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Bandag subsidiary posts mixed results

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Tire Distribution Systems Inc. (TDS), a wholly owned subsidiary of Bandag Inc., posted third-quarter net sales of $114.9 million, up 2.1% vs. third-quarter 2000 results.

For the nine-month period ended Sept. 30, TDS recorded net sales of $302 million, down 1.2% compared to the same period last year.

However, the subsidiary's operating profit has suffered greatly in 2001. For the third quarter, TDS posted a 70% decrease in operating profit to $785,000; for the year, TDS is down more than 400%, with an operating loss of $5 million.

"TDS' sales increased in comparison to the prior year period," said Martin Carver, Bandag's chairman and CEO. "However, competitive conditions continued to adversely affect margins, which limited profitability."

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