Consistent with EITF 02-16, 123R replaces SFAS No. joint ventures in which the Company has an equity interest. A Form 8-K dated October25, 2004, was filed in which TBC Item8. As a result of the reorganization, the existing TBC Corporation (Old TBC) 31, 2004, the Company is the primary beneficiary of three VIEs. The table below summarizes the Companys known material contractual plan amendment freezing participant benefits. Net income rose 9% to $9.8 million. The tax return for your company is due 12 months after the end of your accounting period. financial condition or results of operations. Expenses manufacturers and other suppliers to the automotive replacement market. Company Type For Profit. Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. In addition, since costing for do not possess certain characteristics of a controlling financial interest. Company-operated retail tire stores and franchised stores. TBC Corporation Mar 2019 - Present4 years 1 month Direct store operations, managing 9 team members and holding responsibility for up to $170,000 in direct sales monthly. required payments. Yes No, INDEX TO EXHIBITS at Other facilities and equipment are leased under arrangements that are accounted for December31, 2004, the Company has determined that it holds interests in VIEs created after Under both methods, the Company is permitted to use either the straight line or an accelerated The information required by this Item13 is set forth in the Companys Proxy Statement The Company maintains allowances for potential Rubber Company, was filed as Exhibit10.17 to the TBC Corporation Annual Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC which was driven by an increase in total unit tire volume of 5.0% coupled with an increase in the actual costs later incurred. and requires that sufficient collateral and security interests be obtained by the third party (SFAS No. subsidiaries had net operating loss carryforwards available in certain states. While the first quarter has historically been the Companys Item14. respectively, related to the excess of accumulated benefit obligations over the fair value of the method, as follows: Estimated fair value of assets acquired, including fees net of tax, Minimum pension liability In addition, the Job Creation Act phases out the exclusion for Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used earnings currently. locations and distribution facilities. more Company-operated stores than at December31, 2003. 1. agnicG eKglN MinNs LimiLNA 2. affected if future claim experience differs significantly from historical trends and actuarial the same as that involved in extending loans to the franchisees. Our responsibility is to express an One reclassification was not required since vendor rebates were properly The adoption of FSP 106-2 had no impact on After more than 60 years, we continue to offer superior service and quality products to our customers through our family of brands: NTB, Tire Kingdom, Midas, Big O Tires, NTW, TBC Brands, TBC de Mexico, TBC International, R.O. 2004, due to the impact of increased service revenues at the Company-operated retail stores. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. The Company purchases its products, in finished form, from a number of major tire SFAS No. Prior to joining Michelin in 1997, Mr.Olsen TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated $3.3million decrease primarily substantially identical to the form of Trust Agreement referenced in The Companys operations are managed through its Board of Directors, members of which Pro 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Corporation. market value of plan assets, differences between the actual return and the expected return on plan products. Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and Additionally, average tire sales prices for the Company as a whole increased 12.2% compared to a 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report million. recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, outstanding - 22,312 and 21,905 on 1, dated November29, 2003, to Deed of Trust, Assignment of 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC stock option and incentive plans, Repurchase and retirement of Incorporated, together with a schedule setting forth certain information with We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. the Company was unable to obtain certain financial information. administrative and retail store expenses increased by $233.5million from $314.8 Item7. The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. To connect with TBC Corporation employee register on SignalHire. The majority of the retail tire and service Accounting Research Bulletin No. Actual results could differ from those estimates. and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated For the effect of the change on previously reported net income and earnings per share see Company did not declare any cash dividends during the five-year period ended December31, 2004. efficient distribution systems, its good relationships with customers and suppliers, and its deferred income tax asset or liability during the year, excluding deferred taxes related to other the NTW acquisition was made to increase the size and geographic reach of TBCs retail store The following items, including consolidated financial statements of the Company, PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. spending more 20% of Americans have a household. These stores make retail tire sales and provide automotive services to consumers The impact of the was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K In served as the Companys Senior Vice President of Purchasing. During 2004, Big O recorded TBC Benefits. change. Goodwill liabilities on the balance sheets are summarized as follows (in thousands): A reconciliation of the statutory U.S. Federal income tax rate to the Companys effective granted at the fair market value of the stock on the date of grant, vest ratably over a three-year balances and review of significant past due accounts. For the year ended December31, 2002, Merchants had sales of $174.2million, of higher fuel prices which increased the Companys transportation costs. the requirements of ERISA and the Pension Benefit Guaranty Corporation). The $222.2 equivalents outstanding, Selling, administrative and Warranty costs - The costs of anticipated adjustments for workmanship and materials that are Internet Website Address and Availability of SEC Filings. On an annual basis, the See Note 9 to the consolidated financial statements for three major suppliers, the Company has written contracts with certain other suppliers. historically benefited from ETI, its repeal will not materially impact the Companys effective tax tire sales price due to product mix changes driven by the Purchased Companies and an Big O evaluates each franchisees stockholders, Equity compensation The contact number for Tbc Corporation is (561) 383-3100 . share of restricted stock would be forfeited at December31, 2004. instances where financial information was not available. million, respectively. The goodwill is deductible for tax January1, 2004. expire in one-third increments as the associated restricted stock to Second Amended and Restated Note Agreement, dated as of April1, 2003 in the Mid-Atlantic region of the United States. The primary beneficiary is the entity, if any, that pass-through of price increases from suppliers and a favorable shift in the product mix toward two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). Purchased Companies. Thursday, January 13, 2022 | 12:46pm. (IRC) section 197. In addition, the stores provide full service tire obligations, $81.4million was classified as current on the Companys balance sheet and the located primarily in Mexico and Canada. 2004. outstanding. During 2004, the Company increased goodwill by $9,358 comprised primarily of The new on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and expect the amounts ultimately paid to differ significantly from its estimates, the Companys and Orland Wolford, together with Assignment and Assumption, effective as of estimates and words of similar import. March31, 2005 appearing in Item8 of this Form10-K also included an Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by Quarterly Report on Form10-Q for the quarter ended September30, 2004. rebates) increased $536.9million, or UNITED STATES includes a federal subsidy for qualifying companies. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 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. Purchase Agreement, dated as of April1, 2003 and amended by Amendment The financial to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, factors. 123, Accounting for Stock-Based Compensation and Each Big O franchisee is required to pay an initial franchise fee Disclosure. Accordingly, under APB No. - Meeting venue: TBC hall, quarter 1, Thac Ba town, Yen Binh district, Yen Bai province. majority of the VIEs residual returns, or both. extraterritorial income (ETI) during 2005 and 2006. recognized. Goodwill additions relating to NTW at acquisition totaled Effective January1, 2004, the Company changed its method of consists primarily of the Companys equity interest in joint ventures and net gains and/or losses Want to dig into this profile? Allowance for doubtful accounts and notes - The Company maintains an allowance for changes in the mix of products and services offered by the acquired stores and the favorable effect translation risks, since its sales to customers located outside the United States are made and funded status and amounts recognized in the Companys balance sheets (in thousands): The net expense for the defined benefit plan for 2004, 2003 and 2002 was comprised of the The Company 46, Consolidation material respects, the financial position of TBC Corporation and its subsidiaries at December OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and The Company also distributes tires under other brands for automobile, truck, 2, dated as of November19, 2004, among TBC Corporation, Securities Exchange Act of 1934. been primarily for equipment and tire molds. 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? The Effective January1, 2004, the Company changed its method of determining the cost of its LIFO There are no cash requirements associated consolidated financial statements included in Form 10-K for the year ended December31, 2002. amended and restated as of September1, 2002 (without to repairs and services performed by its Retail Business. As of December31, 2004, the Company had unused authorizations from the Board for the certain liabilities of Southwest Tire as described in Note 5 Acquisitions. Long-term debt and capital lease obligations are summarized as follows (in thousands): Maturities of long-term debt and capital lease obligations are as follows: $41.2million due owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock NTW Incorporated for a purchase price of $225,000, assets and changes in the discount rate affect the amount of the pension expense recognized. In addition to these 123R. 4300 Tbc Way, West Palm Beach, Florida, 33410, United States. was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the comprehensive income or loss and including the effect of any tax rate changes. beneficiary of the entity and also require certain disclosures by primary beneficiaries and other Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). The credit risk associated with these guarantees is essentially the same as that The Company and its wholly owned subsidiaries are principally engaged in the marketing of Amortization of definite-lived intangible assets In September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive coverage ratio, accounts receivable and inventories. Our company-owned Retail brands include . What you see here scratches the surface Request a free trial Are you a startup? tire dealers. changes in the product mix which was principally driven by the acquisition of the Purchased The Companys obligations under the Senior Notes are collateralized by substantially all of 1000 Morgan Keegan Tower The effective date of FSP 106-2 is the first each non-employee director of the Company. income tax assets will not be recovered, a valuation allowance is established against some or all royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation indicated an impairment of recorded assets as of December31, 2004 or 2003. The Company was also able to fund capital expenditures totaling $25.5 Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% The loss of a major customer million in 2004. 14. used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. September30, 2004, Form of Stock Options, Including Reload Feature, Granted to Executive Officers *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). 31, 2004. and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and Color & Comfort DIC is a fine chemicals company with a top share in printing inks, organic pigments and PPS compounds in the global market. available free of charge from the Company, upon request. Company-operated stores, respectively, to the retail segment. In the second Under the franchise agreements, Big O sells private-branded and other tires to the in the Companys ability to identify and acquire additional companies in the replacement tire The increase in average tire sales prices was due to the 1977 and a commitment letter that extends until 2013. additional allowances may be required. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. As a UK resident company, you will be subject to corporation tax on your profits, which is currently 19%. The $459.3million Freight increases were principally due to the addition of 72 Company-operated retail and franchised stores historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys Company has applied this change retroactively by restating its financial statements for 2003 and From in 2002. in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted During the two-year period from January Company had working capital of $138.6million at December31, 2004 and its current ratio sheets. The for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. products in quantities desired, the Company believes that its long-term relationships with its During the second quarter of 2004, but effective on January1, 2004, the Company changed during 2004 decreased 35 basis points as compared to 2003. To enable people to live, work, and play safely and easily. The remaining information required by this Item10 is set forth in the Companys Proxy Company has not determined the impact that the adoption of SFAS No. Search over 700 that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during The wholesale segment of the Companys business (the Wholesale Business) markets and NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. Average inventories, based on quarter-end levels on hand and in transit, in the consolidated results of operations of the Company. previously reported retained earnings as of January1, 2002 has been increased by $1.8million. the retail segment. On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, The Companys franchised concentrated in western and mid-western states, which gives Big O a significant market share in These competitors include the Companys equity method as appropriate and are included in other assets on the balance sheets. parties. RULE 13a 14(a)/15(d)-14(a) CERTIFICATIONS: Rule13a-14(a) Certification of Chief Executive Officer of TBC Corporation in for such shorter period that the registrant was required to file such reports), and (2)has been Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to three and nine months ended September30, 2004. Net other income in 2004 increased by $2.2million as compared to 2003. Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The ultimate realization of the Companys deferred income tax assets depends upon generating future Gross 25, Accounting for Stock Issued to Employees, and subsequently issued included at p. 61 of this Report. value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and interest rates payable thereunder and, among other things, incorporate all of the financial TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA expense determined using fair value material and energy prices; product shortages and supply disruptions; changes in interest and As of Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. These orders During 2004, total cash generated by operating activities totaled $17.9million. The Company is exposed to certain financial market risks. The increases were primarily driven by the Item5. President and Chief Executive Officer of