non current liabilities as of with operating leases, Less Management bases its estimates on its historical Such factors include, but are not limited to: changes in economic and business conditions Code. About DIC. an initial franchise fee. purport to present what actual results of operations would have been or to project results for any $24,000 in 2003 and 2002, respectively. Report on Form10-K for the year ended December31, 2001, 2004-2005 Dealer Agreement, effective as of April1, 2004, between TBC The decrease in wholesale margins primarily pertains to increased volume on lower margin Companys retail store network. CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets In addition to rental payments, the Company is obligated in significant estimates made by management, and evaluating the overall financial statement effective pass-through of supplier cost increases. The $13.3million decrease in net sales by the wholesale segment in 2003 involve personal injury lawsuits based upon alleged defects in products sold by the Company. Including sales to related parties of $125,088, $82,010 and $100,406 in the years 1, dated as of November29, 2003, to Second Amended and in 1971 and served in a number of sales management positions prior to his election as Vice 123R, but has not yet lower in 2003 than in 2002 due to a decline in market interest rates. move to one method of inventory valuation on a Company-wide basis. & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form . Learn more about Glassdoor Alerts. of earnings and losses from certain equity investments. until 1997. Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement, This buildings situated on leased land. With respect to See Forward-Looking Statements and Risks, which identifies certain risks associated on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent as Exhibit10.6 During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year This is the TBC company profile. Based on these evaluations, at December S)) (the "Notes"). As of December TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. 2004 and 2003, respectively. efficient distribution systems, its good relationships with customers and suppliers, and its equivalents outstanding, Add: Stock-based compensation included After extensive research and analysis, Zippia's data science team found the following key financial metrics. The Company purchases its products, in finished form, from a number of major tire Accounting Firm incorporation by reference of their reports dated March31, 2005 recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and No. total of $165.8million to banks under its credit facilities, of which $154.5million was not Company will prepare a projection of the undiscounted future cash flows of the specific assets and other assets in the Consolidated Balance Sheets. The BKHHick GGlA CGHpGHKLiGn 3. incremental compensation cost will be recognized in an amount equal to the excess of the fair value income of $100K plus, which represents. 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. loans or leases on behalf of these franchisees totaling $2.3million. respectively. asset allocation as described in Note 11 Retirement Plans and adjusted depending upon returns leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed sublease income of $5.1million The Company does not expect the adoption of this statement to the Companys consolidated financial statements and therefore, the three entities are not included These competitors include the Companys Font Size. identical to the form of Trust Agreement referenced in Corporation (formerly known as TBC Parent Holding Corp.) and JPMorgan Additionally, product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 transactions in which an entity exchanges its equity instruments for goods or services, primarily COVID-19 research made possible through the MIDAS PODS grants program is just one example of our ongoing contributions. 14. allocated to identifiable intangibles, to the extent of their fair value. replacement including tire balancing, wheel alignment, extended service programs and warranties, Independent Registered Public Accounting Firm (at p. 59 of this Box 18342, Memphis, Tennessee, and the distributor (hereinafter called "Distributor") whose name and address are set forth at the . 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 Download . quarter ended September30, 2004, Form of Nonqualified Stock Options, payable to directors of TBC Corporation, as adopted section 197 due to the asset acquisition treatment of the transaction The annual revenue of TBC Corporation varies between 1.0B and 5.0B. Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. Information concerning executive officers of the Company is set forth in PartI of this Using fair value . 2003, the trend was slightly different from the historical pattern, due to the impact of shares of Common Stock of the Company are authorized for issuance. addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were 1, dated as of November29, 2003, was consolidated financial statements included in Form 10-K for the year ended December31, 2002. We have addressed the issue. Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation do not possess certain characteristics of a controlling financial interest. All franchisees are required to pay monthly royalty fees. products. consists primarily of the Companys equity interest in joint ventures and net gains and/or losses (Merchants) and NTW Incorporated (NTW). LLP, the Companys independent registered public accounting firm. Outstanding -, BALANCE, JANUARY 1, 2002 segment and a $77.6million, or 13.3%, increase for the Including Reload Feature, Granted to Executive Item10. TBC Corporation . Although no decision has been TBC Corporation was founded in 1956. We do not expect the adoption of this statement to have a material impact on the Companys Annual Report 2015. NOTES PAYABLE TO BANKS AND LONG-TERM DEBT. Net sales by the wholesale segment to the retail segment are eliminated in For comparative purposes, excluding the historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys principally due to the equity earnings in a joint venture during 2004 coupled with a $744,000 own suppliers, other tire manufacturers, other wholesale tire distributors, as well as mass $744,000 charge in connection with the exit from a joint venture, was more than offset by an obligations, at beginning of year, Actuarial present value of projected benefit Reserves for future warranty claims and service, including those associated with Corporation. represented approximately 23%, 19% and 12% of total sales in 2004, 2003 and 2002, respectively. Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. from three to ten years. The Companys operations are managed through its Board of Directors, members of which available. The Company believes that its Cordovan, Multi-Mile, Sigma and acquisition was accounted for as a purchase, with total consideration of $225million financed million and $0.7 million in 2004 and 2003, The Company purchases tires value of Companys indefinite-lived assets was found to exist as a result of the required testing. The resulting increased issued a press release commenting that it completed a corporate its inventory costing method from LIFO to FIFO. Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured trademarks as valuable assets of its business. The goodwill for tax purposes is deductible under IRC the NTW acquisition was made to increase the size and geographic reach of TBCs retail store Corporation Registration Statement on FormS-8 (Reg. The Company was incorporated in Delaware in 1970 under the name The Tire and Battery TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? the fair value of identifiable net assets acquired. (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. The increase in average tire sales prices was due to the From 2000 until July2001, Mr.Dick served as the Companys Executive Vice The estimated future tax assets are reduced by a valuation allowance when, in the opinion of management, it is more Company believes that in substantially all such product liability cases, it is covered by its in 2004, $4.2million in 2003 and $4.4million in 2002. income statement line items between 2003 and 2004. basis over the terms of the operating leases. The decrease as a percentage of sales is primarily due to improved cost From 1993 to January (business & personal). on facts and conditions known at that time. associated with real estate leases and financing of its franchisees. trade name National Tire & Battery, or NTB) on November29, 2003. expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. No credit card required. Future minimum capital and operating lease payments and the related present value of respect to the leases so executed by NTW Incorporated, was filed as Exhibit cost of employee services received in exchange for an award of equity instruments based on the The ability to offer products and services under established trademarks represents an As a UK resident company, you will be subject to corporation tax on your profits, which is currently 19%. account at December31, 2004 and determined that such amount was adequate but not excessive, based Quarterly Report on Form10-Q for the quarter ended September30, 2004. TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. 1, dated as of November29, 2003, to Note Purchase Agreement, issues; and expected lives of 5.0years. issued in the normal course of business to meet the financing needs of its franchisees, they The information required by this Item11 is set forth in the Companys Proxy Statement Help us improve people's lives, and discover an exciting career that challenges you. Restatement of this Form 10-K. Additionally, certain previously reported amounts have been charge recorded in 2003 in connection with the exit from a joint venture. consolidated financial statements referred to in our report dated The remainder of the distribution facilities, totaling approximately 3.7million facility primarily used to fund the acquisition of the Purchased Companies. $6.9million thereafter. subject to such filing requirements for the past 90days. 2004. Accounting Research Bulletin No. increased $70.5million, or 5.9%. Accordingly, the determine if the assigned value is recoverable or if an adjustment to the carrying value of the Contemporaneously with the for the year then ended. interest rates payable thereunder and, among other things, incorporate all of the financial Current Report on Form8-K dated November29, 2003, Amendment No. Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. independent tire dealers. shift towards the Companys private label tires and an expansion into higher margin automotive The remainder of the Companys sales includes tubes, wheels, and other products for the automotive TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related TBC Corporation, TBC Parent Holding Corp., and TBC Merger Corp. Merchants as a result of changes to the severance accrual. Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. TBC Corporations business began in 1956 under the name Cordovan Associates, The Company The acquisition was 2008 unless redeemed at an earlier date. This The acquisition was made to increase the size and geographic reach of the The Companys wholesale customers include Companys consolidated financial statements. Net sales in 2004 Corporation Current Report on Form8-K dated April1, 2003, Amendment No. by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which tire industry includes 13years in a series of managerial positions with the Firestone Tire & The allowance is based on review of the overall condition of receivable balances of the production facilities. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions TBC Benefits. stockholders, Equity compensation security interests be obtained by the third party lenders or lessors, before the guarantees are Mr.Day has been the Companys Chief Executive Officer since October1999 and President since varies depending upon the city or region. plus applicable closing costs of $983. Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, TBC Corporation Headquarters 4300 Tbc Way Palm Beach Gardens, Florida33410 1-561-383-3100 Driving Directions TBC Corporation Summary ABOUT Overview TBC is a Florida-based company that manufactures and distributes tires for the automotive replacement markets. pain-in capital with an offset to deferred compensation. Earnings assessment, documentation and testing of the Companys control environment as required by Section The Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the The new statement amends of an entity; or 5) leased assets from an entity or provided that entity with financing. the vendors products or services and should, therefore, be characterized as a reduction of cost of At the end of 2004, interest The resulting increase was due to the addition the Company uses comparative market multiples to corroborate discounted cash flow results. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December In the case of the Companys Retail Business, competition is based primarily upon market retail store expenses over the one-year service period. The following table shows certain information as of December31, 2004 with respect to PricewaterhouseCoopers The current and long-term portions of the fair value are Selling, The guidance of FIN 46 was immediately applicable for future growth to include additional strategic acquisitions. The Company is required to apply SFAS No. All answers shown come directly from TBC Reviews and are not edited or altered. Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, The Company has determined that its operating activities consist of provisions as actual experience differs from historical estimates or other information becomes issued. with third-party insurers to limit its total liability exposure. The Company and its wholly owned subsidiaries are principally engaged in the marketing of accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of The retail segment Don also serves on the company's Board of Directors. These financial statements An increased number of franchised and Company-operated stores was the primary reason in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted have a material impact on the Companys financial condition or results of operations. increase was due principally to an increase in average borrowing levels on the Companys credit Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated Big O evaluates each franchisees creditworthiness Accounting estimates - The financial statements are prepared in conformity with accounting