Exhibit 99
 
 
 INVESTOR CONTACT:      MEDIA CONTACT:
 Tom Paulson         Kathryn Lovik
 Vice President and Chief Financial Officer
 Director, Communications
 763-540-1204  763-540-1212
 
Tennant Company Reports 2010 Fourth Quarter and Full Year Results
 
Net sales grew 11% in fourth quarter to $182.8 million;
Quarterly diluted adjusted EPS of $0.40 versus $0.26 in prior year period;
Company posted fourth consecutive quarter of double-digit organic sales growth;
Board authorized repurchase of additional one million shares;
Company provides 2011 sales and earnings guidance

MINNEAPOLIS, Feb. 22, 2011—Tennant Company (NYSE: TNC), a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer, healthier world, today reported net earnings of $17.0 million, or $0.88 per diluted share, on net sales of $182.8 million for the fourth quarter ended December 31, 2010. In the comparable quarter a year ago, Tennant had net earnings of $6.7 million, or $0.35 per diluted share, on net sales of $164.2 million.
“We are pleased with the company’s continued strong performance in the fourth quarter,” said Chris Killingstad, Tennant Company’s president and chief executive officer. “We achieved double-digit organic sales growth in all of our geographic regions, including the Americas, EMEA and Asia Pacific, led by sales of scrubbers equipped with our proprietary ec-H2O™ chemical-free cleaning technology.”
Both the 2010 and 2009 fourth quarter earnings were affected by special items. In the 2010 fourth quarter, Tennant recorded net special benefits of $0.48 per diluted share including: a $0.54 per diluted share net benefit from an international entity restructuring that is expected to produce ongoing commercial and tax benefits; and a $0.06 loss per diluted share from a workforce restructuring action designed to better align Tennant’s talent with the company’s evolving business needs. Adjusted fourth quarter 2010 diluted EPS, excluding these special items, was $0.40. Results in the prior year quarter included a net special benefit of $0.09 per diluted share, which included a $0.10 per diluted share benefit from a United Kingdom business reorganization. Adjusted fourth quarter 2009 diluted EPS, excluding these special items, was $0.26. (See the Supplemental Non-GAAP Financial Table.)
For the 2010 full year, Tennant's consolidated net sales of $667.7 million increased 12.0 percent versus $595.9 million in 2009. Organic sales also rose approximately 12 percent for the year. The full year foreign currency exchange impact was minimal, with a favorable first half impact being offset by an unfavorable second half impact. Tennant reported 2010 net earnings of $34.8 million, or $1.80 per diluted

(more)
 
 

The following information was filed by Tennant Co (TNC) on Tuesday, February 22, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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