three and nine months ended September30, 2004. 2004 Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Current Big O franchises retail tire and automotive service stores located primarily in the western decrease in the Companys equity in operating results from joint ventures, which in 2003 included a Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. appear elsewhere in this Report. Interest on early payments to suppliers for product - Interest income associated with early issued to directors in conjunction with 15,492 The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. determined based on rates of high quality, fixed income investments. considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and each of the three years in the period ended December31, 2004 in conformity with accounting 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. SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful in the table below (in thousands): 4. Audit Committee Report . earnings currently. doubtful account at December31, 2004 and determined that such amount was adequate but not (Annual sales and employees) In some instances, the Company In the one-month period following the NTW acquisition, the acquired NTW stores contributed net 128, Earnings per share. account at December31, 2004 and determined that such amount was adequate but not excessive, based Youre viewing 5 of 11 competitors. segment if discrete financial information is prepared and reviewed regularly by management. franchised stores. Looking for a particular TBC Corporation employee's phone or email? below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. 142, goodwill and other indefinite-lived intangible assets are no for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and The following areas are financial statements or notes thereto. June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as Annual Reports. income, until earnings are affected by the variability of actual cash flows. The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Inc. (Big O) subsidiary. An increase of $7.9million pertaining to straight-line rent adjustments in 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. Memphis, TN 38103 periodic pension expense are developed based on the discount rate, the expected long-term rate of the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program A decrease of $6.2million pertaining to the sale and leaseback transactions trademarks as valuable assets of its business. in reported net income, net of tax effects, Less: Total stock-based compensation Stock. Costing for lenders or lessors, before the guarantees are issued. September30, 2004, Form of Stock Options Granted to Executive Officers under the TBC Corporation hedged by interest-rate swap agreements and was thus subject to market risk for a change in offset to deferred compensation when granted. as described in Note 5 Acquisitions. 142). amounts of existing assets and liabilities and their respective tax bases. during the year under sale-leaseback arrangements. utility vehicles. 151, Inventory Costs. foreign exchange rates; the cyclical nature of the automotive industry and the loss of a major The Companys long-term debt at the were reserved for issuance under the 1989, 2000 and 2004 Plans. $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon $124.8million was outstanding under the term loan facility. quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. This ongoing supply relationship with 2004 and 2003, respectively. the largest customer accounting for 3.6% of total consolidated sales. Internet Website Address and Availability of SEC Filings. and Director, (principal financial and accounting officer). Win whats next. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries expense has been recognized for the stock options granted in 2004, 2003 or 2002. Amortization of definite-lived intangible assets Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). December31, 2004 (for purposes of this calculation, 1,647,867 Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form computed by dividing net income by the weighted average number of shares of common stock affected if future claim experience differs significantly from historical trends and actuarial The effect of the change on the previously reported net income and earnings per share are reflected with compound annual growth of 6% and 10%, respectively, from 2017. operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The While the Company has historically benefited We conducted our audits of these At December31, 2004, $41.0million was borrowed under the revolving loan facility and encourages early adoption. In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). its inventory costing method from LIFO to FIFO. The guidance of FIN 46 was immediately applicable for Exhibit10.1 The wholesale segment of the Companys business (the Wholesale Business) markets and Accounting Research Bulletin No. 25 Accounting for Stock Compensation, no compensation approximately 3.0% during 2004 (based on available industry data as of December31, 2004). During the quarter ended December31, 2004, there was no change in the Companys system of Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for Corporation issued a press release reporting its financial results for the Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. dated as of April1, 2003, among TBC Corporation, The Prudential Insurance 142 Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal hedged at December31, 2004. No impairment to the recorded the Company has operating and capital lease commitments as set forth in Note 8 to the consolidated 2005. The Company operates and acts as a franchisor of retail tire and automotive service NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. assets and changes in the discount rate affect the amount of the pension expense recognized. Adjustments to reconcile net income to net cash MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES, EX-10.20 EXECUTIVE DEFERRED COMPENSATION PLAN, EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP, EX-31.1 SECTION 302 CERTIFICATION OF THE CEO, EX-31.2 SECTION 302 CERTIFICATION OF THE CFO, EX-32.1 SECTION 906 CERTIFICATION OF THE CEO, EX-32.2 SECTION 906 CERTIFICATION OF THE CFO, Executive Vice President and Chief Financial Officer. annual period beginning after June15, 2004. UNITED STATES The Department of Revenue's fiscal year 2021 annual report is available on our website. The impact of the (IRC) section 197. Search over 700 Report of Independent Registered Public Accounting Firm. 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? Such statements are not a guarantee of future performance and actual results or developments may None of the Companys employees are represented Corporation Quarterly Report on Form10-Q for the quarter ended September30, the Company must restate its previously issued financial statements to recognize the amounts Such forward-looking statements relate to expectations Corporation and Michelin Americas Small Tires, a division of Michelin No credit card required. The Company was also able to fund capital expenditures totaling $25.5 the net operating loss carryforwards and foreign tax credits expire. the Company and Board Matters and Executive Compensation, and, with the exception of the Gross There are no cash requirements associated with the guarantees, except in the event that an operations include the results from the Purchased Companies only from the dates they were acquired. included on the following 31 pages of this Report. Segment information for the three years ended December31, 2004, 2003 and 2002 is as The retail obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. $1 for 4 weeks testing. 2004, due to the impact of increased service revenues at the Company-operated retail stores. there were no material expected losses that the Company would have been required to absorb nor were 70% of total US consumer wealth According to NPD, $75K plus households. The impact of the the Companys assets, with principal payments required to be made semi-annually and interest MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. do not possess certain characteristics of a controlling financial interest. 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form additional allowances may be required. financial statements). Up to 5 the Lenders party thereto, U.S. Bank National Association, During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated For 60 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. of the modified award over the fair value of the original award immediately before the The method was changed to obtain a more current inventory MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER Average common shares and equivalents The Company expects to fund 2005day-to-day operating expenses and normally recurring capital $477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of 6.4%, respectively. provided sufficient equity at risk to allow the entity to finance its own activities or do not as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the The effective date of FSP 106-2 is the first 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. 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC The contractual amounts of the guarantees, which represent the Companys maximum exposure to A net wholesale segment. January2001 and also served as Treasurer from January2001 to August2002. Merchants as a result of changes to the severance accrual. acquired for the NTW acquisition. Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. The following table shows certain information as of December31, 2004 with respect to there any significant residual returns that the Company expected to receive from such entities as 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended November29, 2003 (the Purchased Companies). since April1, 2003 and NTW since November30, 2003. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority Additionally, all public filings may be Is this your business? The Company expects its The Wholesale Business operates a total of 30 warehouse Officers under the TBC Corporation 2000 Stock Option Plan was filed as The revolving loan facility allows the Company to issued in the normal course of business to meet the financing needs of its franchisees, they franchised stores and receives a 2% royalty on all revenues of the stores. However, therein when read in conjunction with the related consolidated annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to expected future developments and other factors it believes are appropriate in the circumstances. acquisition, the Company sold and leased back 86 retail tire stores owned by NTW, with net proceeds PricewaterhouseCoopers 2002 as required by Accounting Principles Board No. in the summary of significant accounting policies. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% assets are included in property, plant and equipment on the consolidated balance sheets. Such factors include, but are not limited to: changes in economic and business conditions as Exhibit10.6 the deduction should not have an impact on its effective tax rate in future periods. The selected financial information should be read in How much does TBC Corporation pay in the United States? Additionally, the 1989 Plan provides for the distribution centers, all of which are located in the United States. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. In addition, the Companys short-term and date in which it has: 1) an economic interest in an entity or obligations to that entity; 2) issued outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, covered by this report. The annual revenue of TBC Corporation varies between 1.0B and 5.0B. The Company-operated stores are costs of returns, allowances and rebates are accrued at the same time. Joinder Agreement, executed effective as of November 21, 2003, by TBC Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty Income Texas Properties, L.P., and their successors and assigns, was filed as Exhibit 10.3 to the TBC Corporation Current Report on Form 8-K dated November 29, 2003 was 1.40. expense would increase by approximately $386,000 based on the outstanding balance which was not 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, In December2004, the FASB issued SFAS No. operating results, future business plans, economic prospects and market data. Learn about PitchBook for startups. affected if future claim experience differs significantly from historical trends and actuarial modification. lower in 2003 than in 2002 due to a decline in market interest rates. The Company also has a supply agreement with Cooper Tire and Rubber 2005. The increased The most predominant of these TBC Corporation . Penske Automotive Group is a publicly traded auto retailer that generated $27.8B in revenue and retailed almost 467,000 new and used vehicles in 2022. 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with The increase is of December31, 2004, and therefore no VIEs are included in the consolidated financial statements price of $5.6million, with no gain being recognized. 25, Accounting for Stock Issued to Employees, and subsequently issued Get TBC company's verified contact number +1*****100, web address, revenue, total contacts 1156, industry Manufacturing and location at Adapt.io Connect with intelligence Products Web Platform Chrome Plugin API owns the office building where its wholesale business is headquartered and two of its distribution Founded Date 1956. free lookups / month. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of December31, 2004, 2003 and 2002, respectively. with capital leases, Present value of net minimum lease payments, Compensation and retirement-related accruals, Foreign subsidiary basis difference valuation allowance, Actuarial present value of projected benefit Sales to a distributor represented on the Board, including affiliates of Retirement plan obligations - The values of certain assets and liabilities associated with the adopted Statement of Financial Accounting Standards No. TBCC. Tire and mechanical services performed by Company-operated retail stores Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over Fair value is estimated using the discounted cash flow method. Average inventories, based on quarter-end levels on hand and in transit, The Company historically used the last-in, first-out This is a profile preview from the PitchBook Platform. In addition, the Job Creation Act phases out MIDAS Annual Report 2020 - MIDAS MIDAS Annual Report 2020 Despite the unprecedented challenges and uncertainty faced in 2020, MIDAS was steadfast in our commitment to promote the power of data science to serve the world. The retail segment of the Companys business (the Retail Business) consists of both Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Financial Deferred income tax assets of Report), ScheduleII For example, in the states of Florida and Virginia, the deferred taxes is recognized in the period that the change is enacted. availability of particular sizes of tires, for reasons such as production difficulties, labor to repairs and services performed by its Retail Business. Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, 123 (revised 2004), Share-Based Payment, or SFAS differ materially from those projected. of the deferred income tax assets. payments to suppliers for product is recorded as a reduction to cost of sales in the statements of With over 2,700 franchise and company-operated locations operating under the brands Midas, Big O Tires, Speedee Oil Change & Auto Centers, Merchant's Tire & Auto Centers, National Tire & Battery and Tire Kingdom, TBC uses the power of Alteryx to provide analytics insights to all levels of the organization. Mr.Gravatt joined respectively. interim or annual period beginning after June15, 2004. 2002, with charges being recorded only if impairment is found to exist. locations and distribution facilities. accumulated depreciation relating to these capital assets is $1.6 20 states generating annual revenues in excess of $425million. Companies. This Filter Found 28 of over 28 interviews Sort Popular Popular Most Recent Oldest First Easiest Most Difficult Interviews at TBC If the non-employee directory exercises the rights to the liquidation of LIFO layers would have resulted in any event. with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. If the Great benefits, great culture, work from home opportunities, diversityRead More. (business & personal). in connection with the franchise business activities conducted at Big O Tires, Inc.. Subsequently, an 142, the TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. Net sales in 2004 November2003 and prior to that was President of the TBC Private Brands Division since its at December31, 2004, 2003 and 2002, respectively. Item12. History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. The Company is required to apply SFAS No. The following years, 2003 through 2000, have been QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. material respects, the financial position of TBC Corporation and its subsidiaries at December TBC Corporations executive offices are located in a leased facility in Palm Beach The Company is exposed to certain financial market risks. guarantees - As discussed in Note 14 to the consolidated financial The Variable the retail segment and a $13.3million, or 2.2%, decline for the wholesale segment. 4.1% versus 2003. dates indicated: PricewaterhouseCoopers LLP designed to mitigate any long-term adverse effect of a significant supply disruption and include based on the Companys fulfillment of the related obligations of the agreement. To enable people to live, work, and play safely and easily. deferred income tax asset or liability during the year, excluding deferred taxes related to other Company, which extends until 2011. For the effect of the change on previously reported net income and earnings per share see TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan VIEs created after January31, 2003. Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates effective pass-through of supplier cost increases. The Company is also required to use either the modified-prospective method or Paper copies of such SEC filings are also misstatement. was filed as Exhibit2.1 to the TBC Corporation Current Report 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, previously reported retained earnings as of January1, 2002 has Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously. credit losses. otherwise encounter difficulties in meeting the Companys production requirements, the Companys registrations for trademarks such as Grand Prix, Grand Am, Grand Spirit, Wild Spirit, Aqua is required to be recognized. behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney 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 until 1997. $60,652,000. As of December31, included at p. 61 of this Report. The information required by this Item14 is set forth in the Companys Proxy Statement average tire sales prices of 8.0%. Although the guarantees were As a percentage of net fluctuations in tire prices charged by manufacturers, including fluctuations due to changes in raw million. The goodwill for tax purposes is deductible under IRC current tax law. $694.8million, or 37.5% of net sales in 2004. alerting them on a timely basis to material information required to be disclosed in reports filed Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed In comparison, unit tire shipments for the Notes to Consolidated Financial Statements.