SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934


                                 May 14, 2003
               Date of Report (Date of earliest event reported)

                             CONGOLEUM CORPORATION
            (Exact name of registrant as specified in its charter)


                        Commission File Number: 1-13612


                    Delaware                          02-0398678
        (State or other jurisdiction of             (IRS Employer
                 incorporation)                   Identification No.)



                            3500 Quakerbridge Road
                                 P.O. Box 3127
                      Mercerville, New Jersey 08619-0127
                    (Address of principal executive office)
      Registrant's telephone number, including area code: (609) 584-3000


                                Not Applicable
         (Former name or former address, if changed since last report)
<PAGE>


  Item 7: Financial Statements, Pro Forma Financial Information And Exhibits

(c) Exhibits.

        99.1      Press Release dated May 14, 2003


Item 12: Results of Operations and Financial Condition.

On May 14, 2003, the Registrant issued a press release announcing its
financial results for the fiscal quarter ended March 31, 2003. A copy of that
press release is furnished herewith and attached as Exhibit 99.1.

<PAGE>

                                  SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                  CONGOLEUM CORPORATION


Date:  May 16, 2003                               By /s/ Howard N. Feist III
                                                     -------------------------
                                                     Howard N. Feist III
                                                     Chief Financial Officer

<PAGE>


                                 Exhibit Index
                                 -------------

Exhibit                         Description
Number

99.1                       Press Release dated May 14, 2003


<PAGE>

                                                                  EXHIBIT 99.1

For Further Information:

Howard N. Feist
Chief Financial Officer
(609) 584-3586


              CONGOLEUM CORPORATION REPORTS FIRST QUARTER RESULTS

MERCERVILLE, NJ, MAY 14, 2002 - Congoleum Corporation (AMEX: CGM) reported
today its financial results for the first quarter ended March 31, 2003.

Sales for the three months ended March 31, 2003 were $53.6 million, compared
with sales of $57.9 million reported in the first quarter of 2002, a decrease
of 7.4%. The net loss for the quarter was $2.6 million versus a net loss of
$0.6 million (before a required accounting change) in the first quarter of
2002. The net loss per share was $.31 in the first quarter of 2003 compared
with $.08 per share (before accounting change) in the first quarter of 2002.
The Company recorded a non-cash transition charge of $10.5 million or $1.27
per share in the first quarter of 2002 for impairment of goodwill as required
for adoption of Statement of Financial Accounting Standards No. 142.

Roger S. Marcus, Chairman of the Board, commented "Congoleum's first quarter
sales were negatively affected by further declines in the manufactured housing
industry as well as soft remodel demand due to economic weakness and low
consumer confidence. These declines were partly offset by higher sales of
builder products, as the new housing market has remained healthy, as well as
increased sales of DuraStone. The lower sales, combined with increases in
insurance and benefit costs and a less profitable product mix all hurt
profitability despite continued improvements in manufacturing efficiency.
Although improvement in demand for manufactured housing products does not
appear imminent, there are several other reasons why we are optimistic about
the balance of 2003. First, we are firmly committed to managing our expenses
and continuing to improve efficiencies. Second, we have two exciting new
products that will be introduced early in the second half of the year.
Finally, the economic outlook and consumer confidence should improve with the
war in Iraq effectively over. These factors should contribute to improving
results as we move forward."

Mr. Marcus continued, "Our plans to resolve our asbestos related litigation
continue to progress, as evidenced by the signing of an agreement on April
10th, 2003 with attorneys representing a majority of known pending claimants.
We are encouraged by this latest development and remain cautiously optimistic
that we can achieve our goal of completing the confirmation of our
reorganization plan by the end of the year."

<PAGE>

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.

Congoleum is a 55% owned subsidiary of American Biltrite Inc. (AMEX: ABL).

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 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
EXPERIENCE, 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. FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER FROM EXPECTATIONS INCLUDE: (I) THE FUTURE COST AND TIMING OF
ESTIMATED ASBESTOS LIABILITIES AND PAYMENTS AND AVAILABILITY OF INSURANCE
COVERAGE AND REIMBURSEMENT FROM INSURANCE COMPANIES, WHICH UNDERWROTE THE
APPLICABLE INSURANCE POLICIES FOR CONGOLEUM AND ITS CONTROLLING SHAREHOLDER,
AMERICAN BILTRITE INC., FOR ASBESTOS-RELATED CLAIMS AND OTHER COSTS RELATING
TO THE EXECUTION AND IMPLEMENTATION OF ANY PLAN OF REORGANIZATION PURSUED BY
CONGOLEUM, (II) TIMELY NEGOTIATING AND ENTERING INTO SETTLEMENT AGREEMENTS ON
TERMS IT CONSIDERS SATISFACTORY WITH A SUFFICIENT MAJORITY OF ASBESTOS
CLAIMANTS, (III) TIMELY REACHING AGREEMENT WITH OTHER CREDITORS, OR CLASSES OF
CREDITORS, THAT EXIST OR MAY EMERGE, (IV) CONGOLEUM'S AND ITS CONTROLLING
SHAREHOLDER'S, AMERICAN BILTRITE INC.'S, SATISFACTION OF THE CONDITIONS AND
OBLIGATIONS UNDER THEIR RESPECTIVE OUTSTANDING DEBT INSTRUMENTS, AND
AMENDMENTS TO THOSE OUTSTANDING DEBT INSTRUMENTS, AS NECESSARY, TO PERMIT THE
CONTEMPLATED NOTE CONTRIBUTION(S) IN CONNECTION WITH CONGOLEUM'S PLAN OF
REORGANIZATION AND TO MAKE CERTAIN FINANCIAL COVENANTS IN THOSE DEBT
INSTRUMENTS LESS RESTRICTIVE, (V) THE RESPONSE FROM TIME-TO-TIME OF
CONGOLEUM'S AND ITS CONTROLLING SHAREHOLDER'S, AMERICAN


<PAGE>

BILTRITE INC.'S, LENDERS, CUSTOMERS, SUPPLIERS AND OTHER CONSTITUENCIES TO THE
ONGOING PROCESS ARISING FROM CONGOLEUM'S STRATEGY TO SETTLE ITS ASBESTOS
LIABILITY, (VI) TIMELY OBTAINING SUFFICIENT CREDITOR AND COURT APPROVAL OF ANY
REORGANIZATION PLAN PURSUED BY IT, (VII) COMPLIANCE WITH THE UNITED STATES
BANKRUPTCY CODE, INCLUDING SECTION 524(g), (VIII) 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,
(IX) INCREASES IN RAW MATERIAL PRICES, (X) INCREASED COMPETITIVE ACTIVITY FROM
COMPANIES IN THE FLOORING INDUSTRY, SOME OF WHICH HAVE GREATER RESOURCES AND
BROADER DISTRIBUTION CHANNELS THAN CONGOLEUM, (XI) UNFAVORABLE DEVELOPMENTS IN
THE NATIONAL ECONOMY OR IN THE HOUSING INDUSTRY IN GENERAL, (XII) SHIPMENT
DELAYS, DEPLETION OF INVENTORY AND INCREASED PRODUCTION COSTS RESULTING FROM
UNFORESEEN DISRUPTIONS OF OPERATIONS AT ANY OF CONGOLEUM'S FACILITIES OR
DISTRIBUTORS, (XIII) PRODUCT WARRANTY COSTS, AND (XIV) CHANGES IN DISTRIBUTORS
OF CONGOLEUM'S PRODUCTS. IN ANY EVENT, THE FAILURE OF CONGOLEUM TO TIMELY
REACH AGREEMENT WITH PLAINTIFFS REPRESENTING A SUFFICIENT NUMBER OF ASBESTOS
CLAIMANTS WITH ASBESTOS CLAIMS PENDING AGAINST CONGOLEUM, WHICH AGREEMENT
WOULD RESULT IN A GLOBAL SETTLEMENT OF CONGOLEUM'S ASBESTOS LIABILITY, OR THE
FAILURE TO REACH THE PRESENTLY ANTICIPATED SETTLEMENT, COULD HAVE A MATERIAL
ADVERSE EFFECT UPON CONGOLEUM'S BUSINESS, RESULTS OF OPERATIONS OR 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, 2002 AND ITS OTHER FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.


                            # # # # # # # # # # # #
                             (See attached table)

<PAGE>
<TABLE>

                             CONGOLEUM CORPORATION

                             RESULTS OF OPERATIONS

                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<CAPTION>

                                                                         (Unaudited)
                                                                       For the Three
                                                                       Months Ended
                                                                         March 31,
                                                                         ---------
                                                                2003                    2002
                                                                ----                    ----

<S>                                                            <C>                 <C>
Net sales..................................................    $ 53,581            $   57,926
Cost of sales..............................................      40,914                44,065
Selling, general &
     administrative expenses...............................      13,203                13,152

Income (loss) from operations..............................       (536)                   709
Interest expense, net......................................     (2,196)                (2,007)
Other income, net..........................................        144                    352
Loss before income taxes and cumulative effect
     of accounting change..................................     (2,588)                  (946)

Benefit for income taxes...................................         --                   (299)
Net loss before accounting change..........................     (2,588)                  (647)
Cumulative effect of accounting change.....................         --                (10,523)

Net loss...................................................    $(2,588)            $  (11,170)
Net loss per common share before effect of
     accounting change, basic and diluted..................    $  (.31)            $     (.08)

Cumulative effect of accounting change.....................         --                  (1.27)
Net loss per common share, basic and diluted...............  $    (.31)            $    (1.35)

Weighted average number of common
shares outstanding:                                              8,260                  8,260

</TABLE>
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{"company-data": {"conformed-name": "CONGOLEUM CORP", "cik": "0000023341", "assigned-sic": "3089", "irs-number": "020398678", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13612", "film-number": "03707646"}, "business-address": {"street1": "3705 QUAKERBRIDGE RD STE 211", "street2": "PO BOX 3127", "city": "MERCERVILLE", "state": "NJ", "zip": "08619-0127", "phone": "6095843000"}, "mail-address": {"street1": "3705 QUAKERBRIDGE RD STE 211", "street2": "PO BOX 3127", "city": "MERCERVILLE", "state": "NJ", "zip": "08619-0127"}, "former-company": [{"former-conformed-name": "BATH INDUSTRIES INC", "date-changed": "19750528"}, {"former-conformed-name": "BATH IRON WORKS CORP", "date-changed": "19670907"}]}
SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

                                 May 14, 2003
               Date of Report (Date of earliest event reported)

                             CONGOLEUM CORPORATION
            (Exact name of registrant as specified in its charter)

                        Commission File Number: 1-13612

                    Delaware                          02-0398678
        (State or other jurisdiction of             (IRS Employer
                 incorporation)                   Identification No.)

                            3500 Quakerbridge Road
                                 P.O. Box 3127
                      Mercerville, New Jersey 08619-0127
                    (Address of principal executive office)
      Registrant's telephone number, including area code: (609) 584-3000

                                Not Applicable
         (Former name or former address, if changed since last report)
Item 7: Financial Statements, Pro Forma Financial Information And Exhibits

(c) Exhibits.

        99.1      Press Release dated May 14, 2003

Item 12: Results of Operations and Financial Condition.

On May 14, 2003, the Registrant issued a press release announcing its
financial results for the fiscal quarter ended March 31, 2003. A copy of that
press release is furnished herewith and attached as Exhibit 99.1.
SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                  CONGOLEUM CORPORATION

Date:  May 16, 2003                               By /s/ Howard N. Feist III
                                                     -------------------------
                                                     Howard N. Feist III
                                                     Chief Financial Officer
Exhibit Index
                                 -------------

Exhibit                         Description
Number

99.1                       Press Release dated May 14, 2003
EXHIBIT 99.1

For Further Information:

Howard N. Feist
Chief Financial Officer
(609) 584-3586

              CONGOLEUM CORPORATION REPORTS FIRST QUARTER RESULTS

MERCERVILLE, NJ, MAY 14, 2002 - Congoleum Corporation (AMEX: CGM) reported
today its financial results for the first quarter ended March 31, 2003.

Sales for the three months ended March 31, 2003 were $53.6 million, compared
with sales of $57.9 million reported in the first quarter of 2002, a decrease
of 7.4%. The net loss for the quarter was $2.6 million versus a net loss of
$0.6 million (before a required accounting change) in the first quarter of
2002. The net loss per share was $.31 in the first quarter of 2003 compared
with $.08 per share (before accounting change) in the first quarter of 2002.
The Company recorded a non-cash transition charge of $10.5 million or $1.27
per share in the first quarter of 2002 for impairment of goodwill as required
for adoption of Statement of Financial Accounting Standards No. 142.

Roger S. Marcus, Chairman of the Board, commented "Congoleum's first quarter
sales were negatively affected by further declines in the manufactured housing
industry as well as soft remodel demand due to economic weakness and low
consumer confidence. These declines were partly offset by higher sales of
builder products, as the new housing market has remained healthy, as well as
increased sales of DuraStone. The lower sales, combined with increases in
insurance and benefit costs and a less profitable product mix all hurt
profitability despite continued improvements in manufacturing efficiency.
Although improvement in demand for manufactured housing products does not
appear imminent, there are several other reasons why we are optimistic about
the balance of 2003. First, we are firmly committed to managing our expenses
and continuing to improve efficiencies. Second, we have two exciting new
products that will be introduced early in the second half of the year.
Finally, the economic outlook and consumer confidence should improve with the
war in Iraq effectively over. These factors should contribute to improving
results as we move forward."

Mr. Marcus continued, "Our plans to resolve our asbestos related litigation
continue to progress, as evidenced by the signing of an agreement on April
10th, 2003 with attorneys representing a majority of known pending claimants.
We are encouraged by this latest development and remain cautiously optimistic
that we can achieve our goal of completing the confirmation of our
reorganization plan by the end of the year."
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.

Congoleum is a 55% owned subsidiary of American Biltrite Inc. (AMEX: ABL).

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 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
EXPERIENCE, 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. FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER FROM EXPECTATIONS INCLUDE: (I) THE FUTURE COST AND TIMING OF
ESTIMATED ASBESTOS LIABILITIES AND PAYMENTS AND AVAILABILITY OF INSURANCE
COVERAGE AND REIMBURSEMENT FROM INSURANCE COMPANIES, WHICH UNDERWROTE THE
APPLICABLE INSURANCE POLICIES FOR CONGOLEUM AND ITS CONTROLLING SHAREHOLDER,
AMERICAN BILTRITE INC., FOR ASBESTOS-RELATED CLAIMS AND OTHER COSTS RELATING
TO THE EXECUTION AND IMPLEMENTATION OF ANY PLAN OF REORGANIZATION PURSUED BY
CONGOLEUM, (II) TIMELY NEGOTIATING AND ENTERING INTO SETTLEMENT AGREEMENTS ON
TERMS IT CONSIDERS SATISFACTORY WITH A SUFFICIENT MAJORITY OF ASBESTOS
CLAIMANTS, (III) TIMELY REACHING AGREEMENT WITH OTHER CREDITORS, OR CLASSES OF
CREDITORS, THAT EXIST OR MAY EMERGE, (IV) CONGOLEUM'S AND ITS CONTROLLING
SHAREHOLDER'S, AMERICAN BILTRITE INC.'S, SATISFACTION OF THE CONDITIONS AND
OBLIGATIONS UNDER THEIR RESPECTIVE OUTSTANDING DEBT INSTRUMENTS, AND
AMENDMENTS TO THOSE OUTSTANDING DEBT INSTRUMENTS, AS NECESSARY, TO PERMIT THE
CONTEMPLATED NOTE CONTRIBUTION(S) IN CONNECTION WITH CONGOLEUM'S PLAN OF
REORGANIZATION AND TO MAKE CERTAIN FINANCIAL COVENANTS IN THOSE DEBT
INSTRUMENTS LESS RESTRICTIVE, (V) 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, (VI) TIMELY OBTAINING SUFFICIENT CREDITOR AND COURT APPROVAL OF ANY
REORGANIZATION PLAN PURSUED BY IT, (VII) COMPLIANCE WITH THE UNITED STATES
BANKRUPTCY CODE, INCLUDING SECTION 524(g), (VIII) 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,
(IX) INCREASES IN RAW MATERIAL PRICES, (X) INCREASED COMPETITIVE ACTIVITY FROM
COMPANIES IN THE FLOORING INDUSTRY, SOME OF WHICH HAVE GREATER RESOURCES AND
BROADER DISTRIBUTION CHANNELS THAN CONGOLEUM, (XI) UNFAVORABLE DEVELOPMENTS IN
THE NATIONAL ECONOMY OR IN THE HOUSING INDUSTRY IN GENERAL, (XII) SHIPMENT
DELAYS, DEPLETION OF INVENTORY AND INCREASED PRODUCTION COSTS RESULTING FROM
UNFORESEEN DISRUPTIONS OF OPERATIONS AT ANY OF CONGOLEUM'S FACILITIES OR
DISTRIBUTORS, (XIII) PRODUCT WARRANTY COSTS, AND (XIV) CHANGES IN DISTRIBUTORS
OF CONGOLEUM'S PRODUCTS. IN ANY EVENT, THE FAILURE OF CONGOLEUM TO TIMELY
REACH AGREEMENT WITH PLAINTIFFS REPRESENTING A SUFFICIENT NUMBER OF ASBESTOS
CLAIMANTS WITH ASBESTOS CLAIMS PENDING AGAINST CONGOLEUM, WHICH AGREEMENT
WOULD RESULT IN A GLOBAL SETTLEMENT OF CONGOLEUM'S ASBESTOS LIABILITY, OR THE
FAILURE TO REACH THE PRESENTLY ANTICIPATED SETTLEMENT, COULD HAVE A MATERIAL
ADVERSE EFFECT UPON CONGOLEUM'S BUSINESS, RESULTS OF OPERATIONS OR 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, 2002 AND ITS OTHER FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.

                            # # # # # # # # # # # #
                             (See attached table)
CONGOLEUM CORPORATION

                             RESULTS OF OPERATIONS

                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited)
                                                                       For the Three
                                                                       Months Ended
                                                                         March 31,
                                                                         ---------
                                                                2003                    2002
                                                                ----                    ----
Net sales..................................................    $ 53,581            $   57,926
Cost of sales..............................................      40,914                44,065
Selling, general &
     administrative expenses...............................      13,203                13,152

Income (loss) from operations..............................       (536)                   709
Interest expense, net......................................     (2,196)                (2,007)
Other income, net..........................................        144                    352
Loss before income taxes and cumulative effect
     of accounting change..................................     (2,588)                  (946)

Benefit for income taxes...................................         --                   (299)
Net loss before accounting change..........................     (2,588)                  (647)
Cumulative effect of accounting change.....................         --                (10,523)

Net loss...................................................    $(2,588)            $  (11,170)
Net loss per common share before effect of
     accounting change, basic and diluted..................    $  (.31)            $     (.08)

Cumulative effect of accounting change.....................         --                  (1.27)
Net loss per common share, basic and diluted...............  $    (.31)            $    (1.35)

Weighted average number of common
shares outstanding:                                              8,260                  8,260