Bandag sees fourth-quarter earnings rise

Bandag Inc announced consolidated net earnings of $17.4 million for the quarter ended Dec 31, 2001, compared with fourth-quarter 2000 net earnings of $14.8 million. Fourth-quarter 2001 results included net non-recurring pretax charges of $3.4 million (on an after-tax basis, $2.0 million) primarily for closure of a manufacturing facility in Chino CA, realignment of the company's North American sales force, and a provision for certain post-retirement health care costs for terminated employees, partially offset by the reduction of other accrued expenses.

Consolidated net sales for fourth-quarter 2001 declined 1.4% to $249.2 million, compared with $252.7 million in the same quarter of 2000.

For all of 2001, Bandag reported consolidated net earnings of $43.8 million on consolidated net sales of $964.9 million. This compares with 2000 net earnings of $60.3 million. Consolidated net sales for 2000 were $996.1 million.