Bandag to Supply Volvo Fleets
Bandag has announced that Volvo has selected it as its pan-European tyre-retreading partner. Under the new agreement, Bandag will supply retreads to Volvo Trucks workshops.
Bandag
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Balancing the Bias Against Retreads
Product NewsBandag has released a new wide-single trailer tyre range. The BTE2 is based on a polyvalent tread that the company claims surpasses the performance of its predecessor, the Bandag BZAW(E).
Bandag Reports 12 per cent Sales Rise
Product NewsBanday has announced an increase in third quarter revenues of 12 per cent. The company says that higher international sales, favourable exchange rates and revenue generated from the acquisition of Speedco were behind the increase.
Bandag Celebrate 30 Years in Slovenia
Product NewsRetreading specialist Bandag has now held a contract with its Slovenian Franchisee Alpetour Bandag for 30 years. The company’s CEO Martin Carver and leading European managers came together to mark the event by saying thank you to all the staff and customers that have supported the business for the last three decades. Alpetour Bandag is the leading retreader in the small state Slovenia, which recently joined the EU, and sells 22,000 retreaded truck tyres per year.
Bandag Declares Quarterly Dividend
Product NewsThe Board of Directors of Bandag, Incorporated, declared a regular quarterly dividend of $.325 per share on the Common Stock, Class A Common Stock and Class B Common Stock of the company payable October 18, 2004 to shareholders of record at the close of business on September 17, 2004.
Bandag Records $12 Million Net Earnings
Product NewsBandag has announced that its second quarter earnings rose 37 per cent, largely due to the profits of its recently acquired lubrication service. The company announced earnings of $11.9 million (£6.4 million), compared with $8.7 million this time last year. Sales were also up, rising to $211 million, a $7 million increase on last year’s figures.
Ruedatec Joins Bandag Dealership
Product NewsRuedatec has officially joined the European network of Bandag dealers. Its new retreading shop and administrative building have now been formally inaugurated in the presence of Bandag’s Peter De Cabooter, sales director for Europe, Middle East and Africa (EMEA) and Danny Van Essche, EMEA marketing director.
Bandag faces negligence claim
Product NewsInternational truck tyre retreading business Bandag is today facing a compensation claim for commercial negligence. The legal action comes from its former franchise partner Newman Tyre Services in response to a breach of an implied contract of good faith and fair dealing between the two companies.
Bandag and Yellow Roadway end outsourcing relationship
Product NewsBandag announced that Yellow Roadway Corporation elected on April 30, 2004 not to renew the existing Bandag outsourcing agreement for Roadway Express tire and wheel services in place since 1999. Under the existing agreement Yellow Roadway is obligated, by August 1, 2004, to repurchase all tires and wheels owned by Bandag and used on the Roadway Express fleet. Bandag estimates the value of the tires and wheels to be approximately $37.0 million. The definitive purchase price is subject to an inventory and valuation pursuant to the terms of the existing agreement.
Bandag´s profits improve
Product NewsAmerican re-treading company, Bandag, has posted an increase in net profit to $4 million for the first quarter of 2004 despite a fall in sales compared with the same period last year. Net sales for January to March 2004 totalled $173.5 million compared with $175.3 million (net profit $2.4 million) for the first three months of 2003. Bandag´s European division witnessed an increase in net sales of $2.2 million to $21.2 million (due mainly to favourable exchange rates) while sales volumes in Europe fell by two per cent.
Bandag Declares Quarterly Dividend
Product NewsThe Board of Directors of Bandag, Incorporated, has declared a regular quarterly dividend of 0.325 US dollars per share on the Common Stock, Class A Common Stock and Class B Common Stock of the Company payable April 19, 2004 to shareholders of record at the close of business on March 19, 2004.
Bandag Acquired Majority Interest In Speedco
Product NewsBandag, Incorporated acquired an 87.5% majority interest in Speedco, Inc. from its founders and Shell Oil Products US. Bandag, a world leader in truck retread tires and tire management services, will operate Speedco as an independent business unit. Speedco, headquartered in Cayuga, IN, provides quickservice truck lubrication nationwide through 26 company-owned and six licensed on-highway locations.
Bandag net sales for 2003 decreased nine percent
Product NewsFor the full year 2003, Bandag reported consolidated net income of $60.2 million, or $3.11 per diluted share, compared to 2002 net income of $2.8 million, or $0.14 per diluted share, which included the write-off of goodwill, primarily of TDS (Tire Distribution Systems, Inc), of $47.3 million net of income tax. Consolidated net sales for 2003 decreased nine percent to $816.4 million from $900.5 million in 2002.
Bandag Increase In Quarterly Dividend
Product NewsThe Board of Directors of Bandag, Incorporated, (NYSE: BDG and BDGA) today declared an increase in the regular quarterly dividend from $.32 per share to $.325 per share on the Common Stock, Class A Common Stock and Class B Common Stock of the Company payable January 16, 2004 to shareholders of record at the close of business on December 19, 2003.
Bandag 3Q figures – sales down, profits up
Product NewsBandag turned over $211.4 million in the third quarter, 14 per cent down on the 3Q 2002 figure of $245.9 million. This was largely due to lower sales at distribution subsidiary company Tire Distribution Systems. Consolidated net income, however, was up slightly at $20 million ( $19.6 m 3Q 202). Bandag’s Chairman and CEO Martin Carver said he was “cautiously optimistic” that the US economy was improving and that this would be reflected in sales.
