Bandag sales rise, profits fall in 12 months to Dec 2005

Muscatine, Iowa - For full year 2005, Bandag reported consolidated net sales of $914.6 million compared to consolidated net sales in 2004 of $864.3 million. Consolidated net earnings for 2005 were $49.5 million, compared to 2004 consolidated net earnings of $66.9 million a year earlier.

Sales in traditional retread products increased in the 12-month period in all Bandag's main markets, while operating profits fell in each of the markets. In particular, Bandag Europe returned a $262 000 operating loss, compared to a $2.79 million operating profit a year earlier.

In announcing fourth quarter 2005 results, Martin Carver, Bandag's chairman of the board and chief executive officer, said, "Bandag's tread volume was even for the year compared to 2004. Multiple price increases in the North American, European and International business units could not keep pace with unprecedented volatility in raw materials costs, which exerted pressure on margins."

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Press release from Bandag

Website of Bandag