TBC Expects to Report Higher Earnings for 1999
29 April 1999
TBC Expects to Report Higher Earnings for 1999
MEMPHIS, Tenn.--April 28, 1999--Speaking at the annual meeting of stockholders today, Louis S. DiPasqua, Vice Chairman and Chief Executive Officer, said that TBC Corporation expects to report higher sales and earnings for 1999.For 1998 TBC reported net income of $16.9 million, or $0.75 per share, on revenues of $646.1 million. The Company reported first-quarter results yesterday that included record first-quarter revenues of $162.2 million and a 29% increase in earnings to $0.18 per share.
DiPasqua remarked, "We are encouraged by the underlying momentum in our marketing program and believe that 1999 as a whole will represent noteworthy growth in both net sales and net earnings. Although the replacement tire industry as a whole continues to offer substantial challenges, the inclusion of Carroll's, Inc. is aiding our corporate performance this year. TBC continues to excel in industrywide surveys of independent tire dealers and, through our Big O Tire subsidiary, in independent polls of consumers. Based on the combined sales of our three primary brands, we are more than twice the size of the second-largest factor in the private brand segment of the replacement tire market. This strong competitive presence coupled with our strong balance sheet makes us confident about TBC's growth potential."
At the annual meeting, stockholders re-elected Richard A. McStay and Robert R. Schoeberl for three-year terms as directors.
TBC Corporation is one of the nation's largest marketers and distributors of private brand tires for the automotive replacement market.
Statements in this press release or otherwise attributable to the Company regarding the Company's business which are not historical fact, including those regarding growth in its business, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Many factors could cause the Company's actual results to differ materially from those expressed in the forward-looking statements made by or on behalf of the Company including, without limitation, trends in consumer demand for replacement tires, changes in tire prices, the availability of tires from suppliers, the impact of competitive tire brands, the ability to achieve and manage growth, and other risks detailed in the Company's Annual Report on Form 10K and other filings with the SEC.