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TBC Board Authorizes Repurchase of 2,000,000 Additional Shares

15 September 1998

TBC Board Authorizes Repurchase of 2,000,000 Additional Shares


    MEMPHIS, Tenn.--Sept. 15, 1998--TBC Corporation today announced that its Board of Directors has approved the repurchase of 2,000,000 additional shares of the Company's common stock. This represents 9.4% of the 21.4 million shares of common stock currently outstanding. In addition to the shares included in the new authorization, TBC may repurchase 124,000 more of its shares under previous but unused authorization approved by the Board. The Company indicated that it has repurchased a total of 1.7 million shares thus far in the third quarter.
    Louis S. DiPasqua, President and Chief Executive Officer of TBC, remarked "We believe the repurchase of our shares at prevailing market prices represents a sound investment for the Company. Our strong financial position provides the resources for us to continue this repurchase activity while fully funding our operational needs."
    TBC Corporation is one of the nation's largest marketers and distributors of tires for the automotive replacement market.