TBC Reports Record Q4 and Year-End Results

TBC Corporation, one of the USA’s leading marketers of automotive
replacement tyres, has reported record sales and earnings for the fourth
quarter and year ended December 31, 2003. It marks the eleventh consecutive
quarter that the Company has posted a year-over-year gain in earnings per share. Net sales in the fourth quarter increased 33.5 per cent to 370.7 million dollars. Same store sales for TBC’s retail segment increased 4.5 per cent in the fourth quarter. TBC’s total unit tyre sales increased 10.7 per cent in the fourth quarter, compared to a 2.2 per cent increase in unit shipments by tyre manufacturers. Net income increased 17.1 per cent to 9.5 million dollars, or 0.41 dollars per diluted share, in the current quarter.

Larry Day, TBC President and Chief Executive Officer, commented, “During the fourth quarter, we completed the acquisition of the 225 National Tire & Battery (NTB) retail stores and in January 2004 began the process of converting and integrating them into our existing retail store network. We are currently ahead of schedule with the conversion effort and are delighted by the progress we have made. For the year ended December 31, 2003, net sales rose 18.8 per cent to 1.3 billion dollars compared to 1.1 billion dollars in the previous year. Net income in 2003 increased 21.8 per cent to 33.4 million dollars, or 1.47 dollar per diluted share.”