MEMPHIS, Tenn. (Feb. 6, 2001) — After growing more than 20 percent last year, TBC Corp. expects 2001 sales to grow another 10 percent to more than $1 billion based on continued growth in both its wholesaling and retailing activities.
Net sales for 2000 increased 21 percent to $902.7 million, including 37-percent growth in the fourth quarter. Pre-tax and net income for the year grew 2.4 and 4.3 percent, respectively, dropping the income ratios to 3.4 and 2.1 percent.
Regarding the company´s sales goals for 2001, President and CEO Larry Day said, "One of the inherent advantages of the replacement tire aftermarket is that demand is not affected significantly by short-term swings in the economy. We believe the breadth of our tire lines and efficient distribution system equip us well to capitalize on this opportunity to increase our market share at each level where we compete."
TBC expects to increase its cash flow by more than 10 percent this year, a development Mr. Day considers "a valuable financial asset and strong support for our expansion plans. Our intent is to maintain a sound financial position that will enable us to pursue not only internal growth activities but also additional strategic acquisitions."