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Bandag increases quarterly dividend

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The board of directors of Bandag Inc. declared an increase in the regular quarterly dividend from 32 cents per share to 32.5 cents per share on its common stock, Class A common stock and Class B common stock.

The dividend is payable January 16, 2004, to shareholders of record at the close of business on December 19, 2003.

Bandag's common stock was selling for $40.35 a share on the New York Stock Exchange on Nov. 11, compared to a 52-week high of $42.18 and low of $28.45. Bandag's Class A common stock was selling for $37.30 a share, vs. a 52-week high of $38.19 and low of $25.60.

Bandag's Class B common stock is unlisted.

Bandag recently reported consolidated net income of $20 million on consolidated net sales of $211.4 million for the third quarter 2003. That compared to income of $19.6 million on sales of $245.9 million for the same period last year.

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