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Published: Wednesday, 8/3/2005

Profit slips at Cooper Tire; strike cited

FINDLAY - Cooper Tire & Rubber Co. yesterday blamed a month-long strike this spring at its Texarkana, Ark., factory for a second-quarter loss of $7 million, or 11 cents a share, compared with a profit of $34 million, or 45 cents a share, for the same period a year ago.

The tire maker said the work stoppage, which ended with a labor agreement in April, reduced profit by $9 million, or 15 cents a share, in the quarter and by $14 million, or 22 cents a share, for the first half of this year.

Net sales for the company increased to $511 million in the quarter from $509 million a year earlier.

Executives said the company will have some lingering impacts from the strike but said they expect improved third and fourth-quarter sales in comparison with last year.

They also said they expect earnings of 10 to 14 cents a share in the third quarter.

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The Andersons Inc., of Maumee, reported a record second-quarter profit yesterday of $10.4 million, or $1.35 a share, up 3 per cent from $10.1 million, or $1.35 a share, for the same period a year ago.

The agribusiness and retail company said it had sales for the quarter of $365 million, down 3 percent from $375 million from a year ago.

The company said that one of its Toledo grain elevators, severely damaged by an explosion and fire in July, will require repairs that will extend into 2006.

As a result, 2005 income will be reduced.

However, that will be mostly offset in 2006 when insurance claims are processed, leaving profit for the two years largely unaffected.



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