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TBC Reports Record First Quarter Revenues

27 April 1999

TBC Reports Record First Quarter Revenues; Earnings Per Share Increase 29%

    MEMPHIS, Tenn.--April 27, 1999--TBC Corporation today reported record first-quarter revenues and a 29% increase in earnings per share for the three months ended March 31, 1999.
    Net income for the first quarter totaled $3.8 million, or $0.18 per share, compared with $3.2 million, or $0.14 per share, a year ago. Net sales for the first quarter amounted to a record $162.2 million, up 15.3% from $140.7 million in the year-earlier period.
    "The substantial gain in earnings achieved for the first quarter marks a strong start for TBC in 1999," remarked Louis S. DiPasqua, Vice Chairman and Chief Executive Officer. "We are realizing meaningful progress in our initiatives to enhance and build on our core distribution operations. This was reflected not only by the year-to-year financial gains but also by a 6.0% increase in unit shipments of tires. We are especially encouraged by the overall corporate momentum we have established, given the challenging environment that exists within the replacement tire industry. The expansion we accomplished last November through the acquisition of Carroll's, Inc. is providing important impetus to TBC's growth this year. We have now integrated that business unit into our corporate organization and are implementing a plan to broaden the geographic territory served."
    DiPasqua added, "We are also benefiting from the ongoing growth of our Big O chain of retail tire and automotive service stores. The Big O system currently encompasses 434 stores, up from 414 a year ago. Plans are to continue expanding this successful business unit that has a well-established record of delivering consistently high customer service."
    TBC Corporation is one of the nation's largest marketers and distributors of private brand tires for the automotive replacement market.
    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, uncertainties and other factors which could cause actual results to differ materially, including but not limited to, the degree of competition in the replacement tire industry, changes in consumer spending on automobiles and replacement automotive products and the Company's ability to continue to obtain products in sufficient quantity and at competitive prices. Additional information on factors that could potentially affect the Company or its financial results may be found in the Company's filings with the Securities and Exchange Commission.

                           TBC CORPORATION
               Condensed Consolidated Financial Results
                              (Unaudited)
                                              Three Months Ended
                                                  March 31,                   
                                            1999           1998        
                                        ----------      -----------
Net sales                              $162,202,000     $140,735,000
Income before income taxes                6,263,000        5,117,000
Income taxes                              2,457,000        1,967,000
Net earnings                           $  3,806,000     $  3,150,000
Earnings per share 
 (basic and diluted)                   $       0.18     $       0.14
Average number of shares
 outstanding (diluted)                   21,181,000       23,218,000