MUSCATINE, Iowa (Oct. 17)—Bandag Inc. reported flat profits despite a 14-percent decline in sales for the third quarter. The company said North America business unit volume fell 4 percent below a year early, but the firm is cautiously optimistic it will see sales improvement in the months ahead. The company had net income of $20 million for the three months, compared with $19.6 million in the 2002 period, on sales of $211.4 million. For the nine months Bandag's net profits fell 4.3 percent to $32.5 million on an 11.8-percent falloff in sales to $590.7 million.
Bandag earnings flat on 14% drop in sales
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