Bandag Tallies Quarterly, Annual Results
Mar 1, 2001 12:00 PM
Bandag Inc has announced consolidated net earnings of $14.8 million for the quarter ended Dec 31, 2000, compared with fourth-quarter-1999 net earnings of $8.1 million. Fourth-quarter-1999 results included nonrecurring charges - net of tax benefits - of approximately $7.7 million for restructuring costs, principally in the North American operations of Bandag's retread business. Consolidated net sales for fourth-quarter 2000 declined 4% to $252.7 million, compared with $263.2 million in the same quarter of 1999.
For the full year, Bandag reported consolidated 2000 net earnings of $60.3 million on consolidated net sales of $996.1 million. This compares with 1999 net earnings of $52.3 million. Consolidated net sales for 1999 were $1.013 billion.
