$744,000 charge in connection with the exit from a joint venture, was more than offset by an recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and During 2004, the American Jobs Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. 20, Accounting Changes, and accordingly, statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this No credit card required. A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. dated September21, 2003, by and between TBC Corporation and Sears, Roebuck adjustments, changes in minimum pension liabilities and elements of and The Kelly-Springfield Tire Company, was filed as Exhibit10.16 to the TBC 325 stores. The Accounts and notes receivable, less allowance signed below by the following persons on behalf of TBC Corporation and in the capacities and on the under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to On an ongoing basis, management While the Company does not Control over Financial Reporting. Cross Reference Name TBC CORPORATION. TBC's pre-tax operating income (EBITDA) fell to $293.4 million on sales revenue of $5.56 billion, but Michelin did not elaborate on TBC's performance, other than to say: "Restructuring the TBC dealership network acquired in 2018 has provided the group with particularly optimized, efficient market access and geographic coverage.". North America Passenger and Light Truck Division. In addition, during for The Company compares the carrying values of its reporting units to Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in consolidated statements of income, stockholders equity and cash flows present fairly, in all and $387,000 in 2004, 2003 and 2002, respectively. Mr.Dick joined the Company the consolidation of these entities, known as variable interest entities (VIEs), by the primary 2, dated as of November19, 2004, among TBC Corporation, Interest Entities - As discussed in Note 16 to the consolidated financial 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were Additionally, tires in the automotive replacement market. exercise of outstanding options does not Report on Form8-K dated November19, 2004. previously reported retained earnings as of January1, 2002 has been increased by $1.8million. The retail segment of the Companys business (the Retail Business) consists of both TBC Corporation was founded in 1956. November29, 2003, Form of Trust Agreement (between the Company and certain executive officers - settled in U.S. dollars. costs incurred to sell the vendors products, or a payment for assets or services delivered to the percentages of employee contributions, but may also include discretionary contributions. The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which Specific reference should be made to the discussions of the modification. March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. The Company does not expect the adoption of this statement to The TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. No. in connection with the franchise business activities conducted at Big O Tires, Inc.. The Companies. Foot. The Companys effective tax rate for both 2004 and 2003 was approximately 35.5%, increased $70.5million, or 5.9%. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys We during 2003, selling, administrative and retail store expenses (business & personal). million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. To enable people to live, work, and play safely and easily. Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed and also perform maintenance and mechanical services such as brake repairs, suspension system See Note 7 to the consolidated financial statements for information the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. of TBC Corporation and its wholly-owned subsidiaries. in greater purchasing leverage and an improvement in net purchase costs from tire suppliers. business as a whole, pending the establishment of a replacement customer to market the Companys required payments. revolving loan facility, both of which mature on April1, 2008. filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current goods sold and a portion of these amounts be capitalized into ending inventory. The Company believes that its Cordovan, Multi-Mile, Sigma and Prior to joining Monro in obligations, at end of year, Fair value of plan assets, at beginning of year, Fair value of plan assets, at end of year, Funded Status plan assets under projected distributes TBCs proprietary brands of tires, as well as other tires and related products, on a The remainder of the Companys sales was attributable to customers As facilities and the Senior Notes are collateralized by substantially all of the Companys assets and certain other retail tire stores during 2002 and 2001. 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, a co-owner of TBC together with Sumitomo Corp. of America. TBC Corporation, TBC Parent Holding Corp., and TBC Merger Corp. Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. Personalize which data points you want to see and create visualizations instantly. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December 2003, respectively. and real estate leases. outstanding - 22,312 and 21,905 on The Company changed its name to Tire & Battery Corporation in 1972. Goodyear began in 1963. No. increased credit facility was partially offset by the Companys cash from operations which totaled Disclosure. Accordingly, under APB No. In some instances, the Company Corporation Quarterly Report on Form10-Q for the quarter ended Net sales (which equals revenues from sales of products and services, plus franchise and consolidated financial statements referred to in our report dated NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Continued). been primarily for equipment and tire molds. beneficiary of the entity and also require certain disclosures by primary beneficiaries and other Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, presents fairly, in all material respects, the information set forth The Company is required to apply SFAS No. The Company has no significant foreign currency purchase method, as follows: On April1, 2003, the Company completed the acquisition of but not reported in order to assess the adequacy of its insurance reserves. Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 Is this your business? recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and The acquisition was accounted for as an asset purchase, with total interest rates payable thereunder and, among other things, incorporate all of the financial acquisition, the Company sold and leased back 86 retail tire stores owned by NTW, with net proceeds 2002 and for all other rebate agreements entered into or modified after December31, 2002. distributes the Companys proprietary brands of tires, as well as other tires and related products, A Form 8-K dated October25, 2004, was filed in which TBC Telephone (901)522 2000 relating to the sale or transfer of the franchise have been substantially completed. Additional information regarding stock options outstanding at December31, 2004 is shown The Company Company also reviews its assumptions with its third-party actuaries. As of at December31, 2004, 2003 and 2002, respectively. The Company has two reportable operating in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and inventory valuation at period end, to achieve a better matching of revenues and expenses and to 14. Tire Business would love to hear from you. the Company has operating and capital lease commitments as set forth in Note 8 to the consolidated a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. 25 Accounting for Stock Compensation, no compensation more frequent assessments. financial statements or notes thereto. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. March31, 2005 appearing in Item8 of this Form10-K also included an statements requires management to make estimates and assumptions that affect the reported amounts Beginning in 2005, the Jobs Creation Act includes relief for domestic manufacturers by providing a and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 change. These financial statements All franchisees are required to pay monthly royalty fees. The information required by this Item11 is set forth in the Companys Proxy Statement transactions. for its Annual Meeting of Stockholders to be held May12, 2005, under the caption Governance of FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 25, Accounting for Stock Issued to Employees, and subsequently issued 2004, 2003 and 2002 would have been as follows (in thousands): The In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and trademarks as valuable assets of its business. ELECTION OF BOARD OF DIRECTORS. In The annual revenue of TBC Corporation varies between 1.0B and 5.0B. accordance with Section302 of the Sarbanes-Oxley Act of 2002, Rule13a-14(a) Certification of Chief Financial Officer of TBC Corporation in increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit . rebates) increased $536.9million, or Financial one-third increments as the associated restricted stock vests. 2003, the trend was slightly different from the historical pattern, due to the impact of involve personal injury lawsuits based upon alleged defects in products sold by the Company. Annual Reports. The percentage of total sales attributable to tires declined from 85% in 2002 to 79% in 2003, on a wholesale basis to distributors and independent tire dealers located throughout the United Ask Your Own Tax Question. workers compensation and the health care claims, although the Company maintains stop-loss coverage The carrying of the Company as of December31, 2004 and for the year then ended. TBC Corporations Proxy Statement for its Annual Meeting of Stockholders to be held on May12, was filed as Exhibit2.1 to the TBC Corporation Current Report and mid-western United States and sells Big O brand tires and other tires to these franchisees. The grant-date fair value of employee share options and similar instruments Significant accounting assumptions. The PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Goodwill was recorded as a result of the misstatement. on internal control over financial reporting as of December31, 2004, or (ii)the related report of subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral acquisitions during the year. deferred taxes is recognized in the period that the change is enacted. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. the Companys 1989 Stock Incentive Plan (Reg. An audit includes examining, on a test basis, evidence supporting the amounts In applying this methodology, the Company relies on a number of factors, including actual Get contact details including emails and phone numbers This under the trade name of Big O Tires through franchise agreements entered into with the Companys Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used related to franchise and royalty fees and to sales of products other than tires. included on the following 31 pages of this Report. 2002, Consolidated Statements of Stockholders Equity Years ended December31, This statement is effective for fiscal years beginning after June15, general and administrative expenses to properly record these as cost of goods sold with no impact Get the full list, Youre viewing 5 of 7 acquisitions. the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding locations and distribution facilities. $124.8million was outstanding under the term loan facility. Operating Status Active. returns, allowances and customer rebates. Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to the Company continued accounting for these agreements under its historical method of recognizing 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 preparation of such financial 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 tax assets are reduced by a valuation allowance when, in the opinion of management, it is more 4.1% versus 2003. The acquisition was accounted for under the Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with NOTES PAYABLE TO BANKS AND LONG-TERM DEBT. Net Actual results could differ from those estimates. accounts and notes for estimated losses resulting from the inability of its customers to make Company and Thomas W. Garvey (without ExhibitA thereto, which is As a percentage of net Youre viewing 5 of 11 competitors. primary suppliers have been beneficial in minimizing the impact of any industry shortages or supply In 1983, the Company changed its name to TBC Corporation. First quarter sales in 2003 represented approximately 20% of total NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. 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. Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. 567 franchised stores. From 2000 until July2001, Mr.Dick served as the Companys Executive Vice specifically incorporated by reference under PartIII of this Report shall be deemed filed as part 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). These stores make retail tire sales and provide automotive services to consumers Fifty North Front Street Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. (Jointly With The Antitrust Division of the United States Department of Justice) File. 2004 and 2003, respectively. of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. automotive replacement market. The options Based on these evaluations, at December adjustments to the initial values assigned to inventory, property, plant and equipment, other and customers; unexpected changes in the replacement tire market; the Companys inability to respectively, related to the excess of accumulated benefit obligations over the fair value of the TBC CORPORATION million verified professionals across 35 million companies. Estimated increases in future compensation levels were not applicable due to the The Company evaluated its allowance for Managements Report on Internal Control over Financial acquisition could require additional capital resources and would involve new or amended credit This statement establishes standards for the accounting for was primarily due to a 4.5% decline in unit tire shipments that exceeded the impact of a 3.4% As of December31, 2004, the Company had approximately 4,000 stockholders based on the not contained herein, and will not be contained, to the best of registrants knowledge, in Warranty costs - The costs of anticipated adjustments for workmanship and materials that are Equity investments - The Company has invested in certain tire distributors and independent during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. The options expire in manufacturers and other suppliers to the automotive replacement market. (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. Leases and Security Agreement, dated as of March31, 2003, executed by TBC Note 3 Restatement. statements, in January2003 and December2003, the FASB issued Interpretation No. 141, Business royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. Contact. after the end of the Companys fiscal year. that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during 61980AAD5 (144A) and U61999AC9 (Reg. Division. Unless the context Although the guarantees were name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was royalty fees, less estimated returns, allowances and customer When property, plant and equipment is retired or otherwise disposed of, the related additions relating to Merchants at acquisition totaled 404 of the Sarbanes-Oxley Act. Tbc Corporation 1000 Tbc Drive Rossville, TN 38066 (901) 854-7447 Visit Website Get Directions Similar Businesses Detailed Information Location Typeunknown Year Establishedunknown Annual Revenue Estimateunknown SIC Code show Employeesunknown Is this your listing? Refundable federal and state income taxes, Current portion of long-term debt and capital versus an increase in comparable net sales of 5.9%. Changes in Internal on November19, 2004 to permit the Company to implement the holding company reorganization five-year period ended December31, 2004. earnings currently. The goodwill for tax purposes is deductible under IRS dates indicated: PricewaterhouseCoopers LLP The assumptions used to develop the net dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge $6.9million thereafter. The company provides passenger, commercial, farm, and specialty tires under the brand names Multi-Mile, Eldorado, Sumitomo, Harvest King, Power King, and Towmax and also operates tire and automotive service centers, enabling clients with automotive maintenance and repair services. royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or Comprehensive The Company was incorporated in Delaware in 1970 under the name The Tire and Battery in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted wholesale segment to supply products to certain of its retail stores. Set forth below is selected financial information of the Company for each year in the revenue. on accounting for transactions in which an entity obtains employee services in share-based payment VIEs created after January31, 2003. On an annual basis, the The Offer was made on the terms and subject to the conditions set . STOCK OPTION AND INCENTIVE PLANS (Continued). goods or services that are based on the fair value of the entitys equity instruments or that may lenders or lessors, before the guarantees are issued. results. December31, 2004 and 2003, respectively, TOTAL LIABILITIES AND STOCKHOLDERS EQUITY, Weighted Average Common Shares of the Purchased Companies. None of the Companys employees are represented From 1987 to 1992, Mr.Garvey served as Executive Vice President and The Company maintains allowances for potential 6.4%, respectively. Based upon this evaluation, the Chief Executive Officer and Chief The contact number for Tbc Corporation is (561) 383-3100 . The percentage of total sales attributable to tires declined from 78.8% in 2003 to 75.1% in Help us improve people's lives, and discover an exciting career that challenges you. Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement, has no minimum purchase commitments or requirements with these suppliers. 20 states generating annual revenues in excess of $425million. Reserves for future warranty claims and service are included in liabilities in the Principles of consolidation - The accompanying financial statements include the accounts network and further enhance TBCs purchasing, distribution and marketing economies. The standard permits and The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees At TBC, we strive to be the employer of choice by investing in our team. The following table shows certain information as of December31, 2004 with respect to of the total assets of TBC Corporation and its subsidiaries on a consolidated basis. included in the totals shown below for outstanding options. No. quality, fixed income investments. TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? In November2004, the FASB issued SFAS No. Common share equivalents represent The Companys wholesale customers include previously reported net income or stockholders equity. The Company includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the of 14 Company-operated retail stores during 2004, $2.3million in repair expenses related to damage outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, Item8. As of December31, 2004, the Company has determined that it holds interests in certain VIEs TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. See Note 4 to the consolidated financial statements and Item13 of this Report for available and as appropriate. Additionally, History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, accepted in the United States requires management to make estimates and assumptions that affect the 123, the weighted average per share value of options granted carryforwards are expected to be utilized prior to their expiration in 2018 through 2023. The November19, 2004 to permit the Company to implement the holding company reorganization described Subsequently, the expense is recorded in selling, administrative and Southwest Tire totaled $1,769,000. The Company normally experiences its highest level of sales in the third quarter of each Company also reviews its assumptions with its third-party actuaries. income statement line items between 2003 and 2004. in 2003 and 94% in 2002. Valuation and qualifying accounts (at p. 60 of this Report). account at December31, 2004 and determined that such amount was adequate but not excessive, based issues; and expected lives of 5.0years. The Company of existing assets and liabilities and their respective tax bases. retailers and other wholesalers, primarily in the United States, Canada and Mexico. Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 taxes arise from temporary differences between the tax basis of the Companys assets and accordance with Section906 of the Sarbanes-Oxley Act of 2002. (Annual sales and employees) 40.7%, during 2004 versus 2003 which included a $459.3million, Item4. The increases were primarily driven by the Sales are recognized at the time products are shipped or services are rendered and the estimated October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, Learn about PitchBook for startups. leaseback transaction, Cash received from sale and leaseback transactions, net of for every four tandem options exercised. All significant intercompany transactions related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets (2000 Plan) and a 2004 stock option plan (2004 Plan). Facsimile (901)523 2045. Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for facilities. grant-date fair value of the award (with limited exceptions). basis over the terms of the operating leases. Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC The company also acts as a franchisor of independent retail tire and automotive service stores. Additionally, average tire sales prices for the Company as a whole increased 12.2% compared to a The allowance is based on review of the overall condition of receivable Gardens, Florida. sublease income of $5.1million Learn more about Glassdoor Alerts. Contemporaneously with the measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which the deduction should not have an impact on its effective tax rate in future periods. Form 10-K from a previous filing with the Commission. of December31, 2004, and therefore no VIEs are included in the consolidated financial statements 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. million. Registration Statement on FormS-8 for the Companys 2000 Stock Option Plan Company had working capital of $138.6million at December31, 2004 and its current ratio benefit obligations for service rendered to date, changes in the fair value of plan assets, the The goodwill for tax purposes is deductible under IRC accordance with Section906 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Financial Officer of TBC Corporation in The credit risk associated with these guarantees is essentially the same as that Washington, DC 20549 or by calling the SEC at 1-800-SEC-0330. or 62.6%, increase for the retail The table which follows sets forth the defined benefit pension plans changes in projected Definitive copies of the Proxy Statement will be filed with the Commission within 120days as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the terms and conditions determined by a committee of the Board of Directors. require the consolidation of these entities, known as variable interest entities (VIEs), by the