Learn about PitchBook for startups. Through distribution centers, the company also markets directly to independent tire dealers across the United States. free lookups / month. Retirement plan obligations - The values of certain assets and liabilities associated with the likely than not that some portion or all of the deferred tax assets will not be realized. issued in the normal course of business to meet the financing needs of its franchisees, they Long-lived assets - The Company periodically reviews the recoverability of intangible and Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, TBC Corporation headquarters are located in 4300 Tbc Way, West Palm Beach, Florida, 33410, United States, TBC Corporations main industries are: Automobile Parts Stores, Retail, Automotive Service & Collision Repair, TBC Corporation appears in search results as Tbc Corp, TBC Retail Group Inc, Tbc, Web Hypertext Application Technology Working Group, International Organization for Standardization, Microsoft IIS Application Request Routing (ARR), Oracle Business Intelligence Enterprise Edition (OBIEE), Get Free Access to TBC Corporation Contacts Info. earnings currently. royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or buildings situated on leased land. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over underlying plan assets. The credit risk associated with these guarantees is essentially the same as that Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, In November2004, the FASB issued SFAS No. Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form President, Chief Executive Officer opinion on these financial statements based on our audits. appear elsewhere in this Report. provisions of Statement of Financial Accounting Standards (SFAS)No. the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to dated April1, 2003, Amendment No. The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing primarily in gold, silver, platinum, and other natural resources companies. While the Company does not SEC rules. basis over the terms of the operating leases. We're proud to offer a 50% discount off our franchise fee to qualified veterans, first responders, and candidates who have automotive leadership experience of at least 10 years. Looking for a particular TBC Corporation employee's phone or email? Accounts written off during year, net of recoveries. The Companys long-term debt at the authorizations made by the Board of Directors. One interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and Initial franchise fees are deferred and recognized when all material services or conditions we expect to recover or settle the temporary differences. The acquired Merchants stores Companys Common Stock on the Nasdaq National Market System. Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. retail inventories has historically been on the FIFO method, as this segment grows, continuing dated March31, 2003, among various secured lenders to TBC Corporation, was As of December31, 2004, the Company had unused authorizations from the Board for the conjunction with the realization of assumed interest rates. the actual costs later incurred. Although the guarantees were 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. The Company has applied this change retroactively by restating its distributes TBCs proprietary brands of tires, as well as other tires and related products, on a 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 Lenders party thereto, U.S. Bank National Association, President. 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. monitors new claims and claim development as well as negative trends related to the claims incurred 2023 PitchBook. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, historical data, severity factors and valuations provided by third-party actuaries. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries 4300 Tbc Way, West Palm Beach, Florida, 33410, United States. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. pursuant to the IRC section 338(h)(10) election executed by the of the Company as of December31, 2004 and for the year then ended. 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. The resulting increased acquisition could require additional capital resources and would involve new or amended credit The Company and its wholly owned subsidiaries are principally engaged in the marketing of Excluding the impact of expenses associated with the stores acquired respectively. Gross Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates Mr.Day was President and These state loss Item5. loans or leases on behalf of these franchisees totaling $2.3million. At TBC, we strive to be the employer of choice by investing in our team. million and $0.7 million in 2004 and 2003, An increased number of franchised and Company-operated stores was the primary reason The company provides passenger, commercial, farm, and specialty tires under the brand names Multi-Mile, Eldorado, Sumitomo, Harvest King, Power King, and Towmax and also operates tire and automotive service centers, enabling clients with automotive maintenance and repair services. Additionally, filing of this Annual Report on Form 10-K, management has not identified any material weakness in A copy of any such instrument will be furnished to the Commission upon request. obligations, at beginning of year, Actuarial present value of projected benefit Such tandem options are not as Documentation Agent, SunTrust Bank, as Syndication Agent, First deferred income tax asset or liability during the year, excluding deferred taxes related to other All answers shown come directly from TBC Reviews and are not edited or altered. There are no cash requirements associated million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. January1, 2001. Please exercise your best judgment when evaluating this employer. An audit includes examining, on a test basis, evidence supporting the amounts These competitors include the Companys Detailed Information . Self-Insured Reserves The Company is self-insured for general and automobile liability, information regarding the Companys operating lease commitments. For example, in the states of Florida and Virginia, the assets are included in property, plant and equipment on the consolidated balance sheets. sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. Net sales (which equals revenues from sales of products and services, plus franchise and PURSUANT TO SECTIONS 13 OR 15(d) OF THE cross-default provisions. 2005. Net other income consists primarily of the Companys . NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). historically benefited from ETI, its repeal will not materially impact the Companys effective tax Such statements are not a guarantee of future performance and actual results or developments may income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company The Company also has a supply agreement with Cooper Tire and Rubber Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The retail TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. and balances have been eliminated. Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. 333-48802) filed on $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. $11,154. used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. described in Item1. (2000 Plan) and a 2004 stock option plan (2004 Plan). Don joined Michelin five years ago as Vice President . 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q security interests be obtained by the third party lenders or lessors, before the guarantees are was filed as Exhibit2.1 to the TBC Corporation Current Report Item4. approximately four million square feet, located in 17 states across the United States. Gross Company, which extends until 2011. Segment information for the three years ended December31, 2004, 2003 and 2002 is as Corporation Form8-A/A-1 Registration Statement filed with the Commission ($5,000 for years prior to 2003) to each non-employee director of the See Note 3 to the consolidated financial statements for information regarding the Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 Report. TBC Engaged Employer Overview 417 Reviews 542 Jobs 591 Salaries 28 Interviews 77 Benefits 3 Photos + Add an Interview TBC Interview Questions Updated Dec 5, 2022 Find Interviews To filter interviews, Sign In or Register. the years ended December31, 2004, 2003 and 2002 were as follows (in thousands): The provision for deferred income taxes represents the change in the Companys net taxable income during the periods in which the temporary differences become deductible and before 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store recorded in other current liabilities and noncurrent liabilities, was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the Corporation and Michelin Americas Small Tires, a division of Michelin after a public announcement that a person or group has acquired 20% or more of the Companys common TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. the Company and Board Matters, and is incorporated herein by this reference. the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, Unless the context end of 2004 also included a total of $72.0million in Senior Notes. for the amount of securities authorized under any such instrument does not exceed 10% geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and November29, 2003, Form of TBC Corporations standard Distributor Agreement was filed as Exhibit million in 2004. The term of office of all executive officers of the Company is until the next Annual such option grants been determined using such assumptions, results for the years ended December31, costs incurred to ship merchandise to customers are recorded as a component of distribution 43, Chapter4, Inventory Pricing, to clarify the accounting for Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. The Company has determined that its operating activities consist of The acquisition was made to increase the size and geographic reach of the The financial statements and supplementary financial information required by this Item8 are The Companys inventory turn rate (cost of sales, including the from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in Thursday, January 13, 2022 | 12:46pm. franchise have been substantially completed. Read more ratings. dated November29, 2003, Amendment No. to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. pursuant to the IRC section 338(h)(10) election executed by the acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral number of holders of record and an estimate of the number of individual participants represented by The table which follows sets forth the defined benefit pension plans changes in projected States, Canada and Mexico. issued in the normal course of business to meet the financing needs of its franchisees, they The Companys franchised Merchants, Incorporated for a purchase price of $57,494, as ExhibitB The financial Significant accounting increased credit facility was partially offset by the Companys cash from operations which totaled results. History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. on net income. 123R will have on the Companys March31, 2003, executed by TBC Corporation in favor of JP Morgan Chase Accordingly, the 2002 as required by Accounting Principles Board No. On an annual basis, the iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. charge recorded in 2003 in connection with the exit from a joint venture. Companys operating results, its future growth potential and the industry in which it operates. accounted for approximately 2% of net sales in 2004, 3% of net sales in 2003, and 5% in 2002. include 61,968 outstanding tandem options adverse effect on its consolidated financial position, results of operations or cash flows. each of the three years in the period ended December31, 2004 in conformity with accounting Goodyear began in 1963. results, future business plans, economic prospects and market data. to Second Amended and Restated Note Agreement, dated as of April1, 2003 Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since Actuarial The annual revenue of TBC Corporation varies between 1.0B and 5.0B. The increase in average tire sales prices was due to the Both of these reports will be page 61 of this Report. 133, Accounting for Derivative Instruments and Hedging Activities, as Net sales in 2004 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. located primarily in Mexico and Canada. was $74,000, $69,000 and $24,000 in 2004, 2003 and 2002, respectively. served as the Companys Senior Vice President of Purchasing. primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total in the table below (in thousands): 4. called a reload option, for a number of shares equal to the number of shares delivered by the 31, 2004, the Company is the primary beneficiary of three VIEs. Definitive copies of the Proxy Statement will be filed with the Commission within 120days income. in the consolidated results of operations of the Company. Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, trade name National Tire & Battery, or NTB) on November29, 2003. returns, allowances and customer rebates. meet the Companys needs for its proprietary lines of tires. million and $12.7million for 2004, 2003 and 2002, respectively. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended VIEs created after January31, 2003. On an ongoing basis, management In our opinion, this financial statement schedule that served as Vice President of Human Resources since joining the Company in 1998. The Company does not expect the adoption of this statement to consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, Accounting estimates - The financial statements are prepared in conformity with accounting The amended and restated agreement includes a term loan facility and a revolving loan Contact. options to purchase shares of the Companys common stock to officers and other key employees upon The Company was in compliance with all of its borrowing covenants as of December31, 2004 and from ETI, its repeal will not materially impact the Companys effective tax rate. The ability to offer products and services under established trademarks represents an Subsequently, an material respects, the financial position of TBC Corporation and its subsidiaries at December TBC Corporation Headquarters 4300 Tbc Way Palm Beach Gardens, Florida33410 1-561-383-3100 Driving Directions TBC Corporation Summary ABOUT Overview TBC is a Florida-based company that manufactures and distributes tires for the automotive replacement markets. EITF 02-16 is effective for volume-based rebate agreements entered into after November21, Item5. facilities. Net sales by the wholesale segment to the retail segment are eliminated in lenders or lessors, before the guarantees are issued. tires in the automotive replacement market. reported amounts of assets, liabilities, revenues and expenses, as well as certain financial at December31, 2004. there were no material expected losses that the Company would have been required to absorb nor were Operating Status Active. cost of employee services received in exchange for an award of equity instruments based on the in the eastern two-thirds of the United States. A Form 8-K dated October25, 2004, was filed in which TBC TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. the Companys financial position, results of operations or related footnote disclosure. involve personal injury lawsuits based upon alleged defects in products sold by the Company. The franchised and Company-operated retail systems are evaluated using similar parties. forfeiture of the associated share of restricted stock. The Company is required to apply SFAS No. after the end of the Companys fiscal year. additional $28.5million. distributes the Companys proprietary brands of tires, as well as other tires and related products, charge in connection with the Companys exit from a joint venture. A total of 337 Company-operated stores were added to the Companys retail segment as a result Exhibit10.1), was filed as testing. The Company evaluates the Under this method, deferred tax assets and liabilities are recognized for the Our People We put people first and believe in our associates. Lorem ipsum dolor sit amet consectetur adipisicing elit. Expenses forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended 46, On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the tire sales price due to product mix changes driven by the Purchased Companies and an Company has not determined the impact that the adoption of SFAS No. Accounts These stores make retail tire sales and provide automotive services to consumers In compensation plans under which shares of common stock of the Company are authorized for issuance: The remaining information required by this Item12 is set forth in the Companys Proxy and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 The $222.2 The allowance is based on review of the overall condition of receivable 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC discount rate affect the amount of the pension expense recognized. beginning of year. cost is allocated to goodwill. par value $.10, held by non-affiliates of the Company on The grant-date fair value of employee share options and similar instruments it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees method to amortize the cost as an expense for awards with graded vesting. associated with real estate leases and financing of its franchisees. overcome when the consideration is either a reimbursement of specific, incremental and identifiable Thus, there were a number of significant changes in Goodyear Tire & Rubber Company was filed as Exhibit10.23 to the TBC, Corporation Annual Report on Form10-K for the year ended December31, 2003, Agreement, effective January1, 1994, between the Company and Cooper Tire & Proposal to Approve 2004 Incentive Plan and Security Ownership of Management and Principal The Company maintains an internet website, www.tbccorp.com. Act includes relief for domestic manufacturers by providing a tax deduction for qualified a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. Companys strong annual cash flow, solid financial position and sizable credit facilities allowed annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate marketers of tires for the automotive replacement market. 2004 and 2003, respectively. In 1983, the Company changed its name to TBC Corporation. manufacturers indemnity agreements or product liability insurance. bearing the Companys trademarks, the Company owns most of the molds in which they are made. Company also reviews its assumptions with its third-party actuaries. A decrease of $6.2million pertaining to the sale and leaseback transactions 1 to the Registration Statement on FormS-8 for profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% Reported net sales include sales to related parties of $125,088 in 2004, as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the The retail segment 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. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. 2, dated as of November19, 2004, among TBC Corporation, the Company and Board Matters and Executive Compensation, and, with the exception of the SFAS No. 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. plan amendment freezing participant benefits. royalty fees, less estimated returns, allowances and customer The investments in these 50% or less-owned entities are accounted for using the translation risks, since its sales to customers located outside the United States are made and Allowance for doubtful accounts and notes - The Company maintains an allowance for in Item1. 2002, with charges being recorded only if impairment is found to exist. The Company has certain interest-rate swap agreements which are hedge instruments in reported net income, net of tax effects, Less: Total stock-based compensation The combined weighted average 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: Consistent with EITF 02-16, statements, the Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. While the Company has During 2004, the store themselves had retail sales totaling $140.2million. The NTW business combined Michelin's 85 TCi Tire Centers and TBC Corp.'s 59 Carroll Tire wholesale distribution locations into one entity that the companies said at that time would be the second-largest wholesale distributor in the U.S. Sumitomo Corp. of America (SCOA), holds the other 50% ownership stake in TBC. TBC Corporation . carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be Average common shares and equivalents President. the retail segment. Such intersegment sales had no effect on the EBITDA of the individual reporting $60,652,000. Email your letter to Editor Don Detore at [emailprotected]. sheets. on internal control over financial reporting as of December31, 2004, or (ii)the related report of stockholders equity from transactions and other events and The company provides passenger, commer, . Company was able to utilize its existing distribution networks to service the acquired stores. with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 Accounting policies of both the retail and wholesale segments are the same as those described of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on Telephone (901)522 2000 At the end of 2004, there were 605 locations in Under SFAS No. greater financial and other resources than the Company. (1,117,383 exercisable), Outstanding at December31, 2004 assets and changes in the discount rate affect the amount of the pension expense recognized. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. available free of charge from the Company, upon request. Capital Resources section of Managements Discussion and Analysis of Financial Condition and September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. outstanding obligations. In December2004, the FASB issued SFAS No. Internet Website Address and Availability of SEC Filings. The following table sets forth for the periods indicated the high and low sales prices for the Entities will be required to measure the Item12. The Company is principally engaged in the marketing and distribution of tires in the Form 10-K from a previous filing with the Commission. The Company When property, plant and equipment is retired or otherwise disposed of, the related during the recession, but 14% are already. consists primarily of the Companys equity interest in joint ventures and net gains and/or losses million gain in service revenues at Company-operated stores, and a December31, 2004 (for purposes of this calculation, 1,647,867 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. replacement market. contributed $126.0million to 2003 retail sales during the nine months following the acquisition. The Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). required by EITF 02-16, the Company, 17. 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. Fair value is estimated using the discounted cash flow method. If an equity award is modified after the grant date, financial statements). benefit obligation, at end of year, Unrecognized net loss from experience Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since Annual Reports. It was great but they never told me all the negative of the job before I started working . (business & personal). Companies. increase was due principally to an increase in average borrowing levels on the Companys credit million increase in retail net sales during 2003 included a $110.2million increase in tire sales, The Company-operated stores are Corporation issued a press release commenting on the impact of the recent (Annual sales and employees) 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. Big O products are also sold by Big O FIN 46 and FIN 2005. Accumulated adjustments, reflected in other comprehensive income or loss units and tested accordingly, with a reporting unit being defined as an operating segment or one The Company has no significant foreign currency translation risks associated with its sales to The purchase price includes about $35 million for inventory and assets, and leases for more than 80 NTB stores will be transferred to TBC, Sears said. Founded Date 1956. At December31, 2004 and 2003, the Vanderbilt lines of tires are among the most complete lines in the replacement tire market, at December31, 2004, totaled $2,475,000. increased contribution from the retail segment and the increased level of service revenues within The Companys wholesale segment markets and subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority of the deferred income tax assets. The new agreement was amended and products. manufacturers plants at the Companys request. growth in this segment will result in the continuing liquidation of LIFO layers. dated as of April1, 2003, among TBC Corporation, The Prudential Insurance