MUSCATINE, Iowa (Feb. 2, 2001) — Bandag Inc. credited its "prudent use of resources and strong strategic alliance with dealers" last year for a 15.3-percent rise in fiscal 2000 net income. But Chairman Martin Carver warned shareholders achieving the same level of profits in 2001 will be difficult due to rising operating costs and a difficult market.
Bandag´s 2000 net income of $60.3 million was achieved on sales of $996.1 million, a 1.6-percent drop from 1999. Bandag´s traditional core business — tread rubber — was down 5 percent globally and 8 percent in North America, the company said. Offsetting this decline was a 2.3-percent rise in sales by the firm´s TDS commercial tire and retreading subsidiary, to $402.1 million.