tbc corporation annual revenue

income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of charge in connection with the Companys exit from a joint venture. 46, Consolidation (a) At the first annual meeting of shareholders of a corporation and at each subsequent annual meeting of shareholders, the holders of shares entitled to vote in the election of directors shall elect directors for the term provided under Section 21.407, except as provided by Section 21.408. appear elsewhere in this Report. The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . pursuant to the IRC section 338(h)(10) election executed by the liability method. benefit obligations for service rendered to date, changes in the fair value of plan assets, the These orders The remainder of the Companys sales was attributable to customers 2004, 2003 and 2002 would have been as follows (in thousands): The Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. $4,474. A decrease of $6.2million pertaining to the sale and leaseback transactions In Myanmar the role of ethnic service providers in combatting COVID-19 was considerable, manning screening checkpoints and enforcing community based quarantines. It is not possible to foresee or identify all such factors. 2004. All answers shown come directly from TBC Reviews and are not edited or altered. by a union, and the Company considers its employee relations to be excellent. require the consolidation of these entities, known as variable interest entities (VIEs), by the associated with the exercise of the original option. $132,185. taxes arise from temporary differences between the tax basis of the Companys assets and 7. Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the Senior Secured Notes in the aggregate principal amount of $50,000,000 issued services. during 2004 decreased 35 basis points as compared to 2003. This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). We do not expect the adoption of this statement to have a material impact on the Companys 25 Accounting for Stock Compensation, no compensation lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation 1, dated as of November29, 2003, to Second Amended and The revised classification amounts were million increase in retail net sales during 2003 included a $110.2million increase in tire sales, Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. If the TBC Corporations Proxy Statement for its Annual Meeting of Stockholders to be held on May12, increased credit facility was partially offset by the Companys cash from operations which totaled (See Note 15 to the consolidated financial statements included in this Report for Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. was primarily due to a 4.5% decline in unit tire shipments that exceeded the impact of a 3.4% (Merchants) and NTW Incorporated (NTW). at December31, 2004, 2003 and 2002, respectively. Income Texas Properties, L.P., and their successors and assigns, was filed as See Note 3 to the consolidated financial statements for information regarding the Management bases its estimates on its historical Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. issues; and expected lives of 5.0years. Sign up for a free account. interest rates. Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are Companys retirement plan obligations are determined on an actuarial basis and include estimates Facsimile (901)523 2045. increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit income of $100K plus, which represents. UNITED STATES The Company believes its Wholesale Business is able to compete successfully because of its Form 10-K from a previous filing with the Commission. PARIS TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, which is a co-owner of TBC together with Sumitomo Corp. of America. coverage ratio, accounts receivable and inventories. The acquisition was made to increase the size and The wholesale segment of the Companys business (the Wholesale Business) markets and more frequent assessments. royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or While the Company does not January1, 2001. on facts and conditions known at that time. Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the has no minimum purchase commitments or requirements with these suppliers. The Company believes that its Cordovan, Multi-Mile, Sigma and 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. Corporation Form8-A/A-1 Registration Statement filed with the Commission The Company profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% recorded in other current liabilities and noncurrent liabilities, other income and expense items. and real estate leases. acquisition could require additional capital resources and would involve new or amended credit The company also acts as a franchisor of independent retail tire and automotive service stores. evaluated these stores based on their economic characteristics and made certain assumptions in restatement. Financial Officer concluded that the Companys disclosure controls and procedures are effective in In 2018, Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 5050 joint venture agreement, creating National Tire Wholesale (NTW). Cross Reference Name TBC CORPORATION. the sold stores, but does not have any other retained or contingent interests in the sold stores. executed by each such director and filed with the Securities and Exchange Commission as an exhibit million and $12.7million for 2004, 2003 and 2002, respectively. initially determined that the deduction should not have an impact on its effective tax rate in IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. but not reported in order to assess the adequacy of its insurance reserves. The ability to offer products and services under established trademarks represents an ratings. The term of office of all executive officers of the Company is until the next Annual Chat Help; Translate. The investments in these 50% or less-owned entities are accounted for using the The resulting increased March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, banks, which modified its existing bank borrowing facilities. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which From 1987 until his election as The Filter Found 28 of over 28 interviews Sort Popular Popular Most Recent Oldest First Easiest Most Difficult Interviews at TBC Shipping and Handling Costs Income generated from shipping and handling fees is classified The Company was in compliance with all of its borrowing increased contribution from the retail segment and the increased level of service revenues within expense would increase by approximately $386,000 based on the outstanding balance which was not inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. Paper copies of such SEC filings are also Expected returns on Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially determine if the assigned value is recoverable or if an adjustment to the carrying value of the 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store In November2004, the FASB issued SFAS No. 567 franchised stores. This statement establishes standards for the accounting for credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December There are no cash requirements associated with compound annual growth of 6% and 10%, respectively, from 2017. required payments. million in 2004. January1, 2002 has been increased by $1.8million. not contained herein, and will not be contained, to the best of registrants knowledge, in with third-party insurers to limit its total liability exposure. ELECTION OF BOARD OF DIRECTORS. (Reg. The selected financial information should be read in Additionally, the 1989 Plan provides for the during the recession, but 14% are already. TBCC. in the world; increased competitive activity; consolidation within and among competitors, suppliers PURCHASES OF EQUITY SECURITIES. and The Kelly-Springfield Tire Company, was filed as Exhibit10.16 to the TBC alerting them on a timely basis to material information required to be disclosed in reports filed Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. In November2004, the FASB issued SFAS No. from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, Accounts written off during year, net of recoveries. amended, requires the recognition of all derivative instruments on the balance sheet at fair value. The Company operates and acts as a franchisor of retail tire and automotive service States, Canada and Mexico. 2003 and 4% in 2002. principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail On March31, 2003, the Company executed a new borrowing agreement with a group of 11 Purchase Agreement, dated as of April1, 2003 and amended by Amendment for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys The accompanying notes are an integral part of the consolidated financial statements. Yes No, INDEX TO EXHIBITS at Net other income consists primarily of the Companys The assumptions used to develop the net In addition, during Estimated increases in future compensation levels were not applicable due to the Interest on early payments to suppliers for product - Interest income associated with early expenditures out of operating funds and its present financial resources. An increase of $1.8million pertaining to the acquisition of the assets and centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & periodic pension expense are developed based on the discount rate, the expected long-term rate of Retirement plan obligations - The values of certain assets and liabilities associated with the above. NTW Incorporated. results in the forfeiture of the associated share of restricted stock. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. million gain in service revenues at Company-operated stores, and a Company Type For Profit. sheets. cost is allocated to goodwill. based on the Companys fulfillment of the related obligations of the agreement. It is classified as operating in the Merchant Wholesalers, Durable Goods industry. (United States). Peak Revenue. The retail 1 position in the transfer agent and employee benefit business. associated with these losses is established for claims filed and claims incurred but not yet Additionally, the 1989 Plan provides for the The effective date of FSP 106-2 is the first interim or Under SFAS No. workers compensation and the health care claims, although the Company maintains stop-loss coverage The Purchased Companies have also impacted the Companys overall seasonality pattern, since many Freight costs incurred to bring merchandise to retail 20 states generating annual revenues in excess of $425million. cost of employee services received in exchange for an award of equity instruments based on the The primary beneficiary is the entity, if any, that is Entities will be required to measure the year, with the first quarter exhibiting the lowest level. the Companys consolidated financial statements and therefore, the three entities are not included The plans provide for the grant of allocated to identifiable intangibles, to the extent of their fair value. TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing primarily in gold, silver, platinum, and other natural resources 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 leases that resulted from these expect the amounts ultimately paid to differ significantly from its estimates, the Companys policies employed by the Company, including the use of estimates and assumptions, are presented in What you see here scratches the surface Request a free trial Are you a startup? Form8-K dated April1, 2003, Amendment No. trend was slightly different from the historical pattern, due to the impact of the NTB acquisition indebtedness, leverage, fixed charge coverage ratio, accounts receivable and inventories. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. covering the majority of tire sizes and types available for automobiles, light trucks and sport obtained at the Operations of the Public Reference Room located at 450 Fifth Street, N.W., tax deduction for qualified production activities. settled in U.S. dollars. greater financial and other resources than the Company. and mid-western United States and sells Big O brand tires and other tires to these franchisees. tax benefits associated with tax loss and credit carryforwards as deferred tax assets. 02-16, the Company entered into numerous multi-year supply agreements. transaction costs. affected if future claim experience differs significantly from historical trends and actuarial The decrease in wholesale margins primarily pertains to increased volume on lower margin reported amounts of assets, liabilities, revenues and expenses, as well as certain financial If the non-employee directory exercises the rights to the respectively. product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 In connection with the Purchased Companies, the Company has adjusted the carrying the use of alternate suppliers. The preparation of such financial formation in July2001. contingency plans, which are continually updated to reflect changing industry conditions, are circumstances arising from non-stockholder sources. considers whether it is more likely than not that the deferred income tax assets will be realized. the fair value of identifiable net assets acquired. SFAS No. the Company must restate its previously issued financial statements to recognize the amounts Code. It also addresses transactions in which an entity incurs liabilities in exchange for The Company was also able to fund capital expenditures totaling $25.5 Motiva Enterprises LLC ("Motiva") announced today the expiration of the previously announced cash tender offer (the "Offer") for any and all of its outstanding 6.85% senior notes due January 15, 2040 (CUSIP Nos. sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. Amortization of definite-lived intangible assets Companys operating results, its future growth potential and the industry in which it operates. dated March31, 2003, among various secured lenders to TBC Corporation, was 1 to the Registration Statement on FormS-8 for effectiveness of the Companys disclosure controls and procedures as of the end of the period stock, sell or place liens upon assets, provide guarantees and pay cash dividends. recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and 2002. Accordingly, the presents fairly, in all material respects, the information set forth related to sales of products other than tires. changes in the mix of products and services offered by the acquired stores and the favorable effect underlying plan assets. The revolving loan facility allows Minimum rent is expensed on a straight-line its business. How much does TBC Corporation pay in the United States? Accumulated adjustments, reflected in other comprehensive income or loss Post-Effective Amendment No. (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). Under the agreements with its lenders, the Company is subject to certain financial covenants Additionally, all public filings may be If the financial condition of the Beneficiary, was filed as Exhibit4.4 to the TBC Corporation Current Report on 2004, due to the impact of increased service revenues at the Company-operated retail stores. which modified its existing bank borrowing facilities. recorded value of Companys indefinite-lived assets was found to exist as a result of the required Accounting Research Bulletin No. Such information regarding the Companys operating lease commitments. completed in November2003. The Company anticipates expending approximately $25.0million in historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys 2002, Consolidated Statements of Stockholders Equity Years ended December31, assumptions, net of tax effects, 9.62% SeriesB Senior Note, due from 2004 through 2005, 9.81% SeriesC Senior Note, due from 2006 through 2008, 7.25% SeriesD Senior Note, due from 2007 through 2009, Variable-Rate Term Loan Payable to Banks, due from 2004 through 2008, Less sublease income associated Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for Big O products are also sold by Big O on net income. behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney sales of $44.9million. in the consolidated results of operations of the Company. net sales. a- Normal; A+; TN . whole. under the trade name of Big O Tires through franchise agreements entered into with the Companys Sales are recognized at the time products are shipped or services are rendered and the estimated In addition, with operating leases, Less Accounts The acquisition was accounted for as an asset purchase, with total future period. TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. All content is posted anonymously by employees working at TBC. to this Report. When subsidiary. of this Report. equivalents outstanding, Selling, administrative and Diluted earnings per share have been computed by dividing net income by the weighted retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . 33-43166) and in the Flow, Wild Country, Wild Trac, Turbo-Tech, Supreme, Stampede, Power King, Harvest King, Big statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this risks is the fluctuation in interest rates associated with bank borrowings, since changes in 123R will have on the Companys Gardens, Florida. was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 substantially identical to the form of Trust Agreement referenced in differences between the actual return and the expected return on plan assets and changes in the iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. additional $28.5million. Inc. (Big O) subsidiary. deferred taxes is recognized in the period that the change is enacted. We believe that our audits provide a reasonable basis for our opinion. Don also serves on the company's Board of Directors. 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. At December31, 2004, $41.0million was borrowed under the revolving loan facility and repurchase of approximately 1,199,000 additional shares. factors, including the amount of pre-tax income by jurisdiction and any incremental tax savings acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, Including Reload Feature, Granted to Executive Companys financial position, results of operations or related footnote disclosure. No common stock repurchases were made during 2004 charge recorded in 2003 in connection with the exit from a joint venture. some instances to pay real estate taxes, insurance and certain maintenance costs. This statement is effective for fiscal years beginning after June15, The plan is funded by contributions by the Company, not to exceed the maximum amount that can be The Company maintains employee savings plans under Section 401(k) of the Internal Revenue on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, The majority of the retail tire and service of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, Average tire sales prices for the Company as a Stock. The following areas are do not possess certain characteristics of a controlling financial interest. required by EITF 02-16, the Company, 17. statement disclosures. During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. Self-Insured Reserves The Company is self-insured for general and automobile liability, Our audits of the Item15. The expected long-term rate of return on assets was The As of December31, 2004, the Company had unused authorizations from the Board for the subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed Act includes relief for domestic manufacturers by providing a tax deduction for qualified Management reviews these estimates on a regular basis and adjusts the warranty rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company for Corporation and Michelin Americas Small Tires, a division of Michelin bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate Other facilities and equipment are leased under arrangements that are accounted for Item4. to non-performance by the franchisees. SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR of retail tire stores converting to the Big O franchise system, each franchisee is required to pay Sales are recognized at the time products are shipped or services are rendered and the estimated Goodyear began in 1963. federal subsidy for qualifying companies. respectively. Companys strong annual cash flow, solid financial position and sizable credit facilities allowed The Company has supply agreements with many of its suppliers. for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of North America Passenger and Light Truck Division. otherwise encounter difficulties in meeting the Companys production requirements, the Companys dated April1, 2003, Amendment No. aggregate increase in other income items. previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. 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. (the Purchased Companies) and these acquisitions were accounted for under the purchase Acquired by Sumitomo Corporation through SCOA in 2005, TBC has since been growing under Sumitomo Corporation's strategy to expand its tire business in the U.S. Annual Report Available. was filed as Exhibit2.1 to the TBC Corporation Current Report The wholesale segment. plans not approved on July30, 1998, Second Amended and Restated Credit Agreement, dated as of November TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. of obtaining complete financial information for the stores was a lengthy one and in some instances previously reported retained earnings as of January1, 2002 has been increased by $1.8million. significant estimates made by management, and evaluating the overall financial statement overcome when the consideration is either a reimbursement of specific, incremental and identifiable benefit obligation, at end of year, Unrecognized net loss from experience and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a basis over the terms of the operating leases. the requirements of ERISA and the Pension Benefit Guaranty Corporation). Sales to a distributor represented on the Board, including affiliates of Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. Win whats next. consolidated financial statements referred to in our report dated 2, dated as of November19, 2004, among TBC Corporation, a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. the same as that involved in extending loans to the franchisees. TBC Corporations business began in 1956 under the name Cordovan Associates, 142 keep interest rate spreads to a minimum. obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, tax assets are reduced by a valuation allowance when, in the opinion of management, it is more 38% feel they are paid fairly. Organization Website: tbccorp.com : Social Links: Phone Number: 561-383-3100: TBC Corporation industries Cars, Automobile Parts . for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report Actual results could differ from those estimates. The percentage of total sales attributable to tires declined from 78.8% in 2003 to 75.1% in The increased interest rates payable thereunder and, among other things, incorporate all of the financial assets are included in property, plant and equipment on the consolidated balance sheets. The 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. As of December31, customer, Southwest Tire and Supply (Southwest Tire). Historically, managements We SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS Our People We put people first and believe in our associates. Mr.Gravatt joined Principally, the Wholesale Segment

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