financials Archives - Page 126 of 134 - Tyrepress

Posts

Goodyear Delay Results

Goodyear Tire and Rubber Company, has surprised the financial community by delaying the release of its first quarter results. The results were due for release yesterday but, along with the planned investor conference, they have been rescheduled. The company is confident that it will release its financial details well before the 30 June deadline required by its creditors. In light of last year’s late release, Goodyear will also want to avoid any speculation about the reason for the delay.

17th June 2004/by Tyrepress Editors

Goodyear Finances Under Scrutiny.

Despite its dire financial situation Goodyear Tyre and Rubber Co. has paid its chief executive $1.5 million US, in salary and bonuses last year.

16th June 2004/by Tyrepress Editors

Bandag faces negligence claim

International 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.

2nd June 2004/by Tyrepress Editors

Lenders Extend 10-Q Filing Requirement

The Goodyear Tire & Rubber Company announced today that the lenders under its principal United States and European credit facilities have amended the terms of the facilities to extend until June 30 its deadline for filing its Form 10-Q for the first quarter of 2004 with the Securities and Exchange Commission. Accordingly, the delay in filing its first quarter financials will not prevent Goodyear from accessing the credit facilities or obtaining letters of credit.

28th May 2004/by Tyrepress Editors

Goodyear Names Kramer CFO, Tieken to Retire

Richard J. Kramer, senior vice president, strategic planning & restructuring for The Goodyear Tire & Rubber Company, has been named executive vice president and chief financial officer effective June 1. Kramer (40) replaces Robert W. Tieken, who will retire on May 31. Tieken (65) has been Goodyear’s CFO since May 1994.

27th May 2004/by Tyrepress Editors

BERU increases revenues by more than 16%

In the 2003/04 financial year (ending March 31, 2004), BERU Aktiengesellschaft (Ludwigsburg) increased its sales revenues by 16.4% from €304.5 million to €354.5 million.

27th May 2004/by Tyrepress Editors

SmarTire: $15 Million Standby Equity Distribution Agreement

SmarTire Systems Inc. (OTCBB: SMTR) announced that the Company has signed a $15 Million Standby Equity Distribution Agreement with Cornell Capital Partners LP. This financial instrument replaces the $15 Equity Line of Credit arranged by HPC Capital Management in 2003. SmarTire also announces that it has arranged a second $750,000 unsecured, promissory note with Cornell Capital.

26th May 2004/by Tyrepress Editors

Analysts Upgrade Nokian

Analysts MorganStanley have upgraded Nokian shares from “Underweight-V” to “Equal Weight-V”. This follows good first quarter financial figures and the company’s reorganised strategy to pursue growth in the Russian tyre market, which involves investing 52 million Euro in building a new factory near St. Petersburg.

11th May 2004/by Tyrepress Editors

TIC Plans Radio Adverts

In the UK, the Tyre Industry Council plans a series of radio advertisements to support the growing number of regional tyre safety campaigns. The 30-second safety messages are the result of a commitment by members of the British Rubber Manufacturers Association to contribute financially towards the radio campaigns, which will go on air in the north-east and north-west of England, Scotland and Northern Ireland. The major TIC Associates in these areas have agreed to match the financial contribution. The first adverts can be heard this month in support of the north-east Tyre Safety Campaign.

9th May 2004/by Tyrepress Editors

Bandag and Yellow Roadway end outsourcing relationship

Bandag 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.

5th May 2004/by Tyrepress Editors

Record Sales For TBC

The TBC Corporation has turned in a strong financial performance for the first quarter of the year. Net sales were up by 69 per cent to $433.8 million (1Q 2003: $256.5 m) while net income rose by more than nine per cent to $6 million ($5.5 m). In volume terms, tyre sales rose by 32 per cent. Both wholesale and retail divisions performed well and TBC expects annual earnings to be better than originally forecast.

30th April 2004/by Tyrepress Editors

F1 Cars Too Quick For Their Own Good?

A report in the Financial Times suggests that, if Formula One cars continue to develop as they are, within three years they may be too fast for many F1 circuits. As an example, Michael Schumacher’s qualifying time for the Malaysian GP was four seconds faster than last year’s pole position time. The tyre rivalry between Bridgestone and Michelin is responsible for an improvement of over a second per lap, says the article, and it warns that, if development continues, steps may have to be taken to reduce the cars’ performances.

23rd April 2004/by Tyrepress Editors

DaimlerChrysler – No More Investment In Mitsubishi

DaimlerChrysler (DCX) has ruled out giving any further financial support to Mitsubishi (MMC), in which the German company has a 37 per cent stake. This surprised analysts, who had been expecting DCX to invest up to 4 billion Euro, but is seen as a positive move with a beneficial effect on DCX cash flow.

23rd April 2004/by Tyrepress Editors

Losses continue at Federal-Mogul

American auto supplier, Federal-Mogul, continued to make a loss during the first three months of 2004 but sales figures reveal a turnaround in trading. The company´s first quarter report show increased operating sales of $186 million resulted in net losses of $20 million – down $17 million on the same period in 2003. Federal-Mogul, which continues to undergo financial restructuring after filing for bankruptcy under Chapter 11 in 2001, has attributed the improvements to higher sales of original equipment in both Europe and North America, lower interest payments and favourable exchange rates. Management have also stated that trading figures will not be adversely affected despite a substantial loss of equipment and stock following a fire at the company´s distribution centre in Tennessee. Federal-Mogul currently has one wheel plant, based in Poland, where it produces tyres for a number of German wheel manufacturers.

21st April 2004/by Tyrepress Editors

Goodyear Dunlop to purchase Swedish retail chain

Goodyear Dunlop Tires Europe has strengthened its position in Scandinavia with an agreement to buy the outstanding shares of one of Sweden’s major retail tyre groups, Däckia. The company expects to complete the purchase of the chain by the end of June. Goodyear Dunlop currently owns 50 per cent of the shares with the remaining being primarily owned by Procuritas (26%) and Däckia management (24%). Financial terms of the deal were not disclosed. Däckia has more than 60 company owned stores, as well as 31 contract partners in cities throughout Sweden, with annual sales revenue of approximately $65 million. Däckia is widely regarded as one of the most successful tyre retailers in the Nordic Region.

19th April 2004/by Tyrepress Editors