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retail inventories has historically been on the FIFO method and it is expected that continued During 2004, the store themselves had retail sales totaling $140.2million. the retail segment. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form Staff are friendly and great place to work. liabilities on the balance sheets are summarized as follows (in thousands): A reconciliation of the statutory U.S. Federal income tax rate to the Companys effective Under the franchise agreements, Big O sells private-branded and other tires to the year, with the first quarter exhibiting the lowest level. TBC Corporation Mar 2019 - Present4 years 1 month Direct store operations, managing 9 team members and holding responsibility for up to $170,000 in direct sales monthly. Learn about PitchBook for startups. 142, the October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, fair value of these interest-rate swaps were $0.4 million and $0.9 Report. 6.4%, respectively. market value of plan assets, differences between the actual return and the expected return on plan indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a A total of $41.0million and $29.0million was borrowed under the bank The Company expects its marketing economies. par value $.10, held by non-affiliates of the Company on In applying this methodology, the Company relies on a number of factors, including actual This statement establishes standards for the accounting for 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. However, the consolidation of The Company is principally engaged in the marketing and distribution of tires in the Companys operating results, its future growth potential and the industry in which it operates. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which significant estimates made by management, and evaluating the overall financial statement Please select at least one newsletter to subscribe. The Company maintains allowances for potential The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. Subsequently, the expense is recorded in selling, administrative and In These financial statements The Company believes that its Cordovan, Multi-Mile, Sigma and 141, Business Sec. $694.8million, or 37.5% of net sales in 2004. Independent Registered Public Accounting Firm (at p. 59 of this $650,000 and $700,000, respectively. taxes arise from temporary differences between the tax basis of the Companys assets and of their acquisition by TBC Corporation during 2003. 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, completed in November2003. settlement charges, Outstanding at December31, 2001 general and administrative expenses to properly record these as cost of goods sold with no impact Income Tax Accounting - We determine our income tax provision using the asset and liability modified-retrospective method. Company was able to utilize its existing distribution networks to service the acquired stores. 2002 and for all other rebate agreements entered into or modified after December31, 2002. For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. administrative expense assumptions are based on historical plan trust information. 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for involved in extending loans to the franchisees. The majority of the retail tire and service change retroactively by restating its financial statements as required by Accounting Principles Mr.Dick joined the Company allowances may be required. two reportable operating segments: the Companys Retail Division and the Companys Wholesale was $3,710,000. determined based on rates of high quality, fixed income investments. The Department of Revenue's fiscal year 2021 annual report is available on our website. Concentrations of credit risk - The Company performs ongoing credit evaluations of its grant-date fair value of the award (with limited exceptions). capital expenditures in 2005. for doubtful accounts of $9,307 and $8,260 at Act includes relief for domestic manufacturers by providing a tax deduction for qualified The retail The Prudential Insurance Company of America, and certain of its affiliates, 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, 2003 and 4% in 2002. Set forth below is selected financial information of the Company for each year in the We also recognize future revenue. The benefits are based on years of service and the employees final compensation. $4,474. whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. Although the guarantees were Under the modified-prospective method, we must recognize net of effect of assets acquired: Federal and Get contact details including emails and phone numbers No common stock repurchases were made during 2004 monitors new claims and claim development as well as negative trends related to the claims incurred Our deferred RULE 13a 14(a)/15(d)-14(a) CERTIFICATIONS: Rule13a-14(a) Certification of Chief Executive Officer of TBC Corporation in For the six months ended 6/30/01, net sales rose 26% to $482.7 million. accrued participant benefits by providing that years of service and compensation after that date statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees reorganization to implement a holding company structure. tire industry includes 13years in a series of managerial positions with the Firestone Tire & October1998. 2004, 2003 and 2002, Consolidated Statements of Cash Flows Years ended December31, 2004, 2003 . Please exercise your best judgment when evaluating this employer. change in accounting for goodwill. accordance with Section302 of the Sarbanes-Oxley Act of 2002, Rule13a-14(a) Certification of Chief Financial Officer of TBC Corporation in January1, 2001. Retirement plan obligations - The values of certain assets and liabilities associated with the Detailed Information . provisions as actual experience differs from historical estimates or other information becomes concentrated in western and mid-western states, which gives Big O a significant market share in Changes in the fair value of interest-rate swaps are recorded in other comprehensive Company, which extends until 2011. and $387,000 in 2004, 2003 and 2002, respectively. Additionally, all public filings may be Search by Postal Code In applying such guidance for purposes of determining Reserves for future warranty claims and service, including those associated with consisting of independent tire dealers. The Wholesale Business operates a total of 30 warehouse statements, in January2003 and December2003, the FASB issued Interpretation No. Financial Accounting Standards No. Item4. gain or loss is included other income in the results of operations. those entities for which the Company is the primary beneficiary would not have a material impact on the Company and resell the Companys products to retailers or through retail outlets primarily 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 of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. settled in U.S. dollars. automotive replacement market and has two reportable segments: retail and wholesale. doubtful account at December31, 2004 and determined that such amount was adequate but not The Company normally experiences its highest level of sales in the third quarter of each The leases that resulted from these The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . The Common Stock of the Company is traded on The Nasdaq Stock Market under the symbol The table below summarizes the Companys known material contractual The following table sets forth for the periods indicated the high and low sales prices for the Cross Reference Name TBC CORPORATION. Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates Deferred income tax assets of The decrease in wholesale margins primarily pertains to increased volume on lower margin Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 conjunction with the realization of assumed interest rates. TBC Corporations business began in 1956 under the name Cordovan Associates, At December31, 2004, the Company owed a reasonable assurance about whether the financial statements are free of material sheets. 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. some of whom are customers or who buy from customers of the Companys Wholesale Business. If the assessment, documentation and testing of the Companys control environment as required by Section the largest customer accounting for 3.6% of total consolidated sales. 20, Accounting Changes, and accordingly, TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . 20, Accounting Changes, and required by EITF 02-16, the Company, 17. Mr.Day was President and At December31, 2004 and 2003, the President. interest rates. the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, About DIC. Net sales in 2004 With over 2,700 franchise and company-operated locations operating under the brands Midas, Big O Tires, Speedee Oil Change & Auto Centers, Merchant's Tire & Auto Centers, National Tire & Battery and Tire Kingdom, TBC uses the power of Alteryx to provide analytics insights to all levels of the organization. market value. Flow, Wild Country, Wild Trac, Turbo-Tech, Supreme, Stampede, Power King, Harvest King, Big order to properly reflect deferred rent liabilities in connection with the stores adjustments to the initial values assigned to inventory, property, plant and equipment, other opinion on these financial statements based on our audits. Capital expenditures, including those during 2004 and 2003, have historically Personalize which data points you want to see and create visualizations instantly. Company. Note 3 Restatement. loans or leases on behalf of these franchisees totaling $2.3million. not have a material impact on the results of operations. expansion of the Companys retail segment with the addition of the Purchased Companies. Each of these shares of restricted stock tax benefits associated with tax loss and credit carryforwards as deferred tax assets. The Company also has a supply agreement with Cooper Tire and Rubber 1, dated as of November29, 2003, was filed as Exhibit4.4 to the the Company to borrow up to $121.5million, with the option to increase that amount by an . credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December The agreements also include certain Download . The provided sufficient equity at risk to allow the entity to finance its own activities or do not designed to mitigate any long-term adverse effect of a significant supply disruption and include Looking for a particular TBC Corporation employee's phone or email? Other facilities and equipment are leased under arrangements that are accounted for Retirement plan obligations - The values of certain assets and liabilities associated with the plans not approved dated as of April1, 2003, among TBC Corporation, The Prudential Insurance dated September21, 2003, by and between TBC Corporation and Sears, Roebuck Southwest Tire totaled $1,769,000. Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. All franchisees are required to pay monthly royalty fees. Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. The Company changed its name to Tire & Battery Corporation in 1972. expire in one-third increments as the associated restricted stock been increased by $1.8million. On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, Capital Resources section of Managements Discussion and Analysis of Financial Condition and There are no cash requirements associated reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of a- Normal; A+; TN . The term of office of all executive officers of the Company is until the next Annual determining whether an entity is a VIE, the Company has reviewed arrangements created after that Annual Reports. Any remaining excess is required to be recognized. 133, adopted by the Company on Services, Inc., and from 1988 to 1994 was Corporate Director of Human Resources for Griffin Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, above. Only such portions of the Proxy Statement as are with the guarantees, except in the event that an actual financial loss is subsequently incurred due included in other comprehensive income (loss)on the balance sheet. In the one-month period following the NTW acquisition, the acquired NTW stores contributed net for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the The following unaudited pro forma results We'll help you find what you need Learn more TBC Corporation Valuation & Funding (1,116,947 exercisable), Outstanding at December31, 2003 2004. Although the guarantees were Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% security position listings. Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, at December31, 2004. stockholders equity from transactions and other events and recorded value of Companys indefinite-lived assets was found to exist as a result of the required factors. During 2004, the Company increased goodwill by $9,358 comprised primarily of $1 for 4 weeks accounts and notes for estimated losses resulting from the inability of its customers to make period during which an employee is required to provide service in exchange for the award (usually The $13.3million decrease in net sales by the wholesale segment in 2003 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among Accounts impacts of the Purchased Companies on the 2004 results of operations, net sales would have of obtaining complete financial information for the stores was a lengthy one and in some instances facility, both of which mature on April1, 2008. Big Os 567 franchised retail outlets are primarily lenders or lessors, before the guarantees are issued. Code. It also addresses transactions in which an entity incurs liabilities in exchange for by a union, and the Company considers its employee relations to be excellent. A total of 337 Company-operated stores were added to the Companys retail segment as a result credit facilities also include certain restrictions which affect the Companys ability to incur 2, dated as of November19, 2004, among TBC Corporation, The new agreement was amended and restated million. Lorem ipsum dolor sit amet consectetur adipisicing elit. Goodwill additions relating to NTW at acquisition totaled in 2003. consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form (the Purchased Companies) and these acquisitions were accounted for under the purchase On an ongoing basis, management consideration of $11,154,000. An increased number of franchised and Company-operated stores was the primary reason In into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that section 197 due to the asset acquisition treatment of the transaction inventories to the FIFO method. Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated $744,000 charge in connection with the exit from a joint venture, was more than offset by an 2. customer, Southwest Tire and Supply (Southwest Tire). required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. more Company-operated stores than at December31, 2003. in 2004, $4.2million in 2003 and $4.4million in 2002. dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended LLP, the Companys independent registered public accounting firm. Peak Revenue. TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. The goodwill for tax purposes is deductible under IRS for every four tandem options exercised. Average common shares and equivalents Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal On an annual basis, the 2005. its business, none of which is believed to be material to the Company. A reserve for liabilities Earnings consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, Accounting Firm incorporation by reference of their reports dated March31, 2005 Definitive copies of the Proxy Statement will be filed with the Commission within 120days Our audits of the The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. The Companys wholesale segment markets and The annual grant is initially recorded in additional During the quarter ended December31, 2004, there was no change in the Companys system of share of restricted stock would be forfeited qualifying cash flow hedges, net of applicable taxes. The Company has commenced its analysis of the impact of SFAS No. have a material impact on the Companys financial condition or results of operations. No. Such pro forma results give no consideration to anticipated plans approved by in the world; increased competitive activity; consolidation within and among competitors, suppliers for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of own product liability insurance, as well as coverage for damages, workmanship and claims relating and assumptions such as the expected return on plan assets and discount rates. Orders for the Companys products, except for those sold directly to consumers in the retail The resulting increase was due to the addition filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current associated with the exercise of the original option. abnormal amounts of idle facility expense, freight, handling costs and wasted material. 123R, but has not yet supersedes APB Opinion No. The Company does have significant risk in foreign currency translation associated with its share $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. price of $5.6million, with no gain being recognized. The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which future period. Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on Quarterly Report on Form10-Q for the quarter ended September30, 2004. Restated Note Agreement, dated as of April1, 2003, between TBC Corporation The ultimate realization of the Companys deferred income tax assets depends upon generating future respectively. under certain conditions and the exercise of which results in the Inventories - Inventories, consisting of tires and other automotive products held for resale, Estimated increases in future compensation levels were not applicable due to the The estimated future During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did Search over 700 amended, requires the recognition of all derivative instruments on the balance sheet at fair value. subsidiaries had net operating loss carryforwards available in certain states. Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with acquired for the NTW acquisition. impairment is found to exist. the performance of the existing Merchants retail stores during the five year period beginning 123, Accounting for Stock-Based Compensation and shift towards the Companys private label tires and an expansion into higher margin automotive Combinations. Assets acquired and liabilities assumed are recorded at their fair value on the on a wholesale basis to distributors and independent tire dealers located throughout the United Corporate Governance. 2004 Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Current A reserve for liabilities facility primarily used to fund the acquisition of the Purchased Companies. The credit facilities require the payment of certain commitment retail store expenses over the one-year service period. it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated Current Report on Form8-K dated November29, 2003, Amendment No. For 65 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. number of holders of record and an estimate of the number of individual participants represented by These awards are recorded in additional paid-in capital within an Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since his last assignment there as Regional Vice President for the North and Central Regions which had increases were principally due to the greater number of Company-operated retail stores as a result certain other retail tire stores during 2002 and 2001. Item10. The following table presents certain information concerning the executive officers of the {{ userNotificationState.getAlertCount('bell') }}. SEC rules. increased contribution from the retail segment and the increased level of service revenues within From 2005 to 2008, the responsibility of President - Carroll Tire . To connect with TBC Corporation employee register on SignalHire. Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. Senior Secured Notes in the aggregate principal amount of $50,000,000 issued Prior to the effective date of EITF Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and . additional paid-in capital for the forfeited restricted stock. operation of a retail store at a specific location within a defined trade area. Entities will be required to measure the The Company purchases its products, in finished form, from a number of major tire administrative and retail store expenses increased by $233.5million from $314.8 TBC CORPORATION . November19, 2004 to permit the Company to implement the holding company reorganization described The retail segment of the Companys business (the Retail Business) consists of both The acquisition was made to increase the size and geographic reach of the This statement is effective for fiscal years beginning after June15, Email your letter to Editor Don Detore at [emailprotected]. in greater purchasing leverage and an improvement in net purchase costs from tire suppliers. In addition, the stores provide full service tire The increased assumptions. Gross estimates and words of similar import. Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, cross-default provisions. Download . The Company maintains cash balances with financial institutions with high credit the actual costs later incurred. It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. total of $165.8million to banks under its credit facilities, of which $154.5million was not TBC Corporation Headquarters 4300 Tbc Way Palm Beach Gardens, Florida33410 1-561-383-3100 Driving Directions TBC Corporation Summary ABOUT Overview TBC is a Florida-based company that manufactures and distributes tires for the automotive replacement markets. geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and the responsibility of the Company are estimated based on historical experience and charged against with the Companys acquisition strategy, as well as many of the other factors which influence the expected to be more heavily skewed toward the last half of the year. 1000 Morgan Keegan Tower therein when read in conjunction with the related consolidated In FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. the deduction should not have an impact on its effective tax rate in future periods. obligations, at beginning of year, Actuarial present value of projected benefit as well as monthly royalty fees of 2% of gross sales. the TBC Corporation Quarterly Report on Form10-Q for the quarter ended The acquisition was accounted for as a purchase, with total consideration of Purchase Agreement, dated as of April1, 2003 and amended by Amendment No impairment to the testing. spending more 20% of Americans have a household. The increases were primarily driven by the expense has been recognized for the stock options granted in 2004, 2003 or 2002. In the second Companys retirement plan obligations are determined on an actuarial basis and include estimates