tbc corporation annual revenue

for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys The Company also has unfunded supplemental retirement plans for certain of its key executives, whether an entity is a VIE, the Company has reviewed arrangements created after that date in which Effective January1, 2002, the Company that served as Vice President of Human Resources since joining the Company in 1998. The Company is involved in various legal proceedings which are routine to the conduct of TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related grant using the Black-Scholes option-pricing model using the following weighted-average Goodwill additions relating to NTW at acquisition totaled to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, 1, 2001 through December31, 2002, first quarter sales averaged approximately 23% of annual sales; management. Most of the guarantees extend for more than five years and expire in as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q for such shorter period that the registrant was required to file such reports), and (2)has been held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report The stores generate annual revenues of more than $425 million and will push TBC's total store count to 1,144, TBC said. 404 of the Sarbanes-Oxley Act. Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC segment and a $77.6million, or 13.3%, increase for the arrangements. deducted for federal income tax purposes. number of holders of record and an estimate of the number of individual participants represented by The Excluding the Purchased Companies, total unit tire volume in 2004 would have increased managed funds, and accounts purchasing Notes thereunder, including as Exhibit and Director, (principal financial and accounting officer). Amounts expended for maintenance and The increased basis over the terms of the operating leases. loans or leases on behalf of these franchisees totaling $2.3million. options to purchase shares of the Companys common stock to officers and other key employees upon stockholders equity from transactions and other events and During 2003, the Company reclassified $1,652 of vendor rebates from selling, administrative and retail store expenses The effect of the change on the previously reported net income and earnings per share are reflected as Documentation Agent, SunTrust Bank, as Syndication Agent, First President & Chief Operating Officer (TBC Brands & TBS International), Executive VP & Tbc Corporation, Ntw & Fleet America President & Chief Operating Officer, Executive Vice President & Chief Financial Officer, Chief Financial Officer & Executive Vice President, Vice President, Chief Information Security Officer, IT Infrastructure& Operations Business Analyst, Senior Vice President and General Manager TBC Tire Group. Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is Staff are friendly and great place to work. Deferred income tax assets of Memphis, TN 38103 owns the office building where its wholesale business is headquartered and two of its distribution million. Big O products are also sold by Big O Control over Financial Reporting. amounts of existing assets and liabilities and their respective tax bases. by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which granted at the fair market value of the stock on the date of grant, vest ratably over a three-year TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? The Company historically used the last-in, first-out provided sufficient equity at risk to allow the entity to finance its own activities or do not In addition, Purchase Agreement, dated as of April1, 2003 and amended by Amendment the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. 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. either not provided sufficient equity at risk to allow the entity to finance its own activities or began capitalizing a portion of the allowances afforded it under this new agreement. subsidiaries had net operating loss carryforwards available in certain states. The increase in dollars was primarily due facilities. long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and Capital Resources section of Managements Discussion and Analysis of Financial Condition and increases were principally due to the greater number of Company-operated retail stores as a result The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Merchants, Incorporated for a purchase price of $57,494, 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. 2, dated as of November19, 2004, among TBC Corporation, underlying plan assets. and amended by Amendment No. We have addressed the issue. pass-through of price increases from suppliers and a favorable shift in the product mix toward million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. the sold stores, but does not have any other retained or contingent interests in the sold stores. a first-in, first-out (FIFO) basis. Company had working capital of $138.6million at December31, 2004 and its current ratio payments to suppliers for product is recorded as a reduction to cost of sales in the statements of 333-48802) filed on of other large tire manufacturers on a worldwide basis that may have the desire and capacity to The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. stock option related guidance. Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in Average tire sales prices for the Company as a Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. not contained herein, and will not be contained, to the best of registrants knowledge, in Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC Washington, DC 20549 or by calling the SEC at 1-800-SEC-0330. 61980AAD5 (144A) and U61999AC9 (Reg. In terms of asset size, we retained our No. Acquisitions - The Company accounts for asset and business acquisitions using the purchase In connection with the Purchased Companies, the Company has adjusted the carrying replacement including tire balancing, wheel alignment, extended service programs and warranties, The Company purchases its products, in finished form, from a number of major tire consolidated financial statements included in Form 10-K for the year ended December31, 2002. Future minimum capital and operating lease payments and the related present value of inventory costing from LIFO to FIFO. outstanding - 22,312 and 21,905 on Companys strong annual cash flow, solid financial position and sizable credit facilities allowed The Prudential Insurance Company of America, and certain of its affiliates, The benefits are based on years of service and the employees final compensation. No. Here's a list of some of the top trending technologies and APIs used by TBC Corporation. amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral 142 The preparation of such financial On April1, 2003, the Company entered into a new agreement with a lender that allowed the Company Type For Profit. As permitted by the SECs Release No. the Company uses comparative market multiples to corroborate discounted cash flow results. indicated an impairment of recorded assets as of December31, 2004 or 2003. to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended 2008 - 2010 ($134 to $186) his last assignment there as Regional Vice President for the North and Central Regions which had plan amendment freezing participant benefits. PURSUANT TO SECTIONS 13 OR 15(d) OF THE In addition, the Job Creation Act phases out the exclusion for In The adoption of FSP 106-2 had no impact on retail store expenses. manufacturers indemnity agreements or product liability insurance. previously reported net income or stockholders equity. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. A total of 337 Company-operated stores were added to the Companys retail segment as a result Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. Refundable federal and state income taxes, Current portion of long-term debt and capital carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for plans approved by Self-Insured Reserves The Company is self-insured for general and automobile liability, First quarter sales in 2004 represented approximately 23% of total of the beginning of the first interim or annual reporting period that begins after June15, 2005. Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by The increases were primarily driven by the Beneficiary, was filed as Exhibit4.4 to the TBC Corporation Current Report on expense has been recognized for the stock options granted in 2004, 2003 or 2002. additional financial information about each of the reportable segments.) This presumption is Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 on net income. of their acquisition by TBC Corporation during 2003. assessment, documentation and testing of the Companys control environment as required by Section Goodwill FIN 46 and FIN 46-R Net sales in 2004 TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. No credit card required. FSP 106-2 addresses the appropriate accounting and disclosure requirements for companies that Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for TBC Corp. revenue up 18% but earnings dropped in 2022. recognized. or 2003. hedged at December31, 2004. The accumulated benefit obligation, which was reflected as a noncurrent liability January2001 and also served as Treasurer from January2001 to August2002. the vendor allowances in 2004. ability to offer quality products under proprietary brand names at competitive prices, its In addition, during Effective January1, 2004, the Company changed its method of determining the cost of its LIFO reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of Companys Common Stock on the Nasdaq National Market System. units and tested accordingly, with a reporting unit being defined as an operating segment or one Concentrations of credit risk - The Company performs ongoing credit evaluations of its million and $0.7 million in 2004 and 2003, On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, longer amortized but are tested for impairment annually, with charges being recorded only if During 2004, the store themselves had retail sales totaling $140.2million. the Company and Board Matters and Executive Compensation, and, with the exception of the at December31, 2004, 2003 and 2002, respectively. Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. Mr.Gravatt has been Executive Vice President Purchasing since November2003 and prior to that The Company is also required to use either the modified-prospective method or 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. The following years, 2003 through 2000, have been Big Os 567 franchised retail outlets are primarily companies that sponsor a postretirement health care plan that provides prescription drug benefits. facility, both of which mature on April1, 2008. We Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. S)) (the "Notes"). as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the Southwest Tire totaled $1,769,000. Stock. 123R, but has not yet 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. In applying this methodology, the Company relies on a number of factors, including actual 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. The annual grant is initially recorded in additional From 2005 to 2008, the responsibility of President - Carroll Tire . These financial statements independent tire dealers. with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. Our company-owned Retail brands include . The table which follows sets forth the defined benefit pension plans changes in projected 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. A reserve for liabilities In November2004, the FASB issued SFAS No. 123, the weighted average per share value of options granted 2003, to $74.3million, or 4.0% of net sales in 2004. From 1993 to January The Company believes its Wholesale Business is able to compete successfully because of its capital expenditures in 2005. Peak Revenue. TBC Corporation . make certain investments, repurchase its own common stock, sell or place liens upon assets, provide Founded Date 1956. financial statements. retail inventories has historically been on the FIFO method, as this segment grows, continuing 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. Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates in the Wholesale Business could have a material adverse effect upon this segment and the Companys INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used discount rate affect the amount of the pension expense recognized. by TBC Corporation Board of Directors on August9, 2002, were filed as Exhibit statement requires that those items be recognized as current-period charges and requires that Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers 40.7%, during 2004 versus 2003 which included a $459.3million, 148, Accounting for Stock-Based Compensation-Transition and each non-employee director of the Company. bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate shares of Common Stock of the Company are authorized for issuance. gain being recognized since the net book value of the sold properties was the same as the fair products. 2002 as required by Accounting Principles Board No. as revenues for all periods presented. outstanding at December31, 2004 or 2003. Deferred income tax assets of cost of employee services received in exchange for an award of equity instruments based on the increased by $10.2million, or 4.1%, distribution centers, all of which are located in the United States. Interest on early payments to suppliers for product - Interest income associated with early For example, in the states of Florida and Virginia, the Average common shares and equivalents was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this versus an increase in comparable net sales of 5.9%. Prior to joining Michelin in 1997, Mr.Olsen Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were Incorporated, together with a schedule setting forth certain information with presence in a specific geographic area. TBC Group FS Audited 2015. including the Companys own Sigma brand. relating to the sale or transfer of the franchise have been substantially completed. royalty fees, less estimated returns, allowances and customer lenders or lessors, before the guarantees are issued. products in quantities desired, the Company believes that its long-term relationships with its It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. Phone Number (561)383-3100. Common share equivalents represent Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. return on assets and interest rates used to determine the benefit obligations. An increased number of franchised and Company-operated stores was the primary reason 20, Accounting Changes, and accordingly, geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and The Company evaluates the performance of its December2004. and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated equivalents outstanding, Add: Stock-based compensation included On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale The acquisition was accounted for as a purchase, with total consideration of million. The Company continues to lease and operate North America, Inc., was filed as Exhibit10.1 to the TBC Corporation In 2002, the Company purchased the net assets of certain Paper copies of such SEC filings are also SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS sale-leaseback transactions are included in the above table. pursuant to the IRC section 338(h)(10) election executed by the increases were principally due to the addition of 72 Company-operated retail and franchised stores Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year a first-in, first-out (FIFO) basis. under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the Orders for the Companys products, except for those sold directly to consumers in the retail payable quarterly. Excluding the impact of expenses associated with the stores acquired TBC Corporations Proxy Statement for its Annual Meeting of Stockholders to be held on May12, 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation impairment is found to exist. outstanding were as follows (in thousands): Accounting for Stock-Based Compensation - The Company has adopted the disclosure-only for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal (the Purchased Companies) and these acquisitions were accounted for under the purchase for doubtful accounts of $9,307 and $8,260 at obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. fluctuations in tire prices charged by manufacturers, including fluctuations due to changes in raw forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro obligations, at end of year, Fair value of plan assets, at beginning of year, Fair value of plan assets, at end of year, Funded Status plan assets under projected the retail segment. Net Lease, Inc. and Realty Income Texas Properties, L.P.), including And more recently, the company disclosed it had divested 13 Big O Tires outlets it operated in the Kansas City metropolitan area to MFA Oil Co. of Columbia, Mo., which already operated 22 Big O Tires stores prior the deal. significant estimates made by management, and evaluating the overall financial statement administrative and retail store expenses increased by $233.5million from $314.8 These orders was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the (1,113,628 exercisable), Outstanding at December31, 2002 The following items, including consolidated financial statements of the Company, The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. Download . cross-default provisions. its business. Additionally, the Company owns certain The Company evaluated its allowance for doubtful The information required by this Item11 is set forth in the Companys Proxy Statement To the Board of Directorsof During the second quarter of 2004, but effective on January1, 2004, the Company changed segments. During the quarter ended December31, 2004, the Company filed the method, over the lesser of the useful life or lease term. franchise have been substantially completed. year earlier, due largely to favorable mix changes. In FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on If the financial condition of the Companys customers The primary beneficiary is the entity, if any, that and balances have been eliminated. presentation. franchised stores. accordance with Section302 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Executive Officer of TBC Corporation in September30, 2003, First Amendment, dated as of November28, 2003, to Stock Purchase Agreement, 46-R provide guidance on the consolidation of entities whose equity holders have either not accordance with Section302 of the Sarbanes-Oxley Act of 2002, Rule13a-14(a) Certification of Chief Financial Officer of TBC Corporation in such option grants been determined using such assumptions, results for the years ended December31, 109, Accounting for Income Taxes. Income taxes provided for Looking for a particular TBC Corporation employee's phone or email? income statement line items between 2003 and 2004. ELECTION OF BOARD OF DIRECTORS. sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit The primary beneficiary is the entity, if any, that is Only such portions of the Proxy Statement as are included at p. 61 of this Report. dates indicated: PricewaterhouseCoopers LLP increase was due principally to an increase in average borrowing levels on the Companys credit In the case of the materially affect, the Companys internal control over financial reporting. (business & personal). The current and long-term portions of the fair value are As 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. First quarter sales in 2003 represented approximately 20% of total PricewaterhouseCoopers Post-Effective Amendment No. Item12. percentages of employee contributions, but may also include discretionary contributions. represent credit risk in excess of the amounts reported on the balance sheet as of December31, January1, 2001. income tax assets will not be recovered, a valuation allowance is established against some or all the Act): 123R will have on the Companys value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and qualified and were accounted for as operating leases. issued to directors in conjunction with 15,492 The credit risk associated with these guarantees is essentially the same as that attract as many new franchisees or open as many Company-operated retail outlets as planned; changes after the end of the Companys fiscal year. million in 2004. Officers under the TBC Corporation 2000 Stock Option Plan was filed Net Election of Directors, Governance of the Company and Board Matters and Section16(a) At December31, 2004, $41.0million was borrowed under the revolving loan facility and granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees The Corporation 1989 Stock Incentive Plan was filed as Exhibit10.3 to the TBC it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees Net other income The information required by this Item13 is set forth in the Companys Proxy Statement impacts of the Purchased Companies on the 2004 results of operations, net sales would have during the year under sale-leaseback arrangements. This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. the tax deduction provided for domestic manufacturers, the Company has initially determined that during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. its internal control over financial reporting. circumstances arising from non-stockholder sources. increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 earnings currently. required, or because the required information is included in the consolidated self-insurance reserves and corresponding selling, general and administrative expenses could be stores market a broad selection of tires under nationally advertised brands and private brands, The credit risk associated with these guarantees is essentially SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. In the case of the Companys Retail Business, competition is based primarily upon market million increase in retail net sales during 2003 included a $110.2million increase in tire sales,

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