Bandag records 15.3% rise in earnings

MUSCATINE, Iowa (Feb. 1)—Bandag Inc. posted a 15.3-percent rise in fiscal 2000 net income, but Chairman Martin Carver warned shareholders achieving the same level of profits in 2001 will be difficult because of rising operating costs and a troubled market. Bandag´s 2000 net income of $60.3 million was achieved on sales of $996.1 million, a 1.6-percent drop from 1999. Sales in Bandag´s traditional core business—tread rubber—was down 5 percent globally and 8 percent in North America, the company said. Offsetting this decline was a 2.3-percent rise in sales by the firm´s TDS commercial tire and retreading subsidiary, to $402.1 million.