Overseas Sales Boosts Tennant's Earnings

Golden Valley, MN, February 27, 2008--Tennant Co. reported a 52 percent increase in its fourth-quarter profit on strong international sales and the sale of a facility.

Tennant, which makes floor-cleaning equipment, reported net income of $12.6 million, or $.66 per share, up from $8.3 million, or $.43 cents per share a year ago.

Sales also rose 9 percent to $182.6 million from $166.9 million.

Excluding special items, Tennant earned $.50 per share.

The company said results were increased by strong international sales and a weak dollar. European sales jumped 17 percent and sales in other countries rose 27 percent. Sales in North America grew 3 percent.

For the year, the company reported net income of $39.9 million, or $2.08 per share, up 34 percent from $29.8 million, or $1.57 per share in the prior year.

Revenue was up 11 percent to $664.2 million from $599 million in 2006.

The company said it is expecting 2008 profit between $2.25 and $2.40 per share.