Bandag has declared a regular quarterly dividend of 32 cents per share on the Common Stock, Class A Common Stock and Class B Common Stock of the Company payable July 18, 2003 to shareholders of record at the close of business on June 18, 2003.
At its Annual General Meeting, Nokian Tyres decided to pay a dividend of 1.11 Euros per share. The AGM also authorised the Board of Directors to increase the share capital by a maximum of four million Euros, if desired. At the Board meeting following the AGM, Mr. Matti Vuoria was elected Chairman of the Nokian Tyres Board.
The Board of Directors of Bandag, Incorporated, (NYSE: BDG and BDGA) declared a regular quarterly dividend of $.32 per share on the Common Stock, Class A Common Stock and Class B Common Stock of the Company payable April 17, 2003 to shareholders of record at the close of business on March 21, 2003.
Cooper Tire & Rubber has reported a 50 per cent rise in net income in the 4th quarter of 2002, compared to the same period in the previous year. Net income was $23 million on a turnover of $842 million (4Q 2001: $16 m/$777 m). For the year, the Tire Group posted a turnover of $1.8 billion ($1.7 bn) with unit sales up 5 per cent and the operating profit rose 88 per cent to $137 million, although the 2001 figure was affected by class action settlement charges totalling $72 million. Excluding these charges, operating profit for the year declined by $8 million or 5 per cent. Sales for the Automotive Division last year rose 7 per cent to $1.6 billion. Thomas A. Dattilo, Cooper chairman, president and CEO, said that the group had achieved its targets for the year and the outlook for 2003 was “challenging”.
The Board of Goodyear Tire & Rubber has agreed to eliminate the company’s quarterly dividend. President and CEO Robert Keegan described the decision as “an important step in a series of actions the company is taking to improve its financial flexibility.”
Bandag Incorporated declared an increase in the regular quarterly dividend from $.315 per share to $.32 per share on the Common Stock, Class A Common Stock and Class B Common Stock of the Company payable January 17, 2003 to shareholders of record at the close of business on December 19, 2002.
Since the ending of hostilities in Angola, the tyre and associated industries have enjoyed something of a sales boom, especially truck tyres as the country’s roads are restored. One tyre dealer in Luanda said that, while the war was going on, he was lucky to sell three truck tyres a day, but since the advent of peace, his tyre sales have grown to 20 units daily.
Directors of The Goodyear Tire & Rubber Company declared a quarterly dividend of 12 cents a share. The dividend is payable December 16, to shareholders of record November 15. The payout represents an annual rate of 48 cents per share.
At Cooper Tire’s AGM chairman, president and chief executive officer Thomas A. Dattilo emphasised the successful implementation of the Company’s strategic plan and post-acquisition restructuring. “Investors are recognising our accomplishments and our future opportunities and the improvement in our share price is beginning to reflect that,” he said. Shareholders reelected Edsel D. Dunford and Dennis J. Gormley to new three-year terms as members of the Board and elected John F. Fiedler to his first three-year term as a director. Following the Annual Meeting, the board of directors declared a quarterly cash dividend of 10.5 cents per share on common stock, payable June 28, 2002, to stockholders of record on June 3, 2002.
Goodyear shareholders have re-elected three directors to the company’s board for three year terms. The three are: Sam Gibara (chairman and CEO), William J. Hudson (retires president and CEO of AMP Inc.) and Martin D. Walker (retired chairman and CEO of M.A.). Goodyear also declared a quarterly dividend of 12 cents per share.
Although Continental AG increased turnover in 2001 to 11.2 bn Euro (+11.1%), high losses of 257.6 million Euro have been announced. The reasons for the bad figures are restructuring costs (especially the closing of tyre factories), plus the business units Continental Tire North America (CTNA) and the Commercial Tyre Business are again in the red. The shareholders will not receive a dividend.
Directors of The Goodyear Tire & Rubber Company have declared a quarterly dividend of 30 cents a share. The dividend is payable September 17, to shareholders of record August 17. The payout represents an annual rate of $1.20 per share.
To nobody’s great surprise, Jacques Nasser has been replaced as Chief Executive of Ford, following losses, a dividend cut and the expensive wrangle over Firestone tyres and the Ford Explorer. William Clay Ford Jr. assumes the role of Chief Executive Officer and Sir Nick Scheele, until recently in charge of Ford’s European operations, has been appointed Chief Operating Officer.
On the day when Ford is expected to announce a cut in dividend, there are press reports that the car manufacturer is contemplating legal action against Bridgestone for compensation of costs associated with the recall of tyres instigated by Ford. It is suggested that Ford has been involved in negotiations on this subject with Bridgestone in Japan, bypassing the company’s US subsidiary.
Goodyear, together with Michelin, has benefited from the Firestone crisis, increasing turnover but not able to improve profits. Last year the company paid a dividend per share of US$ 1.41; in 1998 the figure was $4.43 per share. It is expected that this year’s dividend will be similar to last year’s. Perhaps the turnaround might happen next year.
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