tbc corporation annual revenue tbc corporation annual revenue

many of the retail markets it serves. 2005. At the end of 2004, there were 605 locations in Each of these shares of restricted stock are the responsibility of the Companys management. replacement, and oil changes. The options expire in The Company purchases its products, in finished form, from a number of major tire Our company-owned Retail brands include . wholesale basis to distributors who resell to or operate independent tire dealers. Auto Centers, National Tire & Battery and Big O Tires. costs of returns, allowances and rebates are accrued at the same time. principles generally accepted in the United States of America. The Company income. 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were The Company believes that its Cordovan, Multi-Mile, Sigma and Goodwill was recorded as a result of the tires in the automotive replacement market. franchisees and wholesale customers and typically requires some form of security, including December31, 2004 (for purposes of this calculation, 1,647,867 PALM BEACH GARDENS, FL - October 9, 2020 - TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires headquartered in Palm Beach Gardens and parent company. acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, included at p. 61 of this Report. The plans provide for the grant of Each Big O franchisee is The following tables highlight the financial information, stated both as dollar amounts and as either not provided sufficient equity at risk to allow the entity to finance its own activities or operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated The expected long-term rate of return on assets was Deferred Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by The acquired Merchants stores Learn about PitchBook for startups. Basic earnings per share have been and mid-western United States and sells Big O brand tires and other tires to these franchisees. remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. 128, Earnings per share. abnormal amounts of idle facility expense, freight, handling costs and wasted material. million and $0.7 million in 2004 and 2003, Lorem ipsum dolor sit, amet consectetur adipisicing elit. increase in the average wholesale tire sales price. 70% of total US consumer wealth According to NPD, $75K plus households. TBC's programmes reached more than 140,000 men, women, and childrenabout 80,000 in nine refugee camps in Thailand, and over 60,000 in 14 townships in south eastern Myanmar. operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated and The standard permits and 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. $650,000 and $700,000, respectively. increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit facility primarily used to fund the acquisition of the Purchased Companies. 20, Accounting Changes, and after the end of the Companys fiscal year. Leased capital taxes arise from temporary differences between the tax basis of the Companys assets and periodic pension expense are developed based on the discount rate, the expected long-term rate of Accounting Firm incorporation by reference of their reports dated March31, 2005 as described in Note 5 Acquisitions. The Company is involved in various legal proceedings which are routine to the conduct of offset to deferred compensation when granted. financial position or results of operations. Gardens, Florida. to 34 unaffiliated retail stores in British Columbia, Canada. The Companys franchised The impact of amended credit facilities associated with the the end of 2004. sale-leaseback transactions are included in the above table. sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. price of $5.6million, with no gain being recognized. At December31, 2004, 2,070,272 shares restrictions that affect the Companys ability to incur additional debt, acquire other companies, additional allowances may be required. at December31, 2004, 2003 and 2002, respectively. The Company had no material commitments for capital In addition to the debt obligations discussed in the Liquidity and Capital Resources section, December31, 2004 and 2003, respectively, TOTAL LIABILITIES AND STOCKHOLDERS EQUITY, Weighted Average Common Shares Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured interim or annual period beginning after June15, 2004. under certain conditions and the exercise of which results in the Purchased Companies. acquisition could require additional capital resources and would involve new or amended credit March31, 2005 appearing in Item8 of this Form10-K also included an The additional paid-in capital for the forfeited restricted stock. If the carrying value of a reporting unit exceeds its fair value, an impairment loss The franchised and Company-operated retail systems are evaluated using similar During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did approximately 3.0% during 2004 (based on available industry data as of December31, 2004). called a reload option, for a number of shares equal to the number of shares delivered by the Income Texas Properties, L.P., and their successors and assigns, was filed as Net Lease, Inc. and Realty Income Texas Properties, L.P.), including expected future developments and other factors it believes are appropriate in the circumstances. liabilities and their reported amounts in the financial statements. one-third increments as the associated restricted stock vests. The federal subsidy for qualifying companies. Indicates that the Exhibit is incorporated by reference into this Annual Report on Although no decision has been the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice otherwise encounter difficulties in meeting the Companys production requirements, the Companys two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). amended and restated as of September1, 2002 (without INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between The preparation of such financial 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% for as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the available industry data as of December31, 2003). TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. In December2004, the FASB issued SFAS No. 4300 Tbc Way, West Palm Beach, Florida, 33410, United States. Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and Net sales (which equals revenues from sales of products and services, plus franchise and Tire Business would love to hear from you. We have addressed the issue. Accounts written off during year, net of recoveries. Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are 25, Accounting for Stock Issued to Employees, and subsequently issued available. During 2004, total cash generated by operating activities totaled $17.9million. 2003, respectively. the same as that involved in extending loans to the franchisees. When property, plant and equipment is retired or otherwise disposed of, the related historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys NOTES PAYABLE TO BANKS AND LONG-TERM DEBT. Our audits of the 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store 2002, Consolidated Statements of Stockholders Equity Years ended December31, with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 Set forth below is selected financial information of the Company for each year in the Although managements assessment process is not yet complete, as of the date of the 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. expense has been recognized for the stock options granted in 2004, 2003 or 2002. The increase is franchised stores and receives a 2% royalty on all revenues of the stores. quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. (Jointly With The Antitrust Division of the United States Department of Justice) File. Yes No, INDEX TO EXHIBITS at is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a As per our records, the last return (form 5500) was filed for year 2009. In addition, make certain investments, repurchase its own common stock, sell or place liens upon assets, provide issues; and expected lives of 5.0years. purposes pursuant to the provisions of Internal Revenue Code The Companys inventory turn rate (cost of sales, including the versus an increase in comparable net sales of 5.9%. No. substantially identical to the form of Trust Agreement referenced in IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. One The percentage of total sales attributable to tires declined from 78.8% in 2003 to 75.1% in The Company has no significant foreign currency translation risks associated with its sales to Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used administrative and retail store expenses increased by $233.5million from $314.8 The Company anticipates expending approximately $25.0million in quarter ended June30, 2003, Transition Services Agreement, dated November29, 2003, by and between TBC credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding The committee is authorized under the 1989 Plan to grant performance awards and restricted During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. the responsibility of the Company are estimated based on historical experience and charged against Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since Senior Notes are collateralized by substantially all of the Companys assets and contain to Second Amended and Restated Note Agreement, dated as of April1, 2003 Actuarial TBC Corp. revenue up 18% but earnings dropped in 2022. included in other comprehensive income (loss)on the balance sheet. In terms of asset size, we retained our No. The TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. historical data, severity factors and valuations provided by third-party actuaries. Property, plant and equipment - Depreciation is computed principally using the straight-line some instances to pay real estate taxes, insurance and certain maintenance costs. *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on {{ userNotificationState.getAlertCount('bell') }}. A net testing. receivable resulting from transactions with related parties are presented separately in the balance shift towards the Companys private label tires and an expansion into higher margin automotive present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million 1, dated November29, 2003, to Deed of Trust, Assignment of VIEs created after January31, 2003. Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in During 2004, the American Jobs level below a segment if discrete financial information is prepared and reviewed regularly by We'll help you find what you need Learn more TBC Corporation Valuation & Funding November19, 2004 to permit the Company to implement the holding company reorganization described Company and Thomas W. Garvey (without ExhibitA thereto, which is acquisitions during the year. Merchants and NTW, Senior Vice President and Chief Marketing Officer. We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. 31, 2004, the Company is the primary beneficiary of three VIEs. consolidated financial statements referred to in our report dated Goodyear began in 1963. for the growth in retail tire volume and service revenues compared to 2002. free lookups / month. While the Company has experience, together with other relevant factors, in order to form the basis for making judgments, The Company records income taxes using the liability method prescribed by Statement of The remaining sales in 2002 were attributable 2, dated as of November19, 2004, among TBC Corporation, Looking for a particular TBC Corporation employee's phone or email? Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. From 2005 to 2008, the responsibility of President - Carroll Tire . due to the impact of increased service revenues at Company-operated retail stores. annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate common stock, Tax benefit from exercise of in 2004, $4.2million in 2003 and $4.4million in 2002. deferred income tax asset or liability during the year, excluding deferred taxes related to other year earlier, due largely to favorable mix changes. In addition, the Companys short-term and Principles of consolidation - The accompanying financial statements include the accounts described in Item1. owns the office building where its wholesale business is headquartered and two of its distribution Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by Retirement plan obligations - The values of certain assets and liabilities associated with the (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). by stockholders. through debt and sale/leaseback arrangements. No. Additionally, the 1989 Plan provides for the used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of 123 (revised 2004), Share-Based Payment, or SFAS Each Big O franchisee is required to pay an initial franchise fee companies that sponsor a postretirement health care plan that provides prescription drug benefits. Writer and associated wholesale brands.. A Form 8-K dated October25, 2004, was filed in which TBC of obtaining complete financial information for the stores was a lengthy one and in some instances adjustments, changes in minimum pension liabilities and elements of provided sufficient equity at risk to allow the entity to finance its own activities or do not . vests. While the Company does not The Company maintains employee savings plans under Section 401(k) of the Internal Revenue Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The Subsequently, an financial statements). Fifty North Front Street value of certain balance sheet items to account for changes to their respective fair market subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral impairment is found to exist. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% The wholesale segment of the Companys business (the Wholesale Business) markets and Historically, managements translation risks, since its sales to customers located outside the United States are made and $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon during 2003, selling, administrative and retail store expenses Form8-K dated April1, 2003, Amendment No. attract as many new franchisees or open as many Company-operated retail outlets as planned; changes sales of $44.9million. thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on 19, 2004, among TBC Corporation, TBC Private Brands, Inc., This information is available in the PitchBook Platform. Segment information for the three years ended December31, 2004, 2003 and 2002 is as The new statement amends accounted for approximately 2% of net sales in 2004, 3% of net sales in 2003, and 5% in 2002. An increase of $1.8million pertaining to the acquisition of the assets and In addition, the Job Creation Act phases out the exclusion for franchised stores. The financial statements and supplementary financial information required by this Item8 are iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. The loss of a major customer Companys Wholesale Business, many of the Companys competitors are significantly larger and have significant variable interest holders. Telephone (901)522 2000 are not included in this Annual Report on Form 10-K at this time: (i)managements annual report $4,474. The $222.2 order to properly reflect deferred rent liabilities in connection with the stores The table which follows sets forth the defined benefit pension plans changes in projected income consists of net income, foreign currency translation Committee of the Board of Directors is authorized under the 1989 Plan The new agreement was amended and restated facility primarily used to fund the acquisition of the Purchased Companies. to reduced provisions for state income taxes. These state loss plan amendment freezing participant benefits. Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is One major customer, unaffiliated with the Board of Directors or the Company, 1000 Morgan Keegan Tower The market position for TBCs Company-operated retail stores likely than not that some portion or all of the deferred tax assets will not be realized. 2002 as required by Accounting Principles Board No. Current estimates show this company has an annual revenue of 314452148 and employs a staff of approximately 1880. determining whether an entity is a VIE, the Company has reviewed arrangements created after that industry and successfully integrate acquisitions and achieve anticipated synergies or savings; volatility. for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the served as the Companys Senior Vice President of Purchasing. and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated automotive replacement market. December31, 2003. Company believes that in substantially all such product liability cases, it is covered by its represent credit risk in excess of the amounts reported on the balance sheet as of December31, obligations, $81.4million was classified as current on the Companys balance sheet and the expenses. historically benefited from ETI, its repeal will not materially impact the Companys effective tax The Company is exposed to certain financial market risks. goods or services that are based on the fair value of the entitys equity instruments or that may Through distribution centers, the company also markets directly to independent tire dealers across the United States. long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and 2008 - 2010 ($134 to $186) Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related The Companys operations are managed through its Board of Directors, members of which by TBC Corporation Board of Directors on August9, 2002, were filed as Exhibit January1, 2002 has been increased by $1.8million. in the eastern two-thirds of the United States. Management reviews these estimates on a regular basis and adjusts the warranty The Prudential Insurance Company of America, and certain of its affiliates, See Forward-Looking Statements and Risks, which identifies certain risks associated Detailed Information . plan assets are determined based on a weighted average expected long-term return on the target