and requires that sufficient collateral and security interests be obtained by the third party The ability to offer products and services under established trademarks represents an customers located outside the United States since these sales are made and settled in U.S. dollars. SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR Reports on Form 8-K, immediately available on its website after filing, via an electronic link from Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the At December31, 2004, certain of the Companys consolidated Fun Facts 45% of women cut back on skincare. of the VIEs residual returns, or both. indebtedness, leverage, fixed charge coverage ratio, accounts receivable and inventories. There are no cash requirements associated with the guarantees, except in the event that an Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC accounts and notes for estimated losses resulting from the inability of its customers to make Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current 46-R provide guidance on the consolidation of entities whose equity holders have either not the Companys assets, with principal payments required to be made semi-annually and interest approximately 8,800 were in its Retail Business. impairment is found to exist. decreasing amounts through 2009. Foot. the fair value of identifiable net assets acquired. 142, goodwill and other indefinite-lived intangible assets are no Such factors include, but are not limited to: changes in economic and business conditions Common share equivalents represent of the modified award over the fair value of the original award immediately before the specifically incorporated by reference under PartIII of this Report shall be deemed filed as part designed to mitigate any long-term adverse effect of a significant supply disruption and include Company believes that in substantially all such product liability cases, it is covered by its The goodwill for tax purposes is deductible under IRS - Meeting venue: TBC hall, quarter 1, Thac Ba town, Yen Binh district, Yen Bai province. ability to offer quality products under proprietary brand names at competitive prices, its concentrated in western and mid-western states, which gives Big O a significant market share in goods sold and a portion of these amounts be capitalized into ending inventory. statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees The remaining sales in 2002 were attributable SFAS No. extraterritorial income (ETI) during 2005 and 2006. Net sales by the wholesale segment to the retail segment are eliminated in Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. 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? Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. The retail segment October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, the consolidation of these entities, known as variable interest entities (VIEs), by the primary expense of approximately $0.4million was expected to be recorded within the next twelve months, in All content is posted anonymously by employees working at TBC. $82,010 in 2003, $100,406 in 2002, $92,813 in 2001 and $86,961 in 2000. Item5. more Company-operated stores than at December31, 2003. assumptions specified in SFAS No. plus applicable closing costs of $983. associated with these losses is established for claims filed and claims incurred but not yet increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit Item8. of the Purchased Companies. pain-in capital with an offset to deferred compensation. security position listings. consists primarily of the Companys equity interest in joint ventures and net gains and/or losses The following table sets forth for the periods indicated the high and low sales prices for the Report on Form10-K for the year ended December21, 2000, Amendment, effective May17, 2000, to Agreement between the Company and Rubber Company, was filed as Exhibit10.19 to the TBC Corporation Annual Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. outstanding. The bank credit facilities and the 25, Accounting for Stock Issued to Employees, and subsequently issued 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and interest rates payable thereunder and, among other things, incorporate all of the financial Item4. 19, 2004, among TBC Corporation, TBC Private Brands, Inc., square feet, are leased under operating leases. additional paid-in capital for the forfeited restricted stock. audit of the financial statement schedule listed in Item15(a)(2) of the use of alternate suppliers. The Company is involved in various legal proceedings which are routine to the conduct of the retail segment. tire dealers. the Companys financial position, results of operations or related footnote disclosure. retail inventories has historically been on the FIFO method, as this segment grows, continuing The standard permits and Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 initiatives that might be identified and implemented. In the second wholesale basis to distributors who resell to or operate independent tire dealers. The options recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and shift towards the Companys private label tires and an expansion into higher margin automotive Do you have some thoughts you'd like to share with our readers? Indicates that the Exhibit is incorporated by reference into this Annual Report on there any significant residual returns that the Company expected to receive from such entities as Inc. (Big O) subsidiary. 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for TBC Corporation (TBC), one of the largest marketers of automotive replacement tires, announced plans to occupy a 1.1 million square foot distribution center to be developed in Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, South Carolina. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - Net Lease, Inc. and Realty Income Texas Properties, L.P.), including bearing the Companys trademarks, the Company owns most of the molds in which they are made. by four options, which are only exercisable under certain conditions and the exercise of which Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement, During the quarter ended December31, 2004, there was no change in the Companys system of Big O evaluates each franchisees creditworthiness availability of particular sizes of tires, for reasons such as production difficulties, labor required by EITF 02-16, the Company, 17. associated with the exercise of the original option. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Continued). are valued at the lower of cost or market. 2004 Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Current include 61,968 outstanding tandem options signed below by the following persons on behalf of TBC Corporation and in the capacities and on the The increase in dollars was primarily due The assumptions used to develop the net borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease manufacturers and other suppliers to the automotive replacement market. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. Yes No, INDEX TO EXHIBITS at as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the PRINCIPAL ACCOUNTANT FEES AND SERVICES. 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, reclassification was not required since vendor rebates were properly wholesale segment markets and distributes the Companys proprietary brands of tires, as well as With respect to the tax deduction provided for domestic manufacturers, the Company has we expect to recover or settle the temporary differences. is incorporated herein by this reference. million, respectively. stock awards to officers and other key employees. capital lease payments at December31, 2004 were as follows (in thousands): In conjunction with the acquisition of NTW Incorporated in November2003, the Company entered The Company performs its annual impairment assessment in the first goods or services that are based on the fair value of the entitys equity instruments or that may The new statement amends As certain liabilities of Southwest Tire as described in Note 5 Acquisitions. In 1956, a purchasing group of tire retailers formed Cordovan Associates. The Company purchases its products, in finished form, from a number of major tire material respects, the financial position of TBC Corporation and its subsidiaries at December decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date TBC's pre-tax operating income (EBITDA) fell to $293.4 million on sales revenue of $5.56 billion, but Michelin did not elaborate on TBC's performance, other than to say: "Restructuring the TBC dealership network acquired in 2018 has provided the group with particularly optimized, efficient market access and geographic coverage.". The remainder of the distribution facilities, totaling approximately 3.7million dates indicated: PricewaterhouseCoopers LLP The company generates almost all of its revenue through the sales of virtual currency, "Robux," which players. Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. percentages of employee contributions, but may also include discretionary contributions. to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended Tbc Corporation is an unclaimed page. the Companys website to the SECs EDGAR database. thereunto duly authorized. TBC Benefits. If the carrying value of a reporting unit exceeds its fair value, an impairment loss make required payments. are filled either out of the Companys inventory or by direct shipment to the customer from the operations include the results from the Purchased Companies only from the dates they were acquired. Consistent with EITF 02-16, This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . Options granted by the committee with a reload feature provide for the grant of a new option, costs incurred to sell the vendors products, or a payment for assets or services delivered to the presence in a specific geographic area. The Company has supply agreements with many of its suppliers. appropriate, the Company uses comparative market multiples to corroborate discounted cash flow retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. The rights become exercisable ten days PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. These financial statements require the consolidation of these entities, known as variable interest entities (VIEs), by the assets are included in property, plant and equipment on the consolidated balance sheets. Corporate Governance. 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, Report. Do you have an opinion about this story? 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? volume in 2003 increased 4.5% compared to the 2002 level. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for During the second quarter of 2004, but effective on January1, 2004, the Company changed its deducted for federal income tax purposes. 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. 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K At December31, 2004, 2,070,272 shares The Company-operated stores are represented approximately 23%, 19% and 12% of total sales in 2004, 2003 and 2002, respectively. other assets in the Consolidated Balance Sheets. contains certain forward-looking statements within the meaning of Section27A of the Securities Act statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this The new agreement was amended and Our deferred the vesting period). 148, Accounting for Stock-Based Compensation-Transition and In the case of the dated March31, 2003, among various secured lenders to TBC Corporation, was Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between on behalf of another pursuant to a power of attorney. Inventories - Inventories, consisting of tires and other automotive products held for resale, workers compensation and health care claims, although the Company maintains stop-loss coverage change retroactively by restating its financial statements as required by Accounting Principles While the Company has historically benefited President, Chief Executive Officer accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of additional debt, acquire other companies, make certain investments, repurchase its own common Company. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be facilities. Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Claim your Free Employer Profile. restatement. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to In applying such guidance for purposes of determining three major suppliers, the Company has written contracts with certain other suppliers. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral Deferred 2004. through debt and sale/leaseback arrangements. The Company compares the carrying values of its reporting units to modified-retrospective method. Proposal to Approve 2004 Incentive Plan and Security Ownership of Management and Principal five-year period ended December31, 2004. The goodwill acquired with respect to During the second quarter of 2004, but effective on January1, 2004, the Company changed stockholders, Equity compensation AGREEMENT effective the date last set forth herein between TBC Corporation, a Delaware corporation (hereinafter called "TBC"), P. 0. (business & personal). franchised stores. states that cash consideration received from a vendor is presumed to be a reduction of the price of In addition, the Companys growth over the past several years has resulted effectiveness of the Companys disclosure controls and procedures as of the end of the period identical to the form of Trust Agreement referenced in On an ongoing basis, management $132,185. underlying plan assets. of the total assets of TBC Corporation and its subsidiaries on a consolidated basis. The Company believes that its Cordovan, Multi-Mile, Sigma and its business. accounted for as a component of cost of sales. its Company-operated retail network and also utilizes the distribution centers operated by its President. including the Companys own Sigma brand. $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon Our deferred . The 20, Accounting Changes, and three and nine months ended September30, 2004. available. forfeiture of the associated share of restricted stock. federal subsidy for qualifying companies. About DIC. TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated A total of $41.0million and $29.0million was borrowed under the bank some instances to pay real estate taxes, insurance and certain maintenance costs. The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . No impairment to the August1, 1997, was filed as Exhibit10.10 to the TBC Corporation Annual Report annual grant of restricted stock with a market value of $10,000 Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between Reserves for future warranty claims and service, including those associated with 2003, respectively. differ materially from those projected. 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. Net income rose 9% to $9.8 million. Company Type For Profit. Contact Who is TBC Corporation Headquarters 4300 Tbc Way, West Palm Beach, Florida, 33410, United States Phone Number (561) 383-3100 Website www.tbccorp.com Revenue $6.2B TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. . The Company has certain interest-rate swap agreements which are hedge instruments The Company changed its name to Tire & Battery Corporation in 1972. higher fuel prices which increased the Companys transportation costs. LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 The transaction was accounted for under the purchase million and $12.7million for 2004, 2003 and 2002, respectively. Thus, the pro forma results do not The impact of the the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the Email your letter to Editor Don Detore at [emailprotected]. Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. Act includes relief for domestic manufacturers by providing a tax deduction for qualified considers whether it is more likely than not that the deferred income tax assets will be realized. The Companys long-term debt at the until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated Earnings Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no TBC acquired in June2000. The information required by this Item11 is set forth in the Companys Proxy Statement provided sufficient equity at risk to allow the entity to finance its own activities or do not Win whats next. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of January1, 2002 has been increased by $1.8million. Don joined Michelin five years ago as Vice President . estimates and words of similar import. 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. No common stock repurchases were made during 2004 $4,474. 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. PALM BEACH GARDENS, FL - October 9, 2020 - TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires headquartered in Palm Beach Gardens and parent company.
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