BANDAG, INCORPORATED AND SUBSIDIARIES
(In thousands except per share data)
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Three Months Ended Twelve Months Ended
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Unaudited Condensed Consolidated Statements of Earnings 12/31/00 12/31/99 12/31/00 12/31/99
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Net sales $ 252,749 $ 263,167 $ 996,059 $ 1,012,665
Interest income 3,152 1,535 7,520 6,098
Other income 2,869 5,265 9,847 9,115
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258,770 269,967 1,013,426 1,027,878
Cost of products sold 161,560 161,278 621,355 619,926
Engineering, selling, administrative and other expenses 73,475 77,512 283,964 292,635
Non-recurring charges - 13,500 - 13,500
Interest expense 2,256 2,489 8,732 9,727
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237,291 254,779 914,051 935,788
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Earnings before income taxes 21,479 15,188 99,375 92,090
Income taxes 6,715 7,077 39,042 39,760
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Net earnings $ 14,764 $ 8,111 $ 60,333 $ 52,330
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Net earnings per share - Basic $ 0.72 $ 0.38 $ 2.92 $ 2.41
Net earnings per share - Diluted $ 0.71 $ 0.38 $ 2.90 $ 2.40
Cash dividends per share $ 0.305 $ 0.295 $ 1.190 $ 1.150
Depreciation included in expense $ 10,596 $ 14,027 $ 40,473 $ 43,850
Amortization included in expense $ 2,572 $ 2,516 $ 9,992 $ 9,914
Average shares outstanding - Basic 20,605 21,302 20,693 21,707
Average shares outstanding - Diluted 20,751 21,342 20,778 21,764
(In thousands)
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Twelve Months Ended
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Unaudited Condensed Consolidated Statements of Cash Flows l2/31/00 12/31/99
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Operating Activities
Net earnings $ 60,333 $ 52,330
Provision for depreciation and amortization 50,465 53,764
Increase (decrease) in operating assets and liabilities - net (11,523) 6,325
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Net cash provided by operating activities 99,275 112,419
Investing Activities
Additions to property, plant and equipment (26,267) (41,903)
Proceeds from the dispositions of property, plant, and equipment 3,481 3,503
Purchases of investments (10,795) (11,784)
Maturities of investments 11,829 12,044
Payments for acquisitions of businesses (5,929) (6,899)
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Net cash used in investing activities (27,681) (45,039)
Financing Activities
Proceeds from short-term notes payable - 538
Principal payments on short-term notes payable and other long-term liabilities (991) (2,717)
Cash dividends (24,494) (25,001)
Purchases of Common Stock and Class A Common Stock (7,327) (25,082)
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Net cash used in financing activities (32,812) (52,262)
Effect of exchange rate changes on cash and cash equivalents (3,407) (2,397)
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Increase in cash and cash equivalents 35,375 12,721
Cash and cash equivalents at beginning of year 50,633 37,912
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Cash and cash equivalents at end of year $ 86,008 $ 50,633
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BANDAG, INCORPORATED AND SUBSIDIARIES
(In thousands)
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Dec. 31, Dec. 31,
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Unaudited Condensed Consolidated Balance Sheets 2000 1999
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ASSETS:
Cash and cash equivalents $ 86,008 $ 50,633
Investments 7,377 9,461
Accounts receivable - net 177,103 199,710
Inventories:
Finished products 84,156 94,278
Materials & work-in-process 17,484 16,244
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101,640 110,522
Other current assets 55,051 57,792
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Total current assets 427,179 428,118
Property, plant, and equipment 502,807 502,787
Less accumulated depreciation (325,651) (304,802)
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177,156 197,985
Other assets, net 110,214 96,318
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Total assets $ 714,549 $ 722,421
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LIABILITIES & STOCKHOLDERS' EQUITY:
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Accounts payable $ 18,294 $ 33,472
Income taxes payable 13,037 18,998
Accrued employee compensation and benefits 26,555 25,530
Accrued marketing expenses 29,630 27,190
Other accrued expenses 36,729 45,823
Short-term notes payable and current portion of other obligations 8,490 3,040
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Total current liabilities 132,735 154,053
Long-term debt and other obligations 105,163 111,151
Deferred income tax liabilities 2,494 3,142
Stockholders' equity:
Common Stock; $1 par value; authorized - 21,500,000 shares;
Issued and outstanding - 9,057,561 shares in 2000; 9,088,403 in 1999 9,058 9,088
Class A Common Stock; $1 par value; authorized - 50,000,000 shares;
Issued and outstanding - 9,465,445 shares in 2000; 9,637,187 in 1999 9,465 9,637
Class B Common Stock; $1 par value; authorized - 8,500,000 shares;
Issued and outstanding - 2,038,745 shares in 2000; 2,045,251 in 1999 2,039 2,045
Additional paid-in capital 8,256 7,476
Retained earnings 484,987 456,247
Equity adjustment from foreign currency translation (39,648) (30,418)
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Total equity 474,157 454,075
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Total liabilities & stockholders' equity $ 714,549 $ 722,421
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