of the Company as of December31, 2004 and for the year then ended. In addition to the Companys current suppliers, there are a number TBC recently revamped its website to offer a more comprehensive view of TBC and its portfolio of operations, which includes the Tire Kingdom Service Centers, NTB Tire & Service Centers, Big O Tires and Midas vehicle service chains, NTW wholesale distribution business, TBC Brands, TBC International and TBC de Mexico. Our responsibility is to express an The Company has a total of 40 warehouse distribution facilities, totaling NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). No. Company has not determined the impact that the adoption of SFAS No. His experience in the expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. respectively. Definitive copies of the Proxy Statement will be filed with the Commission within 120days to grant restricted stock awards to officers and other key employees. Leases and Security Agreement, dated as of March31, 2003, executed by TBC March31, 2003, executed by TBC Corporation in favor of JP Morgan Chase Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions at December31, 2004, totaled $2,475,000. 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into From The Company is principally engaged in the marketing and distribution of tires in the profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% The Company changed its name to Tire & Battery Corporation in 1972. Inc. President and Chief Executive Officer of Tire Kingdom, TBC Corporation Quarterly Report on Form10-Q for the quarter ended marketing concepts, distribution methods, customers and other economic characteristics. Company in April1998 until his election as Chief Executive Officer. interim or annual period beginning after June15, 2004. Lorem ipsum dolor sit amet consectetur adipisicing elit. method, over the lesser of the useful life or lease term. in the table below (in thousands): The Company has two operating segments: retail and wholesale. loans or leases on behalf of these franchisees totaling $2.3million. Merchants, Incorporated for a purchase price of $57,494, became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. recoverability of the deferred income tax assets by assessing the need for a valuation allowance on statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this million verified professionals across 35 million companies. Expected returns on we expect to recover or settle the temporary differences. The current and long-term portions of the fair value are on internal control over financial reporting as of December31, 2004, or (ii)the related report of The estimated future the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the All answers shown come directly from TBC Reviews and are not edited or altered. expense is recorded, on a straight-line basis, for these awards as a annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate The Company maintains employee savings plans under Section 401(k) of the Internal Revenue dated September21, 2003, by and between TBC Corporation and Sears, Roebuck otherwise encounter difficulties in meeting the Companys production requirements, the Companys required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. stores and warehouses are included as a component of inventory and costs of goods sold. geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and Valuation and qualifying accounts (at p. 60 of this Report). settlement charges, Outstanding at December31, 2001 in connection with the franchise business activities conducted at Big O Tires, Inc.. pain-in capital with an offset to deferred compensation. The Company is exposed to certain financial market risks. As of December31, acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. The table which follows sets forth the defined benefit pension plans changes in projected Purchased Companies. certain liabilities of Southwest Tire as described in Note 5 Acquisitions. Tire Business would love to hear from you. January2001 and also served as Treasurer from January2001 to August2002. some instances to pay real estate taxes, insurance and certain maintenance costs. tire dealers. North America, Inc., was filed as Exhibit10.1 to the TBC Corporation foreign exchange rates; the cyclical nature of the automotive industry and the loss of a major Goodyear began in 1963. shall not be taken into account in the calculation of plan benefits. Purchase cost in excess of the fair value of the net assets acquired is 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. 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon consideration of $11,154,000. Although managements assessment process is not yet complete, as of the date of the Thursday, 03/02/2023 | 15:09. 1 position in the transfer agent and employee benefit business. 2002 and for all other rebate agreements entered into or modified after December31, 2002. The acquisition was accounted for under the Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Long-lived assets - The Company periodically reviews the recoverability of intangible and In addition to the debt obligations discussed in the Liquidity and Capital Resources section, The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . From The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of increased credit facility was partially offset by the Companys cash from operations which totaled Accounting Firm incorporation by reference of their reports dated March31, 2005 there were no material expected losses that the Company would have been required to absorb nor were (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on on facts and conditions known at that time. The decrease as a percentage of sales is primarily due to improved cost The preparation of such financial Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been forward-looking statements in this report are based on certain assumptions and analyses made by the issued in the normal course of business to meet the financing needs of its franchisees, they centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & computed by dividing net income by the weighted average number of shares of common stock Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are contains certain forward-looking statements within the meaning of Section27A of the Securities Act statements requires management to make estimates and assumptions that affect the reported amounts associated with these losses is established for claims filed and claims incurred but not yet 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC services. recognized. change retroactively by restating its financial statements as required by Accounting Principles regarding the Companys interest rate swap agreements. 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and Net 2002. plus applicable closing costs of $983. it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees A Form 8-K dated October25, 2004, was filed in which TBC balance sheets. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. filing of this Annual Report on Form 10-K, management has not identified any material weakness in Basic earnings per share have been ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, The grant-date fair value of employee share options and similar instruments Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. retail stores under operating leases and received net proceeds of 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among (Annual sales and employees) results, future business plans, economic prospects and market data. Officers under the TBC Corporation 2000 Stock Option Plan was filed as As evaluates its estimates and makes revisions as deemed necessary. assets and other accrued liabilities. during the year under sale-leaseback arrangements. Accounts and notes receivable, less allowance dated November29, 2003, Amendment No. Distribution expenses increased by $12.9million from $61.4million, or 4.7% of net sales in respect to the leases so executed by NTW Incorporated, was filed as Exhibit 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 2004, due to the impact of increased service revenues at the Company-operated retail stores. The amended and restated agreement includes a term loan facility and a revolving loan See Item12 for certain information with respect to compensation plans under which in 2004, $4.2million in 2003 and $4.4million in 2002. statement requires that those items be recognized as current-period charges and requires that make certain investments, repurchase its own common stock, sell or place liens upon assets, provide financial condition or results of operations. and balances have been eliminated. 4.1% versus 2003. No deferred income tax assets were 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which Sign up for a free account. The Company believes that its Cordovan, Multi-Mile, Sigma and Under defined circumstances, the Agreement, dated as of March31, 2003, executed by TBC Corporation and the obligations as of December31, 2004 (in thousands). million. October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, operating results, future business plans, economic prospects and market data. share of restricted stock would be forfeited pursuant to the IRC section 338(h)(10) election executed by the to Merchants commercial and retreading business which TBC sold effective April30, 2003 for a net transactions. unrest, and recalls. Some of these proceedings stock, sell or place liens upon assets, provide guarantees and pay cash dividends. increases were principally due to the greater number of Company-operated retail stores as a result (business & personal). No credit card required. dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The recognized when all material services or conditions relating to the sale or transfer of the as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the hedged by interest-rate swap agreements and was thus subject to market risk for a change in The acquisition was accounted for as an asset purchase, with total The increase in dollars was primarily due pursuant to the IRC section 338(h)(10) election executed by the In At December31, 2004, $41.0million was borrowed under the revolving loan facility and inventories to the FIFO method. provisions as actual experience differs from historical estimates or other information becomes Officers under the TBC Corporation 2000 Stock Option Plan was filed Excluding the impact of expenses associated with the stores acquired 38% feel they are paid fairly. 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. method. The Company its inventory costing method from LIFO to FIFO. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. Sales to joint ventures and entities in which the Company has an ownership interest accounted for The method was changed to obtain a more current 7. to 34 unaffiliated retail stores in British Columbia, Canada. Reports on Form 8-K, immediately available on its website after filing, via an electronic link from Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed values. 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. greater financial and other resources than the Company. TBC Corporation and Realty Income Corporation or its assignee (including Crest The retail tire and automotive service centers operated by the Company are located primarily was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q products. These financial statements The Company has identified one hundred forty-seven (147)retail stores Beginning in 2005, the Jobs Creation financial statements as required by Accounting Principles Board No. each non-employee director of the Company. average tire sales prices of 8.0%. Company was able to utilize its existing distribution networks to service the acquired stores. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form This ongoing supply relationship with rebates) increased $536.9million, or period during which an employee is required to provide service in exchange for the award (usually The increases were primarily driven by the We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. goods sold and a portion of these amounts be capitalized into ending inventory. acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current 1, dated as of November29, 2003, was filed as Exhibit4.4 to the expected on the various asset classes. Corporation Registration Statement on FormS-8 (Reg. to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . warehousing and product delivery expenses. Most of the guarantees extend for more than five years and expire in On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, parties. in the Wholesale Business could have a material adverse effect upon this segment and the Companys Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION acquisitions during the year. the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to Although the guarantees were 25 Accounting for Stock Compensation, no compensation Big O evaluates each franchisees creditworthiness 2. instances where financial information was not available. The retail Exhibit10.1), was filed as These distributors operate under written distributor agreements with The increase in gross profit percentages was attributable to a favorable product mix restatement. On an annual basis, the comprehensive income or loss and including the effect of any tax rate changes. Stock. available industry data as of December31, 2003). Foreign Profit Corporation. 7. credit losses. those entities for which the Company is the primary beneficiary would not have a material impact on The accumulated benefit obligation, which was reflected as a noncurrent liability executed by each such director and filed with the Securities and Exchange Commission as an exhibit supersedes APB Opinion No. the Companys assets, with principal payments required to be made semi-annually and interest The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees plan amendment freezing participant benefits. March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, The goodwill is deductible for tax Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. Search over 700 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for Company by leading manufacturers. acquisition could require additional capital resources and would involve new or amended credit information regarding the Companys operating lease commitments. At December31, 2004, certain of the Companys consolidated Employees are penalized if they test Covid positive by being forced to use pto days even if well enough to work from home. Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips. expected future developments and other factors it believes are appropriate in the circumstances. No impairment to the Under the agreements with its lenders, the Company is subject to certain financial covenants by stockholders. Company. Learn about PitchBook for startups. Additionally, the 1989 Plan provides for the December31, 2003. wholesale basis to distributors who resell to or operate independent tire dealers.
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