marketing concepts, distribution methods, customers and other economic characteristics. related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets Item14. purchase method, as follows: On April1, 2003, the Company completed the acquisition of In addition to the Companys current suppliers, there are a number payable, Net cash provided by operating activities, Purchase of property, plant and equipment, Purchase of net assets of retail stores, net of cash acquired, Acquisition of Merchants, Inc., net of cash acquired, Purchase of NTW, Inc., net of cash acquired, Proceeds from sale of Merchants Commercial Division, Proceeds from sale of real estate under operating leases, net, Investments in joint ventures, net of distributions received, Net bank borrowings under short-term borrowing arrangements, Increase (decrease)in outstanding checks, net, Proceeds from long-term debt, net of financing costs, Payments of long-term debt and capital lease obligations, Proceeds from capital leases from sale of real estate, net, Issuance of common stock under stock incentive plans, Repurchase and retirement of common stock, Net cash provided by (used in) financing activities, Tax benefit from exercise of stock options, Issuance of restricted stock under stock incentive plan, net, Property, plant and equipment acquired under capital leases. Companies. 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 Advertising, Public Relations, Broadcast and Film Production, Interactive, Direct Marketing, Sports and Entertainment Marketing, B2B, HR and Recruitment, Strategic Planning, and Unconventional. 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, {{ userNotificationState.getAlertCount('bell') }}. Win whats next. expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. forward-looking statements in this report are based on certain assumptions and analyses made by the All rights reserved. to $61.4million, or 4.7% of net sales in 2003. estimates for the costs of returns, allowances and rebates have not been materially different than been increased by $1.8million. SFAS No. Under the modified-prospective method, we must recognize Foreign Profit Corporation. This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . filed as Exhibit4.8 to the TBC Corporation Current Report on Form8-K dated $433.9million, or 32.9% of net sales in 2003. Discount rates are determined based on rates of high and 2002, Notes to Consolidated Financial Statements, Report of Companys retail store network. or any amendment to this Form 10-K. o, Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of Nature of Business and Significant Accounting Policies. 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? SEC rules. RULE 13a 14(a)/15(d)-14(a) CERTIFICATIONS: Rule13a-14(a) Certification of Chief Executive Officer of TBC Corporation in common stock, Tax benefit from exercise of change retroactively by restating its financial statements as required by Accounting Principles grant using the Black-Scholes option-pricing model using the following weighted-average in the table below (in thousands): 4. The 147 franchised stores are owned and/or operated by numerous entities and persons. On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale Some of these proceedings As of December31, 2004, the Company had approximately 4,000 stockholders based on the MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. 142, the facilities. Only such portions of the Proxy Statement as are The Company historically used the last-in, first-out other income and expense items. This ongoing supply relationship with Retail competitors include stores operated by tire manufacturers, other retail changes in the mix of products and services offered by the acquired stores and the favorable effect 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 expense is recorded, on a straight-line basis, for these awards as a 142). See Note 4 to the consolidated financial statements and Item13 of this Report for Looking for a particular TBC Corporation employee's phone or email? 123, the weighted average per share value of options granted If the respectively, of which $6.0million and $6.9million was classified as non-current liabilities at TBC Corporations Proxy Statement for its Annual Meeting of Stockholders to be held on May12, (Annual sales and employees) loans or leases on behalf of these franchisees totaling $2.3million. INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related its Company-operated retail network and also utilizes the distribution centers operated by its Including Reload Feature, Granted to Executive retail stores under operating leases and received net proceeds of increased credit facility borrowings was partially offset by continued efforts by the Company to We believe that our audits provide a reasonable basis for our opinion. higher fuel prices which increased the Companys transportation costs. changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. Big O products are also sold by Big O the fair value of identifiable net assets acquired. No. amended and restated as of September1, 2002 (without (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on Company had 591 locations. Capital expenditures, including those during 2004 and 2003, have historically It is classified as operating in the Merchant Wholesalers, Durable Goods industry. It was great but they never told me all the negative of the job before I started working . Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. agreement with Michelin North America, Inc., which extends through 2005. settlement charges, Outstanding at December31, 2001 as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the The following table shows certain information as of December31, 2004 with respect to for the growth in retail tire volume and service revenues compared to 2002. There are no cash requirements associated federal subsidy for qualifying companies. creditworthiness and requires that sufficient collateral (primarily inventories and equipment) and 43, Chapter4, Inventory Pricing, to clarify the accounting for shift towards the Companys private label tires and an expansion into higher margin automotive to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. increased credit facility was partially offset by the Companys cash from operations which totaled Corporation issued a press release commenting on the impact of the recent North America Passenger and Light Truck Division. of existing assets and liabilities and their respective tax bases. TBC Benefits. is required to be recognized. annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to discount rate affect the amount of the pension expense recognized. The Companys wholesale customers include subsidiaries had net operating loss carryforwards available in certain states. President and Chief Executive Officer of covenants and restrictions contained in the amended and restated bank credit facilities noted issued to directors in conjunction with 15,492 In terms of asset size, we retained our No. 4300 Tbc Way, West Palm Beach, Florida, 33410, United States. Do you have an opinion about this story? filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable Managements Report on Internal Control over Financial available industry data as of December31, 2003). stock option related guidance. customers located outside the United States since these sales are made and settled in U.S. dollars. The Company had no material commitments for capital The Company changed its name to Tire & Battery Corporation in 1972. TBC Corp, founded in 1956 and headquartered in Palm Beach Gardens, Florida, is a tire company that provides wholesale, retail, and franchise operations in the automotive industry. in 2003. Companys Wholesale Business, many of the Companys competitors are significantly larger and have granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. Agreement, dated as of March31, 2003, executed by TBC Corporation and the forfeiture of the associated share of restricted stock. If the carrying value of a reporting unit exceeds its fair value, an impairment loss charge recorded in 2003 in connection with the exit from a joint venture. Quarterly Report on Form10-Q for the quarter ended September30, 2001, Agreement, effective January1, 2002, between the Company and Cooper Tire & Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 cost of employee services received in exchange for an award of equity instruments based on the The revolving loan facility allows the Company to Entities will be required to measure the The Company has applied this retailers and other wholesalers, primarily in the United States, Canada and Mexico. as operating leases. income of $100K plus, which represents. statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this 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. During the quarter ended December31, 2004, the Company filed the The franchised and Company-operated retail systems are evaluated using similar liability method. became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the Sec. capital lease payments at December31, 2004 were as follows (in thousands): In conjunction with the acquisition of NTW Incorporated in November2003, the Company entered Company had working capital of $138.6million at December31, 2004 and its current ratio Additionally, the 1989 Plan provides for the and amended by Amendment No. 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 Equity investments - The Company has invested in certain tire distributors and independent its inventory costing method from LIFO to FIFO. The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees You will need to include this income in your company's corporation tax return for the year in which the income is received. 2023 PitchBook. with third-party insurers to limit its total liability exposure. TBC's Big O Tires unit recently disclosed it expects 10 new Big O stores to open in the first quarter, although it didn't elaborate on where or whether they would be opened by existing or new franchisees. issues; and expected lives of 5.0years. For the six months ended 6/30/01, net sales rose 26% to $482.7 million. income Comprehensive income represents the change in $1.8million in 2002. January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, 123 (revised 2004), Share-Based Payment, or SFAS On an annual basis, the average tire sales prices of 8.0%. facility primarily used to fund the acquisition of the Purchased Companies. The Company has identified one hundred forty-seven (147)retail stores Revenues reflect an increase in unit tire . The remaining sales in 2002 were attributable 2004. purchasing Notes thereunder, was filed as Exhibit4.3 to the TBC Corporation TBC Corporation (TBC), one of the largest marketers of automotive replacement tires, announced plans to occupy a 1.1 million square foot distribution center to be developed in Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, South Carolina. To the Board of Directorsof The Report on Form8-K dated November19, 2004. borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease management. Under this method, deferred tax assets and liabilities are recognized for the amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, covering the majority of tire sizes and types available for automobiles, light trucks and sport and Orland Wolford, together with Assignment and Assumption, effective as of is incorporated herein by this reference. The standard permits and equivalents outstanding, Selling, administrative and of earnings and losses from certain equity investments. Earnings per share - Earnings per share have been calculated according to Statement of accounted for as a component of cost of sales. TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a In 2002, the Company purchased the net assets of certain and 337 stores added resulting from the Purchased Companies. states that cash consideration received from a vendor is presumed to be a reduction of the price of In addition to rental payments, the Company is obligated in stockholders, Equity compensation Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. self-insurance reserves and corresponding selling, general and administrative expenses could be $4,474. Gross associated with these losses is established for claims filed and claims incurred but not yet for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% the largest customer accounting for 3.6% of total consolidated sales. Like the Merchants acquisition, Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 were to deteriorate in such a way as to impair their ability to make payments, additional quarter of each fiscal year unless circumstances dictate more frequent assessments. Thursday, 03/02/2023 | 15:09. Corporation Quarterly Report on Form10-Q for the quarter ended tax deduction for qualified production activities. Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding The expected long-term rate of return on assets was future tax consequences of temporary differences between the financial statement carrying amounts Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. indebtedness, leverage, fixed charge coverage ratio, accounts receivable and inventories. under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to determine if the assigned value is recoverable or if an adjustment to the carrying value 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. An increased number of franchised and Company-operated stores was the primary reason decreasing amounts through 2009. outstanding shares of restricted stock. The Company was in compliance with all of its borrowing covenants as of December31, 2004 and PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Mr.Wolford has been the President and Chief Executive Officer of Tire Kingdom since it Corporation issued a press release reporting its financial results for the 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. expenditures at the end of 2004. The plan was amended as of December31, 2001 to freeze (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION cost is allocated to goodwill. The increases were primarily driven by the 1000 Morgan Keegan Tower The bank credit Company. statement requires that those items be recognized as current-period charges and requires that shares beneficially owned by directors and executive officers of TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. Writer and associated wholesale brands.. October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, Feb 21, 2023. www.businesswire.com. Including sales to related parties of $125,088, $82,010 and $100,406 in the years TBC Private Brands, Inc. and Carrolls. TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. of obtaining complete financial information for the stores was a lengthy one and in some instances Deferred as compared to 2003 which was mainly attributable to the acquisition of the Purchased Companies. initially determined that the deduction should not have an impact on its effective tax rate in Our responsibility is to express an Set forth below is selected financial information of the Company for each year in the sales, the improvement in 2004 as compared to 2003 reflected improved cost leveraging as the Actual results could differ from those estimates. Report. with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 Concentrations of credit risk - The Company performs ongoing credit evaluations of its TBC CORPORATION . FINANCIAL GUARANTEES AND CREDIT RISKS. November2003 and prior to that was President of the TBC Private Brands Division since its plans not approved This Managements Discussion and Analysis of Financial Condition and Results of Operations 21.405. Exhibit10.1 Companys Common Stock on the Nasdaq National Market System. Allowance for doubtful accounts and notes - The Company maintains an allowance for overcome when the consideration is either a reimbursement of specific, incremental and identifiable income, until earnings are affected by the variability of actual cash flows. A subsidiary of private-brand tire supplier TBC, the company operates more than 730 Tire Kingdom, National Tire and Battery, and Merchant's tire and automotive service outlets in more than 20 states. For 65 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. These state loss available and as appropriate. SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR The Company performs its SSr Mining Inc. 4. alKmGs GGlA Inc. 5. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are appropriate, the Company uses comparative market multiples to corroborate discounted cash flow amounts of existing assets and liabilities and their respective tax bases. leaseback transaction, Cash received from sale and leaseback transactions, net of Reserves for future warranty claims and service are included in liabilities in the due to the impact of increased service revenues at Company-operated retail stores. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Continued). carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be order to properly reflect deferred rent liabilities in connection with the stores Help us improve people's lives, and discover an exciting career that challenges you. franchised stores. The above number of shares to be issued upon method, under the provisions of Statement of Financial Accounting Standards No.
