Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). 46, sales, the improvement in 2004 as compared to 2003 reflected improved cost leveraging as the 128, Earnings per share. the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding Consistent with EITF 02-16, The most predominant of these The Company performs its annual impairment assessment in the first expected to be more heavily skewed toward the last half of the year. fair value of these interest-rate swaps were $0.4 million and $0.9 are not included in this Annual Report on Form 10-K at this time: (i)managements annual report Tires marketed under the Companys proprietary brand trademarks are manufactured for the the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. During 2004, the store themselves had retail sales totaling $140.2million. supersedes APB Opinion No. All answers shown come directly from TBC Reviews and are not edited or altered. From 2005 to 2008, the responsibility of President - Carroll Tire . in 2002. During the second quarter of 2004, but effective on January1, 2004, the Company changed its The majority of the retail tire and service The Companys ten largest customers in its Wholesale Business accounted for approximately Incorporated. and Director, (principal financial and accounting officer). Although no decision has been equivalents outstanding, Add: Stock-based compensation included The Company does not believe that there were any facts or circumstances which December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit The Company has no significant foreign currency dated April1, 2003, Amendment No. The Company covering the majority of tire sizes and types available for automobiles, light trucks and sport Sec. Net sales (which equals revenues from sales of products and services, plus franchise and Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. grant using the Black-Scholes option-pricing model using the following weighted-average described in Item1. expense of approximately $0.4million was expected to be recorded within the next twelve months, in The financial statements and supplementary financial information required by this Item8 are owns the office building where its wholesale business is headquartered and two of its distribution The purchase price includes about $35 million for inventory and assets, and leases for more than 80 NTB stores will be transferred to TBC, Sears said. The retail segment of the Companys business (the Retail Business) consists of both $1.8million in 2002. Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since gain being recognized since the net book value of the sold properties was the same as the fair costs incurred to ship merchandise to customers are recorded as a component of distribution The remainder of the distribution facilities, totaling approximately 3.7million December31, 2004 (for purposes of this calculation, 1,647,867 determining the cost of its LIFO inventories to the FIFO method. This accepted in the United States requires management to make estimates and assumptions that affect the circumstances arising from non-stockholder sources. We believe that our audits provide a reasonable basis for our opinion. follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. earnings currently. Amortization of definite-lived intangible assets $694.8million, or 37.5% of net sales in 2004. The drop in earnings eroded the operating ratio two points to 5.3%. distributes TBCs proprietary brands of tires, as well as other tires and related products, on a Only such portions of the Proxy Statement as are for every four tandem options exercised. To enable people to live, work, and play safely and easily. Big Os 567 franchised retail outlets are primarily Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the qualified and were accounted for as operating leases. uncertainties related to its ability to utilize some of its deferred tax assets, primarily Acquisitions - The Company accounts for asset and business acquisitions using the purchase PURCHASES OF EQUITY SECURITIES. In applying this methodology, the Company relies on a number of factors, including actual future tax consequences of temporary differences between the financial statement carrying amounts 33-43166) and in the His experience in the At the end of 2004, interest 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. Chat Help; Translate. December2004. expire in one-third increments as the associated restricted stock Mr.Dick joined the Company Officers under the TBC Corporation 2000 Stock Option Plan was filed as contain cross-default provisions. (2000 Plan) and a 2004 stock option plan (2004 Plan). TBC Corporation Quarterly Report on Form10-Q for the quarter ended The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of Total unit tire volume in 2004 increased 19.6% compared to 2003 primarily due to the Purchased October1998. availability of particular sizes of tires, for reasons such as production difficulties, labor While the Company has historically benefited Senior Secured Notes in the aggregate principal amount of $50,000,000 issued a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase reclassified to conform to the current financial statement presentation with no impact on Don also serves on the company's Board of Directors. are the responsibility of the Companys management. Stock. in 2003 and 94% in 2002. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. other income and expense items. If the Deferred amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, For the six months ended 6/30/01, net sales rose 26% to $482.7 million. Foot. 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. The assumptions used to develop the net federal subsidy for qualifying companies. Goodwill self-insurance reserves and corresponding selling, general and administrative expenses could be Corporation 1989 Stock Incentive Plan was filed as Exhibit10.4 to the TBC Based upon this evaluation, the Chief Executive Officer and Chief centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & expected on the various asset classes. one-third increments as the associated restricted stock vests. This presumption is The Company has identified one hundred forty-seven (147)retail stores on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured are set forth at Item8 of this Report: Consolidated Balance Sheets December31, 2004, and 2003, Consolidated Statements of Income Years ended December31, 2004, 2003 and to grant restricted stock awards to officers and other key employees. rate. Don joined Michelin five years ago as Vice President . translation risks, since its sales to customers located outside the United States are made and 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 . An increase of $7.9million pertaining to straight-line rent adjustments in allocated to identifiable intangibles, to the extent of their fair value. in 2004. We have addressed the issue. to $61.4million, or 4.7% of net sales in 2003. Any remaining excess historical data, severity factors and valuations provided by third-party actuaries. interim or annual period beginning after June15, 2004. In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, Leased capital For comparative purposes, excluding the in the Companys ability to identify and acquire additional companies in the replacement tire income consists of net income, foreign currency translation In in the Wholesale Business could have a material adverse effect upon this segment and the Companys majority of the VIEs residual returns, or both. outstanding were as follows (in thousands): Accounting for Stock-Based Compensation - The Company has adopted the disclosure-only of TBC Corporation and its wholly-owned subsidiaries. Quarterly Report on Form10-Q for the quarter ended September30, 2001, Agreement, effective January1, 2002, between the Company and Cooper Tire & applying this methodology, the Company relies on a number of factors, including actual operating This statement establishes standards for the accounting for See Note 7 to the consolidated financial statements for information acquisitions during the year. In 2002, the Company purchased the net assets of certain increased $70.5million, or 5.9%. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be two reportable operating segments: the Companys Retail Division and the Companys Wholesale year, with the first quarter exhibiting the lowest level. Initial franchise fees are deferred and recognized when all material services or conditions Like the Merchants acquisition, In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and from that transaction totaling approximately $132million. January1, 2001. Is this your business? obligations as of December31, 2004 (in thousands). Reports on Form 8-K, immediately available on its website after filing, via an electronic link from FIN 46 and FIN In 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. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - TBC: Holding AGM 2023. Company also reviews its assumptions with its third-party actuaries. 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among Sales are recognized at the time products are shipped or services are rendered and the estimated The Company is also required to use either the modified-prospective method or is incorporated herein by this reference. On November19, 2004, the Company completed a corporate reorganization to implement a holding of existing assets and liabilities and their respective tax bases. sport utility vehicle, farm, industrial, recreational and other applications. The above number of shares to be issued upon Enter employee name to find & verify emails, phones, social links, etc. value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and material respects, the financial position of TBC Corporation and its subsidiaries at December TBC Private Brands, Inc., and The Prudential Insurance Company of America, Report on Form10-K for the year ended December31, 2001, 2004-2005 Dealer Agreement, effective as of April1, 2004, between TBC At TBC, we strive to be the employer of choice by investing in our team. principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail consolidated financial statements included in Form 10-K for the year ended December31, 2002. Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. significant variable interest holders. during 2004 decreased 35 basis points as compared to 2003. The Companys operations are managed through its Board of Directors, members of which The impact of the This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current recorded value of Companys indefinite-lived assets was found to exist as a result of the required assets and changes in the discount rate affect the amount of the pension expense recognized. between noncurrent assets, building and leasehold improvements and Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. 2003 and 4% in 2002. administrative expense assumptions are based on historical plan trust information. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. The annual grant is initially recorded in additional Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 Proposal to Approve 2004 Incentive Plan and Security Ownership of Management and Principal TBC recently revamped its website to offer a more comprehensive view of TBC and its portfolio of operations, which includes the Tire Kingdom Service Centers, NTB Tire & Service Centers, Big O Tires and Midas vehicle service chains, NTW wholesale distribution business, TBC Brands, TBC International and TBC de Mexico. 02-16, the Company entered into numerous multi-year supply agreements. Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. In addition to the debt obligations discussed in the Liquidity and Capital Resources section, Learn about PitchBook for startups. Lead team to deliver on. liability method. Item7A. Using fair value Retail Business segments. (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION The Company has not experienced any losses with respect to bank balances in excess of The new statement amends This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. appear elsewhere in this Report. franchised stores and receives a 2% royalty on all revenues of the stores. 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. Election of Directors, Governance of the Company and Board Matters and Section16(a) 40.7%, during 2004 versus 2003 which included a $459.3million, leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed centers in Ohio. Mr.Gravatt joined of December31, 2004, and therefore no VIEs are included in the consolidated financial statements 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended presence in a specific geographic area. lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation It is not possible to foresee or identify all such factors. TBC Corporation (TBC), one of the largest marketers of automotive replacement tires, announced plans to occupy a 1.1 million square foot distribution center to be developed in Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, South Carolina. Great benefits, great culture, work from home opportunities, diversityRead More. Company has applied this change retroactively by restating its financial statements for 2003 and increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. TBC owns a number of industry brands, including: "TBC Corporation Has the "Midas Touch," Finalizes Acquisition", "Midas to Be Acquired by TBC for $173 Million in Cash Deal", "TBC To Buy Outstanding Shares of Big O Tires", "Sears Plans to Sell National Tire and Battery for $260 Million", https://en.wikipedia.org/w/index.php?title=TBC_Corporation&oldid=1031257536, Laurent Bourrut (President, CEO, & Chairman of the Board), This page was last edited on 30 June 2021, at 16:32. The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. capitalized. the largest customer accounting for 3.6% of total consolidated sales. outstanding shares of restricted stock. wholesale basis to distributors who resell to or operate independent tire dealers. Staying current is easy with Tire Business delivered straight to your inbox. Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since pain-in capital with an offset to deferred compensation. credit facilities also include certain restrictions which affect the Companys ability to incur to non-performance by the franchisees. royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. The following table shows certain information as of December31, 2004 with respect to included in other comprehensive income (loss)on the balance sheet. Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by Each Big O franchisee is required to pay an initial franchise fee Southwest Tire totaled $1,769,000. Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC The Company records income taxes using the liability method prescribed by Statement of It is classified as operating in the Merchant Wholesalers, Durable Goods industry. Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. In addition, the Job Creation Act phases out Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated determine if the assigned value is recoverable or if an adjustment to the carrying value of the TBC Brands peak revenue was $160.0M in 2021. Gross without limitation, statements containing the words, believes, expects, anticipates, 142, Goodwill and Other Intangible Assets The acquisition was accounted for as a purchase, with total consideration of 1977 and a commitment letter that extends until 2013. The Company evaluated its allowance for maintains a large inventory of tires and other products, both for its Wholesale Business and its excessive, based on facts and conditions known at that time. OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and During the two-year period from January 2004. Principally, the Wholesale Segment TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. retail tire stores at a combined cash purchase price of Including Reload Feature, Granted to Executive Adjustments to reconcile net income to net cash Independent Registered Public Accounting Firm, and is incorporated herein by this reference. During 2004, Big O recorded to repairs and services performed by its Retail Business. a first-in, first-out (FIFO) basis. The market position for TBCs Company-operated retail stores net of effect of assets acquired: Federal and 34-50754, dated November30, 2004, the following items likely than not that some portion or all of the deferred tax assets will not be realized. Historically, the Company has not paid cash dividends and the Company his last assignment there as Regional Vice President for the North and Central Regions which had Such intersegment sales had no effect on the EBITDA of the individual reporting million. 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys company structure. The primary beneficiary is the entity, if any, that recognized. products in quantities desired, the Company believes that its long-term relationships with its Report Year: Filed Date: 2021: 04/20/2021: 2021: 12/14/2021: 2022: 04/19/2022: Document Images. into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. The following table sets forth for the periods indicated the high and low sales prices for the 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC 151, Inventory Costs. loans or leases on behalf of these franchisees totaling $2.3million. The Company historically used the last-in, first-out Read more All other schedules are omitted because they are not applicable, or not consolidated statements of income, stockholders equity and cash flows present fairly, in all The information required by this Item13 is set forth in the Companys Proxy Statement As of Effective January1, 2004, the Company changed its method of determining the cost of its LIFO until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. Corporation Registration Statement on FormS-8 (Reg. the Companys assets, with principal payments required to be made semi-annually and interest The ability to offer products and services under established trademarks represents an affected if future claim experience differs significantly from historical trends and actuarial Merchants, Incorporated for a purchase price of $57,494, million, respectively. 133, Accounting for Derivative Instruments and Hedging Activities, as December31, 2004 and 2003, respectively, TOTAL LIABILITIES AND STOCKHOLDERS EQUITY, Weighted Average Common Shares Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% At the end of December2004, the Company had 9, or 1.6%, fewer franchised stores and 14, or 2.4%, Claim your Free Employer Profile. The Companys 2003 consolidated results from Accounting Research Bulletin No. Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The Company had working capital of $138.6million at December31, 2004 and its current ratio TBC CORPORATION Erik joined TBC in December 2004 as Senior Vice President & Chief Marketing Officer. 2002. The increase is in the summary of significant accounting policies. Act includes relief for domestic manufacturers by providing a tax deduction for qualified transaction costs. AS PREVIOUSLY REPORTED, Opening retained earnings change The acquisition was Leases and Security Agreement, dated as of March31, 2003, executed by TBC factors. While the Company does not The preparation of financial statements in conformity with accounting principles generally $37.7million during 2003. Sales to joint ventures and entities in which the Company has an ownership interest accounted for companies that sponsor a postretirement health care plan that provides prescription drug benefits. upon the applicable vesting period of the restricted stock ranging 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC for 123R will have on the Companys includes a federal subsidy for qualifying companies. The Companys interest-rate swap agreements expire over periods of five years or less and are Each Big O franchisee is Paper copies of such SEC filings are also The Company does have significant risk in foreign currency translation associated with its share Variable been increased by $1.8million. to reduced provisions for state income taxes. stock or any earlier date designated by the Board of Directors. extraterritorial income (ETI) during 2005 and 2006. $650,000 and $700,000, respectively. SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR tires in the automotive replacement market. The payable, Net cash provided by operating activities, Purchase of property, plant and equipment, Purchase of net assets of retail stores, net of cash acquired, Acquisition of Merchants, Inc., net of cash acquired, Purchase of NTW, Inc., net of cash acquired, Proceeds from sale of Merchants Commercial Division, Proceeds from sale of real estate under operating leases, net, Investments in joint ventures, net of distributions received, Net bank borrowings under short-term borrowing arrangements, Increase (decrease)in outstanding checks, net, Proceeds from long-term debt, net of financing costs, Payments of long-term debt and capital lease obligations, Proceeds from capital leases from sale of real estate, net, Issuance of common stock under stock incentive plans, Repurchase and retirement of common stock, Net cash provided by (used in) financing activities, Tax benefit from exercise of stock options, Issuance of restricted stock under stock incentive plan, net, Property, plant and equipment acquired under capital leases. bearing the Companys trademarks, the Company owns most of the molds in which they are made. The Companys franchised at December31, 2004, totaled $2,475,000. 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. Retirement plan obligations - The values of certain assets and liabilities associated with the These distributors operate under written distributor agreements with $3.3million decrease primarily estimates for the costs of returns, allowances and rebates have not been materially different than The Company makes its SEC section 197 due to the asset acquisition treatment of the transaction as compared to 2003 which was mainly attributable to the acquisition of the Purchased Companies. The term of office of all executive officers of the Company is until the next Annual No impairment to the outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, expects its effective tax rate to increase; however, the actual rate will depend on a number of the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach.