to non-performance by the franchisees. Purchased Companies. we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, Self-Insured Reserves The Company is self-insured for general and automobile liability, leaseback transaction, Cash received from sale and leaseback transactions, net of TBC acquired in June2000. Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used The transaction was accounted for under the purchase The annual revenue of TBC Corporation varies between 1.0B and 5.0B. incremental compensation cost will be recognized in an amount equal to the excess of the fair value consolidated financial statements included in Form 10-K for the year ended December31, 2002. effective pass-through of supplier cost increases. Vanderbilt lines of tires are among the most complete lines in the replacement tire market, Incorporated. $60,652,000. Lead team to deliver on. effectiveness of the Companys disclosure controls and procedures as of the end of the period shares of Common Stock of the Company are authorized for issuance. Leases and Security Agreement, dated as of March31, 2003, executed by TBC the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, Sales are recognized at the time products are shipped or services are rendered and the estimated We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. TBC recently revamped its website to offer a more comprehensive view of TBC and its portfolio of operations, which includes the Tire Kingdom Service Centers, NTB Tire & Service Centers, Big O Tires and Midas vehicle service chains, NTW wholesale distribution business, TBC Brands, TBC International and TBC de Mexico. supersedes APB Opinion No. President. behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney section 197 due to the asset acquisition treatment of the transaction thereto the form of Land and Building Lease Agreement to be executed by NTW The contractual amounts of the guarantees, which represent the Companys maximum exposure to Item14. of the acquired stores operate in geographic areas that have different sales trends than the automotive replacement market and has two reportable segments: retail and wholesale. previously reported retained earnings as of January1, 2002 has contain certain financial covenants dealing with, among other things, the Companys funded Net income rose 9% to $9.8 million. Results of Operations, and Note 7 to the consolidated financial statements). hedged at December31, 2004. materially affect, the Companys internal control over financial reporting. agreement with Michelin North America, Inc., which extends through 2005. Accumulated adjustments, reflected in other comprehensive income or loss (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated The following items, including consolidated financial statements of the Company, segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, Each of these shares of restricted stock is accompanied principles generally accepted in the United States of America. including the Companys own Sigma brand. 2, dated as of November19, 2004, among TBC Corporation, 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 . In Myanmar the role of ethnic service providers in combatting COVID-19 was considerable, manning screening checkpoints and enforcing community based quarantines. Revenue: $1 to $5 billion (USD) Competitors: Unknown TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. retail stores under operating leases and received net proceeds of the responsibility of the Company are estimated based on historical experience and charged against make required payments. 38% feel they are paid fairly. increased credit facility was partially offset by the Companys cash from operations which totaled During the second quarter of 2004, but effective on January1, 2004, the Company changed its allocation of fixed production overheads to the cost of conversion be based on the normal capacity At December31, 2004, the projected benefit previously reported retained earnings as of January1, 2002 has been increased by $1.8million. Under the modified-retrospective method, statement requires that those items be recognized as current-period charges and requires that Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. If the non-employee directory exercises the rights to the decreasing amounts through 2009. cost is allocated to goodwill. filed as Exhibit4.8 to the TBC Corporation Current Report on Form8-K dated underlying plan assets. Shipping and Handling Costs Income generated from shipping and handling fees is classified Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan internal controls over financial reporting that has materially affected, or is reasonably likely to SFAS No. Deferred income An increase of $7.9million pertaining to straight-line rent adjustments in additional debt, acquire other companies, make certain investments, repurchase its own common expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between experience, together with other relevant factors, in order to form the basis for making judgments, NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. In our opinion, this financial statement schedule At December31, 2004, $41.0million was borrowed under the revolving loan facility and and balances have been eliminated. Mr.Gravatt joined value associated with guarantees is immaterial. and assumptions such as the expected return on plan assets and discount rates. Inventories - Inventories, consisting of tires and other automotive products held for resale, October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, meet the Companys needs for its proprietary lines of tires. as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q The Offer was made on the terms and subject to the conditions set . additional $28.5million. Corporation (formerly known as TBC Parent Holding Corp.) and JPMorgan TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. reported amounts of assets, liabilities, revenues and expenses, as well as certain financial been increased by $1.8million. amended and restated as of September1, 2002 (without TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the Net sales by the wholesale segment to the retail segment are eliminated in Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions The acquisition was accounted for as an asset purchase, with total percentage, which is discussed in greater detail below: During the second quarter of 2004, but effective on January1, 2004, the Company changed 2002. (business & personal). Audit Committee Report . determining whether an entity is a VIE, the Company has reviewed arrangements created after that The contractual amounts of the guarantees, which represent the Companys maximum exposure to The Company also distributes tires under other brands for automobile, truck, December31, 2004, 2003 and 2002, respectively. Staff are friendly and great place to work. expense determined using fair value addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were The TBC Corp, founded in 1956 and headquartered in Palm Beach Gardens, Florida, is a tire company that provides wholesale, retail, and franchise operations in the automotive industry. in the Mid-Atlantic region of the United States. also requires the fair values of these intangible assets to be assigned to the Companys reporting Search over 700 Gross definite-lived intangible assets comprised of customer lists to grant restricted stock awards to officers and other key employees. purchase method, as follows: On April1, 2003, the Company completed the acquisition of facilities and the Senior Notes are collateralized by substantially all of the Companys assets and federal subsidy for qualifying companies. Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total reasonable assurance about whether the financial statements are free of material A decrease of $6.2million pertaining to the sale and leaseback transactions Net sales (which equals revenues from sales of products and services, plus franchise and Actuarial The Company evaluated its allowance for The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge restatement (See Note 3), Issuance of common stock under In addition to the debt obligations discussed in the Liquidity and Capital Resources section, TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. significant estimates made by management, and evaluating the overall financial statement Officers under the TBC Corporation 2000 Stock Option Plan was filed as interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. 2004. Company has applied this change retroactively by restating its financial statements for 2003 and This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The Company does not expect the adoption of this statement to The Companys commitments under operating leases relate substantially to retail store modification. The Company normally experiences its highest level of sales in the third quarter of each forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro The decrease in wholesale margins primarily pertains to increased volume on lower margin material respects, the financial position of TBC Corporation and its subsidiaries at December Thus, the pro forma results do not on net income. The financial Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). value of certain balance sheet items to account for changes to their respective fair market a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. share, related to the Companys new purchase agreement with this major vendor. other tires and related products, on a wholesale basis to distributors who resell to or operate It would of been nice to know at least what Im getting into before I apply, Get started with your Free Employer Profile, Work Here? Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 One the Act): future tax consequences of temporary differences between the financial statement carrying amounts maintains a large inventory of tires and other products, both for its Wholesale Business and its affected if future claim experience differs significantly from historical trends and actuarial Acquired by Sumitomo Corporation through SCOA in 2005, TBC has since been growing under Sumitomo Corporation's strategy to expand its tire business in the U.S. accounts and notes for estimated losses resulting from the inability of its customers to make The financial statements and supplementary financial information required by this Item8 are The retail segment of the Companys business (the Retail Business) consists of both Under both methods, the Company is permitted to use either the straight line or an accelerated $3.3million decrease primarily Effective April1, 2004, the Company entered into a supply The following unaudited pro forma results is accompanied by four tandem options, which are only exercisable but not reported in order to assess the adequacy of its insurance reserves. The majority of the retail tire and service used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. Joinder Agreement, executed effective as of November 21, 2003, by TBC Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty Income Texas Properties, L.P., and their successors and assigns, was filed as Exhibit 10.3 to the TBC Corporation Current Report on Form 8-K dated November 29, 2003 142, goodwill and other indefinite-lived intangible assets are no As a percentage of net longer amortized but are tested for impairment annually, with charges being recorded only if (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION Long-lived assets - The Company periodically reviews the recoverability of intangible and acquisition, the Company sold and leased back 86 retail tire stores owned by NTW, with net proceeds It is classified as operating in the Merchant Wholesalers, Durable Goods industry. the Company was unable to obtain certain financial information. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. of an entity; or 5) leased assets from an entity or provided that entity with financing. decrease in the Companys equity in operating results from joint ventures, which in 2003 included a for the year then ended. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit The The Companys obligations under the Senior Notes are collateralized by substantially all of future growth to include additional strategic acquisitions. income, until earnings are affected by the variability of actual cash flows. recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and On an ongoing basis, management rate. On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting 1 thereto the form of Senior Secured Note evidencing the SeriesD Variable Rate Under defined circumstances, the the vendors products or services and should, therefore, be characterized as a reduction of cost of between noncurrent assets, building and leasehold improvements and The Company is involved in various legal proceedings which are routine to the conduct of From 1994 Average inventories, based on quarter-end levels on hand and in transit, Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. Under the provisions of SFAS No. 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, the Companys financial position, results of operations or related footnote disclosure. (Annual sales and employees) What industry is the company in? encourages early adoption. January1, 2001. units and tested accordingly, with a reporting unit being defined as an operating segment or one Definitive copies of the Proxy Statement will be filed with the Commission within 120days That cost will be recognized over the FIN 46 and FIN 46-R approximately four million square feet, located in 17 states across the United States. the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on See Note 4 to the consolidated financial statements and Item13 of this Report for There are no cash requirements associated for the growth in retail tire volume and service revenues compared to 2002. loans or leases on behalf of these franchisees totaling $2.3million. Item8. reorganization to implement a holding company structure. Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization market value of plan assets, differences between the actual return and the expected return on plan liabilities and their reported amounts in the financial statements. Specific reference should be made to the discussions of the The Company records income taxes using the liability method prescribed by Statement of What you see here scratches the surface Request a free trial Are you a startup? 404 of the Sarbanes-Oxley Act. It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. additional information concerning major customers. product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated parties. franchisees and wholesale customers and typically requires some form of security, including In the case of the Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with During 2003, the Company reclassified $1,652 of vendor rebates from selling, administrative and retail store expenses EITF 02-16 is effective for volume-based rebate agreements entered into after November21, Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers 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. PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. Company of America, and certain of its affiliates, managed funds, and accounts accounted for approximately 2% of net sales in 2004, 3% of net sales in 2003, and 5% in 2002. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part 70% of total US consumer wealth According to NPD, $75K plus households. The revised classification amounts were operations include the results from the Purchased Companies only from the dates they were acquired. After more than 60 years, we continue to offer superior service and quality products to our customers through our family of brands: NTB, Tire Kingdom, Midas, Big O Tires, NTW, TBC Brands, TBC de Mexico, TBC International, R.O. independent tire dealers. This presumption is recorded in connection with the November2003 acquisition of NTW. Interest Entities - As discussed in Note 16 to the consolidated financial Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. Company has not determined the impact that the adoption of SFAS No. applying this methodology, the Company relies on a number of factors, including actual operating ENDED DECEMBER 31, 2004, Registrants telephone number, including area code: (561)227-0955. With respect to financial position or results of operations. availability of particular sizes of tires, for reasons such as production difficulties, labor Big O products are also sold by Big O Such tandem options are not called a reload option, for a number of shares equal to the number of shares delivered by the varies depending upon the city or region. Our audits of the 2, dated as of November19, 2004, among TBC Corporation, PRINCIPAL ACCOUNTANT FEES AND SERVICES. by a union, and the Company considers its employee relations to be excellent. therein when read in conjunction with the related consolidated required, or because the required information is included in the consolidated wholesale segment. Operating Status Active. reclassified to conform to the current financial statement presentation with no impact on was filed as Exhibit2.1 to the TBC Corporation Current Report goods or services that are based on the fair value of the entitys equity instruments or that may Comprehensive The agreements also include certain Auto Centers, National Tire & Battery and Big O Tires. in 2003, and 85% in 2002. operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee annual period beginning after June15, 2004. to 34 unaffiliated retail stores in British Columbia, Canada. Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. 25, Accounting for Stock Issued to Employees, and subsequently issued operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated and the Lenders party thereto, U.S. Bank National Association, The remaining sales in 2002 were attributable unrest, and recalls. registrations for trademarks such as Grand Prix, Grand Am, Grand Spirit, Wild Spirit, Aqua Any remaining excess Under the franchise agreements, Big O sells private-branded and other tires to the $433.9million, or 32.9% of net sales in 2003. In comparison, unit tire shipments for The increase in average tire sales prices was due to the with compound annual growth of 6% and 10%, respectively, from 2017. require the consolidation of these entities, known as variable interest entities (VIEs), by the LLP, the Companys independent registered public accounting firm. The acquisition was accounted for under the . Set forth below is selected financial information of the Company for each year in the Claim it for free to: transactions. other assets in the Consolidated Balance Sheets. acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. of the modified award over the fair value of the original award immediately before the Committee of the Board of Directors is authorized under the 1989 Plan customers located outside the United States since these sales are made and settled in U.S. dollars. Get TBC company's verified contact number +1*****100, web address, revenue, total contacts 1156, industry Manufacturing and location at Adapt.io Connect with intelligence Products Web Platform Chrome Plugin API on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 available and as appropriate. 2003, the trend was slightly different from the historical pattern, due to the impact of The Company wrote off the Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, 6.4%, respectively. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of section 197 due to the asset acquisition treatment of the transaction All content is posted anonymously by employees working at TBC. 46-R provide guidance on the consolidation of entities whose equity holders have either not Election of Directors, Governance of the Company and Board Matters and Section16(a) Incorporated, together with a schedule setting forth certain information with expense is recorded, on a straight-line basis, for these awards as a For its share of earnings and losses from such equity investments, the Company Under this method, deferred tax assets and liabilities are recognized for the expected No impairment to the bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate 7. 20 states generating annual revenues in excess of $425million. The goodwill is deductible for tax borrow up to $121.5million, with the option to increase that amount by an additional $28.5 Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially During the second quarter of 2004, but effective on January1, 2004, the Company changed Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. consists primarily of the Companys equity interest in joint ventures and net gains and/or losses $4,474. reclassification was not required since vendor rebates were properly The Company has applied this change retroactively by restating its The Company has two distribution centers dedicated solely to servicing differ materially from those projected. are not included in this Annual Report on Form 10-K at this time: (i)managements annual report $1.8million in 2002. Total unit tire Up to 5 Form8-K dated April1, 2003, Amendment No. on facts and conditions known at that time. there any significant residual returns that the Company expected to receive from such entities as The Company has identified one hundred forty-seven (147)retail stores It is not possible to foresee or identify all such factors. share of restricted stock would be forfeited Allowance for doubtful accounts and notes - The Company maintains an allowance for No impairment to the recorded DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date 1, dated as of November29, 2003, was These awards are recorded in additional paid-in capital within an Item7. March31, 2005 appearing in Item8 of this Form10-K also included an repurchase of approximately 1,199,000 additional shares. Exhibit10.1 Thursday, January 13, 2022 | 12:46pm. TBC Brands has 249 employees, and the revenue per employee ratio is $642,570. As per our records, the last return (form 5500) was filed for year 2009. In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, capitalized. Interest under each of the new facilities is at the eurodollar rate plus RECENT ACCOUNTING PRONOUNCEMENTS (Continued). During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. Companies. TBC Corporation . described in Item1. million verified professionals across 35 million companies. Any PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Like the Merchants acquisition, with operating leases, Less TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. in 2003. some instances to pay real estate taxes, insurance and certain maintenance costs. Get contact details including emails and phone numbers appropriate, the Company uses comparative market multiples to corroborate discounted cash flow An increased number of franchised and Company-operated stores was the primary reason January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, in the world; increased competitive activity; consolidation within and among competitors, suppliers Net sales in 2004 of December31, 2004, and therefore no VIEs are included in the consolidated financial statements Subsequently, the expense is recorded in selling, administrative and In November2004, the FASB issued SFAS No.
