MEMPHIS, Tenn. (Sept. 20, 2002) — TBC Corp., which originally planned to add 40 retail stores in 2002, has expanded by 59 so far this year and promises more to come.
“We now have a combined total of 745 Tire Kingdom and Big O retail locations, which should expand to at least 760 by the end of the year,” said Larry Day, TBC president and CEO.
The increased number of store additions came, Mr. Day said, as a result of “having some opportunities presented to us.” These include the Memphis-based company's acquisition earlier this year of the Cleveland-based 19-store Mueller Tire & Brake chain and the purchase of nine Grandma's Tires retail locations and one combination commercial/retail outlet in Salt Lake City by a group of Big O Tires Inc. franchisees.
Mr. Day said TBC will continue to be active in acquiring stores next year.
“We will definitely add to the chain,” he said. “I feel the acquisition environment will be more favorable next year than this year and plan to participate very aggressively.”
Mr. Day also commented on the company's earnings estimates for 2002, noting that “even though the market's tough, we're doing well.” He said TBC remains comfortable with the current range of third-quarter earnings estimates by analysts of $0.34 to $0.35 per diluted share and with the company's previously announced full-year earnings projection of $1.22 per share.