Bandag net profits plummet on higher sales for 2006

Muscatine, Iowa – Retread specialist Bandag Inc. reported net profits down by 60 percent for the twelve months to December 2006. Sales were up by six percent, to $973.6 million, compared with $914.6 million in 2005. Net earnings, however, came in at $19.95 million for 2006, compared with $49.48 million in 2005. Part of this reduction was due the previously announced deferred loss of $16.6 million on the sale of its business in South Africa

In December 2006, Bandag announced that Bridgestone…

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