Heafner earnings grow in 2nd qtr. CHARLOTTE, N.C.—J. H. Heafner Co. posted strong financial results for the second quarter ended June 30.
Pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 26.9 percent from 1998's second quarter to $11.8 million. Pro forma net sales rose 5.5 percent to $266.5 million for the same period.
For the six-month period, pro forma EBITDA climbed 24 percent from 1998 to $19.1 million. Pro forma sales also increased 7.7 percent to $505.8 million.
Although the sales increases were driven primarily by recent acquisitions, sales in the company's divisions "were significantly higher than the overall industry growth rate," said President and CEO Donald Roof.
The company expects its sales to exceed $1 billion in 1999 and outperform the industry growth rate, Mr. Roof said.
Michelin to form special task force
GREENVILLE, S.C.—Michelin North America plans to create a task force to recommend ways to recruit and hire qualified ethnic minorities and women for general and technical positions in its U.S. plants.
The task force, announced in conjunction with Michelin's plans to build a new plant in Anderson County, S.C., and expand other plants in the state, is the tire maker's way of reasserting its commitment to hiring minorities and women, a spokesman said.
The company is in the early stages of looking for task force members from minority organizations and colleges it already consults for employee recruitment, the spokesman said.
GreenMan earns its first profit
LYNNFIELD, Mass.—Scrap tire recycler GreenMan Technologies Inc. has posted its first profitable quarter in company history for the third quarter ended June 30.
For the quarter, GreenMan reported net income of $75,183 compared with a loss of $1.78 million for 1998's third quarter.
GreenMan also reported a 47-percent increase in net sales for the quarter to $4.05 million.
The tire recycler attributed its profit to processing 5 million tires in the third quarter of 1999, compared with 3.2 million tires in the comparable 1998 period, said President and CEO Robert Davis.
For the first nine months of 1999, the company reduced its net loss to $2.37 million, from the $5.23 million it lost in the 1998 period.
Net sales for the nine months rose 65 percent to $12.2 million compared with net sales of $7.43 million.
Additionally, GreenMan divested its unprofitable DuraWear subsidiary on June 21, which will make the fourth quarter the first period in which the firm will be operating as a 100-percent tire recycler, Mr. Davis said.
ITE early bird fees deadline nears
RESTON, Va.—The Tire Association of North America's ``early bird'' registration rate of $10 for the International Tire Expo will expire on Sept. 20.
As of Sept. 21, the rate will jump to $40 for attendees registering for TANA's Nov. 2-5 trade show in Las Vegas.
Registrants can receive show registration and hotel reservation forms by calling the association's fax-on-demand service at (888) 889-7391, and requesting document 199. Attendees also can register via the Internet at: www. tana.net.
BFS to lay off ag plant workers
DES MOINES, Iowa—Firestone Agricultural Tire Co. is looking for 234 volunteers from its workforce in Des Moines to take a temporary layoff from Sept. 1 through Dec. 1.
The division of Bridge-stone/Firestone Inc. is cutting back production at Des Moines in response to decreased demand for farm equipment. The Des Moines plant had been shut down from Aug. 16 to 22 to reduce inventories, but resumed work on Aug. 23, a BFS spokeswoman said.
BFS is looking to its senior plant employees to volunteer first for the 90-day layoff, the spokeswoman said. Most laid-off workers can get 80 percent of their pay through state unemployment and supplemental pay from the tire maker.
The Des Moines facility employs 1,465 hourly workers and makes tires for farm equipment manufacturers, such as Deere & Co., and for the replacement market.
The plant also produces forestry, medium truck/bus, off-highway and some passenger spare tires, with a capacity of 12,100 units per day.