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Bandag’s Fourth-Quarter Income Dips
Tire retreader Bandag Inc. reported fourth-quarter net income of $10.9 million or 56 cents a share, compared with $12 million or 62 cents a year earlier.
The company’s net sales rose 1% to $253.7 million for the quarter, Bandag said Thursday.For the year, Bandag earned $20 million or $1.02 a share, down from $49.5 million or $2.52 in 2005. The 2006 earnings included a $16.6 million loss on discontinued operations.Full-year net sales rose 6% to $973.6 million.“The combined effects of the buildup of new trucking equipment capacity, ongoing uncertainty in energy and raw material prices and continued slow freight volumes, particularly early in the fourth quarter, suppressed unit and sales volume in Bandag’s traditional retread business,” Chief Executive Officer Martin Carver said in a statement.