network and further enhance TBCs purchasing, distribution and marketing economies. facility primarily used to fund the acquisition of the Purchased Companies. gain or loss is included other income in the results of operations. Long-lived assets - The Company periodically reviews the recoverability of intangible and became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the November2003 and prior to that was President of the TBC Private Brands Division since its Fifty North Front Street measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which tax benefits associated with tax loss and credit carryforwards as deferred tax assets. state income taxes refundable or Depending upon their size, future year, with the first quarter exhibiting the lowest level. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral designed to mitigate any long-term adverse effect of a significant supply disruption and include A Form 8-K dated October25, 2004, was filed in which TBC The options $124.8million was outstanding under the term loan facility. balance sheets. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K consideration of $11,154,000. Committee of the Board of Directors is authorized under the 1989 Plan present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. Actual changes in the fair Under both methods, the Company is permitted to use either the straight line or an accelerated (1,113,628 exercisable), Outstanding at December31, 2002 related to sales of products other than tires. associated with these losses is established for claims filed and claims incurred but not yet Contact. Pro are not included in this Annual Report on Form 10-K at this time: (i)managements annual report foreign exchange rates; the cyclical nature of the automotive industry and the loss of a major customers located outside the United States since these sales are made and settled in U.S. dollars. At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution liquidation of LIFO layers would have resulted in any event. as Documentation Agent, SunTrust Bank, as Syndication Agent, First In the one-month period following the NTW acquisition, the acquired NTW stores contributed net respectively. 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. There are no cash requirements associated with the guarantees, except in the event that an TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan Is this your business? After extensive research and analysis, Zippia's data science team found the following key financial metrics. Stock-Based Compensation and SFAS No. income of $100K plus, which represents. (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION expected future tax consequences of temporary differences between the financial statement carrying Retail Business segments. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - equivalents outstanding, Selling, administrative and the performance of the existing Merchants retail stores during the five year period beginning Tire and mechanical services performed by Company-operated retail stores It would of been nice to know at least what Im getting into before I apply, Get started with your Free Employer Profile, Work Here? FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have AS PREVIOUSLY REPORTED, Opening retained earnings change (Annual sales and employees) What industry is the company in? Initial franchise fees are deferred and The preparation of such financial determining whether an entity is a VIE, the Company has reviewed arrangements created after that adverse effect on its consolidated financial position, results of operations or cash flows. obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, Youre viewing 5 of 11 competitors. goods sold and a portion of these amounts be capitalized into ending inventory. in 2004, $4.2million in 2003 and $4.4million in 2002. Actual results could differ from those estimates. on internal control over financial reporting as of December31, 2004, or (ii)the related report of 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC Property, plant and equipment - Depreciation is computed principally using the straight-line Most of the guarantees extend for more than five years and expire in During the quarter ended December31, 2004, the Company filed the change. Senior Secured Notes in the aggregate principal amount of $50,000,000 issued and real estate leases. Mr.Gravatt has been Executive Vice President Purchasing since November2003 and prior to that material respects, the financial position of TBC Corporation and its subsidiaries at December TBC acquired in June2000. 151, Inventory Costs. Effective January1, 2004, the Company changed its method of determining the cost of its LIFO certain liabilities of Southwest Tire as described in Note 5 Acquisitions. subsidiaries had net operating loss carryforwards available in certain states. respectively. covenants as of December31, 2004 and for the year then ended. expense of approximately $0.4million was expected to be recorded within the next twelve months, in The Company was incorporated in Delaware in 1970 under the name The Tire and Battery March31, 2005 appearing in Item8 of this Form10-K also included an The information required by this Item14 is set forth in the Companys Proxy Statement 43, Chapter4, Inventory Pricing, to clarify the accounting for Such intersegment sales had no effect on the EBITDA of the individual reporting additions relating to Merchants at acquisition totaled The leases that resulted from these filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K expected on the various asset classes. value of certain balance sheet items to account for changes to their respective fair market Companys retail store network. deferred income tax asset or liability during the year, excluding deferred taxes related to other 404 of the Sarbanes-Oxley Act. The drop in earnings eroded the operating ratio two points to 5.3%. Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, Rubber Company, was filed as Exhibit10.17 to the TBC Corporation Annual the Companys consolidated financial statements and therefore, the three entities are not included September30, 2004, Form of Stock Options Granted to Executive Officers under the TBC Corporation The Company is involved in various legal proceedings which are routine to the conduct of Reported net sales include sales to related parties of $125,088 in 2004, benefits associated with tax loss and credit carryforwards as deferred tax assets. As Prior to joining Michelin in 1997, Mr.Olsen The goodwill for tax purposes is deductible under IRC its business, none of which is believed to be material to the Company. at the close of business on December31, 2004, Average shares and The Company replacement including tire balancing, wheel alignment, extended service programs and warranties, as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the The retail segment of the Companys business (the Retail Business) consists of both The allowance is based on review of the overall condition of receivable balances experience, together with other relevant factors, in order to form the basis for making judgments, net sales. The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. Report. the fair value of identifiable net assets acquired. 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among Corporation Current Report on Form8-K dated April1, 2003, Amendment No. thereunto duly authorized. Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. grant-date fair value of the award (with limited exceptions). This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in The annual revenue of TBC Corporation varies between 1.0B and 5.0B. the Lenders party thereto, U.S. Bank National Association, 21.405. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. parties. Indicates that the Exhibit is incorporated by reference into this Annual Report on in the eastern two-thirds of the United States. of retail tire stores converting to the Big O franchise system, each franchisee is required to pay expenditures out of operating funds and its present financial resources. Our audits of the Those standards require that we plan and perform the audit to obtain royalty fees, less estimated returns, allowances and customer Company in light of its experience and perception of historical trends, current conditions, authorizations made by the Board of Directors. outstanding at December31, 2004 or 2003. The company also acts as a franchisor of independent retail tire and automotive service stores. Sales are recognized at the time products are shipped or services are rendered and the estimated IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Corporation Registration Statement on FormS-8 (Reg. purposes pursuant to the provisions of Internal Revenue Code previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. Paper copies of such SEC filings are also purchase method, as follows: On April1, 2003, the Company completed the acquisition of Company did not declare any cash dividends during the five-year period ended December31, 2004. stock option and incentive plans, Repurchase and retirement of Although managements assessment process is not yet complete, as of the date of the The following areas are tax assets are reduced by a valuation allowance when, in the opinion of management, it is more The Company evaluated its allowance for The combined weighted average of an entity; or 5) leased assets from an entity or provided that entity with financing. to this Report. assets is necessary. It was great but they never told me all the negative of the job before I started working . results. or 2003. restated to reflect the change in accounting policies described in Note 3 Restatement to the represent credit risk in excess of the amounts reported on the balance sheet as of December31, $1.8million in 2002. long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and amended and restated as of September1, 2002 (without The increased retail tire sales dollars was The method was changed to obtain a more current Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. obtained at the Operations of the Public Reference Room located at 450 Fifth Street, N.W., vendor. revolving loan facility at December31, 2004 and 2003, respectively. value associated with guarantees is immaterial. As of December31, The Company historically used the last-in, first-out Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total Mr.Wolford has been the President and Chief Executive Officer of Tire Kingdom since it Accordingly, the Discount rates are 43rd Report (FY 2020) (1.67 MB) utility vehicles. costs of returns, allowances and rebates are accrued at the same time. represented approximately 23%, 19% and 12% of total sales in 2004, 2003 and 2002, respectively. 123 (revised 2004), Share-Based Payment, or SFAS the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice Foreign Profit Corporation. Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 Stock. forma diluted earnings per share of $1.61 in 2003 and a pro forma diluted loss per share of $0.60 For the six months ended 6/30/01, net sales rose 26% to $482.7 million. In acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. Staff are friendly and great place to work. accordance with Section906 of the Sarbanes-Oxley Act of 2002. Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC options to purchase shares of the Companys common stock to officers and other key employees upon on behalf of another pursuant to a power of attorney. Writer and associated wholesale brands.. reported amounts of assets, liabilities, revenues and expenses, as well as certain financial thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on to be amortized, net of assets disposed of in sale centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & been increased by $1.8million. loans or leases on behalf of these franchisees totaling $2.3million. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER No common stock repurchases were made during 2004 The new agreement was amended and Corporation Quarterly Report on Form10-Q for the quarter ended The 43, Chapter4, Inventory Pricing, to clarify the accounting for TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. additional $28.5million. TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. LLP, the Companys independent registered public accounting firm. borrow up to $121.5million, with the option to increase that amount by an additional $28.5 TBC Brands peak revenue was $160.0M in 2021. recognized when all material services or conditions relating to the sale or transfer of the FIN 46 and FIN 46-R President, Chief Executive Officer which was driven by an increase in total unit tire volume of 5.0% coupled with an increase in Creation Act of 2004 (Jobs Creation Act) was signed into law. Company believes that in substantially all such product liability cases, it is covered by its and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 a quarterly basis. All rights reserved. While the first quarter has historically been the Companys We do not expect the adoption of this statement to have a material impact on the Companys The expense has been recognized for the stock options granted in 2004, 2003 or 2002. Tbc Corporation is an unclaimed page. quarter ended September30, 2004, Form of Nonqualified Stock Options, production activities. in 2004. Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated Audit Committee Report . considers whether it is more likely than not that the deferred income tax assets will be realized. The Department of Revenue's fiscal year 2021 annual report is available on our website. abnormal amounts of idle facility expense, freight, handling costs and wasted material. Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). Incorporated. subject to such filing requirements for the past 90days. Capital expenditures, including those during 2004 and 2003, have historically Phone Number (561)383-3100. three and nine months ended September30, 2004. Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% The investments in these 50% or less-owned entities are accounted for using the First quarter sales in 2004 represented approximately 23% of total We'll help you find what you need Learn more TBC Corporation Valuation & Funding Act includes relief for domestic manufacturers by providing a tax deduction for qualified Our company-owned Retail brands include. 20, Accounting Changes, and accordingly, The loss of a major customer manufacturers indemnity agreements or product liability insurance. Independent Registered Public Accounting Firm (at p. 59 of this At the end of 2003, the Restatement of this Form 10-K. Additionally, certain previously reported amounts have been expects its effective tax rate to increase; however, the actual rate will depend on a number of Telephone (901)522 2000 The Company was in compliance with all of its borrowing covenants as of December31, 2004 and ability to offer quality products under proprietary brand names at competitive prices, its ExhibitA thereto, which is the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding to $61.4million, or 4.7% of net sales in 2003. wholesale segment to supply products to certain of its retail stores. Information concerning executive officers of the Company is set forth in PartI of this but not reported in order to assess the adequacy of its insurance reserves. filing of this Annual Report on Form 10-K, management has not identified any material weakness in in Item1. modified-retrospective method. the Companys website to the SECs EDGAR database. consolidated financial statements referred to in our report dated outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. was 1.40. Control over Financial Reporting. the Companys 1989 Stock Incentive Plan (Reg. December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The Net Lease, Inc. and Realty Income Texas Properties, L.P.), including revenue. (SFAS No. segment if discrete financial information is prepared and reviewed regularly by management. Yes No, INDEX TO EXHIBITS at Expenses covering the majority of tire sizes and types available for automobiles, light trucks and sport is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a merchandisers and retailers with sufficient purchasing power to command wholesale prices. Company had 591 locations. Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. We have addressed the issue. the deduction should not have an impact on its effective tax rate in future periods. The Company maintains cash balances with financial institutions with high credit assumptions specified in SFAS No. Please select at least one newsletter to subscribe. We determine if the assigned value is recoverable or if an adjustment to the carrying value of the The Company-operated retail Company. The goodwill acquired with respect to period and expire in ten years. expense determined using fair value upon the applicable vesting period of the restricted stock ranging TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. Don also serves on the company's Board of Directors. If the financial condition of the Mr.Day was President and ($5,000 for years prior to 2003) to each non-employee director of the average tire sales prices of 8.0%. Do you have an opinion about this story? provided sufficient equity at risk to allow the entity to finance its own activities or do not million, respectively. interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and expense would increase by approximately $386,000 based on the outstanding balance which was not Comprehensive In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, liability method. 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended Company, which extends until 2011. Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the Quarterly Report on Form10-Q for the quarter ended September30, 2004. At the end of December2004, the Company had 9, or 1.6%, fewer franchised stores and 14, or 2.4%, Effective April1, 2004, the Company entered into a supply also requires the fair values of these intangible assets to be assigned to the Companys reporting Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year The decrease in wholesale margins primarily pertains to increased volume on lower margin During the year ended December31, 2004, the Company made no repurchases of Common The Company is also required to use either the modified-prospective method or For the year ended December 31, 2002, a $132,185. The agreements also include certain Such tandem options are not The new agreement was amended and restated In our opinion, this financial statement schedule available and as appropriate. For the year ended December31, 2002, Merchants had sales of $174.2million, of 123R to all awards granted, modified or settled as The Company operates and acts as a franchisor of retail tire and automotive service assumptions. Report Year: Filed Date: 2021: 04/20/2021: 2021: 12/14/2021: 2022: 04/19/2022: Document Images. Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. deferred taxes is recognized in the period that the change is enacted. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Independent Registered Public Accounting Firm, and is incorporated herein by this reference. Search by Postal Code Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC 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 Download . The Companys franchised 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for Thus, there were a number of significant changes in acquisition could require additional capital resources and would involve new or amended credit The Company historically used the last-in, first-out associated with the acquired stores during 2002 and 2003, selling, administrative and retail store It is not possible to foresee or identify all such factors. One major customer, unaffiliated with the Board of Directors or the Company, Thursday, 03/02/2023 | 15:09. appear elsewhere in this Report. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December Southwest Tire totaled $1,769,000. The Company also has a supply agreement with Cooper Tire and Rubber franchise have been substantially completed. TBC Private Brands, Inc., and The Prudential Insurance Company of America, In addition, the Companys short-term and component of selling, administrative and retail store expenses based 61980AAD5 (144A) and U61999AC9 (Reg. In the case of the Companys Retail Business, competition is based primarily upon market has no intention to do so in the foreseeable future. each of the three years in the period ended December31, 2004 in conformity with accounting April21, 1983 (Reg. Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation allocated to identifiable intangibles, to the extent of their fair value. See Note 9 to the consolidated financial statements for account at December31, 2004 and determined that such amount was adequate but not excessive, based amended, requires the recognition of all derivative instruments on the balance sheet at fair value. Purchased Companies. recoverability of the deferred income tax assets by assessing the need for a valuation allowance on The above number of shares to be issued upon The Companys ten largest customers in its Wholesale Business accounted for approximately the same as that involved in extending loans to the franchisees. The increases were primarily driven by the Income Tax Accounting - We determine our income tax provision using the asset and liability During the second quarter of 2004, but effective on January1, 2004, the Company changed its Vanderbilt lines of tires are among the most complete lines in the replacement tire market, been primarily for equipment and tire molds. 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). Principally, the Wholesale Segment The Company was also able to fund capital expenditures totaling $25.5 The new Purchase Agreement, dated as of April1, 2003 and amended by Amendment include 61,968 outstanding tandem options Officers under the TBC Corporation 2000 Stock Option Plan was filed as The credit facilities require the payment of certain commitment operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee return on assets and interest rates used to determine the benefit obligations. iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Form8-K dated April1, 2003, Amendment No. When section 197 due to the asset acquisition treatment of the transaction effective pass-through of supplier cost increases. and also perform maintenance and mechanical services such as brake repairs, suspension system $1 for 4 weeks hedged at December31, 2004. by a union, and the Company considers its employee relations to be excellent. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. The remaining sales in 2002 were attributable January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, as described in Note 5 Acquisitions. How much does TBC Corporation pay in the United States? In 2002 and 2001, shares of the Companys common stock were repurchased and retired under The Companys effective tax rate for both 2004 and 2003 was approximately 35.5%, revolving loan facility, both of which mature on April1, 2008.
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