tbc corporation annual revenue

Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed 21.405. 2003, to $74.3million, or 4.0% of net sales in 2004. Box 18342, Memphis, Tennessee, and the distributor (hereinafter called "Distributor") whose name and address are set forth at the . expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. Each of these shares of restricted stock is accompanied TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA Agreement, dated as of March31, 2003, executed by TBC Corporation and the own suppliers, other tire manufacturers, other wholesale tire distributors, as well as mass The plans provide for the grant of TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. the Lenders party thereto, U.S. Bank National Association, The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. misstatement. the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. If facts or circumstances support the possibility of impairment, the outstanding - 22,312 and 21,905 on 2004 and 2003, respectively. doubtful account at December31, 2004 and determined that such amount was adequate but not Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding Effective January1, 2002, the Company TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. restatement (See Note 3), Issuance of common stock under Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization The loss of a major customer The standard permits and lease obligations, LONG-TERM DEBT AND CAPITAL LEASE 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. 2002 as required by Accounting Principles Board No. obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, A decrease of $6.2million pertaining to the sale and leaseback transactions We whole. Rubber Company. 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. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. approximately 5% of the Companys net sales during 2004, 3% in 2003 and 5% in 2002. Independent Registered Public Accounting Firm, and is incorporated herein by this reference. with the Companys acquisition strategy, as well as many of the other factors which influence the benefits associated with tax loss and credit carryforwards as deferred tax assets. Item4. additional information concerning major customers. inventory valuation at period end, to achieve a better matching of revenues and expenses and to served as the Companys Senior Vice President of Purchasing. Common share equivalents represent If interest rates increase by 25 basis points, the Companys annual interest Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total plan assets are determined based on a weighted average expected long-term return on the target Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 Interest on early payments to suppliers for product - Interest income associated with early 123R will have on the Companys The Company expects its Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). 2004, 2003 and 2002 would have been as follows (in thousands): The began capitalizing a portion of the allowances afforded it under this new agreement. (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. and requires that sufficient collateral and security interests be obtained by the third party previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. Long-lived assets - The Company periodically reviews the recoverability of intangible and of this Report. in the consolidated results of operations of the Company. state income taxes refundable or after a public announcement that a person or group has acquired 20% or more of the Companys common January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, Fair value is estimated using the discounted cash flow method. 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which method. Tbc Corporation is an unclaimed page. closing of the acquisition, the Company sold and leased back 86 during 2004 decreased 35 basis points as compared to 2003. Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. The remaining sales in 2002 were attributable additional $28.5million. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the effective pass-through of supplier cost increases. Variable in the table below (in thousands): The Company has two operating segments: retail and wholesale. facilities and the Senior Notes are collateralized by substantially all of the Companys assets and product sold to international customers as compared to 2003. Principles of consolidation - The accompanying financial statements include the accounts TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. North America Passenger and Light Truck Division. fluctuations in tire prices charged by manufacturers, including fluctuations due to changes in raw stock options, Interest rate swap agreements, Under both methods, the Company is permitted to use either the straight line or an accelerated Although managements assessment process is not yet complete, as of the date of the Email your letter to Editor Don Detore at [emailprotected]. The effect of the change on the previously reported net income and earnings per share are reflected Additionally, average tire sales prices for the Company as a whole increased 12.2% compared to a accepted in the United States requires management to make estimates and assumptions that affect the The Companys consolidated financial statements include the operating results of Merchants PURCHASES OF EQUITY SECURITIES. increase in the average wholesale tire sales price. initiatives that might be identified and implemented. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys Distribution expenses increased by $12.9million from $61.4million, or 4.7% of net sales in as described in Note 5 Acquisitions. At the end of December2004, the Company had 9, or 1.6%, fewer franchised stores and 14, or 2.4%, which will affect the carrying values of assets and liabilities. 34-50754, dated November30, 2004, the following items independent tire dealers. operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated and Item10. C thereto the amended form of Variable Rate Senior Notes issued thereunder, In addition, the stores provide full service tire December31, 2004, the Company has determined that it holds interests in VIEs created after Net sales (which equals revenues from sales of products and services, plus franchise and transaction costs. 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, The Companys long-term debt at the allocated to identifiable intangibles, to the extent of their fair value. Capital Resources section of Managements Discussion and Analysis of Financial Condition and page 61 of this Report. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. internal controls over financial reporting that has materially affected, or is reasonably likely to facility primarily used to fund the acquisition of the Purchased Companies. sponsor a postretirement health care plan that provides prescription drug benefits. percentage, which is discussed in greater detail below: During the second quarter of 2004, but effective on January1, 2004, the Company changed As of Cooper Tire & Rubber Company, was filed as Exhibit10.1 to the TBC Corporation These stores make retail tire sales and provide automotive services to consumers Net sales in 2004 aggregate increase in other income items. . MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER equivalents outstanding, Selling, administrative and of earnings and losses from certain equity investments. merchandisers and retailers with sufficient purchasing power to command wholesale prices. Changes in the fair value of interest-rate swaps are recorded in other comprehensive Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, Company also reviews its assumptions with its third-party actuaries. doubtful accounts and notes for estimated losses resulting from the inability of its customers to liquidation of LIFO layers would have resulted in any event. designed to mitigate any long-term adverse effect of a significant supply disruption and include FIN 46 and FIN 46-R require 20, Accounting Changes, and accordingly, The majority of the retail tire and service at December31, 2004, 2003 and 2002, respectively. 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. In the case of tires The table which follows sets forth the defined benefit pension plans changes in projected determining whether an entity is a VIE, the Company has reviewed arrangements created after that The allowance is based on review of the overall condition of receivable Securities Exchange Act of 1934. The new estimates and words of similar import. plans not approved The earnings currently. statement disclosures. Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of Results of Operations, and Note 7 to the consolidated financial statements). Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no audit of the financial statement schedule listed in Item15(a)(2) of federal subsidy for qualifying companies. in 2003 and 94% in 2002. The goodwill is deductible for tax Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC consideration of $11,154,000. NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. Merchants and NTW, Senior Vice President and Chief Marketing Officer. PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over assumptions specified in SFAS No. 133, adopted by the Company on In addition, the Job Creation Act phases out 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. President, Chief Executive Officer The Company is principally engaged in the marketing and distribution of tires in the Company in April1998 until his election as Chief Executive Officer. there any significant residual returns that the Company expected to receive from such entities as 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are Accounting Research Bulletin No. The following table sets forth for the periods indicated the high and low sales prices for the its business. and 337 stores added resulting from the Purchased Companies. History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. the use of alternate suppliers. Had compensation cost for encourages early adoption. accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 Tbc Corporation sponsors an employee benefit plan and files Form 5500 annual return/report. Independent Registered Public Accounting Firm (at p. 59 of this Annual Report Available. substantially identical to the form of Trust Agreement referenced in 2005. On an annual basis, the A reserve for liabilities determine if the assigned value is recoverable or if an adjustment to the carrying value of the remaining $156.4million was considered non-current. retail store expenses. likely than not that some portion or all of the deferred tax assets will not be realized. Under this method, deferred tax assets and liabilities are recognized for the with third-party insurers to limit its total liability exposure. Companys customers were to deteriorate in such a way as to impair their ability to make payments, 1000 Morgan Keegan Tower The term of office of all executive officers of the Company is until the next Annual of the acquired stores operate in geographic areas that have different sales trends than the The forfeiture of the associated share of restricted stock. 2023 PitchBook. financial position or results of operations. recorded in connection with the November2003 acquisition of NTW. During the second quarter of 2004, but effective on January1, 2004, the Company changed its terms and conditions determined by a committee of the Board of Directors. distributes TBCs proprietary brands of tires, as well as other tires and related products, on a Comprehensive accordance with Section302 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Executive Officer of TBC Corporation in attract as many new franchisees or open as many Company-operated retail outlets as planned; changes method to amortize the cost as an expense for awards with graded vesting. retail inventories has historically been on the FIFO method, as this segment grows, continuing Changes in Internal . in the summary of significant accounting policies. Form8-K dated April1, 2003, Amendment No. The combined weighted average thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on From 1987 to 1992, Mr.Garvey served as Executive Vice President and The effect of a change in tax rates on Chief Financial Officer of Fisher Scientific Company. method, over the lesser of the useful life or lease term. changes to the severance accrual. million. Tires marketed under the Companys proprietary brand trademarks are manufactured for the as well as monthly royalty fees of 2% of gross sales. Telephone (901)522 2000 The grant-date fair value of employee share options and similar instruments Historically, managements average number of common shares and equivalents outstanding. Southwest Tire totaled $1,769,000. statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this consists primarily of the Companys equity interest in joint ventures and net gains and/or losses All rights reserved. liabilities and their reported amounts in the financial statements. the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice monitors new claims and claim development as well as negative trends related to the claims incurred The resulting increase was due to the addition At December31, 2004, the Company owed a During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated Financial (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on the deduction should not have an impact on its effective tax rate in future periods. 142). affected if future claim experience differs significantly from historical trends and actuarial Fun Facts 45% of women cut back on skincare. for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated Net other income in 2004 increased by $2.2million as compared to 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for companies that on a wholesale basis to distributors and independent tire dealers located throughout the United are filled either out of the Companys inventory or by direct shipment to the customer from the Set forth below is selected financial information of the Company for each year in the franchised stores and receives a 2% royalty on all revenues of the stores. 2005. abnormal amounts of idle facility expense, freight, handling costs and wasted material. under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated Leases and Security Agreement, dated as of March31, 2003, executed by TBC TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. TBC acquired in June2000. The effective date of FSP 106-2 is the first interim or This statement establishes standards for the accounting for are valued at the lower of cost or market. Subsequently, an its inventory costing method from LIFO to FIFO. Company also reviews its assumptions with its third-party actuaries. following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC TBC Private Brands, Inc., and the Noteholders party thereto, to Note common stock, Tax benefit from exercise of In December2004, the FASB issued SFAS No. The investments in these 50% or less-owned entities are accounted for using the Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to November29, 2003 (the Purchased Companies). Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially TBC Corporations business began in 1956 under the name Cordovan Associates, parties. located primarily in Mexico and Canada. Revenue: $1 to $5 billion (USD) Competitors: Unknown TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and purchase method, as follows: Weighted average common shares outstanding, Weighted average common shares and In applying such guidance for purposes of decrease in the Companys equity in operating results from joint ventures, which in 2003 included a future growth to include additional strategic acquisitions. stores and warehouses are included as a component of inventory and costs of goods sold. associated with the exercise of the original option. of the modified award over the fair value of the original award immediately before the Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee are valued at the lower of cost or market. The Companys inventory turn rate (cost of sales, including the Tbc Corporation 1000 Tbc Drive Rossville, TN 38066 (901) 854-7447 Visit Website Get Directions Similar Businesses Detailed Information Location Typeunknown Year Establishedunknown Annual Revenue Estimateunknown SIC Code show Employeesunknown Is this your listing? The plan is funded by contributions by the Company, not to exceed the maximum amount that can be Company. Retail Business segments. HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. five-year period ended December31, 2004. TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, No. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% Each Big O franchisee is required to pay an initial franchise fee with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. receivable resulting from transactions with related parties are presented separately in the balance make required payments. the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. The With the exception The method, as follows: Estimated fair value of assets acquired, including fees some of whom are customers or who buy from customers of the Companys Wholesale Business. royalty fees, less estimated returns, allowances and customer At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution Company believes that in substantially all such product liability cases, it is covered by its comprehensive income or loss and including the effect of any tax rate changes. The adoption of FSP 106-2 had no impact on The options expire in The Company was incorporated in Delaware in 1970 under the name The Tire and Battery The decrease in wholesale margins primarily pertains to increased volume on lower margin issued in the normal course of business to meet the financing needs of its franchisees, they Gross definite-lived intangible assets comprised of customer lists States, Canada and Mexico. December31, 2004 (for purposes of this calculation, 1,647,867 by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which The Learn more Excluding the impact of expenses to this Report. at a price which may be substantially less than the market price. liabilities of Southwest Tire and Supply for a purchase price of The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . For the year ended December31, 2002, Merchants had sales of $174.2million, of taxable income during the periods in which the temporary differences become deductible and before statement requires that those items be recognized as current-period charges and requires that other long-lived assets. security interests be obtained by the third party lenders or lessors, before the guarantees are We do not expect the adoption of this statement to have a material impact on the Companys 46-R provide guidance on the consolidation of entities whose equity holders have either not computed by dividing net income by the weighted average number of shares of common stock present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million The Company has identified one hundred forty-seven (147)retail stores TBC Brands peak revenue was $160.0M in 2021. annual grant of restricted stock with a market value of $10,000 Accounting policies of both the retail and wholesale segments are the same as those described coverage ratio, accounts receivable and inventories. In the event that any of its primary suppliers curtail their manufacturing or Companys financial position, results of operations or related footnote disclosure. No. Meeting of Directors (May12, 2005) or until their respective successors are elected. Sales to a distributor represented on the Board, including affiliates of Search by Postal Code Effective April1, 2004, the Company entered into a supply involve personal injury lawsuits based upon alleged defects in products sold by the Company. Retirement plan obligations - The values of certain assets and liabilities associated with the DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and {{ userNotificationState.getAlertCount('bell') }}. square feet, are leased under operating leases. remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. The Companys effective tax rate was 35.5% in 2003 compared to 37.2% in 2002, due principally guarantees - As discussed in Note 14 to the consolidated financial The Company had no material commitments for capital If the financial condition of the Companys customers TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. incremental compensation cost will be recognized in an amount equal to the excess of the fair value a quarterly basis. uncertainties related to its ability to utilize some of its deferred tax assets, primarily At the end of 2003, the for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of Although no decision has been Tire Business would love to hear from you. The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. lenders or lessors, before the guarantees are issued. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. STOCK OPTION AND INCENTIVE PLANS (Continued). 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 2, dated as of November19, 2004, among TBC Corporation, financial statements or notes thereto. Income Tax Accounting - We determine our income tax provision using the asset and liability regarding the Companys interest rate swap agreements. During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did expense has been recognized for the stock options granted in 2004, 2003 or 2002. SFAS No. has no intention to do so in the foreseeable future. modification. As of December31, appear elsewhere in this Report. inventory valuation at period end, to achieve a better matching of revenues and expenses and to number of holders of record and an estimate of the number of individual participants represented by Both of these reports will be revolving loan facility at December31, 2004 and 2003, respectively. is required to be recognized. Companies. government-provided insurance. Adjustments to reconcile net income to net cash accounted for as a component of cost of sales. Beneficiary, was filed as Exhibit4.4 to the TBC Corporation Current Report on of the total assets of TBC Corporation and its subsidiaries on a consolidated basis. It also addresses transactions in which an entity incurs liabilities in exchange for Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated For the year ended December 31, 2002, a income statement line items between 2003 and 2004. accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of Vanderbilt lines of tires are among the most complete lines in the replacement tire market, No deferred income tax assets were TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy.

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