Bandag Inc., Muscatine, Iowa, reported consolidated net sales for fourth quarter 2004 were $232.8 million, an increase of 3% compared to fourth quarter 2003

consolidated net sales of $225.7 million.
Speedco, Bandag's on-highway quick-service truck lubrication subsidiary, which was acquired in the first quarter of 2004, contributed $16.9 million to fourth quarter 2004 net sales.
Consolidated net earnings were $30.8 million, or $1.56 per diluted share, for the fourth quarter of 2004, which compares to fourth quarter 2003 consolidated net earnings of $29.1 million, or $1.50 per diluted share.
Net earnings for the fourth quarter of 2004 includes a gain of approximately $6.0 million ($3.7 million after tax, or $0.19 per diluted share), due to the sale of assets. Net earnings for the fourth quarter of 2004 were also favorably impacted by $6.4 million, or $0.32 per diluted share, for the resolution and reassessment of certain tax matters.
Fourth quarter 2003 net earnings included favorable tax adjustments of $3.0 million, or $0.15 per diluted share, due to the resolution of certain tax matters.
For the full year 2004, Bandag reported consolidated net earnings of $66.9 million, or $3.39 per diluted share, compared to 2003 consolidated net earnings of $60.2 million, or $3.11 per diluted share. Consolidated net sales for 2004 increased 5% to $854.2 million from $816.4 million in 2003. Speedco contributed $55.1 million to net sales in 2004.