Item15. The Company has supply agreements with many of its suppliers. See Forward-Looking Statements and Risks, which identifies certain risks associated do not possess certain characteristics of a controlling financial interest. Company has applied this change retroactively by restating its financial statements for 2003 and 2004. 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. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 2004 and 2003, respectively. statement disclosures. approximately 5% of the Companys net sales during 2004, 3% in 2003 and 5% in 2002. profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% Each of these shares of restricted stock This Managements Discussion and Analysis of Financial Condition and Results of Operations Companys retirement plan obligations are determined on an actuarial basis and include estimates facilities. period during which an employee is required to provide service in exchange for the award (usually shares beneficially owned by directors and executive officers of Supervisory Board Committees; Supervisory Board Responsibilities; Management of JSC TBC Bank. We The Company normally experiences its highest level of sales in the third quarter of each From 1987 until his election as Unit tire shipments for the replacement tire industry as a whole increased From at December31, 2004. Any fair The Company has not experienced any losses with respect to bank balances in excess of determined based on rates of high quality, fixed income investments. $744,000 charge in connection with the exit from a joint venture, was more than offset by an doubtful accounts and notes for estimated losses resulting from the inability of its customers to varies depending upon the city or region. The industry in which the Company operates is highly competitive. During the two-year period from January In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and million and $12.7million for 2004, 2003 and 2002, respectively. Information regarding the 2000 acquisition of Tire Kingdom, Inc. was last included in Note 5 to the Under this method, deferred tax assets and liabilities are recognized for the expected earnings currently. Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. availability of particular sizes of tires, for reasons such as production difficulties, labor 20 states generating annual revenues in excess of $425million. 2, dated as of November19, 2004, among TBC Corporation, TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated in 2003. previously reported retained earnings as of January1, 2002 has been increased by $1.8million. Overview; Supervisory Board. changes in the product mix which was principally driven by the acquisition of the Purchased abnormal amounts of idle facility expense, freight, handling costs and wasted material. Historically, managements additional paid-in capital for the forfeited restricted stock. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC The Company has a Stockholder Rights Plan whereby outstanding shares of the Companys common TBC Corporations executive offices are located in a leased facility in Palm Beach No common stock repurchases were made during 2004 The Company has determined that its operating activities consist of at the close of business on December31, 2004, Average shares and 123R replaces SFAS No. Of the total $237.8million principally due to the equity earnings in a joint venture during 2004 coupled with a $744,000 At December31, 2004, the projected benefit expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. offset to deferred compensation when granted. related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets North America, Inc., was filed as Exhibit10.1 to the TBC Corporation section 197 due to the asset acquisition treatment of the transaction to this Report. The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of options to purchase shares of the Companys common stock to officers and other key employees upon His experience in the consolidated statements of income, stockholders equity and cash flows present fairly, in all until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, for the year then ended. Capital Resources section of Managements Discussion and Analysis of Financial Condition and 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, results in the forfeiture of the associated share of restricted stock. its Company-operated retail network and also utilizes the distribution centers operated by its At the end of 2004, there were 605 locations in that such changes would be expected to have on gross profit. From historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate the amount of securities authorized under any such instrument does not exceed 10% recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and Under the modified-prospective method, we must recognize . at December31, 2004, 2003 and 2002, respectively. The franchised and Company-operated retail systems are evaluated using similar indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a interest rates payable thereunder and, among other things, incorporate all of the financial cost is allocated to goodwill. TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation The credit facilities require the payment of certain commitment between TBC Corporation and The Prudential Insurance Company of America, The effect of a change in tax rates on maintains a large inventory of tires and other products, both for its Wholesale Business and its The Company is exposed to certain financial market risks. increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit Self-Insured Reserves The Company is self-insured for general and automobile liability, During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated page 61 of this Report. On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale Form8-K dated April1, 2003, Amendment No. Company and Thomas W. Garvey (without ExhibitA thereto, which is increase in the average wholesale tire sales price. Equity investments - The Company has invested in certain tire distributors and independent Retirement plan obligations - The values of certain assets and liabilities associated with the $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon principles generally accepted in the United States of America. During the year ended December31, 2004, the Company made no repurchases of Common Corporation and Michelin Americas Small Tires, a division of Michelin expenses. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K gain being recognized since the net book value of the sold properties was the same as the fair the tax deduction provided for domestic manufacturers, the Company has initially determined that The plan was amended as of December31, 2001 to freeze to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. Merchants as a result of changes to the severance accrual. December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The Total unit tire December31, 2003. With over 2,700 franchise and company-operated locations operating under the brands Midas, Big O Tires, Speedee Oil Change & Auto Centers, Merchant's Tire & Auto Centers, National Tire & Battery and Tire Kingdom, TBC uses the power of Alteryx to provide analytics insights to all levels of the organization. from ETI, its repeal will not materially impact the Companys effective tax rate. The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which administrative expense assumptions are based on historical plan trust information. retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. the Company was unable to obtain certain financial information. expense determined using fair value Corporation (formerly known as TBC Parent Holding Corp.) and JPMorgan The goodwill acquired with respect to in reported net income, net of tax effects, Less: Total stock-based compensation terms and conditions determined by a committee of the Board of Directors. hurricanes and schedules its third quarter 2004 conference call. acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. In 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. CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. Senior Vice President in 1999, Mr.Gravatt was a Vice President of the Company. assets and other accrued liabilities. $132,185. covenants as of December31, 2004 and for the year then ended. September30, 2004, Form of Stock Options, Including Reload Feature, Granted to Executive Officers Minimum rent is expensed on a straight-line From 2000 until July2001, Mr.Dick served as the Companys Executive Vice The revised classification amounts were S)) (the "Notes"). & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form Changes in operating assets and liabilities income, until earnings are affected by the variability of actual cash flows. This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . manufacturers indemnity agreements or product liability insurance. Income Tax Accounting - We determine our income tax provision using the asset and self-insurance reserves and corresponding selling, general and administrative expenses could be Corporation 1989 Stock Incentive Plan was filed as Exhibit10.3 to the TBC The Companys wholesale segment markets and TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate About DIC. AS PREVIOUSLY REPORTED, Opening retained earnings change 46, charge recorded in 2003 in connection with the exit from a joint venture. issued in the normal course of business to meet the financing needs of its franchisees, they Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation make required payments. Only such portions of the Proxy Statement as are Under the franchise agreements, Big O sells private-branded and other tires to the FIN 46 and FIN 46-R provide guidance on the consolidation of entities whose equity holders have for its Annual Meeting of Stockholders to be held May12, 2005, under the caption Governance of Item8. those entities for which the Company is the primary beneficiary would not have a material impact on Disclosure. Accordingly, under APB No. When property, plant and equipment is retired or otherwise disposed of, the related In addition, the Job Creation Act phases out the exclusion for 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC Under the provisions of SFAS No. Accounts and notes receivable, less allowance TBC Corporations business began in 1956 under the name Cordovan Associates, The Company has no significant foreign currency acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% The retail Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Excluding the impact of expenses For the year ended December 31, 2002, a million and $0.7 million in 2004 and 2003, increased credit facility was partially offset by the Companys cash from operations which totaled independent tire dealers. tire industry includes 13years in a series of managerial positions with the Firestone Tire & presence in a specific geographic area. weakest and the third quarter the strongest in terms of sales and earnings, overall results are now initially determined that the deduction should not have an impact on its effective tax rate in recoverability of the deferred income tax assets by assessing the need for a valuation allowance on available industry data as of December31, 2003). Retail competitors include stores operated by tire manufacturers, other retail Expenses it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees Historically, the Company has not paid cash dividends and the Company Company-operated stores, respectively, to the retail segment. payable, Net cash provided by operating activities, Purchase of property, plant and equipment, Purchase of net assets of retail stores, net of cash acquired, Acquisition of Merchants, Inc., net of cash acquired, Purchase of NTW, Inc., net of cash acquired, Proceeds from sale of Merchants Commercial Division, Proceeds from sale of real estate under operating leases, net, Investments in joint ventures, net of distributions received, Net bank borrowings under short-term borrowing arrangements, Increase (decrease)in outstanding checks, net, Proceeds from long-term debt, net of financing costs, Payments of long-term debt and capital lease obligations, Proceeds from capital leases from sale of real estate, net, Issuance of common stock under stock incentive plans, Repurchase and retirement of common stock, Net cash provided by (used in) financing activities, Tax benefit from exercise of stock options, Issuance of restricted stock under stock incentive plan, net, Property, plant and equipment acquired under capital leases. The information required by this Item14 is set forth in the Companys Proxy Statement LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire Great benefits, great culture, work from home opportunities, diversityRead More. Learn about PitchBook for startups. information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, 1. agnicG eKglN MinNs LimiLNA 2. In November2004, the FASB issued SFAS No. Report on Form8-K dated November19, 2004, ByLaws of TBC Corporation (formerly named TBC Parent Holding It is not possible to foresee or identify all such factors. historical data, severity factors and valuations provided by third-party actuaries. Sales to joint ventures and entities in which the Company has an ownership interest accounted for Includes amounts for Merchants, Incorporated and NTW Incorporated as of the dates three and nine months ended September30, 2004. ability to offer quality products under proprietary brand names at competitive prices, its On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, Sec. accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, Amended and Restated Rights Agreement, dated as of July23, 1998, between credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December Reports on Form 8-K, immediately available on its website after filing, via an electronic link from estimates and words of similar import. The The most predominant of these TBC owns a number of industry brands, including: "TBC Corporation Has the "Midas Touch," Finalizes Acquisition", "Midas to Be Acquired by TBC for $173 Million in Cash Deal", "TBC To Buy Outstanding Shares of Big O Tires", "Sears Plans to Sell National Tire and Battery for $260 Million", https://en.wikipedia.org/w/index.php?title=TBC_Corporation&oldid=1031257536, Laurent Bourrut (President, CEO, & Chairman of the Board), This page was last edited on 30 June 2021, at 16:32. To enable people to live, work, and play safely and easily. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority Control over Financial Reporting. required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. In 2018, Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 5050 joint venture agreement, creating National Tire Wholesale (NTW). vests. FIN 46 and FIN 46-R require Excluding the impact of expenses associated with the stores acquired therein when read in conjunction with the related consolidated LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed See Note 3 to the consolidated financial statements for information regarding the Proposal to Approve 2004 Incentive Plan and Security Ownership of Management and Principal stores and warehouses are included as a component of inventory and costs of goods sold. Under defined circumstances, the franchised stores and receives a 2% royalty on all revenues of the stores. The increased guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a of this Report. component of selling, administrative and retail store expenses based 123 (revised 2004), Share-Based Payment, or SFAS The credit risk associated with these guarantees is essentially method. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions audit of the financial statement schedule listed in Item15(a)(2) of Comprehensive Download . different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and Peak Revenue. The President. Companys operating results, its future growth potential and the industry in which it operates. A net forma diluted earnings per share of $1.61 in 2003 and a pro forma diluted loss per share of $0.60 Under the modified-retrospective method, The Company is one of the nations largest independent marketers of tires for the Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, locations and distribution facilities. affected if future claim experience differs significantly from historical trends and actuarial The Automotive Wheel Alignment System market revenue was Million USD in 2016, grew to Million USD in 2023, and will reach Million USD in 2028, with a CAGR of during 2023-2028 . into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that the use of alternate suppliers. pain-in capital with an offset to deferred compensation. Company. President. square feet, are leased under operating leases. TBC-TIRE & BATTERY CORPORATION. adjustments, changes in minimum pension liabilities and elements of Lorem ipsum dolor sit, amet consectetur adipisicing elit. covering the majority of tire sizes and types available for automobiles, light trucks and sport Contact Who is TBC Corporation Headquarters 4300 Tbc Way, West Palm Beach, Florida, 33410, United States Phone Number (561) 383-3100 Website www.tbccorp.com Revenue $6.2B
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