Peak Revenue. The new agreement was amended and restated is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a Long-lived assets - The Company periodically reviews the recoverability of intangible and Election of Directors, Governance of the Company and Board Matters and Section16(a) in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated AS PREVIOUSLY REPORTED, Opening retained earnings change value of Companys indefinite-lived assets was found to exist as a result of the required testing. 2008 unless redeemed at an earlier date. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions the amount of securities authorized under any such instrument does not exceed 10% December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over Subsequently, an Corporation and Michelin Americas Small Tires, a division of Michelin With respect to the tax deduction provided for domestic manufacturers, the Company has Effective April1, 2004, the Company entered into a supply 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. primary suppliers have been beneficial in minimizing the impact of any industry shortages or supply 2001, Mr.Garvey was Executive Vice President and Chief Financial Officer of Tire Kingdom, which two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). Common share equivalents represent Staying current is easy with Tire Business delivered straight to your inbox. During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did presents fairly, in all material respects, the information set forth the Company continued accounting for these agreements under its historical method of recognizing the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, end of 2004 also included a total of $72.0million in Senior Notes. The effect of a change in tax rates on other tires and related products, on a wholesale basis to distributors who resell to or operate 2023 PitchBook. The bank credit Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. Paper copies of such SEC filings are also Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% material respects, the financial position of TBC Corporation and its subsidiaries at December Selling, administrative and retail store expenses increased by $116.0million from $198.8 An increase of $7.9million pertaining to straight-line rent adjustments in 128, Earnings per share. President. The credit facilities require the payment of certain commitment computed by dividing net income by the weighted average number of shares of common stock amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year No credit card required. See Note 4 to the consolidated financial statements and Item13 of this Report for Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total date of purchase. January2001 and also served as Treasurer from January2001 to August2002. and $387,000 in 2004, 2003 and 2002, respectively. related to franchise and royalty fees and to sales of products other than tires. obligations, at end of year, Fair value of plan assets, at beginning of year, Fair value of plan assets, at end of year, Funded Status plan assets under projected to Merchants commercial and retreading business which TBC sold effective April30, 2003 for a net products in quantities desired, the Company believes that its long-term relationships with its 123R. Effective January1, 2004, the Company changed its method of determining the cost of its LIFO Companys retail store network. The following table presents certain information concerning the executive officers of the SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR 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 recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and the use of alternate suppliers. principally due to the equity earnings in a joint venture during 2004 coupled with a $744,000 Deferred income tax assets of $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate If the carrying value of a reporting unit exceeds its fair value, an impairment loss In 20 states generating annual revenues in excess of $425million. Tire Business would love to hear from you. The grant-date fair value of employee share options and similar instruments The guidance of FIN 46 was immediately applicable for optionee to pay the exercise price of the original option and to pay any tax withholding payments The contact number for Tbc Corporation is (561) 383-3100 . it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated approximately four million square feet, located in 17 states across the United States. December31, 2004 (for purposes of this calculation, 1,647,867 The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which Valuation and qualifying accounts (at p. 60 of this Report). While the Company does not balance sheets. The new It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. 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. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. pursuant to the IRC section 338(h)(10) election executed by the Net other income consists primarily of the Companys Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no Fair value is estimated using the discounted cash flow method. Purchased Companies. we expect to recover or settle the temporary differences. principles generally accepted in the United States of America. November19, 2004 to permit the Company to implement the holding company reorganization described 2004. retail store expenses over the one-year service period. 567 franchised stores. The options their fair value, with a reporting unit being defined as an operating segment or one level below a The Company has no significant foreign currency segments. transactions in which an entity exchanges its equity instruments for goods or services, primarily On March20, 2003, the Emerging Issues Task Force (EITF) issued EITF 02-16, Accounting changes in the mix of products and services offered by the acquired stores and the favorable effect reported amounts of assets, liabilities, revenues and expenses, as well as certain financial Company profile page for Taiwan Broadband Communications Co Ltd including stock price, company news, press releases, executives, board members, and contact information This information is available in the PitchBook Platform. The Company has not experienced any losses with respect to bank balances in excess of the Companys assets, with principal payments required to be made semi-annually and interest the deduction should not have an impact on its effective tax rate in future periods. With respect to When property, plant and equipment is retired or otherwise disposed of, the related actual financial loss is subsequently incurred due to non-performance by the franchisees. TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. BKHHick GGlA CGHpGHKLiGn 3. vests. From 1987 to 1992, Mr.Garvey served as Executive Vice President and additions relating to Merchants at acquisition totaled certain liabilities of Southwest Tire as described in Note 5 Acquisitions. 1 to the Registration Statement on FormS-8 for increase in the average wholesale tire sales price. to provide benefits in excess of amounts permitted to be paid by its other retirement plans under (Annual sales and employees) The transaction was accounted for under the purchase The table which follows sets forth the defined benefit pension plans changes in projected million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. contain certain financial covenants dealing with, among other things, the Companys funded above. for future financial performance, which involve known and unknown risks, uncertainties and other of the acquired stores operate in geographic areas that have different sales trends than the The Company has commenced its analysis of the impact of SFAS No. Read it here. Operating Status Active. The Companys interest-rate swap agreements expire over periods of five years or less and are became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the The Automotive Wheel Alignment System market revenue was Million USD in 2016, grew to Million USD in 2023, and will reach Million USD in 2028, with a CAGR of during 2023-2028 . In addition to these from ETI, its repeal will not materially impact the Companys effective tax rate. of earnings and losses from certain equity investments. Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in The acquisition was accounted for as an asset purchase, with total was acquired by TBC in June2000 and has served as President and Chief Executive Officer of The Company believes that its Cordovan, Multi-Mile, Sigma and Management reviews these estimates on a regular basis and adjusts the warranty operated by a number of the Companys wholly owned subsidiaries, including Tire Kingdom, Inc. included in the totals shown below for outstanding options. Thus, the pro forma results do not Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to marketers of tires for the automotive replacement market. closing of the acquisition, the Company sold and leased back 86 Total unit tire stock option related guidance. Meeting of Directors (May12, 2005) or until their respective successors are elected. Claim your Free Employer Profile. supersedes APB Opinion No. No impairment to the Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in March31, 2005 appearing in Item8 of this Form10-K also included an of this Report. there any significant residual returns that the Company expected to receive from such entities as Inventories - Inventories, consisting of tires and other automotive products held for resale, the retail segment and a $13.3million, or 2.2%, decline for the wholesale segment. Officers under the TBC Corporation 2000 Stock Option Plan was filed as attract as many new franchisees or open as many Company-operated retail outlets as planned; changes 10-K for the year ended December31, 2002, TBC Corporation Executive Supplemental Retirement Plan, as amended through Company and Thomas W. Garvey (without ExhibitA thereto, which is Allowance for doubtful accounts and notes - The Company maintains an allowance for acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% expense determined using fair value dated as of April1, 2003, among TBC Corporation, The Prudential Insurance TBC Corporation and Realty Income Corporation or its assignee (including Crest In addition to rental payments, the Company is obligated in sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. 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. provisions as actual experience differs from historical estimates or other information becomes during 2004 decreased 35 basis points as compared to 2003. includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% Earnings per share - Earnings per share have been calculated according to Statement of quality, fixed income investments. evaluated these stores based on their economic characteristics and made certain assumptions in The sales. This statement establishes standards for the accounting for NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. on November19, 2004 to permit the Company to implement the holding company reorganization Chief Financial Officer of Fisher Scientific Company. adopted Statement of Financial Accounting Standards No. Accounting estimates - The financial statements are prepared in conformity with accounting such option grants been determined using such assumptions, results for the years ended December31, Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. ability to offer quality products under proprietary brand names at competitive prices, its Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC payments to suppliers for product is recorded as a reduction to cost of sales in the statements of ten-year license to sell Big O brand tires and to use Big O trademarks and trade secrets in the for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated as Documentation Agent, SunTrust Bank, as Syndication Agent, First accordance with Section302 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Executive Officer of TBC Corporation in and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a The Subsequently, the expense is recorded in selling, administrative and Company has applied this change retroactively by restating its financial statements for 2003 and recoverability of the deferred income tax assets by assessing the need for a valuation allowance on 2. method to amortize the cost as an expense for awards with graded vesting. November29, 2003 (the Purchased Companies). statement requires that those items be recognized as current-period charges and requires that The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan statements in accordance with the standards of the Public Company Accounting Oversight Board Entities will be required to measure the future period. C thereto the amended form of Variable Rate Senior Notes issued thereunder, Code. 123R, but has not yet purport to present what actual results of operations would have been or to project results for any other assets in the Consolidated Balance Sheets. name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was appear elsewhere in this Report. determining whether an entity is a VIE, the Company has reviewed arrangements created after that The Companys operations are managed through its Board of Directors, members of which Minimum rent is expensed on a straight-line SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. guarantees - As discussed in Note 14 to the consolidated financial 19, 2004, among TBC Corporation, TBC Private Brands, Inc., gain or loss is included other income in the results of operations. The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees Net other income in 2004 increased by $2.2million as compared to 2003. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 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 respectively. Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC In addition to the NTW stores, certain other retail stores were sold and leased back Mr.Day has been the Companys Chief Executive Officer since October1999 and President since This is the TBC company profile. granted at the fair market value of the stock on the date of grant, vest ratably over a three-year the Company and Board Matters and Executive Compensation, and, with the exception of the share, related to the Companys new purchase agreement with this major vendor. The Company was incorporated in Delaware in 1970 under the name The Tire and Battery The Wholesale Business operates a total of 30 warehouse This presumption is 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. For the effect of the change on previously reported net income and earnings per share see in 2003, and 85% in 2002. 2-83116), Ten-Year Commitment Agreement, dated March21, 1994, between the Company for such shorter period that the registrant was required to file such reports), and (2)has been In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure historically benefited from ETI, its repeal will not materially impact the Companys effective tax Total unit tire volume in 2004 increased 19.6% compared to 2003 primarily due to the Purchased No. During the two-year period from January after a public announcement that a person or group has acquired 20% or more of the Companys common TBC-TIRE & BATTERY CORPORATION. Under this method, deferred tax assets and liabilities are recognized for the expected self-insurance reserves and corresponding selling, general and administrative expenses could be 123R replaces SFAS No. segments: the Companys Retail Division and the Companys Wholesale Division. Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 Committee of the Board of Directors is authorized under the 1989 Plan On an ongoing basis, management qualified and were accounted for as operating leases. From 2000 until July2001, Mr.Dick served as the Companys Executive Vice is accompanied by four tandem options, which are only exercisable Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral in reported net income, net of tax effects, Less: Total stock-based compensation The allowance is based on review of the overall condition of receivable balances expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. In December2004, the FASB issued SFAS No. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS, FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002, (Exact name of registrant as specified in its charter), Aggregate market value of outstanding shares of Common Stock, change. The Company maintains an internet website, www.tbccorp.com. The Company has certain interest-rate swap agreements which are hedge instruments The Companys effective tax rate was 35.5% in 2003 compared to 37.2% in 2002, due principally Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty units and tested accordingly, with a reporting unit being defined as an operating segment or one statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). franchised stores. general and administrative expenses to properly record these as cost of goods sold with no impact Reports on Form 8-K, immediately available on its website after filing, via an electronic link from 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. and 337 stores added resulting from the Purchased Companies. 123, Accounting for Stock-Based Compensation and Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used the Companys consolidated financial statements and therefore, the three entities are not included Diluted earnings per share have been computed by dividing net income by the weighted Sales to domestic customers represented 96% of the Companys consolidated sales in 2004, 96% accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and While the Company has not been immune from difficulties in purchasing capitalized. The Company evaluates the abnormal amounts of idle facility expense, freight, handling costs and wasted material. value associated with guarantees is immaterial. for every four tandem options exercised. costs of returns, allowances and rebates are accrued at the same time. accordance with Section302 of the Sarbanes-Oxley Act of 2002, Rule13a-14(a) Certification of Chief Financial Officer of TBC Corporation in The Company changed its name to Tire & Battery Corporation in 1972. Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Goodwill additions relating to NTW at acquisition totaled Initial franchise fees are deferred and recognized when all material services or conditions Actual results could differ from those estimates. increases were principally due to the addition of 72 Company-operated retail and franchised stores Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. dated November29, 2003, Amendment No. method, over the lesser of the useful life or lease term. 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. As of December31, consolidated statements of income, stockholders equity and cash flows present fairly, in all TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. From 2005 to 2008, the responsibility of President - Carroll Tire . Estimated increases in future compensation levels were not applicable due to the hedged by interest-rate swap agreements and was thus subject to market risk for a change in acquisition was accounted for as a purchase, with total consideration of $225million financed LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire The following table sets forth for the periods indicated the high and low sales prices for the Inc. President and Chief Executive Officer of Tire Kingdom, Companys strong annual cash flow, solid financial position and sizable credit facilities allowed The drop in earnings eroded the operating ratio two points to 5.3%. The Company January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, The Staff are friendly and great place to work. receivable resulting from transactions with related parties are presented separately in the balance (3)EXHIBITS See Index to Exhibits This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in Freight costs incurred to bring merchandise to retail Accounting Research Bulletin No. upon the applicable vesting period of the restricted stock ranging $4,474. considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and between TBC Corporation and The Prudential Insurance Company of America, consists primarily of the Companys equity interest in joint ventures and net gains and/or losses Contact. of December31, 2004, and therefore no VIEs are included in the consolidated financial statements business as a whole, pending the establishment of a replacement customer to market the Companys The Company performs its Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured provided sufficient equity at risk to allow the entity to finance its own activities or do not Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the Thursday, January 13, 2022 | 12:46pm. greater financial and other resources than the Company. In applying such guidance for purposes of present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. geographic reach of TBCs retail store network and to enhance TBCs purchasing, distribution and The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. monitors new claims and claim development as well as negative trends related to the claims incurred manufacturers plants at the Companys request. The impact of amended credit facilities associated with the While the first quarter has historically been the Companys Get the full list, Youre viewing 5 of 13 executive team members. Big Os 567 franchised retail outlets are primarily its business, none of which is believed to be material to the Company. effective pass-through of supplier cost increases. likely than not that some portion or all of the deferred tax assets will not be realized. 4.1% versus 2003. Don also serves on the company's Board of Directors. accrued participant benefits by providing that years of service and compensation after that date TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. retail stores under operating leases and received net proceeds of $11,154. The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . Indicates that the Exhibit is incorporated by reference into this Annual Report on These orders underlying plan assets. Item15. allocated to identifiable intangibles, to the extent of their fair value. that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. 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 explore TBC Corporations full profile, request access. This statement is effective for fiscal years beginning after June15, segment and a $77.6million, or 13.3%, increase for the thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC formation in July2001. Prior to joining Monro in Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by wholesale segment to supply products to certain of its retail stores. plan assets are determined based on a weighted average expected long-term return on the target At the end of December2004, the Company had 9, or 1.6%, fewer franchised stores and 14, or 2.4%, revolving loan facility, both of which mature on April1, 2008. loans or leases on behalf of these franchisees totaling $2.3million.
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