Bandag declares 1Q dividend on common stock
For the second consecutive quarter, Bandag Inc.'s board of directors declared a quarterly dividend of 34 cents per share on its common stock and Class A common stock.
The dividend is payable April 20, 2007, to shareholders of record at the close of business on March 27, 2007.
Bandag posted net earnings of $10.9 million on consolidated net sales of $253.7 million for the fourth quarter ended Dec. 31, 2006. That compares to earnings of $12 million on sales of $252.3 million for the same period the previous year.
On Dec. 5, 2006, Bandag announced that it had entered into a definitive merger agreement with Bridgestone Americas Holding Inc. The proposed merger remains subject to shareholder approval and other regulatory approvals, as well as the satisfaction of customary closing conditions.
The transaction is expected to be completed in the second quarter of 2007.