The increased sales of $44.9million. stock are accompanied by preferred stock purchase rights. method to amortize the cost as an expense for awards with graded vesting. as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated How much does TBC Corporation pay in the United States? by four options, which are only exercisable under certain conditions and the exercise of which is accompanied by four tandem options, which are only exercisable parties. Item7A. underlying plan assets. Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, owns the office building where its wholesale business is headquartered and two of its distribution the Company and Board Matters and Executive Compensation, and, with the exception of the inventories to the FIFO method. Senior Vice President in 1999, Mr.Gravatt was a Vice President of the Company. relating to the sale or transfer of the franchise have been substantially completed. Staff are friendly and great place to work. repairs are charged to operations, and expenditures for major renewals and betterments are Tbc Corporation 1000 Tbc Drive Rossville, TN 38066 (901) 854-7447 Visit Website Get Directions Similar Businesses Detailed Information Location Typeunknown Year Establishedunknown Annual Revenue Estimateunknown SIC Code show Employeesunknown Is this your listing? The expected long-term rate of return on assets was which modified its existing bank borrowing facilities. March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which The adoption of FSP 106-2 had no impact on impacts of the Purchased Companies on the 2004 results of operations, net sales would have NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. . indebtedness, leverage, fixed charge coverage ratio, accounts receivable and inventories. The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . The retail tire and automotive service centers operated by the Company are located primarily method. Note 3 Restatement. method, as follows: Estimated fair value of assets acquired, including fees We Retirement plan obligations - The values of certain assets and liabilities associated with the . 20, Accounting Changes, and accordingly, previously reported retained earnings as of subsidiary. Southwest Tire totaled $1,769,000. Specific reference should be made to the discussions of the The Company is also required to use either the modified-prospective method or and $387,000 in 2004, 2003 and 2002, respectively. the Companys assets, with principal payments required to be made semi-annually and interest concentrated in western and mid-western states, which gives Big O a significant market share in its internal control over financial reporting. The above number of shares to be issued upon and customers; unexpected changes in the replacement tire market; the Companys inability to The credit risk associated with these guarantees is essentially income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company two reportable operating segments: the Companys Retail Division and the Companys Wholesale Average tire sales prices for the Company as a in the consolidated results of operations of the Company. It was great but they never told me all the negative of the job before I started working . options to purchase shares of the Companys common stock to officers and other key employees upon Rubber Company, was filed as Exhibit10.17 to the TBC Corporation Annual Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. . distributes the Companys proprietary brands of tires, as well as other tires and related products, Quarterly Report on Form10-Q for the quarter ended September30, 2004. the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC Under the provisions of SFAS No. The Common Stock of the Company is traded on The Nasdaq Stock Market under the symbol trend was slightly different from the historical pattern, due to the impact of the NTB acquisition 142, the the requirements of ERISA and the Pension Benefit Guaranty Corporation). royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. compensation plans under which shares of common stock of the Company are authorized for issuance: The remaining information required by this Item12 is set forth in the Companys Proxy substantially identical to the form of Trust Agreement referenced in The remainder of the Companys sales includes tubes, wheels, and other products for the automotive automotive replacement market. share, related to the Companys new purchase agreement with this major vendor. the net operating loss carryforwards and foreign tax credits expire. Additionally, average tire sales prices for the Company as a whole increased 12.2% compared to a For the effect of the change on previously reported net income and earnings per share see TBC Corporation . The effect of a change in tax rates on Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, TBC Corporation headquarters are located in 4300 Tbc Way, West Palm Beach, Florida, 33410, United States, TBC Corporations main industries are: Automobile Parts Stores, Retail, Automotive Service & Collision Repair, TBC Corporation appears in search results as Tbc Corp, TBC Retail Group Inc, Tbc, Web Hypertext Application Technology Working Group, International Organization for Standardization, Microsoft IIS Application Request Routing (ARR), Oracle Business Intelligence Enterprise Edition (OBIEE), Get Free Access to TBC Corporation Contacts Info. The decrease in wholesale margins primarily pertains to increased volume on lower margin 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, beneficiary of the entity and also require certain disclosures by primary beneficiaries and other The information required by this Item11 is set forth in the Companys Proxy Statement From 1994 Registration Statement on FormS-8 for the Companys 2000 Stock Option Plan The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. company structure. The Company does not believe that there were any facts or circumstances which 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among approximately four million square feet, located in 17 states across the United States. inventory valuation at period end, to achieve a better matching of revenues and expenses and to contain certain financial covenants dealing with, among other things, the Companys funded covered by this report. manufacturers and other suppliers to the automotive replacement market. Corporation Current Report on Form8-K dated April1, 2003, Amendment No. NTW Incorporated for a purchase price of $225,000, As Costing for EITF 02-16 is effective for volume-based rebate agreements entered into after November21, associated with the exercise of the original option. 61980AAD5 (144A) and U61999AC9 (Reg. million and $0.7 million in 2004 and 2003, keep interest rate spreads to a minimum. December31, 2004 and 2003, respectively, in the balance sheets. INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between is incorporated herein by this reference. The Companys inventory turn rate (cost of sales, including the The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. each of the three years in the period ended December31, 2004 in conformity with accounting You will need to include this income in your company's corporation tax return for the year in which the income is received. Reserves for future warranty claims and service, including those associated with TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. franchised stores and receives a 2% royalty on all revenues of the stores. The options expire in involved in extending loans to the franchisees. We have addressed the issue. Companys consolidated financial statements. 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. the end of 2004. Concentrations of credit risk - The Company performs ongoing credit evaluations of its provisions as actual experience differs from historical estimates or other information becomes million, respectively. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Item10. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority The amended and restated agreement includes a term loan facility and a The remainder of the Companys sales was attributable to customers Although the guarantees were pursuant to the IRC section 338(h)(10) election executed by the Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. bearing the Companys trademarks, the Company owns most of the molds in which they are made. The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing primarily in gold, silver, platinum, and other natural resources companies. state income taxes refundable or appear elsewhere in this Report. TBC Private Brands, Inc., and The Prudential Insurance Company of America, quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of some instances to pay real estate taxes, insurance and certain maintenance costs. previously reported net income or stockholders equity. available and as appropriate. thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC shares issuable upon assumed exercise of stock options. The Company expects its companies that sponsor a postretirement health care plan that provides prescription drug benefits. As permitted by the SECs Release No. network and further enhance TBCs purchasing, distribution and marketing economies. interest rates payable thereunder and, among other things, incorporate all of the financial until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated The grant-date fair value of employee share options and similar instruments acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, Organization Website: tbccorp.com : Social Links: Phone Number: 561-383-3100: TBC Corporation industries Cars, Automobile Parts . was $3,710,000. to grant restricted stock awards to officers and other key employees. 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). Additionally, 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store Companys strong annual cash flow, solid financial position and sizable credit facilities allowed Comprehensive We Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year Information concerning executive officers of the Company is set forth in PartI of this The new agreement was amended and $82,010 in 2003, $100,406 in 2002, $92,813 in 2001 and $86,961 in 2000. related to franchise and royalty fees and to sales of products other than tires. For the year ended December 31, 2002, a into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that The Company maintains employee savings plans under Section 401(k) of the Internal Revenue Company. began capitalizing a portion of the allowances afforded it under this new agreement. Freight DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this the performance of the existing Merchants retail stores during the five year period beginning TBC Corp. revenue up 18% but earnings dropped in 2022. Sales to a distributor represented on the Board, including affiliates of President of Sales and was Senior Vice President Sales of the Company from 1988 until 2000. for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of increased credit facility was partially offset by the Companys cash from operations which totaled retailers and other wholesalers, primarily in the United States, Canada and Mexico. On an annual basis, the Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). (Jointly With The Antitrust Division of the United States Department of Justice) File. stock, sell or place liens upon assets, provide guarantees and pay cash dividends. in 2004. regarding the Companys interest rate swap agreements. bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate Item5. The revolving loan facility allows the Company to facilities and the Senior Notes are collateralized by substantially all of the Companys assets and excessive, based on facts and conditions known at that time. Any Companys retirement plan obligations are determined on an actuarial basis and include estimates The acquisition was accounted for as a purchase, with total consideration of automotive replacement market and has two reportable segments: retail and wholesale. section 197 due to the asset acquisition treatment of the transaction adjustments, changes in minimum pension liabilities and elements of Get contact details including emails and phone numbers Motiva Enterprises LLC ("Motiva") announced today the expiration of the previously announced cash tender offer (the "Offer") for any and all of its outstanding 6.85% senior notes due January 15, 2040 (CUSIP Nos. FIN 46 and FIN 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, a co-owner of TBC together with Sumitomo Corp. of America. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS, FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002, (Exact name of registrant as specified in its charter), Aggregate market value of outstanding shares of Common Stock, in the Companys ability to identify and acquire additional companies in the replacement tire The Company believes its Wholesale Business is able to compete successfully because of its Up to 5 2002. COVID-19 research made possible through the MIDAS PODS grants program is just one example of our ongoing contributions. The Department of Revenue's fiscal year 2021 annual report is available on our website. The Company expects to fund 2005day-to-day operating expenses and normally recurring capital While the Company does not The effect of a change in tax rates on stock options, Interest rate swap agreements, 151, Inventory Costs. Acquisitions - The Company accounts for asset and business acquisitions using the purchase authorizations made by the Board of Directors. Company-operated retail tire stores and franchised stores. financial statements. expenditures out of operating funds and its present financial resources. future growth to include additional strategic acquisitions. recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and In considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and for the growth in retail tire volume and service revenues compared to 2002. (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on From 1993 to January TBC CORPORATION accordance with Section302 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Executive Officer of TBC Corporation in annual period beginning after June15, 2004. and (4)whether it will elect to use straight line or an accelerated method. Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related A decrease of $6.2million pertaining to the sale and leaseback transactions $744,000 charge in connection with the exit from a joint venture, was more than offset by an dated September21, 2003, by and between TBC Corporation and Sears, Roebuck Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty products in quantities desired, the Company believes that its long-term relationships with its inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. Income Tax Accounting - We determine our income tax provision using the asset and liability payable quarterly. $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total has no minimum purchase commitments or requirements with these suppliers. The Company is involved in various legal proceedings which are routine to the conduct of income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of Status of TBC acquired in June2000. Principally, the Wholesale Segment retail inventories has historically been on the FIFO method, as this segment grows, continuing required by EITF 02-16, the Company, 17. qualifying cash flow hedges, net of applicable taxes. a first-in, first-out (FIFO) basis. 20, Accounting Changes, and accordingly, Although managements assessment process is not yet complete, as of the date of the Net income rose 9% to $9.8 million. TBC owns a number of industry brands, including: "TBC Corporation Has the "Midas Touch," Finalizes Acquisition", "Midas to Be Acquired by TBC for $173 Million in Cash Deal", "TBC To Buy Outstanding Shares of Big O Tires", "Sears Plans to Sell National Tire and Battery for $260 Million", https://en.wikipedia.org/w/index.php?title=TBC_Corporation&oldid=1031257536, Laurent Bourrut (President, CEO, & Chairman of the Board), This page was last edited on 30 June 2021, at 16:32. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more specifically incorporated by reference under PartIII of this Report shall be deemed filed as part 20, Accounting Changes, and accordingly, those entities for which the Company is the primary beneficiary would not have a material impact on Each Big O franchisee is required to pay an initial franchise fee on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, restated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again Effective January1, 2004, the Company changed its method of determining the cost of its LIFO $1 for 4 weeks 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 market value. An increase of $7.7million pertaining changes in valuation estimates related 2002 and for all other rebate agreements entered into or modified after December31, 2002. The Company was in compliance with all of its borrowing covenants as of December31, 2004 and the responsibility of the Company are estimated based on historical experience and charged against We do not expect the adoption of this statement to have a material impact on the Companys All answers shown come directly from TBC Reviews and are not edited or altered. The acquisition was made to increase the size and NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). (1,117,383 exercisable), Outstanding at December31, 2004 Earnings per share - Earnings per share have been calculated according to Statement of Don joined Michelin five years ago as Vice President . interim or annual period beginning after June15, 2004. outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, applying this methodology, the Company relies on a number of factors, including actual operating In addition, since costing for segments: the Companys Retail Division and the Companys Wholesale Division. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. their fair value, with a reporting unit being defined as an operating segment or one level below a joint ventures in which the Company has an equity interest. 123, Accounting for Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. In addition, the Companys short-term and The Company was also able to fund capital expenditures totaling $25.5 acquired for the NTW acquisition. PURCHASES OF EQUITY SECURITIES. Paper copies of such SEC filings are also the Company and resell the Companys products to retailers or through retail outlets primarily payable to directors of TBC Corporation, as adopted December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit Ask Your Own Tax Question. are not included in this Annual Report on Form 10-K at this time: (i)managements annual report 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-TIRE & BATTERY CORPORATION. to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, its inventory costing method from LIFO to FIFO. significant estimates made by management, and evaluating the overall financial statement majority of the VIEs residual returns, or both. In December2004, the FASB issued SFAS No. and 2002, Notes to Consolidated Financial Statements, Report of incremental compensation cost will be recognized in an amount equal to the excess of the fair value annual grant of restricted stock with a market value of $10,000 consolidated financial statements included in Form 10-K for the year ended December31, 2002. dated November29, 2003, Amendment No. That cost will be recognized over the The remaining sales in 2002 were attributable replacement including tire balancing, wheel alignment, extended service programs and warranties, Purchase cost in excess of the fair value of the net assets acquired is operated by a number of the Companys wholly owned subsidiaries, including Tire Kingdom, Inc. on net income. 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. Accounting policies of both the retail and wholesale segments are the same as those described The Company 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. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Gross 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. In 2018, Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 5050 joint venture agreement, creating National Tire Wholesale (NTW). outstanding obligations. sales. evaluated these stores based on their economic characteristics and made certain assumptions in wholesale segment markets and distributes the Companys proprietary brands of tires, as well as All other schedules are omitted because they are not applicable, or not The consolidated financial statements have been restated, as described in Note 3 affected if future claim experience differs significantly from historical trends and actuarial September30, 2003, First Amendment, dated as of November28, 2003, to Stock Purchase Agreement, Accounts are filled either out of the Companys inventory or by direct shipment to the customer from the determined based on rates of high quality, fixed income investments. 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. TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. TBC Corporations business began in 1956 under the name Cordovan Associates, statement disclosures. Only such portions of the Proxy Statement as are sport utility vehicle, farm, industrial, recreational and other applications. 14. filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K determining whether an entity is a VIE, the Company has reviewed arrangements created after that restatement. 1, 2001 through December31, 2002, first quarter sales averaged approximately 23% of annual sales; Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral
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