Bandag reports slight quarterly earnings fall

MUSCATINE, Iowa (Oct. 26)—Bandag Inc. reported net earnings of $17.9 million for its third quarter ended Sept. 30, down less than 1 percent from the same period of 1999. Quarterly earnings per share increased 5 percent to 86 cents per diluted share on 20.8 million shares outstanding, Bandag said, compared to 82 cents per share on 21.9 million shares outstanding for the third quarter of 1999. "Despite significantly higher raw materials costs and a slight decline in sales revenues, our gross margins were comparable to the third quarter of 1999," Bandag Chairman and CEO Martin G. Carver said in a written earnings report. "This was accomplished primarily as a result of increased efficiency and price increases implemented earlier this year."