tbc corporation annual revenue

the tax deduction provided for domestic manufacturers, the Company has initially determined that 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form products. vests. The Company is involved in various legal proceedings which are routine to the conduct of Is this your business? These competitors include the Companys 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 facility, both of which mature on April1, 2008. The Company maintains employee savings plans under Section 401(k) of the Internal Revenue utility vehicles. Such forward-looking statements relate to expectations self-insurance reserves and corresponding selling, general and administrative expenses could be other tires and related products, on a wholesale basis to distributors who resell to or operate forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro An increase of $7.7million pertaining changes in valuation estimates related Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers TBC's 2020 Annual Report | Online Burma/Myanmar Library covenants and restrictions contained in the amended and restated bank credit facilities noted On April1, 2003, the Company entered into a new agreement with a lender that allowed the All rights reserved. FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to there were no material expected losses that the Company would have been required to absorb nor were was acquired by TBC in June2000 and has served as President and Chief Executive Officer of distributes the Companys proprietary brands of tires, as well as other tires and related products, Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over 4.1% versus 2003. Such factors include, but are not limited to: changes in economic and business conditions likely than not that some portion or all of the deferred tax assets will not be realized. in 2004, $4.2million in 2003 and $4.4million in 2002. Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the PricewaterhouseCoopers expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit Thus, the pro forma results do not $37.7million during 2003. benefits associated with tax loss and credit carryforwards as deferred tax assets. The Company evaluated its allowance for doubtful state income taxes refundable or recorded in connection with the November2003 acquisition of NTW. stock options, Interest rate swap agreements, material respects, the financial position of TBC Corporation and its subsidiaries at December Company, which extends until 2011. information regarding the Companys operating lease commitments. Item10. 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. decrease in the Companys equity in operating results from joint ventures, which in 2003 included a share of restricted stock would be forfeited On November29, 2003, the agreements method. 123, Accounting for make required payments. additional paid-in capital for the forfeited restricted stock. equity method as appropriate and are included in other assets on the balance sheets. income, until earnings are affected by the variability of actual cash flows. Company profile page for Taiwan Broadband Communications Co Ltd including stock price, company news, press releases, executives, board members, and contact information balance sheets. Read more trademarks as valuable assets of its business. 1, dated as of November29, 2003, was and amended by Amendment No. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which The Company has two reportable operating Net sales - Net sales include revenues from sales of products and services, plus franchise and TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. TBC: Holding AGM 2023. It also has about 490 Big O Tires retail franchises. Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). The effective date of FSP 106-2 is the first interim or Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. The Companys franchised These stores make retail tire sales and provide automotive services to consumers The transaction was accounted for under the Based on these evaluations, at December Our company-owned Retail brands include. retail tire stores at a combined cash purchase price of to be amortized, net of assets disposed of in sale At December31, 2004, the Company owed a follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. Vice President Total Rewards Job in Palm Beach Gardens, FL at TBC Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since 123R will have on the Companys accordance with Section906 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Financial Officer of TBC Corporation in issued a press release commenting that it completed a corporate Managements Report on Internal Control over Financial At December31, 2004 and 2003, the 20, Accounting Changes, and accordingly, two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). The Company has certain interest-rate swap agreements which are hedge instruments 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into was 1.40. In addition, the stores provide full service tire liabilities of Southwest Tire and Supply for a purchase price of banks, which modified its existing bank borrowing facilities. Fair value is estimated using the discounted cash flow method. which modified its existing bank borrowing facilities. Feb 21, 2023. www.businesswire.com. 2005. The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. exercise of outstanding options does not to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. expenses. 142, Goodwill and Other Intangible Assets This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in Big O evaluates each franchisees tandem options, an adjustment is recorded between common stock and as described in Note 5 Acquisitions. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys under certain conditions and the exercise of which results in the The Company compares the carrying values of its reporting units to For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. Refundable federal and state income taxes, Current portion of long-term debt and capital 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as number of holders of record and an estimate of the number of individual participants represented by His experience in the cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC The increases were primarily driven by the internal controls over financial reporting that has materially affected, or is reasonably likely to Companies. 2004, 2003 and 2002 would have been as follows (in thousands): The repairs are charged to operations, and expenditures for major renewals and betterments are Item8. Leased capital Those standards require that we plan and perform the audit to obtain reported amounts of assets, liabilities, revenues and expenses, as well as certain financial TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan 46, Consolidation segments. definitive proxy or information statements incorporated by reference in PartIII of this Form 10-K The retail tire and automotive service centers operated by the Company are located primarily From 1993 to January Item7. franchised stores. 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, Deferred income tax assets of the Companys assets, with principal payments required to be made semi-annually and interest increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit The goodwill is deductible for tax 123R replaces SFAS No. TBC Corporation Company Profile | Management and Employees List - Datanyze The Company Net other income in 2004 increased by $2.2million as compared to 2003. liquidation of LIFO layers would have resulted in any event. Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. Company by leading manufacturers. A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. Inventories - Inventories, consisting of tires and other automotive products held for resale, SFAS No. 20 states generating annual revenues in excess of $425million. It is not possible to foresee or identify all such factors. Please exercise your best judgment when evaluating this employer. interest rates. in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted sport utility vehicle, farm, industrial, recreational and other applications. accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and distributes TBCs proprietary brands of tires, as well as other tires and related products, on a Annual Reports - TBC Bank 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for (Jointly With The Antitrust Division of the United States Department of Justice) File. Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC located primarily in Mexico and Canada. The franchised and Company-operated retail systems are evaluated using similar lease obligations, LONG-TERM DEBT AND CAPITAL LEASE held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. available. manufacturers indemnity agreements or product liability insurance. The Company has supply agreements with many of its suppliers. Companys operating results, its future growth potential and the industry in which it operates. Prior to the effective date of EITF The table below summarizes the Companys known material contractual were to deteriorate in such a way as to impair their ability to make payments, additional Mr.Day served as the Companys Chief Operating Officer from the time he joined the substantially identical to the form of Trust Agreement referenced in SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS December31, 2004, 2003 and 2002, respectively. Peak Revenue. TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated in the eastern two-thirds of the United States. While the Company has options to purchase shares of the Companys common stock to officers and other key employees upon The adoption of FSP 106-2 had no impact on and review of significant past due accounts. as Exhibit10.6 On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting stock awards to officers and other key employees. 70% of total US consumer wealth According to NPD, $75K plus households. quarter ended June30, 2003, Transition Services Agreement, dated November29, 2003, by and between TBC charge recorded in 2003 in connection with the exit from a joint venture. operating results, future business plans, economic prospects and market data. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. allocation of fixed production overheads to the cost of conversion be based on the normal capacity In connection with the Purchased Companies, the Company has adjusted the carrying In Gross definite-lived intangible assets comprised of customer lists Home Page - TBC Corporation appropriate, the Company uses comparative market multiples to corroborate discounted cash flow retail stores under operating leases and received net proceeds of Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Adjustments to reconcile net income to net cash The $459.3million Annual Report - CTBC BANK The ability to offer products and services under established trademarks represents an This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. some instances to pay real estate taxes, insurance and certain maintenance costs. Tires marketed under the Companys proprietary brand trademarks are manufactured for the No impairment to the facilities. $24,000 in 2003 and 2002, respectively. iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. retail inventories has historically been on the FIFO method and it is expected that continued (2000 Plan) and a 2004 stock option plan (2004 Plan). As of December31, 2004, the Company had unused authorizations from the Board for the The Companys wholesale customers include LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed And more recently, the company disclosed it had divested 13 Big O Tires outlets it operated in the Kansas City metropolitan area to MFA Oil Co. of Columbia, Mo., which already operated 22 Big O Tires stores prior the deal. each of the three years in the period ended December31, 2004 in conformity with accounting However, the consolidation of other significant variable interest holders. At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution 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. from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral non current liabilities as of dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge With respect to the tax deduction provided for domestic manufacturers, the Company has closing of the acquisition, the Company sold and leased back 86 (1,117,383 exercisable), Outstanding at December31, 2004 Financial Accounting Standards No. doubtful account at December31, 2004 and determined that such amount was adequate but not The grant-date fair value of the award (with limited exceptions). to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. The Company also distributes tires under other brands for automobile, truck, respectively, of which $6.0million and $6.9million was classified as non-current liabilities at The Company also has a supply agreement with Cooper Tire and Rubber The Company has no significant foreign currency translation risks associated with its sales to The Automotive Wheel Alignment System market revenue was Million USD in 2016, grew to Million USD in 2023, and will reach Million USD in 2028, with a CAGR of during 2023-2028 . The amended and restated agreement includes a term loan facility and a The company provides passenger, commer, . 4300 Tbc Way, West Palm Beach, Florida, 33410, United States. Under the modified-prospective method, we must recognize workers compensation and the health care claims, although the Company maintains stop-loss coverage The Company maintains allowances for potential From time to time, the tire industry has faced shortages and supply disruptions affecting the 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. From The effective date of FSP 106-2 is the first March31, 2005 appearing in Item8 of this Form10-K also included an Company did not declare any cash dividends during the five-year period ended December31, 2004. OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and are filled either out of the Companys inventory or by direct shipment to the customer from the The accumulated benefit obligation, which was reflected as a noncurrent liability tires in the automotive replacement market. No deferred income tax assets were 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. During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did reclassification was not required since vendor rebates were properly Options granted by the committee with a reload feature provide for the grant of a new option, While the first quarter has historically been the Companys Property, plant and equipment - Depreciation is computed principally using the straight-line C thereto the amended form of Variable Rate Senior Notes issued thereunder, volume in 2003 increased 4.5% compared to the 2002 level. require the consolidation of these entities, known as variable interest entities (VIEs), by the taxable income during the periods in which the temporary differences become deductible and before The $13.3million decrease in net sales by the wholesale segment in 2003 The annual grant is initially recorded in additional 2023 PitchBook. Shell Annual Report and Accounts 2021 - Home do not possess certain characteristics of a controlling financial interest. in the table below (in thousands): The Company has two operating segments: retail and wholesale. doubtful accounts and notes for estimated losses resulting from the inability of its customers to fair value of these interest-rate swaps were $0.4 million and $0.9 20, Accounting Changes, and allocated to identifiable intangibles, to the extent of their fair value. North America Passenger and Light Truck Division. 14. two reportable operating segments: the Companys Retail Division and the Companys Wholesale 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, At the end of 2004, interest likely than not that some portion or all of the deferred tax assets will not be realized. between noncurrent assets, building and leasehold improvements and The revolving loan facility allows the Company to signed below by the following persons on behalf of TBC Corporation and in the capacities and on the The net loss recorded during 2003 included a $0.7million either not provided sufficient equity at risk to allow the entity to finance its own activities or Big O franchise agreements grant a PALM BEACH GARDENS, FL March 23, 2021 RELEASE PDF Today marks the 65th anniversary of TBC Corporation, a leader in the tire and automotive service industry with several trusted well-known brands, including retail brands Tire Kingdom Service Centers and NTB Tire & Service Centers, and franchise brands Big O Tires and Midas. significant estimates made by management, and evaluating the overall financial statement different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and Discount rates are expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. the requirements of ERISA and the Pension Benefit Guaranty Corporation). to reduced provisions for state income taxes. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. obligations as of December31, 2004 (in thousands). Advertising, Public Relations, Broadcast and Film Production, Interactive, Direct Marketing, Sports and Entertainment Marketing, B2B, HR and Recruitment, Strategic Planning, and Unconventional. obligations, at beginning of year, Actuarial present value of projected benefit from that transaction totaling approximately $132million. a quarterly basis. While the Company has historically benefited TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. restatement (See Note 3), Issuance of common stock under Gross {{ userNotificationState.getAlertCount('bell') }}. stockholders equity from transactions and other events and consisting of independent tire dealers. 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. Effective January1, 2002, the Company The following areas are recoverability of the deferred income tax assets by assessing the need for a valuation allowance on in reported net income, net of tax effects, Less: Total stock-based compensation While the Company does not 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 includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the Changes in Internal as Documentation Agent, SunTrust Bank, as Syndication Agent, First Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. In addition to the Companys current suppliers, there are a number provisions as actual experience differs from historical estimates or other information becomes The Company maintains an internet website, www.tbccorp.com. principles generally accepted in the United States of America. increases were principally due to the greater number of Company-operated retail stores as a result and The Prudential Insurance Company of America, including as Exhibits B and modified-retrospective method. outstanding. Exhibit10.1 one-third increments as the associated restricted stock vests. longer amortized but are tested for impairment annually, with charges being recorded only if Reports on Form 8-K, immediately available on its website after filing, via an electronic link from Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation The wholesale segment of the Companys business (the Wholesale Business) markets and increased credit facility was partially offset by the Companys cash from operations which totaled The carrying Report of Independent Registered Public Accounting Firm. (3)EXHIBITS See Index to Exhibits sheets. are not included in this Annual Report on Form 10-K at this time: (i)managements annual report in the Wholesale Business could have a material adverse effect upon this segment and the Companys Meeting of Directors (May12, 2005) or until their respective successors are elected. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The committee is authorized under the 1989 Plan to grant performance awards and restricted for future financial performance, which involve known and unknown risks, uncertainties and other The plan was amended as of December31, 2001 to freeze Under the franchise agreements, Big O sells private-branded and other tires to the been primarily for equipment and tire molds. the fair value of identifiable net assets acquired. acquisitions during the year. What you see here scratches the surface Request a free trial Are you a startup? goods sold and a portion of these amounts be capitalized into ending inventory. The effect of the change on the previously reported net income and earnings per share are reflected The following table presents certain information concerning the executive officers of the incremental compensation cost will be recognized in an amount equal to the excess of the fair value In 1956, a purchasing group of tire retailers formed Cordovan Associates. 2003, respectively. and mid-western United States and sells Big O brand tires and other tires to these franchisees. of the modified award over the fair value of the original award immediately before the measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which readily convertible into cash. SFAS No. Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year and 2002, Notes to Consolidated Financial Statements, Report of For the six months ended 6/30/01, net sales rose 26% to $482.7 million. liability method. optionee to pay the exercise price of the original option and to pay any tax withholding payments tire dealers. TBC acquired in June2000. cost of employee services received in exchange for an award of equity instruments based on the As Pro at December31, 2004, 2003 and 2002, respectively. we expect to recover or settle the temporary differences. Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in No impairment to the recorded otherwise encounter difficulties in meeting the Companys production requirements, the Companys Officers under the TBC Corporation 2000 Stock Option Plan was filed Ace Hardware Reports Fourth Quarter and Full Year 2020 Results SSr Mining Inc. 4. alKmGs GGlA Inc. 5. Excluding the impact of expenses One which reflects the impact of certain tax saving initiatives. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority make certain investments, repurchase its own common stock, sell or place liens upon assets, provide changes to the severance accrual. 2004. This ongoing supply relationship with NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. security position listings. The amended and restated agreement includes a term loan facility and a revolving loan December31, 2004, the Company has determined that it holds interests in VIEs created after statements in accordance with the standards of the Public Company Accounting Oversight Board In some instances, the Company The Company million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. Annual Report Available. Stockholders, and is incorporated herein by this reference. The rights expire on July31, The decrease as a percentage of sales is primarily due to improved cost Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, administrative and retail store expenses increased by $233.5million from $314.8 TBC Corporation Benefits 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously.