BANDAG, INCORPORATED AND SUBSIDIARIES
Exhibit 99.1
(In thousands except
per share data)
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Three Months Ended
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Unaudited Condensed Consolidated
Statements of Earnings 3/31/00 3/31/99
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Net sales $ 224,289 $ 224,138
Interest income 1,579 1,524
Other income 2,289 1,173
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228,157 226,835
Cost of products sold 136,841 135,198
Engineering, selling,
administrative and other expenses 71,613 72,061
Interest expense 2,289 2,564
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210,743 209,823
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Earnings before income taxes 17,414 17,012
Income taxes 7,401 6,975
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Net earnings $ 10,013 $ 10,037
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Net earnings per share - Basic $ 0.48 $ 0.46
Net earnings per share - Diluted $ 0.48 $ 0.46
Cash dividends per share $ 0.295 $ 0.285
Depreciation included in expense $ 9,892 $ 9,648
Amortization included in expense $ 2,510 $ 2,422
Average shares outstanding - Basic 20,734 21,903
Average shares outstanding - Diluted 20,781 21,990
(In thousands)
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Three Months Ended
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Unaudited Condensed Consolidated
Statements of Cash Flows 3/31/00 3/31/99
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Operating Activities
Net earnings $ 10,013 $ 10,037
Provision for depreciation and amortization 12,402 12,070
Increase in operating assets and liabilities - net 12,239 18,511
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Net cash provided by operating activities 34,654 40,618
Investing Activities
Additions to property, plant and equipment (5,859) (9,908)
Purchases of investments (3,740) (3,057)
Maturities of investments 2,331 6,104
Payments for acquisitions of businesses (1,613) (1,698)
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Net cash used in investing activities (8,881) (8,559)
Financing Activities
Principal payments on short-term notes
payable and other long-term liabilities (222) (5,840)
Cash dividends (6,127) (6,245)
Purchases of Common Stock and Class A Common Stock (50) (1,196)
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Net cash used in financing activities (6,399) (13,281)
Effect of exchange rate changes on cash
and cash equivalents (434) (2,924)
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Increase in cash and cash equivalents 18,940 15,854
Cash and cash equivalents at beginning of year 50,633 37,912
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Cash and cash equivalents at end of period $ 69,573 $ 53,766
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BANDAG, INCORPORATED AND SUBSIDIARIES
(In thousands)
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Mar. 31, Dec. 31,
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Unaudited Condensed Consolidated
Balance Sheets 2000 1999
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ASSETS:
Cash and cash equivalents $ 69,573 $ 50,633
Investments 10,870 9,461
Accounts receivable - net 171,232 199,710
Inventories:
Finished products 105,500 94,278
Materials & work-in-process 16,070 16,244
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121,570 110,522
Other current assets 58,278 57,792
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Total current assets 431,523 428,118
Property, plant, and equipment 506,698 502,787
Less accumulated depreciation (311,285) (304,802)
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195,413 197,985
Other assets, net 93,576 96,318
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Total assets $ 720,512 $ 722,421
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LIABILITIES & STOCKHOLDERS' EQUITY:
Accounts payable $ 26,703 $ 33,472
Income taxes payable 22,871 18,998
Accrued employee compensation and benefits 22,645 25,530
Accrued marketing expenses 25,713 27,190
Other accrued expenses 47,130 45,823
Short-term notes payable and current
portion of other obligations 2,587 3,040
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Total current liabilities 147,649 154,053
Long-term debt and other obligations 111,278 111,151
Deferred income tax liabilities 3,380 3,142
Stockholders' equity:
Common Stock; $1 par value; authorized -
21,500,000 shares;
Issued and outstanding -
9,088,956 shares in 2000; 9,088,403 in 1999 9,089 9,088
Class A Common Stock; $1 par value; authorized -
50,000,000 shares;
Issued and outstanding -
9,637,554 shares in 2000; 9,637,187 in 1999 9,638 9,637
Class B Common Stock; $1 par value; authorized -
8,500,000 shares;
Issued and outstanding -
2,045,075 shares in 2000; 2,045,251 in 1999 2,045 2,045
Additional paid-in capital 7,524 7,476
Retained earnings 460,086 456,247
Equity adjustment from foreign
currency translation (30,177) (30,418)
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Total equity 458,205 454,075
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Total liabilities & stockholders' equity $ 720,512 $ 722,421
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