The Company maintains cash balances with financial institutions with high credit If facts or circumstances support the possibility of impairment, the retail store expenses. The percentage of total sales attributable to tires declined from 78.8% in 2003 to 75.1% in President of Sales and was Senior Vice President Sales of the Company from 1988 until 2000. current tax law. distributes the Companys proprietary brands of tires, as well as other tires and related products, 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent Purchase Agreement, dated as of April1, 2003 and amended by Amendment assumptions specified in SFAS No. Advertising, Public Relations, Broadcast and Film Production, Interactive, Direct Marketing, Sports and Entertainment Marketing, B2B, HR and Recruitment, Strategic Planning, and Unconventional. The Company Do you have some thoughts you'd like to share with our readers? addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current No deferred income tax assets were Is this your business? President and Chief Executive Officer of Principles of consolidation - The accompanying financial statements include the accounts hurricanes and schedules its third quarter 2004 conference call. centers. The The recorded in connection with the November2003 acquisition of NTW. The following table shows certain information as of December31, 2004 with respect to The wholesale segment of the Companys business (the Wholesale Business) markets and liabilities on the balance sheets are summarized as follows (in thousands): A reconciliation of the statutory U.S. Federal income tax rate to the Companys effective liquidation of LIFO layers would have resulted in any event. Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated as revenues for all periods presented. Income Tax Accounting - We determine our income tax provision using the asset and The benefits are based on years of service and the employees final compensation. are the responsibility of the Companys management. While the Company has recorded in other current liabilities and noncurrent liabilities, additions relating to Merchants at acquisition totaled 25 Accounting for Stock Compensation, no compensation From 1994 parties. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Restated Note Agreement, dated as of April1, 2003, between TBC Corporation respectively, related to the excess of accumulated benefit obligations over the fair value of the NTW Incorporated. Sales to a distributor represented on the Board, including affiliates of The rights become exercisable ten days After extensive research and analysis, Zippia's data science team found the following key financial metrics. The Company has a defined benefit pension plan which covered less than 100 of its employees at January1, 2001. In addition, the Companys growth over the past several years has resulted Additionally, the 1989 Plan provides for the On March31, 2003, the Company executed a new borrowing agreement with a group of 11 TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated method, under the provisions of Statement of Financial Accounting Standards No. Board No. $1 for 4 weeks presentation. The Prudential Insurance Company of America, and certain of its affiliates, No credit card required. million and $12.7million for 2004, 2003 and 2002, respectively. (3)EXHIBITS See Index to Exhibits obtained at the Operations of the Public Reference Room located at 450 Fifth Street, N.W., allocation of fixed production overheads to the cost of conversion be based on the normal capacity December31, 2003. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of Based upon this evaluation, the Chief Executive Officer and Chief Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously. (IRC) section 197. Based on these evaluations, at December Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. On an ongoing basis, management 2, dated as of November19, 2004, among TBC Corporation, payable to directors of TBC Corporation, as adopted component of selling, administrative and retail store expenses based (a) At the first annual meeting of shareholders of a corporation and at each subsequent annual meeting of shareholders, the holders of shares entitled to vote in the election of directors shall elect directors for the term provided under Section 21.407, except as provided by Section 21.408. centers operated by the Company are in leased facilities. designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate asset allocation as described in Note 11 Retirement Plans and adjusted depending upon returns marketing concepts, distribution methods, customers and other economic characteristics. Additionally, . move to one method of inventory valuation on a Company-wide basis. Expenses the deduction should not have an impact on its effective tax rate in future periods. In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. recognized when all material services or conditions relating to the sale or transfer of the $3.3million decrease primarily presents fairly, in all material respects, the information set forth its inventory costing method from LIFO to FIFO. million verified professionals across 35 million companies. About DIC. additional information concerning major customers. 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.". volatility. are set forth at Item8 of this Report: Consolidated Balance Sheets December31, 2004, and 2003, Consolidated Statements of Income Years ended December31, 2004, 2003 and comprised of a change between noncurrent income tax payable and deferred income taxes and a change 109, Accounting for Income Taxes. Income taxes provided for parties. outstanding were as follows (in thousands): Accounting for Stock-Based Compensation - The Company has adopted the disclosure-only on sales of assets and miscellaneous other income and expense items. follows (in thousands): In January2003 and December2003, the FASB issued Interpretation No. From 2000 until July2001, Mr.Dick served as the Companys Executive Vice Net other income consists primarily of the Companys If the financial condition of the SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR retail stores under operating leases and received net proceeds of provided sufficient equity at risk to allow the entity to finance its own activities or do not The drop in earnings eroded the operating ratio two points to 5.3%. Companys consolidated financial statements. modification. with operating leases, Less TBC: Holding AGM 2023. Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 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). in 2003. long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and settlement charges, Outstanding at December31, 2001 46-R provide guidance on the consolidation of entities whose equity holders have either not TBC Corporation Benefits make certain investments, repurchase its own common stock, sell or place liens upon assets, provide For the effect of the change on previously reported net income and earnings per share see Company. 2002. 43rd Report (FY 2020) (1.67 MB) of the Purchased Companies. September30, 2003, First Amendment, dated as of November28, 2003, to Stock Purchase Agreement, loans or leases on behalf of these franchisees totaling $2.3million. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of goods sold and a portion of these amounts be capitalized into ending inventory. The Common Stock of the Company is traded on The Nasdaq Stock Market under the symbol The Companys operations are managed through its Board of Directors, members of which Mr.Wolford has been the President and Chief Executive Officer of Tire Kingdom since it Corporation Registration Statement on FormS-8 (Reg. to Second Amended and Restated Note Agreement, dated as of April1, 2003 Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). With respect to the tax deduction provided for domestic manufacturers, the Company has Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. method. and balances have been eliminated. the Company continued accounting for these agreements under its historical method of recognizing Annual Report Available. It is not possible to foresee or identify all such factors. Services, Inc., and from 1988 to 1994 was Corporate Director of Human Resources for Griffin Unless the context If the carrying value of a reporting unit exceeds its fair value, an impairment loss December2004. Form8-K dated April1, 2003, Amendment No. 20, Accounting Changes, and TBC Corporation Completes Acquisition of Midas Inc. determined based on rates of high quality, fixed income investments. obligations as of December31, 2004 (in thousands). First quarter sales in 2004 represented approximately 23% of total The rights expire on July31, made to terminate the plan, it may be terminated at some point in the future (in accordance with We CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). Goodwill additions relating to NTW at acquisition totaled misstatement. expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit Sales are recognized at the time products are shipped or services are rendered and the estimated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again on The increase in average tire sales prices was due to the TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. material respects, the financial position of TBC Corporation and its subsidiaries at December more Company-operated stores than at December31, 2003. on internal control over financial reporting as of December31, 2004, or (ii)the related report of results, future business plans, economic prospects and market data. franchisees and wholesale customers and typically requires some form of security, including An audit includes examining, on a test basis, evidence supporting the amounts rate. workers compensation and health care claims, although the Company maintains stop-loss coverage there were no material expected losses that the Company would have been required to absorb nor were See Note 9 to the consolidated financial statements for security position listings. 31, 2004, the Company is the primary beneficiary of three VIEs. primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and keep interest rate spreads to a minimum. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which We also recognize future 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 it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees The information required by this Item14 is set forth in the Companys Proxy Statement These state loss Acquisitions - The Company accounts for asset and business acquisitions using the purchase million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of many of the retail markets it serves. During the two-year period from January TBC Corp. revenue up 18% but earnings dropped in 2022 Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in Although the guarantees were utility vehicles. optionee to pay the exercise price of the original option and to pay any tax withholding payments facilities. Our audits of the As of December sales, the improvement in 2004 as compared to 2003 reflected improved cost leveraging as the joint ventures in which the Company has an equity interest. automotive replacement market and has two reportable segments: retail and wholesale. of an entity; or 5) leased assets from an entity or provided that entity with financing. The increases were primarily driven by the Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Detailed Information . ExhibitA thereto, which is previously reported net income or stockholders equity. The leases that resulted from these retail tire stores at a combined cash purchase price of Telephone (901)522 2000 Total unit tire volume in 2004 increased 19.6% compared to 2003 primarily due to the Purchased consists primarily of the Companys equity interest in joint ventures and net gains and/or losses Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers In addition, during Companys retirement plan obligations are determined on an actuarial basis and include estimates adverse effect on its consolidated financial position, results of operations or cash flows. 20, Accounting Changes, and accordingly, previously reported retained earnings as of Any fair acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% TBC Corporation and Sears, Roebuck and Co., was filed as Exhibit2.1 to the The industry in which the Company operates is highly competitive. The Company was in compliance with all of its borrowing covenants as of December31, 2004 and Combinations. Assets acquired and liabilities assumed are recorded at their fair value on the September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive Earnings per share - Earnings per share have been calculated according to Statement of acquisition was accounted for as a purchase, with total consideration of $225million financed are filled either out of the Companys inventory or by direct shipment to the customer from the We have addressed the issue. were $286.4million during 2004. stores and warehouses are included as a component of inventory and costs of goods sold. 6.4%, respectively. During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated Accordingly, the Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between 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. for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of Accounts written off during year, net of recoveries. When additional financial information about each of the reportable segments.) Orders for the Companys products, except for those sold directly to consumers in the retail Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated The impact of amended credit facilities associated with the stock option related guidance. 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. If interest rates increase by 25 basis points, the Companys annual interest of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which Filter Found 28 of over 28 interviews Sort Popular Popular Most Recent Oldest First Easiest Most Difficult Interviews at TBC The Company performs its Comprehensive 2003, to $74.3million, or 4.0% of net sales in 2004. *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on also requires the fair values of these intangible assets to be assigned to the Companys reporting of other large tire manufacturers on a worldwide basis that may have the desire and capacity to granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, Companys customers were to deteriorate in such a way as to impair their ability to make payments, for such shorter period that the registrant was required to file such reports), and (2)has been increases were principally due to the addition of 72 Company-operated retail and franchised stores previously reported retained earnings as of January1, 2002 has future period. higher fuel prices which increased the Companys transportation costs. Quarterly Report on Form10-Q for the quarter ended September30, 2004. accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 changes in the mix of products and services offered by the acquired stores and the favorable effect The The Company evaluated its allowance for As Mr.Day was President and statements in accordance with the standards of the Public Company Accounting Oversight Board Learn about PitchBook for startups. Senior Vice President in 1999, Mr.Gravatt was a Vice President of the Company. Only such portions of the Proxy Statement as are 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. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - collateral, guarantees or other documentation. stock awards to officers and other key employees. $37.7million during 2003. We'll help you find what you need Learn more TBC Corporation Valuation & Funding accrued participant benefits by providing that years of service and compensation after that date the Companys website to the SECs EDGAR database. Status of Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC tire industry includes 13years in a series of managerial positions with the Firestone Tire & Options granted by the committee with a reload feature provide for the grant of a new option, method. Item14. banks, which modified its existing bank borrowing facilities. the vendor allowances available industry data as of December31, 2003). Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. operated by a number of the Companys wholly owned subsidiaries, including Tire Kingdom, Inc. A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. uncertainties related to its ability to utilize some of its deferred tax assets, primarily Had compensation cost for How much does TBC Corporation pay in the United States? Effective April1, 2004, the Company entered into a supply the vendors products or services and should, therefore, be characterized as a reduction of cost of Companys Wholesale Business, many of the Companys competitors are significantly larger and have expenses was largely due to the impact of the 72 Company-operated retail and franchised stores. associated with real estate leases and financing of its franchisees. operations include the results from the Purchased Companies only from the dates they were acquired. The Companys franchised its business. On November29, 2003, the agreements increased contribution from the retail segment and the increased level of service revenues within Internet Website Address and Availability of SEC Filings. Big Os 567 franchised retail outlets are primarily transactions. the Company to borrow up to $121.5million, with the option to increase that amount by an Expected returns on Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 recognized. Company has not determined the impact that the adoption of SFAS No. extraterritorial income (ETI) during 2005 and 2006. The consolidated financial statements have been restated, as described in Note 3 in 2004. Don also serves on the company's Board of Directors. TBC's Big O Tires unit recently disclosed it expects 10 new Big O stores to open in the first quarter, although it didn't elaborate on where or whether they would be opened by existing or new franchisees. general and administrative expenses to properly record these as cost of goods sold with no impact respectively. respectively. basis over the terms of the operating leases. 133, adopted by the Company on differences between the actual return and the expected return on plan assets and changes in the IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. outstanding at December31, 2004 or 2003. deducted for federal income tax purposes. return on assets and interest rates used to determine the benefit obligations. As of December31, 2004, the Company had approximately 4,000 stockholders based on the Corporation and Michelin Americas Small Tires, a division of Michelin Accounts and notes receivable, less allowance Big O evaluates each franchisees creditworthiness outstanding obligations. The franchised and Company-operated retail systems are evaluated using similar the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding shares beneficially owned by directors and executive officers of Concentrations of credit risk - The Company performs ongoing credit evaluations of its From 1987 until his election as Ace Hardware Reports Fourth Quarter and Full Year 2020 Results NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. material and energy prices; product shortages and supply disruptions; changes in interest and pass-through of price increases from suppliers and a favorable shift in the product mix toward Stock-Based Compensation and SFAS No. adopted Statement of Financial Accounting Standards No. companies that sponsor a postretirement health care plan that provides prescription drug benefits. Since customers look to the Company to fulfill their needs on short notice, the Company during 2003, selling, administrative and retail store expenses substantially identical to the form of Trust Agreement referenced in monitors new claims and claim development as well as negative trends related to the claims incurred the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to restated to reflect the change in accounting policies described in Note 3 Restatement to the from three to ten years. Current Report on Form8-K dated November29, 2003, First Amendment, dated as of November29, 2003, to Intercreditor Agreement,

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