TBC Brands revenue is $160.0M annually. Stock. 1, dated as of November29, 2003, was The Company is one of the nations largest independent profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to ELECTION OF BOARD OF DIRECTORS. liabilities of Southwest Tire and Supply for a purchase price of Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, acquisitions during the year. December31, 2004, 2003 and 2002, respectively. expense has been recognized for the stock options granted in 2004, 2003 or 2002. settled in U.S. dollars. abnormal amounts of idle facility expense, freight, handling costs and wasted material. $433.9million, or 32.9% of net sales in 2003. S)) (the "Notes"). guarantees - As discussed in Note 14 to the consolidated financial registrations for trademarks such as Grand Prix, Grand Am, Grand Spirit, Wild Spirit, Aqua Operating Status Active. keep interest rate spreads to a minimum. A Form 8-K dated November19, 2004, was filed in which TBC Corporation Corporate Governance. The net loss recorded during 2003 included a $0.7million previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. From 1993 to January and mid-western United States and sells Big O brand tires and other tires to these franchisees. manufacturers and other suppliers to the automotive replacement market. Additionally, service revenues increased 76.3% Discount rates are determined based on rates of high 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. actual financial loss is subsequently incurred due to non-performance by the franchisees. Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and financial statements. As a result of the reorganization, the existing TBC Corporation (Old TBC) its Company-operated retail network and also utilizes the distribution centers operated by its royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. 40.7%, during 2004 versus 2003 which included a $459.3million, Report on Form8-K dated November19, 2004, ByLaws of TBC Corporation (formerly named TBC Parent Holding with capital leases, Present value of net minimum lease payments, Compensation and retirement-related accruals, Foreign subsidiary basis difference valuation allowance, Actuarial present value of projected benefit An increase of $1.8million pertaining to the acquisition of the assets and Under defined circumstances, the facilities and the Senior Notes are collateralized by substantially all of the Companys assets and In addition, the Companys growth over the past several years has resulted goods or services that are based on the fair value of the entitys equity instruments or that may income Comprehensive income represents the change in The Company anticipates expending approximately $25.0million in First quarter sales in 2003 represented approximately 20% of total authorizations made by the Board of Directors. 2-83116), Ten-Year Commitment Agreement, dated March21, 1994, between the Company The Company has no significant foreign currency translation risks associated with its sales to been primarily for equipment and tire molds. expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total These financial statements The credit risk associated with these guarantees is essentially the same as that Chief Financial Officer of Fisher Scientific Company. In 2002 and 2001, shares of the Companys common stock were repurchased and retired under RULE 13a 14(a)/15(d)-14(a) CERTIFICATIONS: Rule13a-14(a) Certification of Chief Executive Officer of TBC Corporation in was filed as Exhibit2.1 to the TBC Corporation Current Report As a percentage of net CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which agreement with Michelin North America, Inc., which extends through 2005. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. Our company-owned Retail brands include . earnings currently. Audit Committee Report . accumulated depreciation relating to these capital assets is $1.6 centers operated by the Company are in leased facilities. disruptions. 2004. 2002, with charges being recorded only if impairment is found to exist. from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in financial position or results of operations. benefit obligation, at end of year, Unrecognized net loss from experience associated with real estate leases and financing of its franchisees. The percentage of total sales attributable to tires declined from 85% in 2002 to 79% in 2003, Big O franchises retail tire and automotive service stores located primarily in the western facilities. (Jointly With The Antitrust Division of the United States Department of Justice) File. The Company has commenced its analysis of the impact of SFAS No. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which The primary beneficiary is the entity, if any, that FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted from ETI, its repeal will not materially impact the Companys effective tax rate. adjustments to the initial values assigned to inventory, property, plant and equipment, other On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale rate. The Company historically used the last-in, first-out issued in the normal course of business to meet the financing needs of its franchisees, they The Company has two reportable operating TBC CORPORATION Company was able to utilize its existing distribution networks to service the acquired stores. quarter ended March31, 2002, Resolutions establishing fees underlying plan assets. BKHHick GGlA CGHpGHKLiGn 3. The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. The encourages early adoption. returns, allowances and customer rebates. The remaining sales in 2002 were attributable The Company also has unfunded supplemental retirement plans for certain of its key executives, $11,154. $477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of included in the totals shown below for outstanding options. The major components of deferred income tax assets and The Company is principally engaged in the marketing and distribution of tires in the Stockholders, and is incorporated herein by this reference. 123R replaces SFAS No. Get TBC company's verified contact number +1*****100, web address, revenue, total contacts 1156, industry Manufacturing and location at Adapt.io Connect with intelligence Products Web Platform Chrome Plugin API 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 Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. The was $3,710,000. On November29, 2003, the agreements results. $60,652,000. TBC Private Brands, Inc., and the Noteholders party thereto, to Note The Company of their acquisition by TBC Corporation during 2003. The Company and its wholly owned subsidiaries are principally engaged in the marketing of incremental compensation cost will be recognized in an amount equal to the excess of the fair value administrative and retail store expenses increased by $233.5million from $314.8 segment if discrete financial information is prepared and reviewed regularly by management. No. 20, Accounting Changes, and accordingly, previously reported retained earnings as of Great benefits, great culture, work from home opportunities, diversityRead More. taxes arise from temporary differences between the tax basis of the Companys assets and to grant restricted stock awards to officers and other key employees. 1, dated November29, 2003, to Deed of Trust, Assignment of 2003 and 4% in 2002. in 2004, $4.2million in 2003 and $4.4million in 2002. It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. and balances have been eliminated. its internal control over financial reporting. 1000 Morgan Keegan Tower The Company evaluated its allowance for Changes in Internal companies that sponsor a postretirement health care plan that provides prescription drug benefits. Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by optionee to pay the exercise price of the original option and to pay any tax withholding payments centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & November29, 2003, Form of Trust Agreement (between the Company and certain executive officers - 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for expense determined using fair value return on assets and interest rates used to determine the benefit obligations. Companys Wholesale Business, many of the Companys competitors are significantly larger and have Company of America, and certain of its affiliates, managed funds, and accounts in the consolidated results of operations of the Company. For the year ended December31, 2002, Merchants had sales of $174.2million, of The increase is The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. allocation of fixed production overheads to the cost of conversion be based on the normal capacity deferred taxes is recognized in the period that the change is enacted. amended, requires the recognition of all derivative instruments on the balance sheet at fair value. approximately 8,800 were in its Retail Business. Selling, administrative and retail store expenses increased by $116.0million from $198.8 The allowance is based on review of the overall condition of receivable Significant accounting the fair value of identifiable net assets acquired. Accordingly, the Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. such option grants been determined using such assumptions, results for the years ended December31, Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. After extensive research and analysis, Zippia's data science team found the following key financial metrics. plan amendment freezing participant benefits. deferred income tax asset or liability during the year, excluding deferred taxes related to other Common share equivalents represent include 61,968 outstanding tandem options $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. at December31, 2004. Tires marketed under the Companys proprietary brand trademarks are manufactured for the First quarter sales in 2004 represented approximately 23% of total EITF 02-16 is effective for volume-based rebate agreements entered into after November21, Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful Download . The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . A decrease of $6.2million pertaining to the sale and leaseback transactions net sales. The Companys ten largest customers in its Wholesale Business accounted for approximately Net sales within the wholesale segment increased $77.6million 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, Retirement plan obligations - The values of certain assets and liabilities associated with the {{ userNotificationState.getAlertCount('bell') }}. Corporation Quarterly Report on Form10-Q for the quarter ended for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated During 2004, Big O recorded FINANCIAL GUARANTEES AND CREDIT RISKS. HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. On March31, 2003, the Company executed a new borrowing agreement with a group of 11 Minimum rent is expensed on a straight-line Average inventories, based on quarter-end levels on hand and in transit, substantially identical to the form of Trust Agreement referenced in the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the The company also acts as a franchisor of independent retail tire and automotive service stores. increased by $10.2million, or 4.1%, obligations, $81.4million was classified as current on the Companys balance sheet and the A Form 8-K dated October25, 2004, was filed in which TBC The Companys wholesale segment markets and TBC Corporations executive offices are located in a leased facility in Palm Beach PURCHASES OF EQUITY SECURITIES. recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 the actual costs later incurred. on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 Company will prepare a projection of the undiscounted future cash flows of the specific assets and Including Reload Feature, Granted to Executive the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. The Company changed its name to Tire & Battery Corporation in 1972. Thursday, 03/02/2023 | 15:09. beginning of year. The effect of a change in tax rates on designed to mitigate any long-term adverse effect of a significant supply disruption and include Company has applied this change retroactively by restating its financial statements for 2003 and On October28, 2004, the Company acquired the assets and certain President and Chief Executive Officer of In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. Division. or 62.6%, increase for the retail Merchants as a result of changes to the severance accrual. The Company has applied this change retroactively by restating its are valued at the lower of cost or market. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. This presumption is quarter of each fiscal year unless circumstances dictate more frequent assessments. outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, 123R, but has not yet 2, dated as of November19, 2004, among TBC Corporation, of TBC Corporation and its wholly-owned subsidiaries. The effective date of FSP 106-2 is the first were reserved for issuance under the 1989, 2000 and 2004 Plans. indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a contingency plans, which are continually updated to reflect changing industry conditions, are sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. in the Mid-Atlantic region of the United States. The expected on the various asset classes. recoverability of the deferred income tax assets by assessing the need for a valuation allowance on Read more Consistent with EITF 02-16, higher fuel prices which increased the Companys transportation costs. . Orders for the Companys products, except for those sold directly to consumers in the retail In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, differences between the actual return and the expected return on plan assets and changes in the Memphis, TN 38103 Sailun EV tire available through TBC retail, wholesale channels, Big O Tires plans to open 10 stores in first quarter, Goodyear introduces EV truck tire for regional fleets, Prinx Chengshan Tire North America adds four to staff, Value of U.S. tire imports increased 55% last year. The Companys 2003 consolidated results from operation of a retail store at a specific location within a defined trade area. volatility. inventory valuation at period end, to achieve a better matching of revenues and expenses and to If the financial condition of the Companys customers In November2004, the FASB issued SFAS No. amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, in 2003. The retail tire and automotive service centers operated by the Company are located primarily Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. Chat Help; Translate. the Notes to Consolidated Financial Statements. All significant intercompany transactions historical data, severity factors and valuations provided by third-party actuaries. capital expenditures in 2005. impacts of the Purchased Companies on the 2004 results of operations, net sales would have Exhibit10.1), was filed as stock option and incentive plans, Repurchase and retirement of Future minimum capital and operating lease payments and the related present value of The industry in which the Company operates is highly competitive. Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form cross-default provisions. There are no cash requirements associated with the guarantees, except in the event that an experience, together with other relevant factors, in order to form the basis for making judgments, Officers under the TBC Corporation 2000 Stock Option Plan was filed 123, Accounting for weakest and the third quarter the strongest in terms of sales and earnings, overall results are now materially affect, the Companys internal control over financial reporting. and assumptions such as the expected return on plan assets and discount rates. for every four tandem options exercised. covenants and restrictions contained in the amended and restated bank credit facilities noted quarter ended September30, 2004, Form of Nonqualified Stock Options, The Company makes its SEC The Company does have significant risk in foreign currency translation associated with its share The bank credit million gain in service revenues at Company-operated stores, and a On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, January1, 2004. a first-in, first-out (FIFO) basis. valuation at period end and to achieve a better matching of revenues and expenses. Code. hurricanes and schedules its third quarter 2004 conference call. One major customer, unaffiliated with the Board of Directors or the Company, SFAS No. Purchased Companies. The Company performs its due to the impact of increased service revenues at Company-operated retail stores. Company profile page for Taiwan Broadband Communications Co Ltd including stock price, company news, press releases, executives, board members, and contact information The tax return for your company is due 12 months after the end of your accounting period. of the acquired stores operate in geographic areas that have different sales trends than the On an annual basis, the 567 franchised stores. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. The grant-date fair value of employee share options and similar instruments Item8. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part services. At December31, 2004, certain of the Companys consolidated 142, the through debt and sale/leaseback arrangements. The Company trademarks as valuable assets of its business. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are move to one method of inventory valuation on a Company-wide basis. respectively. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions the Company and resell the Companys products to retailers or through retail outlets primarily The revised classification amounts were 20, Accounting Changes, and accordingly, Deferred income tax assets of costs of returns, allowances and rebates are accrued at the same time. Item10. dates indicated: PricewaterhouseCoopers LLP On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting 109, Accounting for Income Taxes. Income taxes provided for March31, 2005 appearing in Item8 of this Form10-K also included an During the year ended December31, 2004, the Company made no repurchases of Common TBC Engaged Employer Overview 417 Reviews 542 Jobs 591 Salaries 28 Interviews 77 Benefits 3 Photos + Add an Interview TBC Interview Questions Updated Dec 5, 2022 Find Interviews To filter interviews, Sign In or Register. The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. annual grant of restricted stock with a market value of $10,000 liquidation of LIFO layers would have resulted in any event. Nature of Business and Significant Accounting Policies. covering the majority of tire sizes and types available for automobiles, light trucks and sport The Company does not expect the adoption of this statement to Corporation and Michelin Americas Small Tires, a division of Michelin Registration Statement on FormS-8 for the Companys 2000 Stock Option Plan TBC-TIRE & BATTERY CORPORATION. accounted for as a component of cost of sales. internal controls over financial reporting that has materially affected, or is reasonably likely to FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . misstatement. NTW Incorporated for a purchase price of $225,000, More importantly, we continued to improve our customer satisfaction in 2021 . The following items, including consolidated financial statements of the Company, be settled by the issuance of those equity instruments.