MUSCATINE, Iowa-Bandag Inc.'s financial results, announced July 25, took a hit due to what it called a ``difficult operating environment.''
The Muscatine-based company reported second-quarter earnings of $9.5 million-off 46.1 percent-while first-half net earnings of $11.8 million tumbled 57.2 percent from those of 2000. Consolidated net sales of $244.8 for the quarter and $454 million for the half were off 1.8 percent and 4.1 percent respectively.
Chairman and CEO Martin Carver said although tread volume was down overall, improvement was seen in most geographic areas, particularly North America. He said the company expects current economic conditions to remain challenging for the remainder of the year.