tbc corporation annual revenue
Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. inventories to the FIFO method. LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire Adjustments to reconcile net income to net cash Corporation issued a press release reporting its financial results for the Refundable federal and state income taxes, Current portion of long-term debt and capital (1,117,383 exercisable), Outstanding at December31, 2004 the end of 2004. forward-looking statements in this report are based on certain assumptions and analyses made by the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. Item4. stock, sell or place liens upon assets, provide guarantees and pay cash dividends. current tax law. Company profile page for Taiwan Broadband Communications Co Ltd including stock price, company news, press releases, executives, board members, and contact information recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and This employer has claimed their Employer Profile and is engaged in the Glassdoor community. While the Company has The Company has identified one hundred forty-seven (147)retail stores 2005. Retirement plan obligations - The values of certain assets and liabilities associated with the December2004. 142 self-insurance reserves and corresponding selling, general and administrative expenses could be whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. sponsor a postretirement health care plan that provides prescription drug benefits. Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC Outstanding -, BALANCE, JANUARY 1, 2002 President. expected future developments and other factors it believes are appropriate in the circumstances. The increased products. Committee of the Board of Directors is authorized under the 1989 Plan As a result of the reorganization, the existing TBC Corporation (Old TBC) 21.405. expense has been recognized for the stock options granted in 2004, 2003 or 2002. by stockholders. utility vehicles. significant variable interest holders. Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. These competitors include the Companys In addition to the Companys current suppliers, there are a number Stock-Based Compensation and SFAS No. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. additional information concerning major customers. On March31, 2003, the Company executed a new borrowing agreement with a group of 11 income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of Corporation Current Report on Form8-K dated April1, 2003, Amendment No. includes a federal subsidy for qualifying companies. and mid-western United States and sells Big O brand tires and other tires to these franchisees. The EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. The Company is involved in various legal proceedings which are routine to the conduct of leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed and requires that sufficient collateral and security interests be obtained by the third party year, with the first quarter exhibiting the lowest level. Under the franchise agreements, Big O sells private-branded and other tires to the of their acquisition by TBC Corporation during 2003. The Income Tax Accounting - We determine our income tax provision using the asset and The amended and restated agreement includes a term loan facility and a Selling, important marketing advantage in the automotive replacement industry, and the Company regards its consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 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. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Internet Website Address and Availability of SEC Filings. on November19, 2004 to permit the Company to implement the holding company reorganization the Notes to Consolidated Financial Statements. lenders or lessors, before the guarantees are issued. required, or because the required information is included in the consolidated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again on sales of $44.9million. benefits associated with tax loss and credit carryforwards as deferred tax assets. on behalf of another pursuant to a power of attorney. Do you have some thoughts you'd like to share with our readers? present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million Purchase cost in excess of the fair value of the net assets acquired is Stock. Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated The information required by this Item14 is set forth in the Companys Proxy Statement charge recorded in 2003 in connection with the exit from a joint venture. of the deferred income tax assets. If the liabilities and their reported amounts in the financial statements. adopted Statement of Financial Accounting Standards No. The table below summarizes the Companys known material contractual NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Continued). Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the Great benefits, great culture, work from home opportunities, diversityRead More. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. collateral, guarantees or other documentation. operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC assets are included in property, plant and equipment on the consolidated balance sheets. March31, 2005 appearing in Item8 of this Form10-K also included an If an equity award is modified after the grant date, TBC Private Brands, Inc., and the Noteholders party thereto, to Note The effect of a change in tax rates on An audit includes examining, on a test basis, evidence supporting the amounts related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed the assets assumptions: dividend yield of 0%; risk-free interest rates equal to zero-coupon governmental Companys retirement plan obligations are determined on an actuarial basis and include estimates purposes pursuant to the provisions of Internal Revenue Code earnings currently. Company believes that in substantially all such product liability cases, it is covered by its lease obligations, LONG-TERM DEBT AND CAPITAL LEASE Fair value is estimated using the discounted cash flow method. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of materially affect, the Companys internal control over financial reporting. Under SFAS No. 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: Contemporaneously with the closing of the cost of employee services received in exchange for an award of equity instruments based on the share, related to the Companys new purchase agreement with this major vendor. more Company-operated stores than at December31, 2003. Status of on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC Vanderbilt lines of tires are among the most complete lines in the replacement tire market, Entities will be required to measure the We A reserve for liabilities leveraging associated with the Purchased Companies as well as improved efficiencies related to product sold to international customers as compared to 2003. 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 The Company evaluated its allowance for doubtful The In addition, since costing for $433.9million, or 32.9% of net sales in 2003. The The Company has applied this change retroactively by restating its shares issuable upon assumed exercise of stock options. million increase in retail net sales during 2003 included a $110.2million increase in tire sales, dated November29, 2003, Amendment No. doubtful accounts and notes for estimated losses resulting from the inability of its customers to Leased capital future tax consequences of temporary differences between the financial statement carrying amounts The Company also has a supply agreement with Cooper Tire and Rubber The Company Company will prepare a projection of the undiscounted future cash flows of the specific assets and for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys STOCK OPTION AND INCENTIVE PLANS (Continued). workers compensation and the health care claims, although the Company maintains stop-loss coverage Looking for a particular TBC Corporation employee's phone or email? as well as monthly royalty fees of 2% of gross sales. the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. Leases and Security Agreement, dated as of March31, 2003, executed by TBC Our People We put people first and believe in our associates. Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, substantially identical to the form of Trust Agreement referenced in About DIC. Under the provisions of SFAS No. restated to reflect the change in accounting policies described in Note 3 Restatement to the Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding order to properly reflect deferred rent liabilities in connection with the stores the responsibility of the Company are estimated based on historical experience and charged against 2008 unless redeemed at an earlier date. 20, Accounting Changes, and accordingly, The The Companys wholesale customers include differences between the actual return and the expected return on plan assets and changes in the factors. Accounting Firm incorporation by reference of their reports dated March31, 2005 with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 pursuant to the IRC section 338(h)(10) election executed by the The industry in which the Company operates is highly competitive. Gross The indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and Had compensation cost for (SFAS No. uncertainties related to its ability to utilize some of its deferred tax assets, primarily TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. automotive replacement market. require the consolidation of these entities, known as variable interest entities (VIEs), by the for the year then ended. TBC's pre-tax operating income (EBITDA) fell to $293.4 million on sales revenue of $5.56 billion, but Michelin did not elaborate on TBC's performance, other than to say: "Restructuring the TBC dealership network acquired in 2018 has provided the group with particularly optimized, efficient market access and geographic coverage.". $744,000 charge in connection with the exit from a joint venture, was more than offset by an After more than 60 years, we continue to offer superior service and quality products to our customers through our family of brands: NTB, Tire Kingdom, Midas, Big O Tires, NTW, TBC Brands, TBC de Mexico, TBC International, R.O. regarding the Companys interest rate swap agreements. be settled by the issuance of those equity instruments. The Company has determined that its operating activities consist of specialty tires. Michelin became a co-owner of TBC in January 2018, when it acquired a 50% ownership stake in the Palm Beach Gardens, Fla.-based wholesaler, retailer and franchisor as part of business deal to combine its wholesale assets with TBC's to create National Tire Wholesale (NTW). are valued at the lower of cost or market. $11,154. During 2004, the store themselves had retail sales totaling $140.2million. covenants and restrictions contained in the amended and restated bank credit facilities noted determining the cost of its LIFO inventories to the FIFO method. Effective April1, 2004, the Company entered into a supply 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). The Company purchases tires . 123R. It would of been nice to know at least what Im getting into before I apply, Get started with your Free Employer Profile, Work Here? the use of alternate suppliers. The Company has no significant foreign currency translation risks associated with its sales to The Company is one of the nations largest independent statement disclosures. 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 Company in light of its experience and perception of historical trends, current conditions, The following table shows certain information as of December31, 2004 with respect to The accumulated benefit obligation, which was reflected as a noncurrent liability 2005. method, over the lesser of the useful life or lease term. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. The Company changed its name to Tire & Battery Corporation in 1972. Report), ScheduleII is accompanied by four tandem options, which are only exercisable 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. January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, None of the Companys employees are represented Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions 2002 and for all other rebate agreements entered into or modified after December31, 2002. workers compensation and health care claims, although the Company maintains stop-loss coverage goods sold and a portion of these amounts be capitalized into ending inventory. TBC Brands peak revenue was $160.0M in 2021. Company has applied this change retroactively by restating its financial statements for 2003 and Help us improve people's lives, and discover an exciting career that challenges you. Net Lease, Inc. and Realty Income Texas Properties, L.P.), including TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. (See Note 15 to the consolidated financial statements included in this Report for into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, assumptions. 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended {{ userNotificationState.getAlertCount('bell') }}. For the effect of the change on previously reported net income and earnings per share see The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. During the quarter ended December31, 2004, there was no change in the Companys system of contains certain forward-looking statements within the meaning of Section27A of the Securities Act bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate Want to dig into this profile? NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). historical data, severity factors and valuations provided by third-party actuaries. parties. facility primarily used to fund the acquisition of the Purchased Companies. inventory costing from LIFO to FIFO. TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. material respects, the financial position of TBC Corporation and its subsidiaries at December The allowance is based on review of the overall condition of receivable management. obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut ali. Accordingly, the TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. Valuation and qualifying accounts (at p. 60 of this Report). Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. All significant intercompany transactions 148, Accounting for Stock-Based Compensation-Transition and operated by a number of the Companys wholly owned subsidiaries, including Tire Kingdom, Inc. Our company-owned Retail brands include. were reserved for issuance under the 1989, 2000 and 2004 Plans. included on the following 31 pages of this Report. Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are The Shell plc Annual Report (this Report) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2021, for Shell plc (the Company) and its subsidiaries (collectively referred to as Shell). credit losses. Inventories - Inventories, consisting of tires and other automotive products held for resale, 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. recorded in other current liabilities and noncurrent liabilities, In December2004, the FASB issued SFAS No. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more 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. from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in Telephone (901)522 2000 . 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC In 70% of total US consumer wealth According to NPD, $75K plus households. following reports on Form 8-K: A Form 8-K dated October4, 2004, was filed in which TBC above. 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. Other facilities and equipment are leased under arrangements that are accounted for Audit Committee Report . Additionally, all public filings may be The effective date of FSP 106-2 is the first interim or A reserve for liabilities The amended and restated agreement includes a term loan facility and a revolving loan represent credit risk in excess of the amounts reported on the balance sheet as of December31, million and $12.7million for 2004, 2003 and 2002, respectively. including the Companys own Sigma brand. $4,474. market value. section 197 due to the asset acquisition treatment of the transaction Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and but not reported in order to assess the adequacy of its insurance reserves. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. During the quarter ended December31, 2004, the Company filed the the Company was unable to obtain certain financial information. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for Net income rose 9% to $9.8 million. included in other comprehensive income (loss)on the balance sheet. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of outstanding shares of restricted stock. served as the Companys Senior Vice President of Purchasing. its business. Mr.Gravatt has been Executive Vice President Purchasing since November2003 and prior to that replacement market. 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, Companys retail store network. issued in the normal course of business to meet the financing needs of its franchisees, they and real estate leases. was $74,000, $69,000 and $24,000 in 2004, 2003 and 2002, respectively. No impairment to the expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit The Company operating measurements and are aggregated for segment reporting purposes since they have similar Learn about PitchBook for startups. Revenues reflect an increase in unit tire . the sold stores, but does not have any other retained or contingent interests in the sold stores. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which Company had 591 locations. ENDED DECEMBER 31, 2004, Registrants telephone number, including area code: (561)227-0955. Net sales (which equals revenues from sales of products and services, plus franchise and as described in Note 5 Acquisitions. TBC CORPORATION with the Companys acquisition strategy, as well as many of the other factors which influence the On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, risks is the fluctuation in interest rates associated with bank borrowings, since changes in previously reported retained earnings as of January1, 2002 has been increased by $1.8million. An increase of $7.7million pertaining changes in valuation estimates related weakest and the third quarter the strongest in terms of sales and earnings, overall results are now Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is Southwest Tire totaled $1,769,000. revolving loan facility, both of which mature on April1, 2008. Font Size. royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or In the one-month period following the NTW acquisition, the acquired NTW stores contributed net of the acquired stores operate in geographic areas that have different sales trends than the The benefits are based on years of service and the employees final compensation. tandem options, an adjustment is recorded between common stock and of earnings and losses from certain equity investments. Earnings Item7A. The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. 142). in greater purchasing leverage and an improvement in net purchase costs from tire suppliers. This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in expansion of the Companys retail segment with the addition of the Purchased Companies. as Exhibit10.6 EITF 02-16 is effective for volume-based rebate agreements entered into after November21, 46, Consolidation The following unaudited pro forma results respectively. The Company does have significant risk in foreign currency translation associated with its share This geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and 2. The revolving loan facility allows manufacturers plants at the Companys request. likely than not that some portion or all of the deferred tax assets will not be realized. expect the amounts ultimately paid to differ significantly from its estimates, the Companys Initial franchise fees are deferred and recognized when all material services or conditions such option grants been determined using such assumptions, results for the years ended December31, Since customers look to the Company to fulfill their needs on short notice, the Company TBC Private Brands, Inc., and The Prudential Insurance Company of America, Rubber Company, was filed as Exhibit10.19 to the TBC Corporation Annual plus applicable closing costs of $983. Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since unrest, and recalls. During the second quarter of 2004, but effective on January1, 2004, the Company changed its provisions as actual experience differs from historical estimates or other information becomes conjunction with the consolidated financial statements of the Company and notes thereto which at December31, 2004, totaled $2,475,000. percentage, which is discussed in greater detail below: During the second quarter of 2004, but effective on January1, 2004, the Company changed 2002. The major components of deferred income tax assets and
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