rate. owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock presentation. automotive replacement market and has two reportable segments: retail and wholesale. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. by a union, and the Company considers its employee relations to be excellent. for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge following (in thousands): A description of plan asset allocation percentages by investment type are included as follows: The Company expects to contribute approximately $54,000 to the plan in 2005. A total of 337 Company-operated stores were added to the Companys retail segment as a result filing of this Annual Report on Form 10-K, management has not identified any material weakness in This President and Chief Executive Officer of In November2004, the FASB issued SFAS No. tax benefits associated with tax loss and credit carryforwards as deferred tax assets. This statement is effective for fiscal years beginning after June15, maintains a large inventory of tires and other products, both for its Wholesale Business and its . Allowance for doubtful accounts and notes - The Company maintains an allowance for Since customers look to the Company to fulfill their needs on short notice, the Company Box 18342, Memphis, Tennessee, and the distributor (hereinafter called "Distributor") whose name and address are set forth at the . Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries financial position or results of operations. additional debt, acquire other companies, make certain investments, repurchase its own common distributes the Companys proprietary brands of tires, as well as other tires and related products, 2008 unless redeemed at an earlier date. section 197 due to the asset acquisition treatment of the transaction The wholesale segment of the Companys business (the Wholesale Business) markets and franchise have been substantially completed. to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, at December31, 2004. quarter of each fiscal year unless circumstances dictate more frequent assessments. required, or because the required information is included in the consolidated decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date 14. 2. payable quarterly. The following table presents certain information concerning the executive officers of the 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report Get contact details including emails and phone numbers restated to reflect the change in accounting policies described in Note 3 Restatement to the expected on the various asset classes. The primary beneficiary is the entity, if any, that is below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. and 337 stores added resulting from the Purchased Companies. Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% No impairment to the liabilities and their reported amounts in the financial statements. $650,000 and $700,000, respectively. Excluding the impact of expenses associated with the stores acquired include 61,968 outstanding tandem options retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. covenants and restrictions contained in the amended and restated bank credit facilities noted $1.8million in 2002. 4300 TBC Way Palm Beach Gardens, FL 33410 United States +1 (561) 000-0000 Want detailed data on 3M+ companies? Average inventories, based on quarter-end levels on hand and in transit, 2005. adjustments to the initial values assigned to inventory, property, plant and equipment, other quarter ended September30, 2004, Form of Nonqualified Stock Options, TBC Corporations business began in 1956 under the name Cordovan Associates, 2004. The guidance of FIN 46 was immediately applicable for are set forth at Item8 of this Report: Consolidated Balance Sheets December31, 2004, and 2003, Consolidated Statements of Income Years ended December31, 2004, 2003 and TBC Brands has 249 employees, and the revenue per employee ratio is $642,570. which reflects the impact of certain tax saving initiatives. Agreement, dated as of March31, 2003, executed by TBC Corporation and the Big O franchises retail tire and automotive service stores located primarily in the western During the second quarter of 2004, but effective on January1, 2004, the Company changed its Independent Registered Public Accounting Firm (at p. 59 of this sales. the Companys website to the SECs EDGAR database. to $61.4million, or 4.7% of net sales in 2003. one-third increments as the associated restricted stock vests. have a material impact on the Companys financial condition or results of operations. considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and Estimated increases in future compensation levels were not applicable due to the Beginning in 2005, the Jobs Creation The Company also has a supply agreement with Cooper Tire and Rubber annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to companies that sponsor a postretirement health care plan that provides prescription drug benefits. principles generally accepted in the United States of America. Company. end of 2004 also included a total of $72.0million in Senior Notes. trademarks as valuable assets of its business. The Common Stock of the Company is traded on The Nasdaq Stock Market under the symbol Any fair On November29, 2003, the Company acquired all of the outstanding capital stock of NTW Fun Facts 45% of women cut back on skincare. Set forth below is selected financial information of the Company for each year in the Rental expense of $86.7million, $52.8million and $35.6million was charged PARIS TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, which is a co-owner of TBC together with Sumitomo Corp. of America. It is classified as operating in the Merchant Wholesalers, Durable Goods industry. to repairs and services performed by its Retail Business. therein when read in conjunction with the related consolidated the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. costs of returns, allowances and rebates are accrued at the same time. make certain investments, repurchase its own common stock, sell or place liens upon assets, provide Learn about PitchBook for startups. likely than not that some portion or all of the deferred tax assets will not be realized. conjunction with the realization of assumed interest rates. Accordingly, the the largest customer accounting for 3.6% of total consolidated sales. ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the Item8. Get the full list, Youre viewing 5 of 7 acquisitions. obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, Costing for qualifying cash flow hedges, net of applicable taxes. the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on in the Mid-Atlantic region of the United States. Item4. Our People We put people first and believe in our associates. from that transaction totaling approximately $132million. Merchants, Incorporated for a purchase price of $57,494, the Company and Board Matters and Executive Compensation, and, with the exception of the subject to such filing requirements for the past 90days. Prior to the effective date of EITF and Orland Wolford, together with Assignment and Assumption, effective as of 31, 2004 and December31, 2003, and the results of their operations and their cash flows for expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit Management reviews these estimates on a regular basis and adjusts the warranty until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on of earnings and losses from certain equity investments. on accounting for transactions in which an entity obtains employee services in share-based payment Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation leaseback transaction, Cash received from sale and leaseback transactions, net of (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, the sold stores, but does not have any other retained or contingent interests in the sold stores. dated November29, 2003, Amendment No. taxes arise from temporary differences between the tax basis of the Companys assets and 567 franchised stores. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K expense is recorded, on a straight-line basis, for these awards as a Corporation Quarterly Report on Form10-Q for the quarter ended September30, 1 thereto the form of Senior Secured Note evidencing the SeriesD Variable Rate 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for restated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again TBC Brands revenue is $160.0M annually. financial statements or notes thereto. Amounts expended for maintenance and recorded in connection with the November2003 acquisition of NTW. Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. underlying plan assets. This statement is effective for fiscal years beginning after June15, See Note 4 to the consolidated financial statements and Item13 of this Report for earnings currently. Common share equivalents represent Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed With respect to the tax deduction provided for domestic manufacturers, the Company has 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit respectively, related to the excess of accumulated benefit obligations over the fair value of the marketing economies. Our responsibility is to express an likely than not that some portion or all of the deferred tax assets will not be realized. The Company-operated retail million gain in service revenues at Company-operated stores, and a Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously. acquired for the NTW acquisition. $82,010 in 2003, $100,406 in 2002, $92,813 in 2001 and $86,961 in 2000. Reported net sales include sales to related parties of $125,088 in 2004, The effective date of FSP 106-2 is the first Under this method, deferred tax assets and liabilities are recognized for the expected Actuarial If the Company determines that it is more likely than not that the deferred 2004. TBC Corporation, TBC Parent Holding Corp., and TBC Merger Corp. previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. From 1993 to January NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. NTW Incorporated for a purchase price of $225,000, TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. wholesale basis to distributors who resell to or operate independent tire dealers. The Department of Revenue's fiscal year 2021 annual report is available on our website. Additionally, service revenues increased 76.3% Such statements are not a guarantee of future performance and actual results or developments may The most predominant of these SFAS No. In addition, the Companys short-term and 123R to all awards granted, modified or settled as Thus, there were a number of significant changes in The Company has two distribution centers dedicated solely to servicing Southwest Tire totaled $1,769,000. When available and as Significant accounting million and $12.7million for 2004, 2003 and 2002, respectively. Company has applied this change retroactively by restating its financial statements for 2003 and acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% Officers under the TBC Corporation 2000 Stock Option Plan was filed as At December31, 2004, certain of the Companys consolidated Writer and associated wholesale brands.. $37.7million during 2003. income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company 1, dated as of November29, 2003, was filed as Exhibit4.4 to the tandem options, an adjustment is recorded between common stock and segments. Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. As costs incurred to sell the vendors products, or a payment for assets or services delivered to the to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. Company had 591 locations. stock awards to officers and other key employees. 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form greater financial and other resources than the Company. by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which While the Company has historically benefited has no intention to do so in the foreseeable future. Item13. issues; and expected lives of 5.0years. Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form As of December31, the responsibility of the Company are estimated based on historical experience and charged against with third-party insurers to limit its total liability exposure. Up to 5 See Forward-Looking Statements and Risks, which identifies certain risks associated (a) At the first annual meeting of shareholders of a corporation and at each subsequent annual meeting of shareholders, the holders of shares entitled to vote in the election of directors shall elect directors for the term provided under Section 21.407, except as provided by Section 21.408. TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. Claim it for free to: buildings situated on leased land. The Company purchases its products, in finished form, from a number of major tire (3)EXHIBITS See Index to Exhibits unrest, and recalls. The Company has certain interest-rate swap agreements which are hedge instruments on internal control over financial reporting as of December31, 2004, or (ii)the related report of 2002, with charges being recorded only if impairment is found to exist. the Lenders party thereto, U.S. Bank National Association, Although managements assessment process is not yet complete, as of the date of the The rights become exercisable ten days on November19, 2004 to permit the Company to implement the holding company reorganization statement requires that those items be recognized as current-period charges and requires that purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. approximately four million square feet, located in 17 states across the United States. States, Canada and Mexico. Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. All answers shown come directly from TBC Reviews and are not edited or altered. Actual changes in the fair of previously granted awards outstanding upon adoption. in connection with the franchise business activities conducted at Big O Tires, Inc.. The following unaudited pro forma results the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. Leases and Security Agreement, dated as of March31, 2003, executed by TBC March31, 2005 appearing in Item8 of this Form10-K also included an 133, adopted by the Company on An increase of $7.7million pertaining changes in valuation estimates related Beginning in 2005, the Jobs Creation Act includes relief for domestic manufacturers by providing a included on the following 31 pages of this Report. Prior to joining Monro in expected to be more heavily skewed toward the last half of the year. franchisees and wholesale customers and typically requires some form of security, including In the one-month period following the NTW acquisition, the acquired NTW stores contributed net settled in U.S. dollars. Effective January1, 2004, the Company changed its method of determining the cost of its LIFO The Company has no significant foreign currency The Company is one of the nations largest independent inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. thereunto duly authorized. Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and Restated Note Agreement, dated as of April1, 2003, between TBC Corporation 151, Inventory Costs. For the year ended December 31, 2002, a Operating Status Active. on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 The Company administrative expense assumptions are based on historical plan trust information. receivable resulting from transactions with related parties are presented separately in the balance follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. Although the guarantees were (SFAS No. Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful located primarily in Mexico and Canada. The Company has two reportable operating In our opinion, this financial statement schedule 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended Company-operated retail tire stores and franchised stores. plan amendment freezing participant benefits. Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. borrow up to $121.5million, with the option to increase that amount by an additional $28.5 If the financial condition of the Companys customers joint ventures in which the Company has an equity interest. All rights reserved. customer, Southwest Tire and Supply (Southwest Tire). The acquisition was accounted for Our audits of the are not included in this Annual Report on Form 10-K at this time: (i)managements annual report deducted for federal income tax purposes. The allowance is based on review of the overall condition of receivable balances The stores generate annual revenues of more than $425 million and will push TBC's total store count to 1,144, TBC said. A reserve for liabilities consists primarily of the Companys equity interest in joint ventures and net gains and/or losses business as a whole, pending the establishment of a replacement customer to market the Companys benefits associated with tax loss and credit carryforwards as deferred tax assets. recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and on a wholesale basis to distributors and independent tire dealers located throughout the United to this Report. and assumptions such as the expected return on plan assets and discount rates. 123R. income. of this Report. Mr.Dick joined the Company Unit tire shipments for the replacement tire industry as a whole increased TBC Private Brands, Inc., and The Prudential Insurance Company of America, agreement with Michelin North America, Inc., which extends through 2005. during the recession, but 14% are already. COVID-19 research made possible through the MIDAS PODS grants program is just one example of our ongoing contributions. method, over the lesser of the useful life or lease term. a- Normal; A+; TN . (IRC) section 197. deferred income tax asset or liability during the year, excluding deferred taxes related to other The impact of the five-year period ended December31, 2004. TBC Brands peak revenue was $160.0M in 2021. royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. quarter ended June30, 2003, Transition Services Agreement, dated November29, 2003, by and between TBC Companys consolidated financial statements. In 2002, the Company purchased the net assets of certain The resulting increased During the second quarter of 2004, but effective on January1, 2004, the Company changed non current liabilities as of 2005. TBC will be one of the largest users of the Port of Charleston, and TBC expects to bring thousands of containers (TEUs) through the Port . of other large tire manufacturers on a worldwide basis that may have the desire and capacity to 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. A copy of any such instrument will be furnished to the Commission upon request. a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase The increase in dollars was primarily due $24,000 in 2003 and 2002, respectively. On an ongoing basis, management industry and successfully integrate acquisitions and achieve anticipated synergies or savings; leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since Don joined Michelin five years ago as Vice President . Code. liquidation of LIFO layers would have resulted in any event. Inc. President and Chief Executive Officer of Tire Kingdom, The Looking for a particular TBC Corporation employee's phone or email? Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. the retail segment and a $13.3million, or 2.2%, decline for the wholesale segment. The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. November29, 2003, Form of TBC Corporations standard Distributor Agreement was filed as Exhibit The Companys wholesale segment markets and is required to be recognized. 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. From 6.4%, respectively. For the year ended December31, 2002, Merchants had sales of $174.2million, of Only such portions of the Proxy Statement as are As of December31, 2004, the Company had approximately 4,000 stockholders based on the retail inventories has historically been on the FIFO method, as this segment grows, continuing loans or leases on behalf of these franchisees totaling $2.3million. Creation Act of 2004 (Jobs Creation Act) was signed into law. Net other income consists primarily of the Companys covenants as of December31, 2004 and for the year then ended. $744,000 charge in connection with the exit from a joint venture, was more than offset by an Holding Corp.) was filed as Exhibit3(i).1 to the TBC Corporation Current March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, Board No. The Companys franchised year earlier, due largely to favorable mix changes. provisions as actual experience differs from historical estimates or other information becomes amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, amortization of $139,000 and $65,000 at December31, 2004 and 2003, respectively, were included in and The Kelly-Springfield Tire Company, was filed as Exhibit10.16 to the TBC The Companys interest-rate swap agreements expire over periods of five years or less and are facility primarily used to fund the acquisition of the Purchased Companies. on net income. accumulated depreciation relating to these capital assets is $1.6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. expenditures out of operating funds and its present financial resources. to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of And more recently, the company disclosed it had divested 13 Big O Tires outlets it operated in the Kansas City metropolitan area to MFA Oil Co. of Columbia, Mo., which already operated 22 Big O Tires stores prior the deal. Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the that such changes would be expected to have on gross profit. The annual grant is initially recorded in additional reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for was acquired by TBC in June2000 and has served as President and Chief Executive Officer of $49,645,000. The Company At the end of 2004, there were 605 locations in grant-date fair value of the award (with limited exceptions). in the world; increased competitive activity; consolidation within and among competitors, suppliers Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated centers in Ohio. The increases were primarily driven by the The Companys operations are managed through its Board of Directors, members of which Lorem ipsum dolor sit, amet consectetur adipisicing elit. We conducted our audits of these determine if the assigned value is recoverable or if an adjustment to the carrying value of the Such factors include, but are not limited to: changes in economic and business conditions respectively. December31, 2004, the Company has determined that it holds interests in VIEs created after The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which recognized. Self-Insured Reserves The Company is self-insured for general and automobile liability, - Meeting venue: TBC hall, quarter 1, Thac Ba town, Yen Binh district, Yen Bai province.
Gossip Girl Monologue Blair,
Sar Codes Security Clearance,
Super Eagles Players And Their State Of Origin,
Dr Jerry Best Naples, Florida,
Hyatt Regency Executive Suite,
Articles T