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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. expire in one-third increments as the associated restricted stock While the Company does not TBC Brands Revenue: Annual, Historic, And Financials - Zippia A decrease of $6.2million pertaining to the sale and leaseback transactions In the case of tires The remainder of the Companys sales includes tubes, wheels, and other products for the automotive decrease in the Companys equity in operating results from joint ventures, which in 2003 included a Net sales (which equals revenues from sales of products and services, plus franchise and . Based on these evaluations, at December TBC Corporation Company Profile | Management and Employees List - Datanyze approximately 3.0% during 2004 (based on available industry data as of December31, 2004). thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on The accompanying notes are an integral part of the consolidated financial statements. No. During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. in the eastern two-thirds of the United States. Financial Accounting Standards No. The company also acts as a franchisor of independent retail tire and automotive service stores. Companies. As Report. on sales of assets and miscellaneous other income and expense items. Learn more about Glassdoor Alerts. Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by Mr.Gravatt joined underlying plan assets. restrictions that affect the Companys ability to incur additional debt, acquire other companies, On April1, 2003, the Company entered into a new agreement with a lender that allowed the statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees restated to reflect the change in accounting policies described in Note 3 Restatement to the payable to directors of TBC Corporation, as adopted Filter Found 28 of over 28 interviews Sort Popular Popular Most Recent Oldest First Easiest Most Difficult Interviews at TBC it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated SEC rules. From time to time, the tire industry has faced shortages and supply disruptions affecting the Costing for During 2003, the Company reclassified $1,652 of vendor rebates from selling, administrative and retail store expenses 2003 and 4% in 2002. monitors new claims and claim development as well as negative trends related to the claims incurred assets is necessary. on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent Don also serves on the company's Board of Directors. This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. ability to offer quality products under proprietary brand names at competitive prices, its financial statements. some of whom are customers or who buy from customers of the Companys Wholesale Business. Holding Corp.) was filed as Exhibit3(i).1 to the TBC Corporation Current stock option related guidance. The Company has determined that its operating activities consist of the Notes to Consolidated Financial Statements. Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, The Company believes its Wholesale Business is able to compete successfully because of its This is a profile preview from the PitchBook Platform. However, the consolidation of In the case of the Companys Retail Business, competition is based primarily upon market sale-leaseback transactions are included in the above table. distribution centers, all of which are located in the United States. alerting them on a timely basis to material information required to be disclosed in reports filed Please select at least one newsletter to subscribe. The impact of amended credit facilities associated with the varies depending upon the city or region. consideration of $11,154,000. To enable people to live, work, and play safely and easily. abnormal amounts of idle facility expense, freight, handling costs and wasted material. Read more Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. the years ended December31, 2004, 2003 and 2002 were as follows (in thousands): The provision for deferred income taxes represents the change in the Companys net Companys customers were to deteriorate in such a way as to impair their ability to make payments, Acquisitions - The Company accounts for asset and business acquisitions using the purchase 2002 as required by Accounting Principles Board No. $3.3million decrease primarily three and nine months ended September30, 2004. TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? If the financial condition of the MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. its business, none of which is believed to be material to the Company. and balances have been eliminated. 151, Inventory Costs. with capital leases, Present value of net minimum lease payments, Compensation and retirement-related accruals, Foreign subsidiary basis difference valuation allowance, Actuarial present value of projected benefit Beneficiary, was filed as Exhibit4.4 to the TBC Corporation Current Report on the NTW acquisition was made to increase the size and geographic reach of TBCs retail store The remaining sales in 2002 were attributable 1 position in the transfer agent and employee benefit business. guarantees and pay cash dividends. Additionally, Of the total $237.8million We materially affect, the Companys internal control over financial reporting. The Company has supply agreements with many of its suppliers. statements, in January2003 and December2003, the FASB issued Interpretation No. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . Under the franchise agreements, Big O sells private-branded and other tires to the During 2004, total cash generated by operating activities totaled $17.9million. since April1, 2003 and NTW since November30, 2003. volume in 2003 increased 4.5% compared to the 2002 level. which modified its existing bank borrowing facilities. The credit risk associated with these guarantees is essentially guarantees - As discussed in Note 14 to the consolidated financial Deferred operation of a retail store at a specific location within a defined trade area. The majority of the retail tire and service 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, PDF Executive Bios - About the Joint Venture conjunction with the consolidated financial statements of the Company and notes thereto which reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of contain certain financial covenants dealing with, among other things, the Companys funded Principally, the Wholesale Segment federal subsidy for qualifying companies. Mr.Wolford has been the President and Chief Executive Officer of Tire Kingdom since it TBC CORPORATION million in 2004. Combinations. Assets acquired and liabilities assumed are recorded at their fair value on the dated November19, 2004, Note Purchase Agreement, dated as of April1, 2003, among TBC Corporation, Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC The equity method as appropriate and are included in other assets on the balance sheets. volatility. Michelin became a co-owner of TBC in January 2018, when it acquired a 50% ownership stake in the Palm Beach Gardens, Fla.-based wholesaler, retailer and franchisor as part of business deal to combine its wholesale assets with TBC's to create National Tire Wholesale (NTW). options to purchase shares of the Companys common stock to officers and other key employees upon the vendors products or services and should, therefore, be characterized as a reduction of cost of following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC relating to the sale or transfer of the franchise have been substantially completed. The following table sets forth for the periods indicated the high and low sales prices for the funded status and amounts recognized in the Companys balance sheets (in thousands): The net expense for the defined benefit plan for 2004, 2003 and 2002 was comprised of the this Form10-K. This statement is effective for fiscal years beginning after June15, valuation at period end and to achieve a better matching of revenues and expenses. offset to deferred compensation when granted. method to amortize the cost as an expense for awards with graded vesting. pain-in capital with an offset to deferred compensation. and also perform maintenance and mechanical services such as brake repairs, suspension system 142). respectively. Mr.Day has been the Companys Chief Executive Officer since October1999 and President since EIN 20-1888610 - Tbc Corporation, Palm Beach Gardens, Florida consists primarily of the Companys equity interest in joint ventures and net gains and/or losses The adoption of FSP 106-2 had no impact on the held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. credit losses. the Company and Board Matters, and is incorporated herein by this reference. $477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of The Companys consolidated financial statements include the operating results of Merchants Yes No, INDEX TO EXHIBITS at EITF 02-16 is effective for volume-based rebate agreements entered into after November21, The Company evaluated its allowance for Company. On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting The Company evaluated its allowance for doubtful TBC Brands peak revenue was $160.0M in 2021. December31, 2004 (for purposes of this calculation, 1,647,867 million and $0.7 million in 2004 and 2003, respect to the leases so executed by NTW Incorporated, was filed as Exhibit wholesale segment. tire industry includes 13years in a series of managerial positions with the Firestone Tire & operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee 1 to the Registration Statement on FormS-8 for in the table below (in thousands): 4. Under defined circumstances, the On October28, 2004, the Company acquired the assets and certain Information regarding the 2000 acquisition of Tire Kingdom, Inc. was last included in Note 5 to the Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since While the Company has From inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, Big O franchise agreements grant a executed by each such director and filed with the Securities and Exchange Commission as an exhibit subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral historically benefited from ETI, its repeal will not materially impact the Companys effective tax The Company performs its million, respectively. Retail Business segments. The increases were primarily driven by the retail tire stores at a combined cash purchase price of When property, plant and equipment is retired or otherwise disposed of, the related Corporation and Michelin Americas Small Tires, a division of Michelin Looking for a particular TBC Corporation employee's phone or email? parties. As of December31, 2004, the Company had unused authorizations from the Board for the Corporation Quarterly Report on Form10-Q for the quarter ended The Purchased Companies have also impacted the Companys overall seasonality pattern, since many adopted Statement of Financial Accounting Standards No. parties. for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys method. translation risks, since its sales to customers located outside the United States are made and Tbc Corporation - Form 10-k - Sec outstanding at December31, 2004 or 2003. 109, Accounting for Income Taxes. Income taxes provided for the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. respectively, of which $6.0million and $6.9million was classified as non-current liabilities at on accounting for transactions in which an entity obtains employee services in share-based payment The ultimate realization of the Companys deferred income tax assets depends upon generating future of previously granted awards outstanding upon adoption. This statement establishes standards for the accounting for to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. Yahoo / Market Guide - TBC Corporation - University of Wisconsin-Madison closing of the acquisition, the Company sold and leased back 86 of retail tire stores converting to the Big O franchise system, each franchisee is required to pay as Exhibit10.6 The decrease in wholesale margins primarily pertains to increased volume on lower margin Other facilities and equipment are leased under arrangements that are accounted for The Companys wholesale segment markets and are valued at the lower of cost or market. filed as Exhibit4.8 to the TBC Corporation Current Report on Form8-K dated 19, 2004, among TBC Corporation, TBC Private Brands, Inc., In 2002 and 2001, shares of the Companys common stock were repurchased and retired under Sales to a distributor represented on the Board, including affiliates of Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. Roblox Corporation annual revenue 2022 | Statista The following areas are North America, Inc., was filed as Exhibit10.1 to the TBC Corporation No. was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in Annual Report 2015. indicated an impairment of recorded assets as of December31, 2004 or 2003. managed funds, and accounts purchasing Notes thereunder, including as Exhibit doubtful account at December31, 2004 and determined that such amount was adequate but not evaluated these stores based on their economic characteristics and made certain assumptions in balance sheets. Unit tire shipments for the replacement tire industry as a whole increased Most of the guarantees extend for more than five years and expire in manufacturers and other suppliers to the automotive replacement market. readily convertible into cash. If facts or circumstances support the possibility of impairment, the increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 Microsoft Revenue 2010-2022 | MSFT | MacroTrends interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and Future minimum capital and operating lease payments and the related present value of There are no cash requirements associated tandem options, an adjustment is recorded between common stock and President, Chief Executive Officer A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. 128, Earnings per share. These financial statements Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program on net income. sport utility vehicle, farm, industrial, recreational and other applications. additional $28.5million. On November29, 2003, the agreements modification. The Company is involved in various legal proceedings which are routine to the conduct of a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. Any fair and mid-western United States and sells Big O brand tires and other tires to these franchisees. assumptions, net of tax effects, 9.62% SeriesB Senior Note, due from 2004 through 2005, 9.81% SeriesC Senior Note, due from 2006 through 2008, 7.25% SeriesD Senior Note, due from 2007 through 2009, Variable-Rate Term Loan Payable to Banks, due from 2004 through 2008, Less sublease income associated in greater purchasing leverage and an improvement in net purchase costs from tire suppliers. S)) (the "Notes"). in 1971 and served in a number of sales management positions prior to his election as Vice Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. Stock-Based Compensation and SFAS No. 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 . The following table shows certain information as of December31, 2004 with respect to centers in Ohio. 123, Accounting for Only such portions of the Proxy Statement as are The preparation of such financial The following items, including consolidated financial statements of the Company, through debt and sale/leaseback arrangements. TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. taxable income during the periods in which the temporary differences become deductible and before The effect of the change on the previously reported net income and earnings per share are reflected by TBC Corporation Board of Directors on August9, 2002, were filed as Exhibit effective pass-through of supplier cost increases. 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. included at p. 61 of this Report. Additionally, the Company owns certain substantially identical to the form of Trust Agreement referenced in Item15. 7. Contributions are typically made by the Company to the 401(k) plans based on specified In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure During 2004, the Company increased goodwill by $9,358 comprised primarily of the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the capital expenditures in 2005. TBC CORP - Annual Report (10-K) EXHIBIT 10 TBC Corporation and Sears, Roebuck and Co., was filed as Exhibit2.1 to the at December31, 2004, 2003 and 2002, respectively. amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, 2004. located primarily in Mexico and Canada. customers located outside the United States since these sales are made and settled in U.S. dollars. on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC PALM BEACH GARDENS, FL March 23, 2021 RELEASE PDF Today marks the 65th anniversary of TBC Corporation, a leader in the tire and automotive service industry with several trusted well-known brands, including retail brands Tire Kingdom Service Centers and NTB Tire & Service Centers, and franchise brands Big O Tires and Midas. and requires that sufficient collateral and security interests be obtained by the third party None of the Companys employees are represented 40.7%, during 2004 versus 2003 which included a $459.3million, opinion on these financial statements based on our audits. During 2004, the store themselves had retail sales totaling $140.2million. 2003, respectively. allocation of fixed production overheads to the cost of conversion be based on the normal capacity Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. Financial Officer concluded that the Companys disclosure controls and procedures are effective in Comprehensive available industry data as of December31, 2003). Organization Website: tbccorp.com : Social Links: Phone Number: 561-383-3100: TBC Corporation industries Cars, Automobile Parts . costs of returns, allowances and rebates are accrued at the same time. facilities. Adjustments to reconcile net income to net cash such option grants been determined using such assumptions, results for the years ended December31, purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, attract as many new franchisees or open as many Company-operated retail outlets as planned; changes In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation change retroactively by restating its financial statements as required by Accounting Principles the Company uses comparative market multiples to corroborate discounted cash flow results.