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<TABLE>
Exhibit 99.1
BANDAG, INCORPORATED AND SUBSIDIARIES
<CAPTION>
(In thousands except per share data)
------------------------------ ------------------------------
Three Months Ended Six Months Ended
------------------------------ ------------------------------
Unaudited Condensed Consolidated Statements of Earnings 6/30/00 6/30/99 6/30/00 6/30/99
<S> <C> <C> <C> <C>
Net sales $ 249,116 $ 252,120 $ 473,405 $ 476,258
Interest income 1,393 1,745 2,972 3,269
Other income 2,336 988 4,625 2,161
------- ------- ------- -------
252,845 254,853 481,002 481,688
Cost of products sold 154,151 153,328 290,992 288,526
Engineering, selling, administrative and other expenses 66,784 70,994 138,397 143,055
Interest expense 2,050 2,435 4,339 4,999
------- ------- ------- -------
222,985 226,757 433,728 436,580
------- ------- ------- -------
Earnings before income taxes 29,860 28,096 47,274 45,108
Income taxes 12,218 11,970 19,619 18,945
------- ------- ------- -------
Net earnings $ 17,642 $ 16,126 $ 27,655 $ 26,163
======= ======= ======= =======
Net earnings per share - Basic $ 0.85 $ 0.74 $ 1.33 $ 1.20
Net earnings per share - Diluted $ 0.85 $ 0.73 $ 1.33 $ 1.19
Cash dividends per share $ 0.295 $ 0.285 $ 0.590 $ 0.570
Depreciation included in expense $ 9,325 $ 10,498 $ 19,217 $ 20,146
Amortization included in expense $ 2,618 $ 2,483 $ 5,128 $ 4,905
Average shares outstanding - Basic 20,735 21,873 20,734 21,890
Average shares outstanding - Diluted 20,796 21,941 20,787 21,964
<PAGE>
Exhibit 99.1
<CAPTION>
(In thousands)
---------------------------------
Six Months Ended
---------------------------------
Unaudited Condensed Consolidated Statements of Cash Flows 6/30/00 6/30/99
<S> <C> <C>
Operating Activities
Net earnings $ 27,655 $ 26,163
Provision for depreciation and amortization 24,345 25,051
Increase (decrease) in operating assets and liabilities - net (9,002) 13,992
-------- -------
Net cash provided by operating activities 42,998 65,206
Investing Activities
Additions to property, plant and equipment (11,328) (18,153)
Purchases of investments (7,835) (6,459)
Maturities of investments 4,346 7,238
Payments for acquisitions of businesses (4,607) (1,698)
-------- -------
Net cash used in investing activities (19,424) (19,072)
Financing Activities
Proceeds from issuance of long-term debt - 59
Principal payments on short-term notes payable and other long-term liabilities (503) (6,225)
Cash dividends (12,255) (12,475)
Purchases of Common Stock and Class A Common Stock (60) (1,196)
-------- -------
Net cash used in financing activities (12,818) (19,837)
Effect of exchange rate changes on cash and cash equivalents (1,024) (2,854)
-------- -------
Increase in cash and cash equivalents 9,732 23,443
Cash and cash equivalents at beginning of year 50,633 37,912
-------- -------
Cash and cash equivalents at end of period $ 60,365 $ 61,355
======== =======
<PAGE>
Exhibit 99.1
BANDAG, INCORPORATED AND SUBSIDIARIES
<CAPTION>
(In thousands)
-----------------------------------
June 30, Dec. 31,
-----------------------------------
Unaudited Condensed Consolidated Balance Sheets 2000 1999
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 60,365 $ 50,633
Investments 12,950 9,461
Accounts receivable - net 181,268 199,710
Inventories:
Finished products 105,454 94,278
Materials & work-in-process 16,490 16,244
-------- --------
121,944 110,522
Other current assets 56,040 57,792
-------- --------
Total current assets 432,567 428,118
Property, plant, and equipment 508,787 502,787
Less accumulated depreciation (318,177) (304,802)
-------- --------
190,610 197,985
Other assets, net 98,289 96,318
-------- --------
Total assets $ 721,466 $ 722,421
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY:
Accounts payable $ 24,967 $ 33,472
Income taxes payable 22,106 18,998
Accrued employee compensation and benefits 22,169 25,530
Accrued marketing expenses 24,882 27,190
Other accrued expenses 43,777 45,823
Short-term notes payable and current portion of other obligations 2,550 3,040
-------- --------
Total current liabilities 140,451 154,053
Long-term debt and other obligations 111,072 111,151
Deferred income tax liabilities 3,290 3,142
Stockholders' equity:
Common Stock; $1 par value; authorized - 21,500,000 shares;
Issued and outstanding - 9,091,426 shares in 2000; 9,088,403 in 1999 9,091 9,088
Class A Common Stock; $1 par value; authorized - 50,000,000 shares;
Issued and outstanding - 9,637,324 shares in 2000; 9,637,187 in 1999 9,637 9,637
Class B Common Stock; $1 par value; authorized - 8,500,000 shares;
Issued and outstanding - 2,042,375 shares in 2000; 2,045,251 in 1999 2,042 2,045
Additional paid-in capital 7,524 7,476
Retained earnings 471,591 456,247
Equity adjustment from foreign currency translation (33,232) (30,418)
-------- --------
Total equity 466,653 454,075
-------- --------
Total liabilities & stockholders' equity $ 721,466 $ 722,421
======== ========
</TABLE>
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