Tennant Earnings Fall in Second Quarter

Minneapolis, MN, July 29, 2008--Tennant Co. reported net earnings of $8.3 million, or $0.44 per diluted share compared with $10.5 million, or $0.55 per diluted share in the second quarter of 2007. 

The company reported net sales for the quarter of $193.6 million verses $165.2 million in the year-ago period.

Special items reduced earnings by $0.10 per share.

"There were a number of bright spots in the second quarter, but earnings came in below our expectations," said CEO Chris Killingstad.

The introduction of new products is a key driver of revenue growth. Tennant introduced a family of three new products: a carpet cleaner, cylindrical floor scrubber and carpet extractor. These compact, maneuverable, cord-electric floor care machines were specifically designed to quickly and effectively clean small, congested spaces in the education, health care, retail, government and commercial office markets. These three new products were built on a common platform, demonstrating the company's emphasis on lean manufacturing.