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Bridgestone, BSAH subsidiary record increases in net income, sales

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Bridgestone Corp. reported net income of $267 million on consolidated net sales of $9.28 billion for the six-month period ending June 30, 2003.

That compares favorably to the first half of 2002: Net sales were up 1.7%, while net income increased 30.6%. Ordinary income of $550 million was an increase of 18.3%.

The company's Bridgestone Americas Holding Inc. (BSAH) subsidiary posted net income of $11 million, compared to a $14 million loss the first half of 2002. Sales were up approximately $180 million.

BSAH also reported a decline in operating income, from $54 million for the first half of last year to $31 million this year. Increased raw material and fuel costs, and higher pension and health-care plan-related expenses were cited as reasons for the decline.

Overall unit sales of passenger and light truck tires at BSAH declined slightly, a direct result of decreases in sales of original equipment and associate brand tires. Sales of both Bridgestone and Firestone brand replacement passenger and light truck tires were up compared to the same period last year.

For the full year, BSAH has forecasted net sales of $8.05 billion, operating profit of $130 million and net income of $60 million.

"With increased productivity and a continued focus on expense control we are confident that we can achieve our forecasted full year profit," says Mike Gorey, BSAH controller and vice president.

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