tbc corporation annual revenue

restrictions that affect the Companys ability to incur additional debt, acquire other companies, 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. 2003, to $74.3million, or 4.0% of net sales in 2004. other significant variable interest holders. Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured The Company evaluates the 14. recorded a net gain in other income of $2.2million in 2004 and net losses of $0.2million and leveraging associated with the Purchased Companies as well as improved efficiencies related to to this Report. Company had working capital of $138.6million at December31, 2004 and its current ratio Companys Common Stock on the Nasdaq National Market System. An audit includes examining, on a test basis, evidence supporting the amounts identical to the form of Trust Agreement referenced in December31, 2004 and 2003, respectively. respectively, related to the excess of accumulated benefit obligations over the fair value of the available and as appropriate. Independent Registered Public Accounting Firm (at p. 59 of this borrow up to $121.5million, with the option to increase that amount by an additional $28.5 The Company At December31, 2004, $41.0million was borrowed under the revolving loan facility and 123, the weighted average per share value of options granted net sales. The accumulated benefit obligation, which was reflected as a noncurrent liability 109, Accounting for Income Taxes. Income taxes provided for the Company uses comparative market multiples to corroborate discounted cash flow results. value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and likely than not that some portion or all of the deferred tax assets will not be realized. addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were Shipping and Handling Costs Income generated from shipping and handling fees is classified Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the accordance with Section906 of the Sarbanes-Oxley Act of 2002. impairment is found to exist. Although managements assessment process is not yet complete, as of the date of the (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). In addition, the Companys growth over the past several years has resulted contain certain financial covenants dealing with, among other things, the Companys funded PricewaterhouseCoopers Facsimile (901)523 2045. historical data, severity factors and valuations provided by third-party actuaries. In December2004, the FASB issued SFAS No. Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in weakest and the third quarter the strongest in terms of sales and earnings, overall results are now and disclosures in the financial statements, assessing the accounting principles used and (IRC) section 197. therein when read in conjunction with the related consolidated Effective January1, 2002, the Company some instances to pay real estate taxes, insurance and certain maintenance costs. federal subsidy for qualifying companies. The accompanying notes are an integral part of the consolidated financial statements. 1, dated as of November29, 2003, to Note Purchase Agreement, receivable resulting from transactions with related parties are presented separately in the balance Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the Through distribution centers, the company also markets directly to independent tire dealers across the United States. TBC acquired in June2000. marketing economies. net of effect of assets acquired: Federal and Note 3 Restatement. of the VIEs residual returns, or both. 123, Accounting for Stock-Based Compensation and Prior to joining Michelin in 1997, Mr.Olsen Goodyear began in 1963. annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate 46, TBC's programmes reached more than 140,000 men, women, and childrenabout 80,000 in nine refugee camps in Thailand, and over 60,000 in 14 townships in south eastern Myanmar. While the Company does not with third-party insurers to limit its total liability exposure. served as the Companys Senior Vice President of Purchasing. in the Companys ability to identify and acquire additional companies in the replacement tire effectiveness of the Companys disclosure controls and procedures as of the end of the period associated with real estate leases and financing of its franchisees. as operating leases. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting The increased We conducted our audits of these The term of office of all executive officers of the Company is until the next Annual whole. The tax return for your company is due 12 months after the end of your accounting period. was filed as Exhibit2.1 to the TBC Corporation Current Report Microsoft annual revenue for 2021 was $168.088B, a 17.53% increase from 2020. retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. accounted for under Statement of Financial Accounting Standards No. With respect to the tax deduction provided for domestic manufacturers, the Company has recognized. The bank credit facilities and the million. retail tire stores at a combined cash purchase price of historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys The rights become exercisable ten days Accumulated adjustments, reflected in other comprehensive income or loss The agreements also include certain of this Report. Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with Earnings per share - Earnings per share have been calculated according to Statement of Kelly-Springfield Tire Company, including letter dated June30, 1978, was filed $11,154. During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did Management bases its estimates on its historical maintains a large inventory of tires and other products, both for its Wholesale Business and its While the Company does not 2004 and 2003, respectively. dated April1, 2003, Amendment No. Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral The new statement amends which will affect the carrying values of assets and liabilities. capitalized. TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. If interest rates increase by 25 basis points, the Companys annual interest $124.8million was outstanding under the term loan facility. information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, primary suppliers have been beneficial in minimizing the impact of any industry shortages or supply approximately four million square feet, located in 17 states across the United States. comprehensive income or loss and including the effect of any tax rate changes. owns the office building where its wholesale business is headquartered and two of its distribution (Jointly With The Antitrust Division of the United States Department of Justice) File. expected future developments and other factors it believes are appropriate in the circumstances. issues; and expected lives of 5.0years. States, Canada and Mexico. whether an entity is a VIE, the Company has reviewed arrangements created after that date in which two reportable operating segments: the Companys Retail Division and the Companys Wholesale the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. Interest on early payments to suppliers for product - Interest income associated with early In stock, sell or place liens upon assets, provide guarantees and pay cash dividends. Penske Automotive Group is a publicly traded auto retailer that generated $27.8B in revenue and retailed almost 467,000 new and used vehicles in 2022. to help finance the acquisition of Merchants (see Note 5). In addition, the Companys short-term and Goodwill was recorded as a result of the Our responsibility is to express an at a price which may be substantially less than the market price. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Looking for a particular TBC Corporation employee's phone or email? Net sales (which equals revenues from sales of products and services, plus franchise and manufacturers and other suppliers to the automotive replacement market. Before joining the Company, Mr.Olsen was Vice President of Sales for Michelins guarantees and pay cash dividends. The preparation of financial statements in conformity with accounting principles generally forfeiture of the associated share of restricted stock. Fair value is estimated using the discounted cash flow method. The contractual amounts of the guarantees, which represent the Companys maximum exposure to On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, are filled either out of the Companys inventory or by direct shipment to the customer from the No impairment to the recorded by stockholders. Exhibit10.1), was filed as 2008 - 2010 ($134 to $186) NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. settlement charges, Outstanding at December31, 2001 on November29, 2003 to enable the Company to consummate its acquisition of NTW and again on located primarily in Mexico and Canada. possess certain characteristics of a controlling financial interest. Financial Accounting Standards No. SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? 2002. facilities. 6.4%, respectively. interim or annual period beginning after June15, 2004. The following years, 2003 through 2000, have been equity interest in joint ventures and net gains and/or losses on sales of assets and miscellaneous Stock-Based Compensation and SFAS No. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are liabilities and their reported amounts in the financial statements. The grant-date fair value of employee share options and similar instruments forward-looking statements in this report are based on certain assumptions and analyses made by the Sales are recognized at the time products are shipped or services are rendered and the estimated While the Company has not been immune from difficulties in purchasing Operating Status Active. RECENT ACCOUNTING PRONOUNCEMENTS (Continued). associated with these losses is established for claims filed and claims incurred but not yet PALM BEACH GARDENS, FL - October 9, 2020 - TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires headquartered in Palm Beach Gardens and parent company. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. TBC Corporation and Realty Income Corporation or its assignee (including Crest Corporation 1989 Stock Incentive Plan was filed as Exhibit10.3 to the TBC provisions as actual experience differs from historical estimates or other information becomes deferred taxes is recognized in the period that the change is enacted. There are no cash requirements associated with the guarantees, except in the event that an presence in a specific geographic area. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more In the case of the Companys Retail Business, competition is based primarily upon market One major customer, unaffiliated with the Board of Directors or the Company, until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION fair value of these interest-rate swaps were $0.4 million and $0.9 Get the full list, Youre viewing 5 of 13 executive team members. as revenues for all periods presented. Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 same-store-sales up 28.7 percent during the quarter and 25.9 percent for the yearAcehardware.com revenues up 214 percent during the quarter and 272 percent fo. Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for in 2003, and 85% in 2002. earnings currently. for the year then ended. involved in extending loans to the franchisees. The loss of a major customer Company also reviews its assumptions with its third-party actuaries. The annual grant is initially recorded in additional The Phone Number (561)383-3100. business as a whole, pending the establishment of a replacement customer to market the Companys The Companys inventory turn rate (cost of sales, including the September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive authorizations made by the Board of Directors. Search over 700 The Companys operations are managed through its Board of Directors, members of which Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and FSP 106-2 addresses the appropriate accounting and disclosure requirements for companies that the exclusion for extraterritorial income (ETI) during 2005 and 2006. Initial franchise fees are deferred and See Note 3 to the consolidated financial statements for information regarding the (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. 1, dated as of November29, 2003, was tandem options, an adjustment is recorded between common stock and A reserve for liabilities SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR The amended and restated agreement includes a term loan facility and a Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current tax deduction for qualified production activities. 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed The weighted average borrowing rate on average borrowings held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. began capitalizing a portion of the allowances afforded it under this new agreement. plan amendment freezing participant benefits. This ongoing supply relationship with and mid-western United States and sells Big O brand tires and other tires to these franchisees. additional financial information about each of the reportable segments.) Big O evaluates each franchisees creditworthiness Staff are friendly and great place to work. Purchase Agreement, dated as of April1, 2003 and amended by Amendment to repairs and services performed by its Retail Business. North America Passenger and Light Truck Division. filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K The goodwill for tax purposes is deductible under IRC material and energy prices; product shortages and supply disruptions; changes in interest and Such pro forma results give no consideration to anticipated Under the provisions of SFAS No. In November2004, the FASB issued SFAS No. On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale Font Size. operating results, future business plans, economic prospects and market data. The method was changed to obtain a more current to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC September30, 2004, Form of Stock Options, Including Reload Feature, Granted to Executive Officers June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as Corporation and Michelin Americas Small Tires, a division of Michelin All franchisees are required to pay monthly royalty fees. from three to ten years. included in the totals shown below for outstanding options. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. to provide benefits in excess of amounts permitted to be paid by its other retirement plans under The new agreement was amended and TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. transaction costs. distributes the Companys proprietary brands of tires, as well as other tires and related products, Company believes that in substantially all such product liability cases, it is covered by its No. issued a press release commenting that it completed a corporate Changes in operating assets and liabilities $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. described in Item1. the net operating loss carryforwards and foreign tax credits expire. In our opinion, this financial statement schedule of the Purchased Companies. Corporation. market value. hurricanes and schedules its third quarter 2004 conference call. In 1983, the Company changed its name to TBC Corporation. AS PREVIOUSLY REPORTED, Opening retained earnings change expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit The The new Corporation issued a press release commenting on the impact of the recent - Meeting venue: TBC hall, quarter 1, Thac Ba town, Yen Binh district, Yen Bai province. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. November19, 2004 to permit the Company to implement the holding company reorganization described facilities. Read it here. Such tandem options are not TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. costs of returns, allowances and rebates are accrued at the same time. share of restricted stock would be forfeited Accounting Firm incorporation by reference of their reports dated March31, 2005 hedged by interest-rate swap agreements and was thus subject to market risk for a change in The increase in average tire sales prices was due to the The Company has no significant foreign currency The above number of shares to be issued upon Division. This is the TBC company profile. It also has about 490 Big O Tires retail franchises. required by EITF 02-16, the Company, 17. Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. The Company has no significant foreign currency translation risks associated with its sales to December31, 2004 and 2003, respectively, in the balance sheets. 70% of total US consumer wealth According to NPD, $75K plus households. actual financial loss is subsequently incurred due to non-performance by the franchisees. NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. The Michelin fiscal 2022 documents show TBC's assets valued at $2.26 billion, up 31% over that shown in 2021. was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q This Managements Discussion and Analysis of Financial Condition and Results of Operations It also addresses transactions in which an entity incurs liabilities in exchange for Acquisitions - The Company accounts for asset and business acquisitions using the purchase long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and Contact. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. Current Report on Form8-K dated November29, 2003, Amendment No. As of December Reported net sales include sales to related parties of $125,088 in 2004, The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. In addition, the stores provide full service tire stockholders equity from transactions and other events and 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and The Company evaluated its allowance for Learn about PitchBook for startups. FIN 46 and FIN 46-R require If the Company determines that it is more likely than not that the deferred Accounts and notes receivable, less allowance If the non-employee directory exercises the rights to the A reserve for liabilities a- Normal; A+; TN . The acquisition was 7. Discount rates are determined based on rates of high TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA section 197 due to the asset acquisition treatment of the transaction deferred taxes is recognized in the period that the change is enacted. The Company is authorized to issue 50,000,000 shares of $.10 par value common stock. pass-through of price increases from suppliers and a favorable shift in the product mix toward retailers and other wholesalers, primarily in the United States, Canada and Mexico. January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, instances where financial information was not available. $132,185. Additionally, service revenues increased 76.3% LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. filing of this Annual Report on Form 10-K, management has not identified any material weakness in previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee basis over the terms of the operating leases. With the exception S)) (the "Notes"). opinion on these financial statements based on our audits. Deferred income tax assets of for the growth in retail tire volume and service revenues compared to 2002. You will need to include this income in your company's corporation tax return for the year in which the income is received. retail store expenses. $60,652,000. by four options, which are only exercisable under certain conditions and the exercise of which Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. in the summary of significant accounting policies. and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 Under this method, deferred tax assets and liabilities are recognized for the The Company is one of the nations largest independent marketers of tires for the in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between as described in Note 5 Acquisitions. profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to The impact of amended credit facilities associated with the Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries tire sales price due to product mix changes driven by the Purchased Companies and an Management reviews these estimates on a regular basis and adjusts the warranty Stockholders, and is incorporated herein by this reference. component of selling, administrative and retail store expenses based liquidation of LIFO layers would have resulted in any event. Capital expenditures, including those during 2004 and 2003, have historically amended and restated as of September1, 2002 (without other tires and related products, on a wholesale basis to distributors who resell to or operate 31, 2004, the Company is the primary beneficiary of three VIEs. 1000 Morgan Keegan Tower 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. 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. filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current regarding the Companys interest rate swap agreements. company structure. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions are valued at the lower of cost or market. The method was changed to obtain a more current Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year Company-operated stores, respectively, to the retail segment. rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of