Bandag increases quarterly dividend
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.