 | 491 | (2,082 | ) | (140 | ) | ||||||||||||||||||||||
Provision
for (benefit from) income taxes
|
1,082 | (59 | ) | 1,082 | 7 | - | (66 | ) | ||||||||||||||||||||||||
Noncontrolling
interests
|
67 | (25 | ) | 67 | (25 | ) | ||||||||||||||||||||||||||
(Loss)
income from continuing operations
|
(123 | ) | 390 | 1 | 5 | 1,891 | 484 | (2,015 | ) | (99 | ) | |||||||||||||||||||||
Discontinued
operation
|
1,025 | - | 1,025 | - | ||||||||||||||||||||||||||||
Net
income (loss)
|
$ | 902 | $ | 390 | $ | 1 | $ | 5 | $ | 1,891 | $ | 484 | $ | (990 | ) | $ | (99 | ) |
Basic
|
Diluted
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(Loss)
income per common share from continuing operations
|
$ | (0.04 | ) | $ | 0.11 | $ | (0.04 | ) | $ | 0.11 | ||||||
Discontinued
operation
|
0.30 | - | 0.30 | - | ||||||||||||
Net
income per common share
|
$ | 0.26 | $ | 0.11 | $ | 0.26 | $ | 0.11 | ||||||||
Weighted
average number of common and equivalent shares outstanding
|
3,441,551 | 3,441,551 | 3,441,551 | 3,442,326 |
ABI
Consolidated
|
Eliminations
|
Congoleum
|
American
Biltrite
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Operating
activities
|
||||||||||||||||||||||||||||||||
Net
income (loss)
|
$ | 902 | $ | 390 | $ | 1 | $ | 5 | $ | 1,891 | $ | 484 | $ | (990 | ) | $ | (99 | ) | ||||||||||||||
Net
income from discontinued operation
|
(1,025 | ) | - | (1,025 | ) | - | ||||||||||||||||||||||||||
Income
(loss) from continuing operations
|
(123 | ) | 390 | 1 | 5 | 1,891 | 484 | (2,015 | ) | (99 | ) | |||||||||||||||||||||
Adjustments
to reconcile net income (loss) to net cash (used) provided by operating
activities:
|
||||||||||||||||||||||||||||||||
Depreciation
and amortization
|
7,915 | 8,130 | 5,299 | 5,393 | 2,616 | 2,737 | ||||||||||||||||||||||||||
Stock
compensation expense
|
53 | 10 | 9 | 10 | 44 | - | ||||||||||||||||||||||||||
Change
in operating assets and liabilities:
|
||||||||||||||||||||||||||||||||
Accounts
and notes receivable
|
(2,335 | ) | (5,091 | ) | 108 | 402 | (2,958 | ) | (504 | ) | 515 | (4,989 | ) | |||||||||||||||||||
Inventories
|
(5,039 | ) | (1,387 | ) | (1 | ) | (5 | ) | (5,797 | ) | (1,329 | ) | 759 | (53 | ) | |||||||||||||||||
Prepaid
expenses and other assets
|
593 | 2,770 | 669 | 2,805 | (76 | ) | (35 | ) | ||||||||||||||||||||||||
Proceeds
from legal fees disgorgement
|
9,168 | - | 9,168 | - | ||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
(7,330 | ) | 8,027 | (108 | ) | (402 | ) | (6,456 | ) | 7,683 | (766 | ) | 746 | |||||||||||||||||||
Asbestos-related
expenses
|
(8,472 | ) | (7,783 | ) | (8,472 | ) | (7,783 | ) | ||||||||||||||||||||||||
Noncontrolling
interests
|
(198 | ) | (51 | ) | (198 | ) | (51 | ) | ||||||||||||||||||||||||
Other
|
1,690 | (1,460 | ) | 1,373 | (1,041 | ) | 317 | (419 | ) | |||||||||||||||||||||||
Net
cash (used) provided by operating activities of continuing
operations
|
$ | (4,078 | ) | $ | 3,555 | $ | - | $ | - | $ | (5,274 | ) | $ | 5,718 | $ | 1,196 | $ | (2,163 | ) |
ABI
Consolidated
|
Eliminations
|
Congoleum
|
American
Biltrite
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Investing
activities
|
||||||||||||||||||||||||||||||||
Investments
in property, plant and equipment
|
$ | (2,274 | ) | $ | (2,034 | ) | $ | - | $ | - | $ | (1,504 | ) | $ | (1,073 | ) | $ | (770 | ) | $ | (961 | ) | ||||||||||
Net
cash used by investing activities of continuing operations
|
(2,274 | ) | (2,034 | ) | - | - | (1,504 | ) | (1,073 | ) | (770 | ) | (961 | ) | ||||||||||||||||||
Financing
activities
|
||||||||||||||||||||||||||||||||
Net
short-term borrowings (repayments)
|
2,173 | 4,488 | 6,885 | 800 | (4,712 | ) | 3,688 | |||||||||||||||||||||||||
Payments
on long-term debt
|
(662 | ) | (663 | ) | (662 | ) | (663 | ) | ||||||||||||||||||||||||
Collection
on Janus note receivable
|
4,034 | - | 4,034 | - | ||||||||||||||||||||||||||||
Net
change in restricted cash
|
40 | (41 | ) | 40 | (41 | ) | ||||||||||||||||||||||||||
Net
cash provided (used) by financing activities of continuing
operations
|
5,585 | 3,784 | - | - | 6,925 | 759 | (1,340 | ) | 3,025 | |||||||||||||||||||||||
Effect
of foreign exchange rate changes on cash
|
(369 | ) | (602 | ) | (369 | ) | (602 | ) | ||||||||||||||||||||||||
Net
(decrease) increase in cash
|
(1,136 | ) | 4,703 | - | - | 147 | 5,404 | (1,283 | ) | (701 | ) | |||||||||||||||||||||
Cash
and cash equivalents at beginning of period
|
30,185 | 21,180 | 26,327 | 18,591 | 3,858 | 2,589 | ||||||||||||||||||||||||||
Cash
and cash equivalents at end of period
|
$ | 29,049 | $ | 25,883 | $ | - | $ | - | $ | 26,474 | $ | 23,995 | $ | 2,575 | $ | 1,888 |
June
30,
2008
|
December 31,
2007
|
|||||||
Finished
goods
|
$ | 59,667 | $ | 55,478 | ||||
Work-in-process
|
12,749 | 10,327 | ||||||
Raw
materials and supplies
|
11,136 | 12,596 | ||||||
$ | 83,552 | $ | 78,401 |
June
30,
2008
|
December 31,
2007
|
|||||||
Accrued
advertising and sales promotions
|
$ | 14,644 | $ | 20,906 | ||||
Employee
compensation and related benefits
|
9,401 | 7,581 | ||||||
Interest
|
460 | 7 | ||||||
Environmental
matters
|
849 | 849 | ||||||
Royalties
|
721 | 828 | ||||||
Income
taxes
|
1,827 | 477 | ||||||
Other
|
6,204 | 6,387 | ||||||
$ | 34,106 | $ | 37,035 |
|
§
|
Level
1 – Quoted prices in active markets for identical assets or
liabilities.
|
|
§
|
Level
2 – Quoted prices for similar assets and liabilities in active markets;
quoted prices for identical or similar assets or liabilities in markets
that are not active; inputs other than quoted prices that are observable
for the asset or liability; inputs that are derived principally from or
corroborated by observable market data by correlation or other
means.
|
|
§
|
Level
3 – Unobservable inputs that are supported by little or no market activity
and that are significant to the fair value of the assets or
liabilities.
|
June
30,
2008
|
December 31,
2007
|
|||||||
Pension
benefits
|
$ | 3,055 | $ | 2,817 | ||||
Environmental
remediation and product related liabilities
|
5,576 | 5,336 | ||||||
Deferred
income taxes
|
1,528 | 1,337 | ||||||
Other
|
2,526 | 2,705 | ||||||
$ | 12,685 | $ | 12,195 |
June
30,
2008
|
December 31,
2007
|
|||||||
Current
liability
|
||||||||
Pre-petition
other payables and accrued interest
|
$ | 4,997 | $ | 4,997 | ||||
Non-current
|
||||||||
Debt
(at face value)
|
100,000 | 100,000 | ||||||
Pension
liability
|
11,209 | 10,772 | ||||||
Other
post-retirement benefit obligation
|
9,572 | 9,337 | ||||||
Pre-petition
other liabilities
|
9,262 | 9,622 | ||||||
130,043 | 129,731 | |||||||
Elimination
– Payable to American Biltrite
|
(117 | ) | (126 | ) | ||||
Total
non-current liability
|
129,926 | 129,605 | ||||||
Total
liabilities subject to compromise
|
$ | 134,923 | $ | 134,602 |
Three
Months Ended June 30,
|
||||||||||||||||
2008
|
2007
|
|||||||||||||||
Pension
|
Other
Benefits |
Pension
|
Other
Benefits |
|||||||||||||
Service
cost
|
$ | 642 | $ | 56 | $ | 611 | $ | 53 | ||||||||
Interest
cost
|
1,652 | 144 | 1,606 | 142 | ||||||||||||
Expected
return on plan assets
|
(1,719 | ) | - | (1,614 | ) | - | ||||||||||
Recognized
net actuarial loss
|
384 | 15 | 337 | 18 | ||||||||||||
Amortization
of prior service cost
|
31 | - | 28 | 3 | ||||||||||||
|
||||||||||||||||
Net
periodic benefit cost
|
$ | 990 | $ | 215 | $ | 968 | $ | 216 |
Six
Months Ended June 30,
|
||||||||||||||||
2008
|
2007
|
|||||||||||||||
Pension
|
Other
Benefits
|
Pension
|
Other
Benefits
|
|||||||||||||
Service
cost
|
$ | 1,284 | $ | 112 | $ | 1,214 | $ | 106 | ||||||||
Interest
cost
|
3,304 | 288 | 3,201 | 284 | ||||||||||||
Expected
return on plan assets
|
(3,438 | ) | - | (3,211 | ) | - | ||||||||||
Recognized
net actuarial loss
|
768 | 30 | 675 | 36 | ||||||||||||
Amortization
of prior service cost
|
62 | - | 54 | 6 | ||||||||||||
Net
periodic benefit cost
|
$ | 1,980 | $ | 430 | $ | 1,933 | $ | 432 |
2008
|
2007
|
||||||
Pension
|
Other
Benefits
|
Pension
|
Other
Benefits
|
||||
Discount
rate
|
5.50%
- 6.00%
|
6.00%
|
5.20%
- 6.00%
|
6.00%
|
|||
Expected
long-term return on plan assets
|
7.00%
- 7.50%
|
—
|
7.00%
- 7.50%
|
—
|
|||
Rate
of compensation increase
|
4.00%
- 5.00%
|
—
|
4.00%
- 5.00%
|
—
|
Six
Months
Ended
June
30,
2008
|
Year
Ended
December 31,
2007
|
|||||||
Beginning
claims
|
1,360 | 1,332 | ||||||
New
claims
|
261 | 523 | ||||||
Settlements
|
(8 | ) | (20 | ) | ||||
Dismissals
|
(274 | ) | (475 | ) | ||||
Ending
claims
|
1,339 | 1,360 |