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BANDAG REPORTS SALES AND EARNINGS FOR FOURTH QUARTER AND YEAR 1992 AND EFFECT OF ADOPTING NEW ACCOUNTING STANDARDS

 MUSCATINE, Iowa, Jan. 22 /PRNewswire/ -- Bandag, Incorporated (NYSE: BDG) today reported consolidated net sales of $160,855,000 for the fourth quarter of 1992. This compares to $162,086,000 in the fourth quarter of 1991. Net earnings were $22,436,000 compared to $25,626,000 a year ago, while earnings per share of $.81 were 12 percent lower than last year's $.92.
 For the year, consolidated net sales were $591,374,000 compared to $582,913,000 for 1991. Earnings before the net effect of accounting changes related to the adoption of new accounting standards for postretirement benefits and income taxes were $83,023,000 compared to $79,599,000 in the prior year. Earnings per share of $2.99 before the net effect of the accounting changes were 5 percent above the prior year's $2.86. After taking into account the effect of the new accounting standards, 1992 net earnings amounted to $82,803,000 ($2.98 per share).
 In the fourth quarter, the company retroactively adopted effective Jan. 1, 1992, Financial Accounting Standards No. 106 "Employees Accounting for Postretirement Benefits Other Than Pensions" (FAS 106) and NO. 109 "Accounting for Income Taxes" (FAS 109). The cumulative effect of adopting FAS 106 increased 1992 postretirement benefit cost by $3,835,000 and reduced net earnings by $2,435,000 ($.09 per share). The cumulative effect of adopting FAS 109 increased net earnings by $2,215,000 ($.08 per share). Adoption of FAS 106 and 109 did not significantly impact ongoing operating results for 1992 or for the fourth quarter.
 BANDAG, INCORPORATED
 Summary of Operations
 Three months ended Dec. 31 1992 1991 Percent
 change
 Sales $160,855,000 $162,086,000 (1)
 Net earnings 22,436,000 25,626,000 (12)
 Net earnings per share $ 0.81 $.92(B) (12)
 Year ended Dec. 31 1992 1991 Percent
 change
 Sales $591,374,000 $582,913,000 1
 Earnings 83,023,000 79,599,000 4
 Accounting changes (A) 220,000 -- --
 Net earnings 82,803,000 79,599,000 4
 Per share:
 Before accounting changes 2.99 2.86(B) 5
 Net earnings 2.98 2.86(B) 4
 Average shares outstanding 27,743,000 27,842,000(B) --
 (A) Cumulative effect of accounting changes as a result of the adoption of FAS 106 and FAS 109.
 (B) Restated to give effect to the 2-for-1 stock split in June 1992.
 -0- 1/22/93
 /CONTACT: Thomas E. Dvorchak of Bandag, Incorporated, 319-262-1332/
 (BDG)


CO: Bandag, Incorporated ST: Iowa IN: AUT SU: ERN

WB-LR -- NY041 -- 7939 01/22/93 13:17 EST
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Date:Jan 22, 1993
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