Bandag Reports Third Quarter Results - aftermarketNews

Bandag Reports Third Quarter Results

Bandag Reports Third Quarter Results

Bandag Inc. has reported consolidated net earnings of $20.1 million, or $1.02 per diluted share, for the third quarter of 2004, compared to third quarter 2003 consolidated net earnings of $20 million, or $1.03 per diluted share. Consolidated net sales for the third quarter of 2004 were $236.8 million, an increase of 12 percent compared to third quarter 2003 consolidated net sales of $211.4 million. Of the sales increase, $17 million is attributable to Speedco, Bandag's on-highway quick-service truck lubrication subsidiary, which was acquired in the first quarter of 2004.

Bandag reported consolidated net sales of $260.2 million for the third quarter 2006, compared to consolidated net sales of $245.3 million in the third quarter 2005, an increase of 6 percent.

Consolidated net earnings were $9.2 million, or 47 cents per diluted share, compared to third quarter 2005 consolidated net earnings of $18.7 million, or 95 cents per diluted share.

Consolidated net sales for the first nine months of 2006 were $719.8 million, an increase of 9 percent from consolidated net sales of $662.4 million in the first nine months of 2005.

For the first nine months of 2006, Bandag reported consolidated earnings from continuing operations of $25.4 million, or $1.30 per diluted share, compared to consolidated net earnings of $37.4 million, or $1.90 per diluted share, in the same period of 2005.

North American business unit volume decreased 6 percent compared to third quarter 2005, while net sales remained even. Net sales were positively impacted by approximately $1.1 million due to the effect of translating foreign-currency-denominated net sales into U.S. dollars and by a price increase in January 2006, Bandag said.

“Though North American volume in our traditional business was down due to the loss of distribution and ongoing competition from imported new tires, both TDS and Speedco delivered strong revenues and continue to benefit from the relatively strong commercial trucking activity,” said Martin Carver, Bandag’s chairman and chief executive officer. “While it’s too soon to see any benefits from lower crude oil prices on either our raw material or operating costs, Bandag has better aligned its operating costs with market needs.”

“Overall, we’re optimistic as we move into fourth quarter 2006 and prepare for 2007. Today, Bandag is leaner and more able to manage market change quickly and responsively than at any time in recent history. While uncertainties will continue in global economic conditions, we’re confident that, as an organization, Bandag is in tune with dealers and fleet customers. That customer understanding guides us to take the right steps globally to strengthen the long-term prospects for Bandag and its dealers.”

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MUSCATINE, IOWA — Bandag Inc. has reported consolidated net earnings of $20.1 million, or $1.02 per diluted share, for the third quarter of 2004, compared to third quarter 2003 consolidated net earnings of $20 million, or $1.03 per diluted share.

Consolidated net sales for the third quarter of 2004 were $236.8 million, an increase of 12 percent compared to third quarter 2003 consolidated net sales of $211.4 million. Of the sales increase, $17 million is attributable to Speedco, Bandag’s on-highway quick-service truck lubrication subsidiary, which was acquired in the first quarter of 2004.

For the first nine months of 2004, Bandag reported consolidated net earnings of $36 million, or $1.83 per diluted share. This compares to consolidated net earnings of $31.1 million, or $1.61 per diluted share, for the first nine months of 2003. Consolidated net sales for the first nine months of 2004 were $621.4 million, an increase of 5 percent compared to consolidated net sales of $590.7 million for the first nine months of 2003.

Martin Carver, Bandag’s chairman and CEO, said earnings improvement at Tire Distribution Systems, Inc. (TDS), Bandag’s tire distribution subsidiary, and the International business unit, together with Speedco’s strong performance, played a major role in offsetting lower earnings in the North American business unit.

Commenting on the outlook for the remainder of the year, Carver said, “Bandag has made significant progress in the first nine months, and we remain strategically focused on providing an expanding array of integrated services to keep trucks rolling. While we remain optimistic about the strength of the global economy, we are keeping a watchful eye on rising energy prices and their impact on Bandag’s business worldwide.”

For more information about Bandag, go to: www.bandag.com.

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