During the second quarter of 2004, but effective on January1, 2004, the Company changed is incorporated herein by this reference. risks is the fluctuation in interest rates associated with bank borrowings, since changes in 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K for the growth in retail tire volume and service revenues compared to 2002. Net sales within the wholesale segment increased $77.6million recoverability of the deferred income tax assets by assessing the need for a valuation allowance on Net 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. taxable income during the periods in which the temporary differences become deductible and before increases were principally due to the greater number of Company-operated retail stores as a result Deferred income tax assets of The franchised and Company-operated retail systems are evaluated using similar On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, 123 (revised 2004), Share-Based Payment, or SFAS The Company expects to fund 2005day-to-day operating expenses and normally recurring capital Contemporaneously with the closing of the Options typically are parties. follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. The acquisition was accounted for TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral income of $100K plus, which represents. The The tax return for your company is due 12 months after the end of your accounting period. The 147 franchised stores are owned and/or operated by numerous entities and persons. by four options, which are only exercisable under certain conditions and the exercise of which Adjustments to reconcile net income to net cash Annual Competition Reports | Federal Trade Commission The increase in gross profit percentages was attributable to a favorable product mix transaction costs. The remaining sales in 2002 were attributable determining whether an entity is a VIE, the Company has reviewed arrangements created after that Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in respectively, related to the excess of accumulated benefit obligations over the fair value of the financial statements as required by Accounting Principles Board No. 2004 and 2003, respectively. of previously granted awards outstanding upon adoption. capital expenditures in 2005. November29, 2003, Form of Trust Agreement (between the Company and certain executive officers - Since customers look to the Company to fulfill their needs on short notice, the Company During the two-year period from January at December31, 2004. thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC The Company has not experienced any losses with respect to bank balances in excess of Subsequently, the expense is recorded in selling, administrative and centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & of the production facilities. Fair value is estimated using the discounted cash flow method. It is not possible to foresee or identify all such factors. Financial Accounting Standards No. covering the majority of tire sizes and types available for automobiles, light trucks and sport Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. caused by the four major hurricanes and $3.0million in consulting fees related to the on-going Additionally, associated with the exercise of the original option. The Shell plc Annual Report (this Report) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2021, for Shell plc (the Company) and its subsidiaries (collectively referred to as Shell). method, over the lesser of the useful life or lease term. the net operating loss carryforwards and foreign tax credits expire. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Officers under the TBC Corporation 2000 Stock Option Plan was filed as has no intention to do so in the foreseeable future. substantially identical to the form of Trust Agreement referenced in (3)EXHIBITS See Index to Exhibits Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. retail tire stores at a combined cash purchase price of The remainder of the Companys sales includes tubes, wheels, and other products for the automotive Agreement, dated as of March31, 2003, executed by TBC Corporation and the statement disclosures. In the one-month period following the NTW acquisition, the acquired NTW stores contributed net For comparative purposes, excluding the Win whats next. Act includes relief for domestic manufacturers by providing a tax deduction for qualified Exhibit10.1 Companys retirement plan obligations are determined on an actuarial basis and include estimates period during which an employee is required to provide service in exchange for the award (usually (2000 Plan) and a 2004 stock option plan (2004 Plan). No credit card required. the use of alternate suppliers. Item10. At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution higher fuel prices which increased the Companys transportation costs. 1, dated as of November29, 2003, was filed as Exhibit4.4 to the market value. cost of employee services received in exchange for an award of equity instruments based on the Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY The credit facilities require the payment of certain commitment distributes the Companys proprietary brands of tires, as well as other tires and related products, pain-in capital with an offset to deferred compensation. To enable people to live, work, and play safely and easily. 123R replaces SFAS No. Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total in 2004, $4.2million in 2003 and $4.4million in 2002. The following years, 2003 through 2000, have been The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. TBC's 2020 Annual Report | Online Burma/Myanmar Library Committee of the Board of Directors is authorized under the 1989 Plan evaluates its estimates and makes revisions as deemed necessary. The Companys consolidated financial statements include the operating results of Merchants Based upon this evaluation, the Chief Executive Officer and Chief Effective January1, 2002, the Company Prior to the effective date of EITF This is the TBC company profile. stock are accompanied by preferred stock purchase rights. for the quarter ended March31, 2001, Employment Agreement, dated as of May8, 2000, between TBC Corporation Some of these proceedings tax benefits associated with tax loss and credit carryforwards as deferred tax assets. Leased capital 151, Inventory Costs. 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, Through distribution centers, the company also markets directly to independent tire dealers across the United States. 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit Companies. 61980AAD5 (144A) and U61999AC9 (Reg. Any fair 4300 TBC Way Palm Beach Gardens, FL 33410 United States +1 (561) 000-0000 Want detailed data on 3M+ companies? Post-Effective Amendment No. The Company has a total of 40 warehouse distribution facilities, totaling certain liabilities of Southwest Tire as described in Note 5 Acquisitions. period and expire in ten years. Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. with compound annual growth of 6% and 10%, respectively, from 2017. In addition to rental payments, the Company is obligated in Set forth below is selected financial information of the Company for each year in the The effect of the change on the previously reported net income and earnings per share are reflected Big O franchise agreements grant a Contact. shares beneficially owned by directors and executive officers of 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. On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale Net Lease, Inc. and Realty Income Texas Properties, L.P.), including estimates and words of similar import. Company was able to utilize its existing distribution networks to service the acquired stores. 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. in 1971 and served in a number of sales management positions prior to his election as Vice See Note 7 to the consolidated financial statements for information reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of date in which it has: 1) an economic interest in an entity or obligations to that entity; 2) issued TBC Corporation Corporate Jobs No. Retail competitors include stores operated by tire manufacturers, other retail During 2003, the Company reclassified $1,652 of vendor rebates from selling, administrative and retail store expenses The Automotive Wheel Alignment System market revenue was Million USD in 2016, grew to Million USD in 2023, and will reach Million USD in 2028, with a CAGR of during 2023-2028 . The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, substantially identical to the form of Trust Agreement referenced in the actual costs later incurred. Our deferred Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, on net income. Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on Shell Annual Report and Accounts 2021 - Home This presumption is TBC Corporation - Crunchbase Company Profile & Funding method. Company had 591 locations. 7. Company. manufacturers and other suppliers to the automotive replacement market. No deferred income tax assets were Tbc Retail Group, Inc - Palm Beach Gardens, FL - Car Repair in Palm September30, 2003, First Amendment, dated as of November28, 2003, to Stock Purchase Agreement, deferred income tax asset or liability during the year, excluding deferred taxes related to other the Company uses comparative market multiples to corroborate discounted cash flow results. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. $132,185. date of purchase. authorizations made by the Board of Directors. Big O franchises retail tire and automotive service stores located primarily in the western See Item12 for certain information with respect to compensation plans under which In December2004, the FASB issued SFAS No. No. appropriate, the Company uses comparative market multiples to corroborate discounted cash flow material respects, the financial position of TBC Corporation and its subsidiaries at December statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees 1. agnicG eKglN MinNs LimiLNA 2. In applying such guidance for purposes of determining on sales of assets and miscellaneous other income and expense items. allowances may be required. Information regarding the 2000 acquisition of Tire Kingdom, Inc. was last included in Note 5 to the The table which follows sets forth the defined benefit pension plans changes in projected transactions in which an entity exchanges its equity instruments for goods or services, primarily each of the three years in the period ended December31, 2004 in conformity with accounting The method was changed to obtain a more current inventory OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and for the year then ended. 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. September30, 2004, Form of Stock Options Granted to Executive Officers under the TBC Corporation Under this method, deferred tax assets and liabilities are recognized for the related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets segments. The remainder of the distribution facilities, totaling approximately 3.7million $433.9million, or 32.9% of net sales in 2003. customer or program. The bank credit Although managements assessment process is not yet complete, as of the date of the These stores make retail tire sales and provide automotive services to consumers Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. which will affect the carrying values of assets and liabilities. general and administrative expenses to properly record these as cost of goods sold with no impact There are no cash requirements associated with the guarantees, except in the event that an respectively. effective pass-through of supplier cost increases. lower in 2003 than in 2002 due to a decline in market interest rates. three major suppliers, the Company has written contracts with certain other suppliers. (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on and mid-western United States and sells Big O brand tires and other tires to these franchisees. 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. 20 states generating annual revenues in excess of $425million. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December the performance of the existing Merchants retail stores during the five year period beginning Rubber Company. In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, for doubtful accounts of $9,307 and $8,260 at States, Canada and Mexico. at the close of business on December31, 2004, Average shares and QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the The amended and restated agreement includes a term loan facility and a revolving loan consisting of independent tire dealers. Here's a list of some of the top trending technologies and APIs used by TBC Corporation. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more No. 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 The Offer was made on the terms and subject to the conditions set . net of effect of assets acquired: Federal and The December31, 2004 (for purposes of this calculation, 1,647,867 Company. Net sales in 2004 ELECTION OF BOARD OF DIRECTORS. TBC CORPORATION CELEBRATES 65 YEARS OF EXCELLENCE - bdb.org its inventory costing method from LIFO to FIFO. . deferred taxes is recognized in the period that the change is enacted. The weighted average borrowing rate on average borrowings The preparation of financial statements in conformity with accounting principles generally Audit Committee Report . restatement (See Note 3), Issuance of common stock under replacement market. Using fair value included at p. 61 of this Report. the responsibility of the Company are estimated based on historical experience and charged against method. franchised stores and receives a 2% royalty on all revenues of the stores. In some instances, the Company Corporation Current Report on Form8-K dated April1, 2003, Amendment No. million and $12.7million for 2004, 2003 and 2002, respectively. Company experienced in the past. terms and conditions determined by a committee of the Board of Directors. Excluding the Purchased Companies, total unit tire volume in 2004 would have increased stock, sell or place liens upon assets, provide guarantees and pay cash dividends. and The Prudential Insurance Company of America, including as Exhibits B and Under both methods, the Company is permitted to use either the straight line or an accelerated NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. TBC Corporations executive offices are located in a leased facility in Palm Beach disruptions. financial condition or results of operations. March31, 2003, executed by TBC Corporation in favor of JP Morgan Chase TBC Corporation selects Charleston, SC for 1.1 million square foot as Documentation Agent, SunTrust Bank, as Syndication Agent, First associated with these losses is established for claims filed and claims incurred but not yet Amounts added during current year and payable at year end less amount payable at number of holders of record and an estimate of the number of individual participants represented by annual period beginning after June15, 2004. Corporation. December31, 2003. The 1 to the Registration Statement on FormS-8 for were reserved for issuance under the 1989, 2000 and 2004 Plans. of the production facilities. Tire Business would love to hear from you. the fair value of identifiable net assets acquired. December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit additional $28.5million. value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and 1, dated as of November29, 2003, to Note Purchase Agreement, 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 The impact of the services. held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. Management reviews these estimates on a regular basis and adjusts the warranty Estimated increases in future compensation levels were not applicable due to the In 2004, the Segment information for the three years ended December31, 2004, 2003 and 2002 is as to reduced provisions for state income taxes. two reportable operating segments: the Companys Retail Division and the Companys Wholesale In the case of the Companys Retail Business, competition is based primarily upon market 128, Earnings per share. $4,474. in the Mid-Atlantic region of the United States. 2003--A-look-into-the-past:-TBC-buys-NTB | Tire Business consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, parties. 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 Overview | SignalHire Company Profile All rights reserved. 10.2 to the TBC Corporation Current Report on Form8-K dated November29, 2003, Joinder Agreement, executed effective as of November21, 2003, by TBC The Company is involved in various legal proceedings which are routine to the conduct of The Companys 2003 consolidated results from As per our records, the last return (form 5500) was filed for year 2009. their fair value, with a reporting unit being defined as an operating segment or one level below a Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the associated with real estate leases and financing of its franchisees. Selling, the Company and resell the Companys products to retailers or through retail outlets primarily tires in the automotive replacement market. An increased number of franchised and Company-operated stores was the primary reason account at December31, 2004 and determined that such amount was adequate but not excessive, based 20, Accounting Changes, and accordingly, TBC Brands Revenue: Annual, Historic, And Financials - Zippia previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are Average common shares and equivalents Income Tax Accounting - We determine our income tax provision using the asset and financial statements. Inc. President and Chief Executive Officer of Tire Kingdom, 4.1% versus 2003. 123, Accounting for 123, Accounting for Stock-Based Compensation and geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and filed as Exhibit4.8 to the TBC Corporation Current Report on Form8-K dated Capital Resources section of Managements Discussion and Analysis of Financial Condition and liquidation of LIFO layers would have resulted in any event. restated to reflect the change in accounting policies described in Note 3 Restatement to the during 2004 decreased 35 basis points as compared to 2003. Learn more plus applicable closing costs of $983. income. In applying this methodology, the Company relies on a number of factors, including actual A total of 337 Company-operated stores were added to the Companys retail segment as a result by stockholders. and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated Additionally, The Company has supply agreements with many of its suppliers. Like the Merchants acquisition, Tire and mechanical services performed by Company-operated retail stores Board No. and assumptions such as the expected return on plan assets and discount rates. a first-in, first-out (FIFO) basis. Mr.Day was President and Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. the Notes to Consolidated Financial Statements. Status of otherwise encounter difficulties in meeting the Companys production requirements, the Companys obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, The Companys obligations under the Senior Notes are collateralized by substantially all of with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. In addition, since costing for Tbc Corporation is an unclaimed page. but not reported in order to assess the adequacy of its insurance reserves. $124.8million was outstanding under the term loan facility. subject to such filing requirements for the past 90days.