Bandag announces fiscal results for 2002

Bandag Inc has announced consolidated net income of $17.5 million for the fourth quarter of 2002. This is an increase of $0.1 million from fourth-quarter 2001 reported net income of $17.4 million. Consolidated net sales for fourth-quarter 2002 declined 6% to $231.0 million from net sales of $246.3 million in fourth-quarter 2001.

For the full year, Bandag reported consolidated net income of $2.8 million, compared with net income of $43.8 million in the prior year. Consolidated net sales for 2002 fell 5% to $900.5 million from $949.3 million in the prior-year period.