Bandag announces fourth quarter results
Bandag Inc.'s year 2000 fourth quarter earnings totaled $14.8 million, a $6.7 million increase from the same period during the previous year.
However, Bandag's fourth quarter consolidated net sales dropped to $252.7 million from $263.2 million in 1999.
Bandag Chairman and CEO Marty Carver blamed sales decreases on declining demand for new and retreaded medium and heavy commercial truck tires, plus "a glut of new tires caused by an influx of imported tires."
The Muscatine, Iowa-based company "fared well" last year due to "continued prudent use of resources and strong strategic alliances with dealers worldwide." But tight market conditions and rising raw material and energy costs "will make it difficult for us to achieve comparable results in 2001."