ICS Magazine

Tennant reports second quarter results

August 1, 2001
MINNEAPOLIS--Tennant Company, a leader in nonresidential floor maintenance and outdoor cleaning equipment, recently reported net earnings of $4.9 million or $.53 per diluted share, before unusual charges, on net sales of $110.7 million for the quarter that ended June 30, 2001.

Including the unusual charges, second quarter net earnings were $1.3 million, or $.14 per diluted share. In the comparable 2000 period, the company reported net earnings of $7.6 million, or $.83 per diluted share, on net sales of $115.1 million.

The unusual charges consisted of severance and related costs associated with a workforce reduction, other restructuring actions announced in April 2001, an inventory write-down, and other costs related to the previously announced closing of a leased plant in Germany and the transfer of the plant's production to a contract manufacturer in the Czech Republic.

In Tennant's other international markets, sales for the 2001 second quarter fell .9% to $10.5 million from $10.6 million in the 2000 second quarter.

A taped replay of a conference call discussing Tennant’s second quarter results is available at http://www.tennantco.com until August 8.