Second Quarter Figures From Bandag
Bandag has released its second quarter results. Net income was $11.7 million, a $2.2 m (23 per cent) increase over Q2 2001. The cost of litigation with Michelin (now settled) in Q2 was $5.7 million, bringing the cost for the first six months to $9.7 million. For the first half year, Bandag’s consolidated loss totalled $34.4 million. Looking ahead, CEO Martin Carver said that the company did not foresee an increase in demand for retread products but he welcomed the ending of “the distractions caused by the Michelin litigation”.