Tilden Associates, Inc. Reports Profitable 9 Months
11 December 1998
Tilden Associates, Inc. Reports Profitable 9 Months, Continued Acquisition and Franchise Development Selected for December stock pick by Internet company
LONG ISLAND, N.Y.--Dec. 10, 1998--Tilden Associates, Inc. (OTC/BB:TLDN), operating under the trade name of "Tilden for Brakes Car Care Centers," a complete automotive service and repair company based on Long Island, today reported its first profits.
The company recently began an extensive expansion and acquisition period in New York, New Jersey, Florida and Colorado. The company announced gross earnings of $704,787 for the nine months ended September 30, 1998. Net income reached $190,629 for the period, equivalent to $.0226 per share, based on 8,401,000 shares outstanding.
Tilden Associates also announced that its stock has been selected for a profile by the Internet service Emerging Growth Stock.com as its new December stock pick. Emerging Growth Stock.com service states that "its criteria for the selection covers discovering undervalued small and micro cap stocks in terms of their book value, growth potential, revenue and income, providing unbiased commentary on stocks which it picks." It points up the success of Tilden Car Care Centers expansion strategy:--starting the year with eight full service car care centers open and 9 months later having 35 in operation, an increase of 437%, plus the company now reporting a profit.
This Spring, Tilden purchased BrakeWorld of Florida, taking over 20 locations in the three counties, converting them into "Tilden BrakeWorlds," and expanding their services to include a full array of complete automotive repairs. The company sold the market development partner rights for south Florida to Jim Hardaway, a Tilden franchisee in Hollywood, Florida. The agreement calls for Hardaway to develop 15 more Tilden franchises in Florida within the next 5 years in addition to overseeing the 22 existing Tilden franchises located in Dade, Broward, and Palm Beach Counties.
In the state of New Jersey, Tilden sold the rights to Bill Comisso. Mr. Comisso is now open as of December 1, with his first state of the art Tilden facility in Verona, N.J., and is contracted to develop 10 Tilden for Brakes Car Care Centers in Morris, Essex, and Union Counties in the state.
Kyle Rawlings purchased the Market Development Partner rights for the state of Colorado. He recently opened a prototype store in Englewood, Colorado with a second scheduled in downtown Denver for operation in February, 1999 with a commitment to develop an additional 8 stores over the next five years.
Tilden opened, this month, a 7 bay company store in Queens, N.Y., which will add to its continued growth.
"Tilden has made remarkable progress expanding nationally this year resulting in a positive income statement, yet we look forward to 1999 being another major growth year for the company," remarked President Robert Baskind of Tilden Associates, the parent company.
Tilden Associates, Inc. is in the business of operating and licensing automotive and truck repair and service centers under the trade name "Tilden for Brakes Car Care Centers".
A family automotive repair business since 1923, Tilden is based on Long Island. It's web-site address is www.tildencarcare.com. For information on franchising opportunities, the company can be E-mailed at info@tildencarcare.com or phone at 1/800-Tildens.
"Safe Harbor" Statement
Except for the historical information contained herein, certain of the matters discussed in this press release are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties, including but not limited to, changes in general economic conditions, material prices , labor costs, interest rates, consumer confidence, competition, environmental factors, and governmental regulations affecting the company's operations.