Bandag Reports Fourth Quarter Results
Bandag Inc. has reported consolidated net income of $29.1 million, or $1.50 per diluted share, for fourth quarter 2003, compared to consolidated net income of $17.5 million, or $0.91 per diluted share in the fourth quarter 2002. Net income for both the fourth quarter 2002 and 2003 included favorable tax adjustments of approximately $3 million, or $0.15 per diluted share, resulting primarily from the resolution of certain tax matters.
GAAS Fund Organizers Announce $50,000 GAAS Scholarship Challenge
An anonymous donor has issued a $50,000 fund raising challenge for the Global Automotive Aftermarket Symposium (GAAS) scholarship program, awarded to students planning aftermarket careers. The “$50,000 GAAS Scholarship Challenge” was initiated after the donor committed to donate up to $10,000 to the Global Scholarship fund in 2004 and will match 25 percent of all other donations to the fund up to a matching amount of $10,000. The challenge campaign aims to net the fund a total of $50,000 in donations. Delphi Corp. has made the first challenge donation of $3,000.
SEMA Chairman Named 2004 Meguiar’s Award Recipient
Corky Coker of Coker Tire, chairman of SEMA’s board of directors, was chosen as the 2004 Meguiar’s Award recipient by the Meguiar’s Award Selection Committee. The award recognizes individuals who have significantly impacted the collector-car hobby. Past recipients include: Steve Earle, founder of the Historic Sports Car Racing Association; Robert Petersen, founder of Motor Trend and Hot Rod magazines; and “Tonight Show” host Jay Leno.
Noble International Raises Annual Dividend
The board of directors for automotive parts supplier Noble International has approved an increase in its annual dividend to $0.40 per share of common stock. The higher payout represents an increase of 25 percent from the current annual dividend of $0.32 per common share. The new quarterly payout of $0.10 per common share will be paid on the next quarterly dividend.
Goodyear to Seek Millions in Loans
Goodyear Tire & Rubber Co., on the verge of posting its third straight annual loss, said Tuesday it plans to take on an additional $300 million in loans to fund its turnaround. The Akron, Ohio, company said it is also taking steps to follow through on a promise made last year to the United Steelworkers of America to complete a large bond sale. The sale is designed to improve the company’s strength and protect union jobs.
Family Affairs at Two North American Supplier Giants Could Spell Trouble
The family ownership rampant among mid-sized German suppliers is sometimes seen as a liability compared to North America’s bottom line-obsessed car parts makers. But last week, two of North America’s biggest suppliers — Lear and Magna — looked more like fickle family enterprises than the publicly traded automotive giants they are.
NASTF Updates OE Service Information Matrix
The National Automotive Service Task Force (NASTF) has updated its OE Service Information Matrix. NASTF established the OE Service Information Matrix in 2001 with the assistance of the International Automotive Technicians’ Network (iATN). The matrix provides OE company contacts for obtaining service information, training materials and tools. The update incorporates revisions since the October 2003 update. The matrix is updated quarterly, with the next update scheduled for April 2004.
Hayes Lemmerz Renames European Wheel Group
Hayes Lemmerz International has changed the name of its European Wheel Group to the International Wheel Group. The company said the new name is intended to reflect the increased global awareness and presence of the group. The International Wheel Group has undergone extensive growth in areas outside of Europe, including South Africa, India, Brazil, Thailand, Mexico and Turkey, according to Fred Bentley, president of Hayes Lemmerz’ International Wheel Group.
Car Care Council Spokesperson Lauren Fix to Appear on NBC’s “Today” Show Tomorrow
Car Care Council spokesperson Lauren Fix will be a guest on NBC’s “Today” show tomorrow to discuss preparing viewers cars for extreme winter weather. She will also provide safe driving tips during the winter season.
ArvinMeritor Reports Fiscal Year 2004 First-Quarter Results
ArvinMeritor reported sales of $2.2 billion and net income of $19 million, or $0.28 per diluted share, for its first fiscal quarter, which ended Dec. 31, 2003. This is compared to the prior year’s first-quarter net income of $32 million, or $0.47 per diluted share. Results for the first quarter of 2004 include a net charge of $0.09 per diluted share as a result of the company’s decision to withdraw its tender offer to acquire all of the outstanding shares of Dana Corp. This charge includes $16 million of pre-tax costs, partially offset by a pre-tax gain of $7 million on the sale of Dana stock owned by the company.
Walt Disney Pictures to Draw New Fans with “Cars”
Film legend Paul Newman will lend his voice to a car character in the upcoming animated feature film “Cars.” The film is the latest production from Pixar Animation Studios’ Academy Award-winning director John Lasseter (“Toy Story,” “Toy Story 2,” and “A Bug’s Life”) and is presented by Walt Disney Pictures. In conjunction with this new role, Newman will take the wheel of the Disney/Pixar sponsored racecar on Jan. 31 and Feb. 1 at “The Rolex 24 At Daytona” race in an attempt to break his own record. Newman holds a place in the Guinness Book of World Records as the oldest driver to win a professionally sanctioned race in 1995 at Daytona.
NAPA/ASE Name Parts Specialist of the Year
Mike Mrozinski, a manager at Capital and Auto National Truck Service in Albany, N.Y., was recently named the 2004 NAPA/ASE Parts Specialist of the Year. Now in its fifth year, the NAPA/ASE Parts Specialist of the Year is awarded to a parts professional within the NAPA organization who demonstrates superior parts knowledge and business practices, a commitment to customer service and training, involvement in the community and outstanding service to the automotive parts, repair and maintenance industry. Judges include representatives from ASE, trade press, universities and aftermarket industry associations. Mrozinski was unanimously selected by the judges.