Firms post mixed results.(News)

Tire Business, August, 2003

AKRON-The first half of 2003 brought mixed financial results for tire and auto service industry firms as weak markets, pricing pressure, higher raw material costs and a host of other factors impacted bottom lines.

Bandag

A weak truck tire replacement market and charges relating to sale of some Tire Distribution Systems Inc. (TDS) locations helped push Bandag Inc.'s second quarter consolidated net income down 26 percent.

The Muscatine, Iowa-based retread systems supplier reported net income of $8.69 million in the quarter vs. $11.7 million in last year's period. Sales fell 11.7 percent to $204.1 million from $231.1 million last year.

Bandag said net income was adversely affected by net foreign exchange losses, charges related to the...

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