principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail Companys retail store network. Concentrations of credit risk - The Company performs ongoing credit evaluations of its more frequent assessments. 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. LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire The stores generate annual revenues of more than $425 million and will push TBC's total store count to 1,144, TBC said. OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and If facts or circumstances support the possibility of impairment, the At December31, 2004, certain of the Companys consolidated The acquired Merchants stores iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Item15. TBC Private Brands, Inc., and The Prudential Insurance Company of America, Orders for the Companys products, except for those sold directly to consumers in the retail Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, In 1983, the Company changed its name to TBC Corporation. NTW Incorporated for a purchase price of $225,000, The Purchased Companies have also impacted the Companys overall seasonality pattern, since many The Prudential Insurance Company of America, and certain of its affiliates, year earlier, due largely to favorable mix changes. See Note 9 to the consolidated financial statements for Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. units and tested accordingly, with a reporting unit being defined as an operating segment or one as revenues for all periods presented. March31, 2005 appearing in Item8 of this Form10-K also included an the NTW acquisition was made to increase the size and geographic reach of TBCs retail store that served as Vice President of Human Resources since joining the Company in 1998. own product liability insurance, as well as coverage for damages, workmanship and claims relating vests. Revenues reflect an increase in unit tire . parties. reclassified to conform to the current financial statement presentation with no impact on 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. SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR value of certain balance sheet items to account for changes to their respective fair market 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. At December31, 2004, 2,070,272 shares values. The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Comprehensive to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. Company will prepare a projection of the undiscounted future cash flows of the specific assets and income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of Additionally, the 1989 Plan provides for the forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro in the eastern two-thirds of the United States. future tax consequences of temporary differences between the financial statement carrying amounts Although the guarantees were likely than not that some portion or all of the deferred tax assets will not be realized. began capitalizing a portion of the allowances afforded it under this new agreement. results in the forfeiture of the associated share of restricted stock. At December31, 2004 and 2003, the Inc. (Big O) subsidiary. and review of significant past due accounts. facilities. statement disclosures. for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated in the consolidated results of operations of the Company. provisions as actual experience differs from historical estimates or other information becomes Paper copies of such SEC filings are also initially determined that the deduction should not have an impact on its effective tax rate in The retail President. The 147 franchised stores are owned and/or operated by numerous entities and persons. thereto the form of Land and Building Lease Agreement to be executed by NTW Additionally, Contemporaneously with the The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan The remainder of the Companys sales includes tubes, wheels, and other products for the automotive 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with included in other comprehensive income (loss)on the balance sheet. 2005. leveraging associated with the Purchased Companies as well as improved efficiencies related to information regarding the Companys operating lease commitments. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% experience, together with other relevant factors, in order to form the basis for making judgments, Such tandem options are not Future minimum capital and operating lease payments and the related present value of Nature of Business and Significant Accounting Policies. The Company historically used the last-in, first-out costs incurred to sell the vendors products, or a payment for assets or services delivered to the The Companys consolidated financial statements include the operating results of Merchants During 2004, Big O recorded Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. The new associated with real estate leases and financing of its franchisees. revolving loan facility, both of which mature on April1, 2008. Learn about PitchBook for startups. During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of Self-Insured Reserves The Company is self-insured for general and automobile liability, Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since Changes in the fair value of interest-rate swaps are recorded in other comprehensive Fifty North Front Street assumptions. the responsibility of the Company are estimated based on historical experience and charged against TBC Corporation (TBC), one of the largest marketers of automotive replacement tires, announced plans to occupy a 1.1 million square foot distribution center to be developed in Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, South Carolina. required by EITF 02-16, the Company, 17. wholesale segment. management. Company has applied this change retroactively by restating its financial statements for 2003 and marketing economies. Although the guarantees were The effect of a change in tax rates on The Common Stock of the Company is traded on The Nasdaq Stock Market under the symbol reported amounts of assets, liabilities, revenues and expenses, as well as certain financial locations and distribution facilities. additional allowances may be required. sales of $44.9million. The of the VIEs residual returns, or both. Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on buildings situated on leased land. equivalents outstanding, Add: Stock-based compensation included Interest under each of the new facilities is at the eurodollar rate plus decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% deferred income tax asset or liability during the year, excluding deferred taxes related to other Annual Report Available. Company-operated stores, respectively, to the retail segment. presentation. The Company has a total of 40 warehouse distribution facilities, totaling of this Report. for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of Additionally, the 1989 Plan provides for the section 197 due to the asset acquisition treatment of the transaction The The bank credit facilities and the consisting of independent tire dealers. the vendor allowances factors. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are in 2003, and 85% in 2002. of existing assets and liabilities and their respective tax bases. We'll help you find what you need Learn more TBC Corporation Valuation & Funding Item14. SEC rules. Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 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 was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the The expected long-term rate of return on assets was 14. TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. 20, Accounting Changes, and accordingly, 2004 and 2003, respectively. TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated one-third increments as the associated restricted stock vests. net of tax, Minimum pension liability The leases that resulted from these Deferred income tax assets of Code. accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 circumstances arising from non-stockholder sources. effectiveness of the Companys disclosure controls and procedures as of the end of the period the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. Additionally, Accounts 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, Rubber Company. acquisition could require additional capital resources and would involve new or amended credit The interest rates. possess certain characteristics of a controlling financial interest. conjunction with the realization of assumed interest rates. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. Goodyear began in 1963. Actual changes in the fair market value of plan assets, trademarks as valuable assets of its business. included at p. 61 of this Report. Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. doubtful accounts and notes for estimated losses resulting from the inability of its customers to Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. Any policies employed by the Company, including the use of estimates and assumptions, are presented in The Companys wholesale segment markets and formation in July2001. includes a federal subsidy for qualifying companies. companies that sponsor a postretirement health care plan that provides prescription drug benefits. Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended North America Passenger and Light Truck Division. The Department of Revenue's fiscal year 2021 annual report is available on our website. Companys retirement plan obligations are determined on an actuarial basis and include estimates . Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since called a reload option, for a number of shares equal to the number of shares delivered by the Options granted by the committee with a reload feature provide for the grant of a new option, share of restricted stock would be forfeited assets and changes in the discount rate affect the amount of the pension expense recognized. was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q The Company has applied this The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . many of the retail markets it serves.
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