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COPYRIGHT 2005 PR Newswire Association LLC
PALM BEACH GARDENS, Fla., Oct. 31 /PRNewswire-FirstCall/ -- TBC Corporation , one of the nation's leading marketers of automotive replacement tires, today reported sales and earnings for the third quarter ended September 30, 2005 that were in line with the Company's previous guidance.
Net sales in the third quarter increased 9.5% to $521.6 million, compared to $476.5 million in the prior-year period. Same store sales for TBC's retail segment increased 4.9% in the third quarter of 2005. TBC's total unit tire sales increased 1.2% in the third quarter of 2005, while unit shipments by tire manufacturers increased 2.4% based on preliminary reports. Net income increased 41.1% to $15.3 million, or $0.65 per diluted share, in the recent quarter, versus $10.8 million, or $0.47 per diluted share, in the third quarter of 2004. Earnings in the third quarter of 2004 included a negative impact of $0.12 per diluted share due to four major hurricanes.
Larry Day, TBC President and Chief Executive Officer, commented, "Results for the third quarter were in-line with our previously disclosed guidance for the period. Additionally, we are on track to complete the proposed sale of TBC Corporation to Sumitomo Corporation of America by the end of the year as previously announced on September 19, 2005, subject to receipt of stockholder approval and required regulatory clearance."
For the nine months ended...
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