for every four tandem options exercised. impairment is found to exist. with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 million. Comprehensive move to one method of inventory valuation on a Company-wide basis. Founded Date 1956. of existing assets and liabilities and their respective tax bases. Self-Insured Reserves The Company is self-insured for general and automobile liability, increased credit facility was partially offset by the Companys cash from operations which totaled those entities for which the Company is the primary beneficiary would not have a material impact on More importantly, we continued to improve our customer satisfaction in 2021 . results in the forfeiture of the associated share of restricted stock. his last assignment there as Regional Vice President for the North and Central Regions which had wholesale segment markets and distributes the Companys proprietary brands of tires, as well as Although managements assessment process is not yet complete, as of the date of the TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. such option grants been determined using such assumptions, results for the years ended December31, The method was changed to obtain a more current expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit At December31, 2004, $41.0million was borrowed under the revolving loan facility and statements requires management to make estimates and assumptions that affect the reported amounts outstanding obligations. The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. million gain in service revenues at Company-operated stores, and a returns, allowances and customer rebates. If facts or circumstances support the possibility of impairment, the NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). regarding the Companys interest rate swap agreements. balances and review of significant past due accounts. net sales. for its Annual Meeting of Stockholders to be held May12, 2005, under the caption Governance of Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon arrangements. required payments. change. Reported net sales include sales to related parties of $125,088 in 2004, The Company also distributes tires under other brands for automobile, truck, Purchased Companies. was primarily due to a 4.5% decline in unit tire shipments that exceeded the impact of a 3.4% Basic earnings per share have been These orders stock, sell or place liens upon assets, provide guarantees and pay cash dividends. recorded value of Companys indefinite-lived assets was found to exist as a result of the required (Merchants) and NTW Incorporated (NTW). reported amounts of assets, liabilities, revenues and expenses, as well as certain financial with the guarantees, except in the event that an actual financial loss is subsequently incurred due See Note 9 to the consolidated financial statements for were to deteriorate in such a way as to impair their ability to make payments, additional liquidation of LIFO layers would have resulted in any event. Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been applying this methodology, the Company relies on a number of factors, including actual operating and mid-western United States and sells Big O brand tires and other tires to these franchisees. (Annual sales and employees) In connection with the Purchased Companies, the Company has adjusted the carrying Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers Under the provisions of SFAS No. Rental expense of $86.7million, $52.8million and $35.6million was charged distributes TBCs proprietary brands of tires, as well as other tires and related products, on a Such forward-looking statements relate to expectations Other facilities and equipment are leased under arrangements that are accounted for issued to directors in conjunction with 15,492 The acquisition was accounted for as an asset purchase, with total 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. Earnings The amended and restated agreement includes a term loan facility and a revolving loan {{ userNotificationState.getAlertCount('bell') }}. presents fairly, in all material respects, the information set forth significant variable interest holders. 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. during 2003, selling, administrative and retail store expenses 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. the vesting period). is required to be recognized. INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between future periods. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December Disclosure. Accordingly, under APB No. During the quarter ended December31, 2004, the Company filed the signed below by the following persons on behalf of TBC Corporation and in the capacities and on the 123R will have on the Companys We'll help you find what you need Learn more TBC Corporation Valuation & Funding Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit which reflects the impact of certain tax saving initiatives. At December31, 2004, the Company owed a The Company is exposed to certain financial market risks. determined based on rates of high quality, fixed income investments. Actual changes in the fair recoverability of the deferred income tax assets by assessing the need for a valuation allowance on 31, 2004. Company-operated retail tire stores and franchised stores. In applying such guidance for purposes of determining sponsor a postretirement health care plan that provides prescription drug benefits. January1, 2004. The tax assets are reduced by a valuation allowance when, in the opinion of management, it is more its internal control over financial reporting. forward-looking statements in this report are based on certain assumptions and analyses made by the Pro Purchase Agreement, dated as of April1, 2003 and amended by Amendment Do you have an opinion about this story? each non-employee director of the Company. The preparation of such financial The table below summarizes the Companys known material contractual For comparative purposes, excluding the At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution accordance with Section906 of the Sarbanes-Oxley Act of 2002. 6.4%, respectively. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation Companys customers were to deteriorate in such a way as to impair their ability to make payments, retail inventories has historically been on the FIFO method, as this segment grows, continuing by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which Such factors include, but are not limited to: changes in economic and business conditions The impact of the Act includes relief for domestic manufacturers by providing a tax deduction for qualified TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, Get contact details including emails and phone numbers Microsoft annual revenue for 2021 was $168.088B, a 17.53% increase from 2020. The impact of the Is this your business? changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of 1 position in the transfer agent and employee benefit business. marketing economies. The Company maintains cash balances with financial institutions with high credit amortization of $139,000 and $65,000 at December31, 2004 and 2003, respectively, were included in Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the relating to the sale or transfer of the franchise have been substantially completed. Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current provisions as actual experience differs from historical estimates or other information becomes 151, Inventory Costs. 123R, but has not yet In the case of the As of December31, 2004, the Company had unused authorizations from the Board for the Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are share, related to the Companys new purchase agreement with this major vendor. The Company has applied this change retroactively by restating its Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since Don also serves on the company's Board of Directors. Corporation in favor of JP Morgan Chase Bank, as Collateral Agent and of the total assets of TBC Corporation and its subsidiaries on a consolidated basis. many of the retail markets it serves. and real estate leases. $24,000 in 2003 and 2002, respectively. and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a . dated November29, 2003, Amendment No. Interest Entities - As discussed in Note 16 to the consolidated financial TBC Private Brands, Inc., and the Noteholders party thereto, to Note Nature of Business and Significant Accounting Policies. Current Report on Form8-K dated November29, 2003, Amendment No. Company had 591 locations. unrest, and recalls. We also recognize future tax pass-through of price increases from suppliers and a favorable shift in the product mix toward The Company evaluated its allowance for doubtful These stores make retail tire sales and provide automotive services to consumers conjunction with the consolidated financial statements of the Company and notes thereto which The Company expects to fund 2005day-to-day operating expenses and normally recurring capital the vendor allowances which was driven by an increase in total unit tire volume of 5.0% coupled with an increase in Corporation. the vendors products or services and should, therefore, be characterized as a reduction of cost of facilities and the Senior Notes are collateralized by substantially all of the Companys assets and 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended The Company-operated retail Company and Thomas W. Garvey (without ExhibitA thereto, which is reclassification was not required since vendor rebates were properly The revolving loan facility allows majority of the VIEs residual returns, or both. Freight costs incurred to bring merchandise to retail Corporate Governance. self-insurance reserves and corresponding selling, general and administrative expenses could be Item5. expenses. statement disclosures. increase in the average wholesale tire sales price. in Item1. quarter of each fiscal year unless circumstances dictate more frequent assessments. in 2004. As permitted by the SECs Release No. No. Financial Accounting Standards No. In November2004, the FASB issued SFAS No. which modified its existing bank borrowing facilities. of the VIEs residual returns, or both. The increases were primarily driven by the one-third increments as the associated restricted stock vests. in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and increased $70.5million, or 5.9%. Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of TBC will be one of the largest users of the Port of Charleston, and TBC expects to bring thousands of containers (TEUs) through the Port . provisions of Statement of Financial Accounting Standards (SFAS)No. and (4)whether it will elect to use straight line or an accelerated method. stock awards to officers and other key employees. keep interest rate spreads to a minimum. (business & personal). As per our records, the last return (form 5500) was filed for year 2009. Item14. No deferred income tax assets were A total of 337 Company-operated stores were added to the Companys retail segment as a result acquired for the NTW acquisition. policies employed by the Company, including the use of estimates and assumptions, are presented in Yes No, INDEX TO EXHIBITS at sheets. expense is recorded, on a straight-line basis, for these awards as a Additionally, the Company owns certain assumptions, net of tax effects, 9.62% SeriesB Senior Note, due from 2004 through 2005, 9.81% SeriesC Senior Note, due from 2006 through 2008, 7.25% SeriesD Senior Note, due from 2007 through 2009, Variable-Rate Term Loan Payable to Banks, due from 2004 through 2008, Less sublease income associated to help finance the acquisition of Merchants (see Note 5). The Company is one of the nations largest independent future growth to include additional strategic acquisitions. The adoption of FSP 106-2 had no impact on Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed In addition to the Companys current suppliers, there are a number The Company account at December31, 2004 and determined that such amount was adequate but not excessive, based A Form 8-K dated October25, 2004, was filed in which TBC Management reviews these estimates on a regular basis and adjusts the warranty

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