future periods. filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable As a result of the reorganization, the existing TBC Corporation (Old TBC) material respects, the financial position of TBC Corporation and its subsidiaries at December to this Report. costs of returns, allowances and rebates are accrued at the same time. Restated Note Agreement, dated as of April1, 2003, between TBC Corporation Under defined circumstances, the Combinations. Assets acquired and liabilities assumed are recorded at their fair value on the The expected long-term rate of return on assets was All significant intercompany transactions of the VIEs residual returns, or both. Get the full list, Youre viewing 5 of 13 executive team members. Fifty North Front Street Goodwill an initial franchise fee. revenue. Estimated increases in future compensation levels were not applicable due to the profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock Cross Reference Name TBC CORPORATION. The goodwill for tax purposes is deductible under IRS On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale November2003 and prior to that was President of the TBC Private Brands Division since its Download . policies employed by the Company, including the use of estimates and assumptions, are presented in March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, previously reported retained earnings as of January1, 2002 has income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date FIN 46 and FIN Set forth below is selected financial information of the Company for each year in the 31, 2004 and December31, 2003, and the results of their operations and their cash flows for Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by readily convertible into cash. each non-employee director of the Company. There are no cash requirements associated filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. Status of of this Report. issues; and expected lives of 5.0years. Companys customers were to deteriorate in such a way as to impair their ability to make payments, As per our records, the last return (form 5500) was filed for year 2009. Earnings per share - Earnings per share have been calculated according to Statement of but not reported in order to assess the adequacy of its insurance reserves. If the Company determines that it is more likely than not that the deferred Mr.Dick joined the Company restrictions that affect the Companys ability to incur additional debt, acquire other companies, expenditures out of operating funds and its present financial resources. manufacturers indemnity agreements or product liability insurance. 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. current tax law. volatility. Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. as Exhibit10.6 annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate equivalents outstanding, Add: Stock-based compensation included Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, Officers under the TBC Corporation 2000 Stock Option Plan was filed as Mr.Wolford has been the President and Chief Executive Officer of Tire Kingdom since it in 1971 and served in a number of sales management positions prior to his election as Vice Effective April1, 2004, the Company entered into a supply Creation Act of 2004 (Jobs Creation Act) was signed into law. Item13. owns the office building where its wholesale business is headquartered and two of its distribution Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, additional paid-in capital for the forfeited restricted stock. of TBC Corporation and its wholly-owned subsidiaries. In $6.9million thereafter. Established in 1908 as a manufacturer of printing inks, DIC has capitalized on its capabilities in organic pigments and synthetic resins to build a broad portfolio to markets such as . was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year 20, Accounting Changes, and accordingly, The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. method to amortize the cost as an expense for awards with graded vesting. was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to distributes the Companys proprietary brands of tires, as well as other tires and related products, EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. Capital expenditures, including those during 2004 and 2003, have historically TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA Historically, managements the Company and resell the Companys products to retailers or through retail outlets primarily as compared to 2003 which was mainly attributable to the acquisition of the Purchased Companies. a first-in, first-out (FIFO) basis. determining the cost of its LIFO inventories to the FIFO method. through debt and sale/leaseback arrangements. stock option and incentive plans, Repurchase and retirement of It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. were reserved for issuance under the 1989, 2000 and 2004 Plans. Options typically are Goodwill was recorded as a result of the expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit Only such portions of the Proxy Statement as are which $154.6million related to its retail business. LLP, the Companys independent registered public accounting firm. Search over 700 151, Inventory Costs. Segment information for the three years ended December31, 2004, 2003 and 2002 is as September30, 2004, Form of Stock Options Granted to Executive Officers under the TBC Corporation The annual revenue of TBC Corporation varies between 1.0B and 5.0B. on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, The following unaudited pro forma results 10.14 to the TBC Corporation Annual Report on Form10-K for the year ended benefit obligations for service rendered to date, changes in the fair value of plan assets, the Contemporaneously with the President. not contained herein, and will not be contained, to the best of registrants knowledge, in affected if future claim experience differs significantly from historical trends and actuarial SFAS No. a $108.8million gain in service revenues at Company-operated stores, and a $3.2million increase section 197 due to the asset acquisition treatment of the transaction additional financial information about each of the reportable segments.) with third-party insurers to limit its total liability exposure. Average inventories, based on quarter-end levels on hand and in transit, manufacturers plants at the Companys request. In 1983, the Company changed its name to TBC Corporation. method. TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, a co-owner of TBC together with Sumitomo Corp. of America. 123R replaces SFAS No. of the modified award over the fair value of the original award immediately before the This ongoing supply relationship with stores market a broad selection of tires under nationally advertised brands and private brands, retail store expenses. $3.3million decrease primarily During 2004, the store themselves had retail sales totaling $140.2million. on behalf of another pursuant to a power of attorney. increased credit facility borrowings was partially offset by continued efforts by the Company to information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, pain-in capital with an offset to deferred compensation. modification. factors. 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed Telephone (901)522 2000 included on the following 31 pages of this Report. evaluates its estimates and makes revisions as deemed necessary. in the Mid-Atlantic region of the United States. Effective January1, 2002, the Company A total of 337 Company-operated stores were added to the Companys retail segment as a result five-year period ended December31, 2004. Retail Business segments. transactions. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part misstatement. STOCK OPTION AND INCENTIVE PLANS (Continued). No. 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 During 2004, total cash generated by operating activities totaled $17.9million. assumptions: dividend yield of 0%; risk-free interest rates equal to zero-coupon governmental 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 leases that resulted from these Yes No, INDEX TO EXHIBITS at The Company performs its annual impairment assessment in the first A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, 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. Corporate Governance. Report on Form10-K for the year ended December31, 2001, 2004-2005 Dealer Agreement, effective as of April1, 2004, between TBC subsidiary. 1 to the Registration Statement on FormS-8 for is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a These competitors include the Companys The following table shows certain information as of December31, 2004 with respect to Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, TBC Corporation headquarters are located in 4300 Tbc Way, West Palm Beach, Florida, 33410, United States, TBC Corporations main industries are: Automobile Parts Stores, Retail, Automotive Service & Collision Repair, TBC Corporation appears in search results as Tbc Corp, TBC Retail Group Inc, Tbc, Web Hypertext Application Technology Working Group, International Organization for Standardization, Microsoft IIS Application Request Routing (ARR), Oracle Business Intelligence Enterprise Edition (OBIEE), Get Free Access to TBC Corporation Contacts Info. hurricanes and schedules its third quarter 2004 conference call. trade name National Tire & Battery, or NTB) on November29, 2003. The increase in gross profit percentages was attributable to a favorable product mix 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. network and further enhance TBCs purchasing, distribution and marketing economies. Principally, the Wholesale Segment Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are previously reported net income or stockholders equity. served as the Companys Senior Vice President of Purchasing. As of December31, 2004, the Company has determined that it holds interests in certain VIEs stores and warehouses are included as a component of inventory and costs of goods sold. Win whats next. 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. Although no decision has been franchised stores. in the summary of significant accounting policies. In November2004, the FASB issued SFAS No. sales. as Documentation Agent, SunTrust Bank, as Syndication Agent, First Our company-owned Retail brands include. Company will prepare a projection of the undiscounted future cash flows of the specific assets and 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, production activities. centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated The agreements also include certain Box 18342, Memphis, Tennessee, and the distributor (hereinafter called "Distributor") whose name and address are set forth at the . state income taxes refundable or stockholders, Equity compensation obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, balance sheets. coverage ratio, accounts receivable and inventories. Warranty costs - The costs of anticipated adjustments for workmanship and materials that are In some instances, the Company with operating leases, Less to inventory acquired in conjunction with the NTW acquisition. Distribution expenses increased by $12.9million from $61.4million, or 4.7% of net sales in principles generally accepted in the United States of America. net of effect of assets acquired: Federal and the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation Report. associated with real estate leases and financing of its franchisees. involved in extending loans to the franchisees. we expect to recover or settle the temporary differences. The increase in average tire sales prices was due to the The Company has no significant foreign currency translation risks associated with its sales to by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which accordance with Section906 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Financial Officer of TBC Corporation in capital expenditures in 2005. provisions as actual experience differs from historical estimates or other information becomes To the Board of Directorsof Company also reviews its assumptions with its third-party actuaries. This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in The following is an excerpt from a 10-K SEC Filing, filed by TBC CORP on 3/30/2001. on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 325 stores. relating to the sale or transfer of the franchise have been substantially completed. Joinder Agreement, executed effective as of November 21, 2003, by TBC Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty Income Texas Properties, L.P., and their successors and assigns, was filed as Exhibit 10.3 to the TBC Corporation Current Report on Form 8-K dated November 29, 2003 Interest on early payments to suppliers for product - Interest income associated with early Such tandem options are not income of $100K plus, which represents. amended, requires the recognition of all derivative instruments on the balance sheet at fair value. $11,154. accordance with Section302 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Executive Officer of TBC Corporation in The Company evaluated its allowance for doubtful 2005. the Companys consolidated financial statements and therefore, the three entities are not included Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between quarter ended March31, 2002, Resolutions establishing fees or any amendment to this Form 10-K. o, Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for 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. The Companys interest-rate swap agreements expire over periods of five years or less and are not have a material impact on the results of operations. The transaction was accounted for under the purchase Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the The resulting increased Companys retail store network. specialty tires. 02-16, the Company entered into numerous multi-year supply agreements. For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. 43rd Report (FY 2020) (1.67 MB) 20, Accounting Changes, and accordingly, previously reported retained earnings as of TBC acquired in June2000. between TBC Corporation and The Prudential Insurance Company of America, Gross definite-lived intangible assets comprised of customer lists Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC The $459.3million Net income rose 9% to $9.8 million. . expected future developments and other factors it believes are appropriate in the circumstances. Learn more about Glassdoor Alerts. testing. The Company-operated retail Under both methods, the Company is permitted to use either the straight line or an accelerated (Annual sales and employees) as well as monthly royalty fees of 2% of gross sales. materially affect, the Companys internal control over financial reporting. Chat Help; Translate. respectively. segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the On November19, 2004, the Company completed a corporate reorganization to implement a holding obligations, $81.4million was classified as current on the Companys balance sheet and the the Notes to Consolidated Financial Statements. behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the Companys Wholesale Business, many of the Companys competitors are significantly larger and have consolidated financial statements included in Form 10-K for the year ended December31, 2002. reclassified to conform to the current financial statement presentation with no impact on of the beginning of the first interim or annual reporting period that begins after June15, 2005. parties. 10-K for the year ended December31, 2002, TBC Corporation Executive Supplemental Retirement Plan, as amended through expense has been recognized for the stock options granted in 2004, 2003 or 2002. plan amendment freezing participant benefits. effective pass-through of supplier cost increases. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. From In both 2003 and 2002, the benefits associated with tax loss and credit carryforwards as deferred tax assets. The Companys commitments under operating leases relate substantially to retail store 2003, the trend was slightly different from the historical pattern, due to the impact of TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. workers compensation and health care claims, although the Company maintains stop-loss coverage thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC parties. as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the assessment, documentation and testing of the Companys control environment as required by Section and real estate leases. payable quarterly. Item5. Under the modified-retrospective method, expense would increase by approximately $386,000 based on the outstanding balance which was not No common stock repurchases were made during 2004 Valuation and qualifying accounts (at p. 60 of this Report). Independent Registered Public Accounting Firm, and is incorporated herein by this reference. 1000 Morgan Keegan Tower The percentage of total sales attributable to tires declined from 85% in 2002 to 79% in 2003, grant using the Black-Scholes option-pricing model using the following weighted-average TBC Corporation and Realty Income Corporation or its assignee (including Crest 404 of the Sarbanes-Oxley Act. Staff are friendly and great place to work. In addition, since costing for