Minneapolis, MN, February 21, 2006--Tennant Company reported net earnings of $6.4 million, or $0.70 per diluted share, on net sales of $152 million for its fourth quarter ended December 31, 2005.
The company's fourth quarter performance compares to net earnings of $6.1 million, or $0.66 per diluted share, on net sales of $139.4 million in the fourth quarter of 2004.
For the full year ended December 31, 2005, Tennant reported net earnings of $22.9 million, or $2.52 per diluted share, on net sales of $552.9 million.
The company's 2005 performance compares to net earnings of $13.4 million, or $1.46 per diluted share, on net sales of $507.8 million in 2004.
"I am pleased with our performance in the fourth quarter as our new products and expanded market coverage continue to deliver top-line growth while our lean and cost-saving initiatives drive leverage to the bottom line," said Chris Killingstad, Tennant Company's president and chief executive officer.
"In 2005, we were able to deliver on our strategic financial goals of double-digit EPS growth and mid to upper single-digit revenue growth, and we are solidly tracking toward our goal of 9.5 percent operating margins. We are starting to demonstrate the scalability of our business model," Killingstad added.
In 2006, Tennant anticipates earnings per diluted share to range from $2.45 to $2.75, including approximately $0.09 to $0.11 per diluted share of stock compensation expense as a result of the adoption of Financial Accounting Standards Board Statement No. 123(R).
