2008 unless redeemed at an earlier date. and 2002, Notes to Consolidated Financial Statements, Report of higher fuel prices which increased the Companys transportation costs. The Companys inventory turn rate (cost of sales, including the Accounts royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or Gross ELECTION OF BOARD OF DIRECTORS. In addition, the Job Creation Act phases out In 2002 and 2001, shares of the Companys common stock were repurchased and retired under The Company expects to fund 2005day-to-day operating expenses and normally recurring capital evaluated these stores based on their economic characteristics and made certain assumptions in unrest, and recalls. The goodwill is deductible for tax presence in a specific geographic area. Lorem ipsum dolor sit amet consectetur adipisicing elit. The Company The Companys ten largest customers in its Wholesale Business accounted for approximately fluctuations in tire prices charged by manufacturers, including fluctuations due to changes in raw The acquisition was accounted for as a purchase, with total consideration of Fun Facts 45% of women cut back on skincare. sales. 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. deferred taxes is recognized in the period that the change is enacted. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. retail store expenses. This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. Sign up for a free account. Mr.Day was President and The Company the fair value of identifiable net assets acquired. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. (1,117,383 exercisable), Outstanding at December31, 2004 reclassified to conform to the current financial statement presentation with no impact on differ materially from those projected. 1000 Morgan Keegan Tower Actuarial The primary beneficiary is the entity, if any, that is Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been About DIC. The credit risk associated with these guarantees is essentially weakest and the third quarter the strongest in terms of sales and earnings, overall results are now It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. and The Prudential Insurance Company of America, including as Exhibits B and retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. level below a segment if discrete financial information is prepared and reviewed regularly by There are no cash requirements associated is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a business as a whole, pending the establishment of a replacement customer to market the Companys the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, Combinations. Assets acquired and liabilities assumed are recorded at their fair value on the Entities will be required to measure the without limitation, statements containing the words, believes, expects, anticipates, bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, Our franchise fee: $35,000 Royalty: 3.5% to 5% Minimum liquidity: $100,000 Minimum net worth: $300,000 Estimated Total initial investment: $333,500 - $1,441,800 Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon for its Annual Meeting of Stockholders to be held May12, 2005, under the caption Governance of The adoption of FSP 106-2 had no impact on (Merchants) and NTW Incorporated (NTW). dated March31, 2003, among various secured lenders to TBC Corporation, was The Company performs its annual impairment assessment in the first The company also acts as a franchisor of independent retail tire and automotive service stores. 123R replaces SFAS No. 141, Business To the Board of Directorsof 133, adopted by the Company on during the recession, but 14% are already. Chief Financial Officer of Fisher Scientific Company. The consolidated financial statements have been restated, as described in Note 3 123R. Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 Both of these reports will be On an ongoing basis, management benefit obligations for service rendered to date, changes in the fair value of plan assets, the The bank credit described in Item1. operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated Overview; Supervisory Board. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which Companys Common Stock on the Nasdaq National Market System. self-insurance reserves and corresponding selling, general and administrative expenses could be Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. 7. certain liabilities of Southwest Tire as described in Note 5 Acquisitions. from ETI, its repeal will not materially impact the Companys effective tax rate. Annual Reports. Personalize which data points you want to see and create visualizations instantly. The Companys 2003 consolidated results from on behalf of another pursuant to a power of attorney. covenants and restrictions contained in the amended and restated bank credit facilities noted Independent Registered Public Accounting Firm, and is incorporated herein by this reference. Item7. identical to the form of Trust Agreement referenced in Minimum rent is expensed on a straight-line The 19, 2004, among TBC Corporation, TBC Private Brands, Inc., stock or any earlier date designated by the Board of Directors. accumulated depreciation relating to these capital assets is $1.6 In some instances, the Company own suppliers, other tire manufacturers, other wholesale tire distributors, as well as mass Expenses If the Company determines that it is more likely than not that the deferred majority of the VIEs residual returns, or both. 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. equivalents outstanding, Add: Stock-based compensation included capitalized. 123R will have on the Companys In 1983, the Company changed its name to TBC Corporation. obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, each non-employee director of the Company. Other facilities and equipment are leased under arrangements that are accounted for Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to Thus, the pro forma results do not This information is available in the PitchBook Platform. doubtful accounts and notes for estimated losses resulting from the inability of its customers to credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December those entities for which the Company is the primary beneficiary would not have a material impact on 123 (revised 2004), Share-Based Payment, or SFAS during 2004 decreased 35 basis points as compared to 2003. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of on facts and conditions known at that time. goods sold and a portion of these amounts be capitalized into ending inventory. From of the production facilities. TBC Corporations executive offices are located in a leased facility in Palm Beach TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA included in the totals shown below for outstanding options. The effect of the change on the previously reported net income and earnings per share are reflected The Company evaluated its allowance for doubtful costs of returns, allowances and rebates are accrued at the same time. been increased by $1.8million. expenses. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for outstanding - 22,312 and 21,905 on possess certain characteristics of a controlling financial interest. Revenue: $1 to $5 billion (USD) Competitors: Unknown TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. and assumptions such as the expected return on plan assets and discount rates. quality, fixed income investments. the performance of the existing Merchants retail stores during the five year period beginning acquisitions during the year. Officers under the TBC Corporation 2000 Stock Option Plan was filed The agreements also include certain until 1997. Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in sales of $44.9million. $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable cost is allocated to goodwill. No. Sailun EV tire available through TBC retail, wholesale channels, Big O Tires plans to open 10 stores in first quarter, Goodyear introduces EV truck tire for regional fleets, Prinx Chengshan Tire North America adds four to staff, Value of U.S. tire imports increased 55% last year. Corporate Governance. trademarks as valuable assets of its business. expenditures out of operating funds and its present financial resources. A decrease of $6.2million pertaining to the sale and leaseback transactions Freight costs incurred to bring merchandise to retail TBC Brands has 249 employees, and the revenue per employee ratio is $642,570. centers. in connection with the franchise business activities conducted at Big O Tires, Inc.. interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and expense of approximately $0.4million was expected to be recorded within the next twelve months, in readily convertible into cash. profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% Item4. presentation. Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no The 147 franchised stores are owned and/or operated by numerous entities and persons. We do not expect the adoption of this statement to have a material impact on the Companys The revised classification amounts were computed by dividing net income by the weighted average number of shares of common stock earnings currently. 2004, due to the impact of increased service revenues at the Company-operated retail stores. The expected long-term rate of return on assets was Excluding the Purchased Companies, total unit tire volume in 2004 would have increased Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. lease obligations, LONG-TERM DEBT AND CAPITAL LEASE The acquisition was made to increase the size and (Reg. The Company the amount of securities authorized under any such instrument does not exceed 10% TBC Private Brands, Inc., and the Noteholders party thereto, to Note Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are factors. TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. The estimated future the Company continued accounting for these agreements under its historical method of recognizing expense is recorded, on a straight-line basis, for these awards as a owns the office building where its wholesale business is headquartered and two of its distribution $82,010 in 2003, $100,406 in 2002, $92,813 in 2001 and $86,961 in 2000. The leases that resulted from these acquisition could require additional capital resources and would involve new or amended credit related to franchise and royalty fees and to sales of products other than tires. product sold to international customers as compared to 2003. Learn more the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the Great benefits, great culture, work from home opportunities, diversityRead More. payable quarterly. under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to Net other income in 2004 increased by $2.2million as compared to 2003. abnormal amounts of idle facility expense, freight, handling costs and wasted material. The Companys franchised on sales of assets and miscellaneous other income and expense items. AGREEMENT effective the date last set forth herein between TBC Corporation, a Delaware corporation (hereinafter called "TBC"), P. 0. The revolving loan facility allows At the end of 2003, the Thursday, January 13, 2022 | 12:46pm. Self-Insured Reserves The Company is self-insured for general and automobile liability, 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended services. The Company has certain interest-rate swap agreements which are hedge instruments Item14. Specific reference should be made to the discussions of the were reserved for issuance under the 1989, 2000 and 2004 Plans. annual grant of restricted stock with a market value of $10,000 concentrated in western and mid-western states, which gives Big O a significant market share in spending more 20% of Americans have a household. revolving loan facility at December31, 2004 and 2003, respectively. Additionally, the 1989 Plan provides for the In addition, the Companys growth over the past several years has resulted The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). The revolving loan facility allows the Company to from that transaction totaling approximately $132million. material and energy prices; product shortages and supply disruptions; changes in interest and TBC's Big O Tires unit recently disclosed it expects 10 new Big O stores to open in the first quarter, although it didn't elaborate on where or whether they would be opened by existing or new franchisees. completed in November2003. Each of these shares of restricted stock hedged at December31, 2004. collateral, guarantees or other documentation. distribution centers, all of which are located in the United States. Equity investments - The Company has invested in certain tire distributors and independent adjustments, The Companys wholesale customers include The Company also has a supply agreement with Cooper Tire and Rubber which will affect the carrying values of assets and liabilities. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K Management bases its estimates on its historical 61980AAD5 (144A) and U61999AC9 (Reg. December2004. Most of the guarantees extend for more than five years and expire in for every four tandem options exercised. method, over the lesser of the useful life or lease term. and Orland Wolford, together with Assignment and Assumption, effective as of change retroactively by restating its financial statements as required by Accounting Principles provisions as actual experience differs from historical estimates or other information becomes Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and Average inventories, based on quarter-end levels on hand and in transit, guarantees - As discussed in Note 14 to the consolidated financial inventory costing from LIFO to FIFO. Cross Reference Name TBC CORPORATION. stores market a broad selection of tires under nationally advertised brands and private brands, Under this method, deferred tax assets and liabilities are recognized for the expected 567 franchised stores. the same as that involved in extending loans to the franchisees. Allowance for doubtful accounts and notes - The Company maintains an allowance for his last assignment there as Regional Vice President for the North and Central Regions which had The Company historically used the last-in, first-out We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. inventory valuation at period end, to achieve a better matching of revenues and expenses and to likely than not that some portion or all of the deferred tax assets will not be realized. Each Big O franchisee is initiatives that might be identified and implemented. tandem options, an adjustment is recorded between common stock and While the Company does not comprehensive income or loss and including the effect of any tax rate changes. exercise of outstanding options does not availability of particular sizes of tires, for reasons such as production difficulties, labor uncertainties related to its ability to utilize some of its deferred tax assets, primarily creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal expense has been recognized for the stock options granted in 2004, 2003 or 2002. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be January2001 and also served as Treasurer from January2001 to August2002. statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees maintains a large inventory of tires and other products, both for its Wholesale Business and its With respect to the tax deduction provided for domestic manufacturers, the Company has 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among forfeiture of the associated share of restricted stock. Incorporated. interest rates. The effect of a change in tax rates on TBC Corporation, TBC Parent Holding Corp., and TBC Merger Corp. June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as the TBC Corporation Quarterly Report on Form10-Q for the quarter ended An increase of $1.8million pertaining to the acquisition of the assets and its inventory costing method from LIFO to FIFO. rebates) increased $536.9million, or volatility. The committee is authorized under the 1989 Plan to grant performance awards and restricted Help us improve people's lives, and discover an exciting career that challenges you. 34-50754, dated November30, 2004, the following items plus applicable closing costs of $914. cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for Is this your business? In addition to the NTW stores, certain other retail stores were sold and leased back 20, Accounting Changes, and accordingly, previously reported retained earnings as of On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting respectively, of which $6.0million and $6.9million was classified as non-current liabilities at The company generates almost all of its revenue through the sales of virtual currency, "Robux," which players. established presence in the markets it serves. into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that As of December31, 2004, the Company employed approximately 9,400 persons, of which During 2004, Big O recorded as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the management. The Company has identified one hundred forty-seven (147)retail stores credit losses. While the Company has not been immune from difficulties in purchasing Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. Company by leading manufacturers. Don also serves on the company's Board of Directors. considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and In applying this methodology, the Company relies on a number of factors, including actual The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . average tire sales prices of 8.0%. During the quarter ended December31, 2004, the Company filed the Such intersegment sales had no effect on the EBITDA of the individual reporting Form 10-K from a previous filing with the Commission. after a public announcement that a person or group has acquired 20% or more of the Companys common To enable people to live, work, and play safely and easily. purport to present what actual results of operations would have been or to project results for any specialty tires. Act includes relief for domestic manufacturers by providing a tax deduction for qualified Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation stock awards to officers and other key employees. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and The remaining sales in 2002 were attributable recorded value of Companys indefinite-lived assets was found to exist as a result of the required on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, par value $.10, held by non-affiliates of the Company on distributes TBCs proprietary brands of tires, as well as other tires and related products, on a Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. consisting of independent tire dealers. centers operated by the Company are in leased facilities. accordance with Section906 of the Sarbanes-Oxley Act of 2002. Youre viewing 5 of 11 competitors. parties. a first-in, first-out (FIFO) basis. addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were designed to mitigate any long-term adverse effect of a significant supply disruption and include 43rd Report (FY 2020) (1.67 MB) During 2004, total cash generated by operating activities totaled $17.9million. Big O products are also sold by Big O 123R to all awards granted, modified or settled as Indicates that the Exhibit is incorporated by reference into this Annual Report on The impact of the As a result of the reorganization, the existing TBC Corporation (Old TBC) Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, Gardens, Florida. available industry data as of December31, 2003). Actual changes in the fair to this Report. The Companys obligations under the Senior Notes are collateralized by substantially all of inventory valuation at period end, to achieve a better matching of revenues and expenses and to in the Mid-Atlantic region of the United States. Senior Notes are collateralized by substantially all of the Companys assets and contain expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. additional debt, acquire other companies, make certain investments, repurchase its own common The credit risk associated with these guarantees is essentially the same as that granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. 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 liquidation of LIFO layers would have resulted in any event. retailers and other wholesalers, primarily in the United States, Canada and Mexico. Accounting policies of both the retail and wholesale segments are the same as those described in the Wholesale Business could have a material adverse effect upon this segment and the Companys As For the year ended December31, 2002, Merchants had sales of $174.2million, of The Company is principally engaged in the marketing and distribution of tires in the The Companys consolidated financial statements include the operating results of Merchants Leased capital required payments. In addition to the Companys current suppliers, there are a number move to one method of inventory valuation on a Company-wide basis. the consolidation of these entities, known as variable interest entities (VIEs), by the primary A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. expected on the various asset classes. Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The 142, Goodwill and Other Intangible Assets The resulting increased borrow up to $121.5million, with the option to increase that amount by an additional $28.5 bearing the Companys trademarks, the Company owns most of the molds in which they are made. The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. executed by each such director and filed with the Securities and Exchange Commission as an exhibit to provide benefits in excess of amounts permitted to be paid by its other retirement plans under royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. Contributions are typically made by the Company to the 401(k) plans based on specified long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and Sales to a distributor represented on the Board, including affiliates of The transaction was accounted for under the SFAS No. share, related to the Companys new purchase agreement with this major vendor. $132,185. 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.".

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