CHARLOTTE, N.C.-Brad Ragan Inc. reported lower earnings in the second quarter despite a slight uptick in net sales. Net income for the period ended June 30 slid 8.3 percent to $2.36 million from $2.57 million. The results were affected by $323,000 in income tax expenses compared to no income tax expense for the same period of 1993.
Sales rose less than 1 percent to $61.8 million.
Higher sales of new tires and service boosted commercial sales 4.5 percent during the period, the company said. This was offset by a 5.3 percent downturn in retail revenues, which were impacted by lower sales of powered equipment, major appliances and electronics.
For the half, Brad Ragan's income soared 145 percent to $2.4 million as sales grew 1.8 percent to $111.4 million.
Smithers updating Mexico tire study
AKRON-Smithers Scientific Services Inc. is expanding and updating its market research study of Mexico's tire and rubber industry.
A trade surge in the tire, rubber and automotive industries since passage of the North American Free Trade Agreement prompted the update, the company said.
It noted that U.S. tire shipments to Canada and Mexico grew by 2.5 million units in 1993, while exports to other nations declined by 600,000 compared with 1992.
The report will forecast usage for 1995 to 2000 for a variety of finished goods, including tires.
PATC rewards charity efforts
NEW HAVEN, Conn.-Pirelli Armstrong Tire Corp. recently presented cash prizes totalling $3,000 to three Mercedes Benz Club of America (MBCA) Sections for their charitable efforts.
The tire maker also has made a similar donation to three Porsche Club of America regions.
The PATC Public Service Award program recognizes car clubs for charity fund raising and community service.
The winning car club sections were recognized for fund raising and charity efforts that benefitted inner city youth, children with serious illnesses and disabilities as well as a drive to save an historical hall.
Two firms get ISO 9000 status
NASHVILLE, Tenn.-Bridgestone/Firestone Inc.'s Warren County, Tenn., radial truck and bus tire plant has become the first U.S. tire facility to be registered for the international ISO 9000 series of standards.
Meanwhile, Topflight Corp., a supplier of pressure sensitive tire labels, has achieved ISO 9001 certification, the most comprehensive of the three IS0 9000 systems, the company said.
ISO 9000 certification confirms a company has in place a quality system recognized internationally.
Bridgestone/Firestone Inc.'s Warren, Tenn., tire plant has received a Preferred Supplier Award from Paccar Inc., parent of Peterbilt Motors Co. and Kenworth Truck Co., recognizing it for outstanding quality, delivery and customer service.
General Tire has been recognized by Nissan Motor Corp. U.S.A. as a 1993 First Team supplier for assistance the tire maker has provided the auto company.