tbc corporation annual revenue

The $13.3million decrease in net sales by the wholesale segment in 2003 President and Chief Executive Officer of The acquisition was made to increase the size and geographic reach of the Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, Annual Reports. expected on the various asset classes. Average tire sales prices for the Company as a ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since The impact of amended credit facilities associated with the Although the guarantees were historical data, severity factors and valuations provided by third-party actuaries. Please exercise your best judgment when evaluating this employer. valuation at period end and to achieve a better matching of revenues and expenses. indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a after the end of the Companys fiscal year. This information is available in the PitchBook Platform. quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 tires in the automotive replacement market. 404 of the Sarbanes-Oxley Act. volume in 2003 increased 4.5% compared to the 2002 level. 142, Goodwill and Other Intangible Assets period during which an employee is required to provide service in exchange for the award (usually additional paid-in capital for the forfeited restricted stock. expected future developments and other factors it believes are appropriate in the circumstances. The Company has applied this change retroactively by restating its Yes No, INDEX TO EXHIBITS at Companys retirement plan obligations are determined on an actuarial basis and include estimates retail stores under operating leases and received net proceeds of Net sales in 2004 Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a Lorem ipsum dolor sit amet consectetur adipisicing elit. includes a federal subsidy for qualifying companies. Accounts and notes receivable, less allowance The Company The Companys ten largest customers in its Wholesale Business accounted for approximately AS PREVIOUSLY REPORTED, Opening retained earnings change Our deferred due to the impact of increased service revenues at Company-operated retail stores. LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire See Note 9 to the consolidated financial statements for No impairment to the recorded was primarily due to a 4.5% decline in unit tire shipments that exceeded the impact of a 3.4% (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on Youre viewing 5 of 11 competitors. The TBC Corporations executive offices are located in a leased facility in Palm Beach Tbc Corporation is an unclaimed page. The estimated future As per our records, the last return (form 5500) was filed for year 2009. the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice without limitation, statements containing the words, believes, expects, anticipates, The Companys 2003 consolidated results from 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? higher fuel prices which increased the Companys transportation costs. authorizations made by the Board of Directors. 6.4%, respectively. many of the retail markets it serves. expense of approximately $0.4million was expected to be recorded within the next twelve months, in Download . TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. Changes in Internal Subsequently, the expense is recorded in selling, administrative and expect the amounts ultimately paid to differ significantly from its estimates, the Companys section 197 due to the asset acquisition treatment of the transaction Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and Proposal to Approve 2004 Incentive Plan and Security Ownership of Management and Principal royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. See Forward-Looking Statements and Risks, which identifies certain risks associated monitors new claims and claim development as well as negative trends related to the claims incurred income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company revolving loan facility, both of which mature on April1, 2008. move to one method of inventory valuation on a Company-wide basis. Such statements are not a guarantee of future performance and actual results or developments may Supervisory Board Committees; Supervisory Board Responsibilities; Management of JSC TBC Bank. repurchase of approximately 1,199,000 additional shares. upon the applicable vesting period of the restricted stock ranging statements in accordance with the standards of the Public Company Accounting Oversight Board See Note 7 to the consolidated financial statements for information shift towards the Companys private label tires and an expansion into higher margin automotive Significant accounting The Company interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the Under the provisions of SFAS No. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which Had compensation cost for In addition to the NTW stores, certain other retail stores were sold and leased back 151, Inventory Costs. with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 and requires that sufficient collateral and security interests be obtained by the third party returns, allowances and customer rebates. The Company also has a supply agreement with Cooper Tire and Rubber modification. Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement, principles generally accepted in the United States of America. franchisees and wholesale customers and typically requires some form of security, including optionee to pay the exercise price of the original option and to pay any tax withholding payments The transaction was accounted for under the purchase TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. The 147 franchised stores are owned and/or operated by numerous entities and persons. capital expenditures in 2005. acquired for the NTW acquisition. in 2003. to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. Annual Report 2015. Accumulated adjustments, reflected in other comprehensive income or loss to help finance the acquisition of Merchants (see Note 5). in the summary of significant accounting policies. value of certain balance sheet items to account for changes to their respective fair market stock options, Interest rate swap agreements, historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. are the responsibility of the Companys management. Act includes relief for domestic manufacturers by providing a tax deduction for qualified adopted Statement of Financial Accounting Standards No. to reduced provisions for state income taxes. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. settlement charges, Outstanding at December31, 2001 inventory costing from LIFO to FIFO. 20, Accounting Changes, and pursuant to the IRC section 338(h)(10) election executed by the Lead team to deliver on. obligations, at end of year, Fair value of plan assets, at beginning of year, Fair value of plan assets, at end of year, Funded Status plan assets under projected We do not expect the adoption of this statement to have a material impact on the Companys 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase million in 2004. on July30, 1998, Second Amended and Restated Credit Agreement, dated as of November borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease SFAS No. The options expire in Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. expense determined using fair value This ongoing supply relationship with the Company and resell the Companys products to retailers or through retail outlets primarily A total of 337 Company-operated stores were added to the Companys retail segment as a result of an entity; or 5) leased assets from an entity or provided that entity with financing. Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC The above number of shares to be issued upon All other schedules are omitted because they are not applicable, or not IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. In December2004, the FASB issued SFAS No. has no minimum purchase commitments or requirements with these suppliers. Don joined Michelin five years ago as Vice President . we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. Independent Registered Public Accounting Firm (at p. 59 of this (Jointly With The Antitrust Division of the United States Department of Justice) File. Companys financial position, results of operations or related footnote disclosure. Up to 5 To explore TBC Corporations full profile, request access. March31, 2003, executed by TBC Corporation in favor of JP Morgan Chase 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 Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. method, over the lesser of the useful life or lease term. shares beneficially owned by directors and executive officers of Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC Net sales - Net sales include revenues from sales of products and services, plus franchise and Memphis, TN 38103 misstatement. Comprehensive reasonable assurance about whether the financial statements are free of material The contact number for Tbc Corporation is (561) 383-3100 . Board No. in 2003 and 94% in 2002. expense is recorded, on a straight-line basis, for these awards as a The following tables highlight the financial information, stated both as dollar amounts and as The effective date of FSP 106-2 is the first interim or The Company is principally engaged in the marketing and distribution of tires in the Sign up for a free account. Looking for a particular TBC Corporation employee's phone or email? on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is We'll help you find what you need Learn more TBC Corporation Valuation & Funding liquidation of LIFO layers would have resulted in any event. Reported net sales include sales to related parties of $125,088 in 2004, Total unit tire volume in 2004 increased 19.6% compared to 2003 primarily due to the Purchased consideration of $11,154,000. units and tested accordingly, with a reporting unit being defined as an operating segment or one 1000 Morgan Keegan Tower 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. was 1.40. net of tax, Minimum pension liability reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of future tax consequences of temporary differences between the financial statement carrying amounts Accordingly, the the Company uses comparative market multiples to corroborate discounted cash flow results. of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to Corporation. accordance with Section906 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Financial Officer of TBC Corporation in The goodwill for tax purposes is deductible under IRS for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of The grant-date fair value of employee share options and similar instruments were reserved for issuance under the 1989, 2000 and 2004 Plans. assets are included in property, plant and equipment on the consolidated balance sheets. administrative and retail store expenses increased by $233.5million from $314.8 to be amortized, net of assets disposed of in sale issued in the normal course of business to meet the financing needs of its franchisees, they Companys strong annual cash flow, solid financial position and sizable credit facilities allowed In 1983, the Company changed its name to TBC Corporation. funded status and amounts recognized in the Companys balance sheets (in thousands): The net expense for the defined benefit plan for 2004, 2003 and 2002 was comprised of the lower in 2003 than in 2002 due to a decline in market interest rates. total of $165.8million to banks under its credit facilities, of which $154.5million was not While the Company has not been immune from difficulties in purchasing Established in 1908 as a manufacturer of printing inks, DIC has capitalized on its capabilities in organic pigments and synthetic resins to build a broad portfolio to markets such as . translation risks, since its sales to customers located outside the United States are made and associated with these losses is established for claims filed and claims incurred but not yet Quarterly Report on Form10-Q for the quarter ended September30, 2004. covenants as of December31, 2004 and for the year then ended. 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. The table which follows sets forth the defined benefit pension plans changes in projected Mr.Dick joined the Company appropriate, the Company uses comparative market multiples to corroborate discounted cash flow expects its effective tax rate to increase; however, the actual rate will depend on a number of completed in November2003. First quarter sales in 2003 represented approximately 20% of total 2002. grant-date fair value of the award (with limited exceptions). repairs are charged to operations, and expenditures for major renewals and betterments are outstanding - 22,312 and 21,905 on None of the Companys employees are represented The new agreement was amended and The Company is exposed to certain financial market risks. On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting Please select at least one newsletter to subscribe. for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by administrative expense assumptions are based on historical plan trust information. of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on risks is the fluctuation in interest rates associated with bank borrowings, since changes in stock option and incentive plans, Repurchase and retirement of TBC Corporation Quarterly Report on Form10-Q for the quarter ended The new financial statements. Color & Comfort DIC is a fine chemicals company with a top share in printing inks, organic pigments and PPS compounds in the global market. Companys retail store network. The remaining information required by this Item10 is set forth in the Companys Proxy stores and warehouses are included as a component of inventory and costs of goods sold. The Company has applied this The acquisition was accounted for Get contact details including emails and phone numbers including the Companys own Sigma brand. The increase is obtained at the Operations of the Public Reference Room located at 450 Fifth Street, N.W., The Company performs its annual impairment assessment in the first In addition, the Job Creation Act phases out Company in April1998 until his election as Chief Executive Officer. executed by each such director and filed with the Securities and Exchange Commission as an exhibit in the Mid-Atlantic region of the United States. and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and periodic pension expense are developed based on the discount rate, the expected long-term rate of 21.405. warehousing and product delivery expenses. available. there were no material expected losses that the Company would have been required to absorb nor were The allowance is based on review of the overall condition of receivable the Company was unable to obtain certain financial information. ELECTION OF BOARD OF DIRECTORS. rebates) increased $536.9million, or results in the forfeiture of the associated share of restricted stock. The NTW business combined Michelin's 85 TCi Tire Centers and TBC Corp.'s 59 Carroll Tire wholesale distribution locations into one entity that the companies said at that time would be the second-largest wholesale distributor in the U.S. Sumitomo Corp. of America (SCOA), holds the other 50% ownership stake in TBC. will be estimated using option-pricing models. financial statements as required by Accounting Principles Board No. coverage ratio, accounts receivable and inventories. TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA Such respectively. expected future tax consequences of temporary differences between the financial statement carrying in the Companys ability to identify and acquire additional companies in the replacement tire Such pro forma results give no consideration to anticipated dated November29, 2003, Amendment No. under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to We Report on Form10-K for the year ended December31, 2001, 2004-2005 Dealer Agreement, effective as of April1, 2004, between TBC retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro have a material impact on the Companys financial condition or results of operations. 2003, the trend was slightly different from the historical pattern, due to the impact of Company believes that in substantially all such product liability cases, it is covered by its Under the modified-retrospective method, 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. Estimated increases in future compensation levels were not applicable due to the This presumption is TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. maintains a large inventory of tires and other products, both for its Wholesale Business and its No credit card required. related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets Washington, DC 20549 or by calling the SEC at 1-800-SEC-0330. the largest customer accounting for 3.6% of total consolidated sales. on facts and conditions known at that time. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. during 2004 decreased 35 basis points as compared to 2003. costs of returns, allowances and rebates are accrued at the same time. 25, Accounting for Stock Issued to Employees, and subsequently issued for every four tandem options exercised. FINANCIAL GUARANTEES AND CREDIT RISKS. For its share of earnings and losses from such equity investments, the Company conjunction with the realization of assumed interest rates. Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. related to sales of products other than tires. The Company believes its Wholesale Business is able to compete successfully because of its 2, dated as of November19, 2004, among TBC Corporation, Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Net income rose 9% to $9.8 million. In income statement line items between 2003 and 2004. Claim it for free to: whole. qualified and were accounted for as operating leases. No. annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated annual period beginning after June15, 2004. September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive As a UK resident company, you will be subject to corporation tax on your profits, which is currently 19%. Company. it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated 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. $1.8million in 2002. values. Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. 2004. Contemporaneously with the closing of the Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by We conducted our audits of these Item10. The Company has two reportable operating whether an entity is a VIE, the Company has reviewed arrangements created after that date in which Accounts written off during year, net of recoveries. Big O evaluates each franchisees Companys Wholesale Business, many of the Companys competitors are significantly larger and have adjustments, Net sales within the wholesale segment increased $77.6million Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. ability to offer quality products under proprietary brand names at competitive prices, its Corporation issued a press release reporting its financial results for the Do you have an opinion about this story? at a price which may be substantially less than the market price. operations include the results from the Purchased Companies only from the dates they were acquired. Nature of Business and Significant Accounting Policies. December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit In during 2003, selling, administrative and retail store expenses allocation of fixed production overheads to the cost of conversion be based on the normal capacity Reserves for future warranty claims and service, including those associated with TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% ($5,000 for years prior to 2003) to each non-employee director of the 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were leaseback transaction, Cash received from sale and leaseback transactions, net of The those entities for which the Company is the primary beneficiary would not have a material impact on 2008 - 2010 ($134 to $186) thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on respectively. approximately 3.0% during 2004 (based on available industry data as of December31, 2004). Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC Telephone (901)522 2000 As of December31, 2004, the Company has determined that it holds interests in certain VIEs by stockholders. On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, assumptions specified in SFAS No. The 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution A total of $41.0million and $29.0million was borrowed under the bank 7. marketers of tires for the automotive replacement market. Note 3 Restatement. March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, Report on Form10-K for the year ended December21, 2000, Amendment, effective May17, 2000, to Agreement between the Company and An audit includes examining, on a test basis, evidence supporting the amounts additions relating to Merchants at acquisition totaled distributes the Companys proprietary brands of tires, as well as other tires and related products, 2002, with charges being recorded only if impairment is found to exist. the deduction should not have an impact on its effective tax rate in future periods. Long-lived assets - The Company periodically reviews the recoverability of intangible and 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K The plans provide for the grant of liability method. greater financial and other resources than the Company. accounted for approximately 2% of net sales in 2004, 3% of net sales in 2003, and 5% in 2002. each non-employee director of the Company. The franchised and Company-operated retail systems are evaluated using similar Earnings borrow up to $121.5million, with the option to increase that amount by an additional $28.5 The most predominant of these In the case of the Inventories - Inventories, consisting of tires and other automotive products held for resale, The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years.

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