Bandag profits continue to tumble in Q3

Muscatine, Iowa - Third quarter earnings at Bandag, Inc. were half those in the same period last year, despite a six-percent increase in sales. Consolidated net earnings were $9.2 million, or $0.47 per diluted share, for third quarter 2006, compared to third quarter 2005 consolidated net earnings of $18.7 million, or $0.95 per diluted share.

For the first nine months of 2006, sales were up nine percent, at $719.8 million, but consolidated earnings from continuing operations amounted to $25.4 million, down from $37,4 million a year earlier.

The company said the fall in profits was due to the previously-announced closing of its manufacturing plant in Shawinigan, Quebec, the employment reduction programs in North America, as well as an employee reduction program in Bandag's International operations.

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