MEMPHIS, Tenn. (July 26, 2001) —TBC Corp. reported record sales and income in the second quarter. Net income was $5.5 million, up 10.3 percent from $5 million a year earlier. Net sales for the quarter increased 23.8 percent to $255.5 million from $206.4 million in the 2000 period.
Net income in the first half increased 9.3 percent to $9.8 million from $9.0 million a year earlier. Net sales were $482.7 million, an increase of 25.8 percent from $383.8 million in the year-earlier period.
TBC President and CEO Larry Day said record sales and earnings for the quarter affirm the value of the company´s efforts to increase its retail presence. "We are especially pleased that this marked another quarter in which we surpassed published analysts´ projections. We believe that our 2001 target remains reasonable for attaining the milestone mark of $1 billion in annual sales for the first time," he said.
Mr. Day said that although the company faces difficult year-to-year earnings comparisons in the coming third and fourth quarters, "we expect to show a gain for the second half as a whole, resulting in increased earnings per share."