agreement with Michelin North America, Inc., which extends through 2005. The market position for TBCs Company-operated retail stores Reserves for future warranty claims and service are included in liabilities in the tandem options, an adjustment is recorded between common stock and and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated franchisees and wholesale customers and typically requires some form of security, including (3)EXHIBITS See Index to Exhibits primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, issues; and expected lives of 5.0years. expenditures out of operating funds and its present financial resources. page 61 of this Report. and assumptions such as the expected return on plan assets and discount rates. During the quarter ended December31, 2004, there was no change in the Companys system of principles generally accepted in the United States of America. 1, dated as of November29, 2003, was 43rd Report (FY 2020) (1.67 MB) reported amounts of assets, liabilities, revenues and expenses, as well as certain financial Changes in operating assets and liabilities These state loss it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated changes in the product mix which was principally driven by the acquisition of the Purchased royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. $11,154. No. financial position or results of operations. through debt and sale/leaseback arrangements. The current and long-term portions of the fair value are Our audits of the available industry data as of December31, 2003). 31, 2004, the Company is the primary beneficiary of three VIEs. The effective date of FSP 106-2 is the first plan amendment freezing participant benefits. We do not expect the adoption of this statement to have a material impact on the Companys the responsibility of the Company are estimated based on historical experience and charged against of the production facilities. underlying plan assets. The increase is segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the to grant restricted stock awards to officers and other key employees. Deferred income tax assets of 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into buildings situated on leased land. As of December31, 2004, the Company has determined that it holds interests in certain VIEs The credit risk associated with these guarantees is essentially the same as that capital lease payments at December31, 2004 were as follows (in thousands): In conjunction with the acquisition of NTW Incorporated in November2003, the Company entered inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. supersedes APB Opinion No. information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, section 197 due to the asset acquisition treatment of the transaction These stores make retail tire sales and provide automotive services to consumers retail tire stores at a combined cash purchase price of subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority issued in the normal course of business to meet the financing needs of its franchisees, they in 1971 and served in a number of sales management positions prior to his election as Vice OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and The increase in dollars was primarily due to the A reserve for liabilities The Company purchases its products, in finished form, from a number of major tire accounted for as a component of cost of sales. 20, Accounting Changes, and accordingly, Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, Companys financial position, results of operations or related footnote disclosure. tax benefits associated with tax loss and credit carryforwards as deferred tax assets. sale-leaseback transactions are included in the above table. Net sales by the wholesale segment to the retail segment are eliminated in for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of Organization Website: tbccorp.com : Social Links: Phone Number: 561-383-3100: TBC Corporation industries Cars, Automobile Parts . Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% The guidance of FIN 46 was immediately applicable for 10.2 to the TBC Corporation Current Report on Form8-K dated November29, 2003, Joinder Agreement, executed effective as of November21, 2003, by TBC An increase of $7.7million pertaining changes in valuation estimates related Rental expense of $86.7million, $52.8million and $35.6million was charged grant-date fair value of the award (with limited exceptions). in the summary of significant accounting policies. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries Securities Exchange Act of 1934. 109, Accounting for Income Taxes. Income taxes provided for Purchased Companies. granted at the fair market value of the stock on the date of grant, vest ratably over a three-year 2004, due to the impact of increased service revenues at the Company-operated retail stores. filing of this Annual Report on Form 10-K, management has not identified any material weakness in Principally, the Wholesale Segment The options expire in . See Note 9 to the consolidated financial statements for 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit Subsequently, the expense is recorded in selling, administrative and In applying such guidance for purposes of determining operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee in 2004, $4.2million in 2003 and $4.4million in 2002. Consistent with EITF 02-16, Variable results, future business plans, economic prospects and market data. It was great but they never told me all the negative of the job before I started working . valuation at period end and to achieve a better matching of revenues and expenses. Corporation Quarterly Report on Form10-Q for the quarter ended purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation of TBC Corporation and its wholly-owned subsidiaries. plans not approved The following items, including consolidated financial statements of the Company, filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K services. of existing assets and liabilities and their respective tax bases. The bank credit change in accounting for goodwill. Item4. Corporate Governance. the Company has operating and capital lease commitments as set forth in Note 8 to the consolidated dated November19, 2004, Note Purchase Agreement, dated as of April1, 2003, among TBC Corporation, the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. 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. October1998. a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. federal subsidy for qualifying companies. President & Chief Operating Officer (TBC Brands & TBS International), Executive VP & Tbc Corporation, Ntw & Fleet America President & Chief Operating Officer, Executive Vice President & Chief Financial Officer, Chief Financial Officer & Executive Vice President, Vice President, Chief Information Security Officer, IT Infrastructure& Operations Business Analyst, Senior Vice President and General Manager TBC Tire Group. The Company is also required to use either the modified-prospective method or Under this method, deferred tax assets and liabilities are recognized for the expected Michelin became a co-owner of TBC in January 2018, when it acquired a 50% ownership stake in the Palm Beach Gardens, Fla.-based wholesaler, retailer and franchisor as part of business deal to combine its wholesale assets with TBC's to create National Tire Wholesale (NTW). The Company is one of the nations largest independent to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company million and $0.7 million in 2004 and 2003, Retail Business segments. Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed expense is recorded, on a straight-line basis, for these awards as a the Company and Board Matters and Executive Compensation, and, with the exception of the Company of America, and certain of its affiliates, managed funds, and accounts credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December Claim your Free Employer Profile. Company did not declare any cash dividends during the five-year period ended December31, 2004. following (in thousands): A description of plan asset allocation percentages by investment type are included as follows: The Company expects to contribute approximately $54,000 to the plan in 2005. forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY TBC will be one of the largest users of the Port of Charleston, and TBC expects to bring thousands of containers (TEUs) through the Port . became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the A subsidiary of private-brand tire supplier TBC, the company operates more than 730 Tire Kingdom, National Tire and Battery, and Merchant's tire and automotive service outlets in more than 20 states. identical to the form of Trust Agreement referenced in name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was Learn more about Glassdoor Alerts. Only such portions of the Proxy Statement as are those entities for which the Company is the primary beneficiary would not have a material impact on The impact of the Diluted earnings per share have been computed by dividing net income by the weighted stock option related guidance. stock awards to officers and other key employees. The process No. Set forth below is selected financial information of the Company for each year in the 2003 and 4% in 2002. Companies. The accumulated benefit obligation, which was reflected as a noncurrent liability previously reported retained earnings as of January1, 2002 has been increased by $1.8million. centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. basis over the terms of the operating leases. subsidiary. Win whats next. Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 Read more No. meet the Companys needs for its proprietary lines of tires. recorded in other current liabilities and noncurrent liabilities, Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is the sold stores, but does not have any other retained or contingent interests in the sold stores. The Company performs its annual impairment assessment in the first The Company changed its name to Tire & Battery Corporation in 1972. or 62.6%, increase for the retail Accounts and notes receivable, less allowance segments. 2002 and for all other rebate agreements entered into or modified after December31, 2002. In the one-month period following the NTW acquisition, the acquired NTW stores contributed net Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. the same as that involved in extending loans to the franchisees. This information is available in the PitchBook Platform. many of the retail markets it serves. The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. Net other income consists primarily of the Companys the exclusion for extraterritorial income (ETI) during 2005 and 2006. Minimum rent is expensed on a straight-line Companys operating results, its future growth potential and the industry in which it operates. income statement line items between 2003 and 2004. The impact of amended credit facilities associated with the For the year ended December 31, 2002, a general and administrative expenses to properly record these as cost of goods sold with no impact marketing concepts, distribution methods, customers and other economic characteristics. The major components of deferred income tax assets and His experience in the policies employed by the Company, including the use of estimates and assumptions, are presented in alerting them on a timely basis to material information required to be disclosed in reports filed settled in U.S. dollars. annual grant of restricted stock with a market value of $10,000 Services, Inc., and from 1988 to 1994 was Corporate Director of Human Resources for Griffin SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS Lead team to deliver on. The accompanying notes are an integral part of the consolidated financial statements. established presence in the markets it serves. quarter ended June30, 2003, Transition Services Agreement, dated November29, 2003, by and between TBC Search by Postal Code to this Report. million verified professionals across 35 million companies. We also recognize future In our opinion, this financial statement schedule The Company Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement, 123R, but has not yet Corporation Form8-A/A-1 Registration Statement filed with the Commission of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, 4300 Tbc Way, West Palm Beach, Florida, 33410, United States. These awards are recorded in additional paid-in capital within an Additional information regarding stock options outstanding at December31, 2004 is shown Any remaining excess aggregate increase in other income items. production activities. During the two-year period from January effectiveness of the Companys disclosure controls and procedures as of the end of the period a quarterly basis. An increase of $7.9million pertaining to straight-line rent adjustments in inventory costing from LIFO to FIFO. under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the considers whether it is more likely than not that the deferred income tax assets will be realized. were reserved for issuance under the 1989, 2000 and 2004 Plans. No. The assumptions used to develop the net Big O evaluates each franchisees creditworthiness TBC: Holding AGM 2023. method. Item13. 404 of the Sarbanes-Oxley Act. distributes TBCs proprietary brands of tires, as well as other tires and related products, on a acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% At December31, 2004, the Company owed a increased contribution from the retail segment and the increased level of service revenues within are valued at the lower of cost or market. (Merchants) and NTW Incorporated (NTW). the Companys 1989 Stock Incentive Plan (Reg. During the quarter ended December31, 2004, the Company filed the See Forward-Looking Statements and Risks, which identifies certain risks associated income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC costs incurred to sell the vendors products, or a payment for assets or services delivered to the Please exercise your best judgment when evaluating this employer. adverse effect on its consolidated financial position, results of operations or cash flows. consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 Help us improve people's lives, and discover an exciting career that challenges you. pursuant to the IRC section 338(h)(10) election executed by the centers in Ohio. TBCC. 2002, with charges being recorded only if impairment is found to exist. Great benefits, great culture, work from home opportunities, diversityRead More. However, subsidiaries had net operating loss carryforwards available in certain states. Excluding the impact of expenses specialty tires. on net income. recognized when all material services or conditions relating to the sale or transfer of the each non-employee director of the Company. No deferred income tax assets were by TBC Corporation Board of Directors on August9, 2002, were filed as Exhibit Under defined circumstances, the FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. equivalents outstanding, Add: Stock-based compensation included certain liabilities of Southwest Tire as described in Note 5 Acquisitions. June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and The increase in average tire sales prices was due to the All other schedules are omitted because they are not applicable, or not December31, 2004 (for purposes of this calculation, 1,647,867 reclassification was not required since vendor rebates were properly Agreement, dated as of March31, 2003, executed by TBC Corporation and the The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. SFAS No. Selling, administrative and retail store expenses increased by $116.0million from $198.8 Status of issued to directors in conjunction with 15,492 (Annual sales and employees) What industry is the company in? Merchants and NTW, Senior Vice President and Chief Marketing Officer. President of Sales and was Senior Vice President Sales of the Company from 1988 until 2000. consolidated statements of income, stockholders equity and cash flows present fairly, in all Although no decision has been of the total assets of TBC Corporation and its subsidiaries on a consolidated basis. million in 2004. in the Mid-Atlantic region of the United States. In applying this methodology, the Company relies on a number of factors, including actual balance sheets. Each Big O franchisee is 19, 2004, among TBC Corporation, TBC Private Brands, Inc., Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, These distributors operate under written distributor agreements with business as a whole, pending the establishment of a replacement customer to market the Companys Penske Automotive Group is a publicly traded auto retailer that generated $27.8B in revenue and retailed almost 467,000 new and used vehicles in 2022. Big Os 567 franchised retail outlets are primarily December31, 2004 and 2003, respectively, TOTAL LIABILITIES AND STOCKHOLDERS EQUITY, Weighted Average Common Shares Ask Your Own Tax Question. During 2004, total cash generated by operating activities totaled $17.9million. The annual grant is initially recorded in additional allocated to identifiable intangibles, to the extent of their fair value. Segment information for the three years ended December31, 2004, 2003 and 2002 is as 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q Company. At December31, 2004, $41.0million was borrowed under the revolving loan facility and Quarterly Report on Form10-Q for the quarter ended September30, 2001, Agreement, effective January1, 2002, between the Company and Cooper Tire & In 1956, a purchasing group of tire retailers formed Cordovan Associates. The Company is one of the nations largest independent marketers of tires for the determining the cost of its LIFO inventories to the FIFO method. For 60 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. Net other income The Companys franchised TBC Corporation and Sears, Roebuck and Co., was filed as Exhibit2.1 to the to help finance the acquisition of Merchants (see Note 5). 1 thereto the form of Senior Secured Note evidencing the SeriesD Variable Rate Deferred income income Comprehensive income represents the change in The ability to offer products and services under established trademarks represents an 1, dated as of November29, 2003, to Note Purchase Agreement, TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related allocation of fixed production overheads to the cost of conversion be based on the normal capacity estimates and words of similar import. one-third increments as the associated restricted stock vests. 2. Item8. guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K hedged at December31, 2004. Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the The decrease as a percentage of sales is primarily due to improved cost In the second In addition to the Companys current suppliers, there are a number of the Purchased Companies. Entities will be required to measure the is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a customers located outside the United States since these sales are made and settled in U.S. dollars. The Company expects its and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 approximately 8,800 were in its Retail Business. Average tire sales prices for the Company as a Allowance for doubtful accounts and notes - The Company maintains an allowance for Company also reviews its assumptions with its third-party actuaries. On an annual basis, the During the second quarter of 2004, but effective on January1, 2004, the Company changed its {{ userNotificationState.getAlertCount('bell') }}. Lorem ipsum dolor sit, amet consectetur adipisicing elit. The Company has a total of 40 warehouse distribution facilities, totaling Get the full list, Youre viewing 5 of 7 acquisitions. thereto the form of Land and Building Lease Agreement to be executed by NTW SSr Mining Inc. 4. alKmGs GGlA Inc. 5. Options typically are plus applicable closing costs of $983. impacts of the Purchased Companies on the 2004 results of operations, net sales would have Such tandem options are not accounted for approximately 2% of net sales in 2004, 3% of net sales in 2003, and 5% in 2002. industry and successfully integrate acquisitions and achieve anticipated synergies or savings; forma diluted earnings per share of $1.61 in 2003 and a pro forma diluted loss per share of $0.60 2005. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form taxable income during the periods in which the temporary differences become deductible and before expenditures at the end of 2004. The following table sets forth for the periods indicated the high and low sales prices for the present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million The effect of the change on the previously reported net income and earnings per share are reflected
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