TBC Corp. reached its goal of $1 billion in sales in 2001 and along the way posted record revenues and earnings.
For the year ended Dec. 31, the Memphis-based marketer of automotive replacement tires reported a 12.2 percent jump in net income to $21 million as sales grew 11.8 percent to $1.01 billion.
While TBC experienced a slight dip in fourth quarter sales to $247.7 million due to the general economic slowdown in the second half of 2001, earnings rose a healthy 26.7 percent to $5.7 million, the firm said.
TBC President and CEO Larry Day singled out the company's multi-channel marketing approach as a key contributor to the increased revenue growth. This approach is ``revitalizing growth opportunities for our company and enhancing value for our shareholders,'' he said.
He also was pleased with the performance of TBC's retail operations, which he said contributed an increased portion of sales and income and supported market share gains in 2001.
TBC's Big O Tires Inc. subsidiary, grew by 42 locations last year to a total of 504 outlets. The company's Tire Kingdom dealership also added 20 company-owned retail service centers and now has 184 locations, mostly in Florida.
Because of these retail sales gains, TBC's total unit tire volume outperformed the industry in 2001 and looks promising for 2002, Mr. Day said.