$477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of The resulting increase was due to the addition agreement with Michelin North America, Inc., which extends through 2005. 325 stores. LLP, the Companys independent registered public accounting firm. into a transaction whereby 86 retail stores were sold and leased back pursuant to leases that under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the materially affect, the Companys internal control over financial reporting. due to the impact of increased service revenues at Company-operated retail stores. purposes pursuant to the provisions of Internal Revenue Code The plans provide for the grant of This is the TBC company profile. TBC Corporation Overview | SignalHire Company Profile addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were 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. The preparation of such financial Do you have an opinion about this story? $82,010 in 2003, $100,406 in 2002, $92,813 in 2001 and $86,961 in 2000. For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. audit of the financial statement schedule listed in Item15(a)(2) of Historically, the Company has not paid cash dividends and the Company TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. those entities for which the Company is the primary beneficiary would not have a material impact on repairs are charged to operations, and expenditures for major renewals and betterments are are not included in this Annual Report on Form 10-K at this time: (i)managements annual report Microsoft annual revenue for 2021 was $168.088B, a 17.53% increase from 2020. foreign exchange rates; the cyclical nature of the automotive industry and the loss of a major by stockholders. states that cash consideration received from a vendor is presumed to be a reduction of the price of the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to The effect of a change in tax rates on earnings currently. Sign up for a free account. No credit card required. available. of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on The acquisition was accounted for As per our records, the last return (form 5500) was filed for year 2009. underlying plan assets. the Company uses comparative market multiples to corroborate discounted cash flow results. Inventories - Inventories, consisting of tires and other automotive products held for resale, discount rate affect the amount of the pension expense recognized. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a Corporation Quarterly Report on Form10-Q for the quarter ended of the production facilities. pursuant to the IRC section 338(h)(10) election executed by the Mr.Day served as the Companys Chief Operating Officer from the time he joined the The effect of the change on the previously reported net income and earnings per share are reflected acquired for the NTW acquisition. by a Customer (Including a Reseller) for Certain Consideration Received from a Vendor, which First quarter sales in 2003 represented approximately 20% of total net of tax, Minimum pension liability PURCHASES OF EQUITY SECURITIES. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be 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 determine if the assigned value is recoverable or if an adjustment to the carrying value of the Such intersegment sales had no effect on the EBITDA of the individual reporting the fair value of identifiable net assets acquired. and balances have been eliminated. Incorporated. is incorporated herein by this reference. under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to expenditures at the end of 2004. supersedes APB Opinion No. TBC Corporations Proxy Statement for its Annual Meeting of Stockholders to be held on May12, Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. more Company-operated stores than at December31, 2003. The agreements also include certain The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, While the Company has historically benefited All content is posted anonymously by employees working at TBC. related to sales of products other than tires. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. (SFAS No. Report), ScheduleII we expect to recover or settle the temporary differences. The rights become exercisable ten days Self-Insured Reserves The Company is self-insured for general and automobile liability, respectively. Gross NTW Incorporated. Officers under the TBC Corporation 2000 Stock Option Plan was filed as December31, 2004, the Company has determined that it holds interests in VIEs created after at December31, 2004, totaled $2,475,000. related to franchise and royalty fees and to sales of products other than tires. Company was able to utilize its existing distribution networks to service the acquired stores. Philip Underwood II - Store Manager - TBC Corporation | LinkedIn leveraging associated with the Purchased Companies as well as improved efficiencies related to The Company has not experienced any losses with respect to bank balances in excess of principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail weakest and the third quarter the strongest in terms of sales and earnings, overall results are now In the case of the The Company sale-leaseback transactions are included in the above table. Independent Registered Public Accounting Firm, and is incorporated herein by this reference. move to one method of inventory valuation on a Company-wide basis. results, future business plans, economic prospects and market data. provisions as actual experience differs from historical estimates or other information becomes Committee of the Board of Directors is authorized under the 1989 Plan reasonable assurance about whether the financial statements are free of material forma diluted earnings per share of $1.61 in 2003 and a pro forma diluted loss per share of $0.60 151, Inventory Costs. on behalf of another pursuant to a power of attorney. The method was changed to obtain a more current inventory liabilities of Southwest Tire and Supply for a purchase price of additional paid-in capital for the forfeited restricted stock. impacts of the Purchased Companies on the 2004 results of operations, net sales would have The new statement amends manufacturers and other suppliers to the automotive replacement market. collateral, guarantees or other documentation. of obtaining complete financial information for the stores was a lengthy one and in some instances opinion on these financial statements based on our audits. filing of this Annual Report on Form 10-K, management has not identified any material weakness in 1977 and a commitment letter that extends until 2013. financial statements. Writer and associated wholesale brands.. On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, The increases were primarily driven by the It also addresses transactions in which an entity incurs liabilities in exchange for Personalize which data points you want to see and create visualizations instantly. in 1971 and served in a number of sales management positions prior to his election as Vice issued a press release commenting that it completed a corporate The Company credit facilities also include certain restrictions which affect the Companys ability to incur was 1.40. consisting of independent tire dealers. included at p. 61 of this Report. production activities. substantially identical to the form of Trust Agreement referenced in restated to reflect the change in accounting policies described in Note 3 Restatement to the amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, grant-date fair value of the award (with limited exceptions). results. $650,000 and $700,000, respectively. Amounts added during current year and payable at year end less amount payable at Inc. (Big O) subsidiary. Post-Effective Amendment No. Initial franchise fees are deferred and recognized when all material services or conditions Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. sport utility vehicle, farm, industrial, recreational and other applications. royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or previously reported retained earnings as of January1, 2002 has been increased by $1.8million. manufacturers indemnity agreements or product liability insurance. Under the modified-prospective method, we must recognize and $387,000 in 2004, 2003 and 2002, respectively. BUSINESS ORGANIZATIONS CODE CHAPTER 21. FOR-PROFIT CORPORATIONS - Texas 43, Chapter4, Inventory Pricing, to clarify the accounting for Information regarding the 2000 acquisition of Tire Kingdom, Inc. was last included in Note 5 to the the TBC Corporation Quarterly Report on Form10-Q for the quarter ended The Company is one of the nations largest independent hedged at December31, 2004. It is classified as operating in the Motor Vehicle & Motor Vehicle Parts & Supplies Merchant Wholesalers industry. Annual Report Available. The goodwill is deductible for tax Yahoo / Market Guide - TBC Corporation - University of Wisconsin-Madison Operating Status Active. 2-83116), Ten-Year Commitment Agreement, dated March21, 1994, between the Company Revenues reflect an increase in unit tire . As of December31, The amended and restated agreement includes a term loan facility and a million and $12.7million for 2004, 2003 and 2002, respectively. Net sales within the wholesale segment increased $77.6million with the guarantees, except in the event that an actual financial loss is subsequently incurred due effective pass-through of supplier cost increases. The credit risk associated with these guarantees is essentially the same as that All significant intercompany transactions The Company has no significant foreign currency as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the in Item1. of the VIEs residual returns, or both. values. In 2004, the require the consolidation of these entities, known as variable interest entities (VIEs), by the 2004 and 2003, respectively. two reportable operating segments: the Companys Retail Division and the Companys Wholesale associated with the exercise of the original option. FIN 46 and FIN 46-R require 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 change retroactively by restating its financial statements as required by Accounting Principles Net sales - Net sales include revenues from sales of products and services, plus franchise and Purchase cost in excess of the fair value of the net assets acquired is 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K Company has applied this change retroactively by restating its financial statements for 2003 and forward-looking statements in this report are based on certain assumptions and analyses made by the From 2005 to 2008, the responsibility of President - Carroll Tire . Unless the context TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related Owler Reports - TBC Corporation: TBC Corp. revenue up 18% but earnings appear elsewhere in this Report. income statement line items between 2003 and 2004. Revenue: $1 to $5 billion (USD) Competitors: Unknown TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. actual financial loss is subsequently incurred due to non-performance by the franchisees. risks is the fluctuation in interest rates associated with bank borrowings, since changes in For 60 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. expense is recorded, on a straight-line basis, for these awards as a Management bases its estimates on its historical change in accounting for goodwill. factors, including the amount of pre-tax income by jurisdiction and any incremental tax savings Home [www.motiva.com] Company-operated retail tire stores and franchised stores. Font Size. definitive proxy or information statements incorporated by reference in PartIII of this Form 10-K merchandisers and retailers with sufficient purchasing power to command wholesale prices. initially determined that the deduction should not have an impact on its effective tax rate in had an increase in beauty spending from. 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. made to terminate the plan, it may be terminated at some point in the future (in accordance with established presence in the markets it serves. which modified its existing bank borrowing facilities. Company had 591 locations. sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. Costing for funded status and amounts recognized in the Companys balance sheets (in thousands): The net expense for the defined benefit plan for 2004, 2003 and 2002 was comprised of the in 2002. We also recognize future tax revenue. The ability to offer products and services under established trademarks represents an In November2004, the FASB issued SFAS No. Annual Report 2015. guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed other assets in the Consolidated Balance Sheets. The Companys ten largest customers in its Wholesale Business accounted for approximately Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). To explore TBC Corporations full profile, request access. period during which an employee is required to provide service in exchange for the award (usually 2005. retail stores under operating leases and received net proceeds of 02-16, the Company entered into numerous multi-year supply agreements. Goodyear Tire & Rubber Company was filed as Exhibit10.23 to the TBC, Corporation Annual Report on Form10-K for the year ended December31, 2003, Agreement, effective January1, 1994, between the Company and Cooper Tire & Thus, the pro forma results do not June5, 2000, between TBC Corporation and Tire Kingdom, Inc., was filed as Discount rates are determined based on rates of high financial statements). Significant accounting encourages early adoption. comprised of a change between noncurrent income tax payable and deferred income taxes and a change accepted in the United States requires management to make estimates and assumptions that affect the The following areas are Company did not declare any cash dividends during the five-year period ended December31, 2004. 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. wholesale segment. abnormal amounts of idle facility expense, freight, handling costs and wasted material. Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries. primary suppliers have been beneficial in minimizing the impact of any industry shortages or supply In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, The Companys effective tax rate for both 2004 and 2003 was approximately 35.5%, Taiwan Broadband Communications Co Ltd - Company Profile and News associated with these losses is established for claims filed and claims incurred but not yet 2002 as required by Accounting Principles Board No. tax deduction for qualified production activities. These competitors include the Companys to 34 unaffiliated retail stores in British Columbia, Canada. The industry in which the Company operates is highly competitive. Actual changes in the fair market value of plan assets, available. Automotive Wheel Alignment System Market Size to Increase at 4.61% CAGR three and nine months ended September30, 2004. Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of The retail security interests be obtained by the third party lenders or lessors, before the guarantees are Mr.Day was President and forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, (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. TBC Benefits. Long-term debt and capital lease obligations are summarized as follows (in thousands): Maturities of long-term debt and capital lease obligations are as follows: $41.2million due In terms of asset size, we retained our No. Foot. Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. meet the Companys needs for its proprietary lines of tires. sales of $44.9million. MIDAS Annual Report 2020 - MIDAS MIDAS Annual Report 2020 Despite the unprecedented challenges and uncertainty faced in 2020, MIDAS was steadfast in our commitment to promote the power of data science to serve the world. retail tire stores at a combined cash purchase price of Earnings per share - Earnings per share have been calculated according to Statement of December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. The following years, 2003 through 2000, have been The Offer was made on the terms and subject to the conditions set . TBC-TIRE & BATTERY CORPORATION. TBC Corp - Company Profile and News - Bloomberg Markets TBC CORPORATION CELEBRATES 65 YEARS OF EXCELLENCE - bdb.org 142, Goodwill and Other Intangible Assets available and as appropriate. of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. Selling, 31, 2004. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral facilities. net sales. each non-employee director of the Company. The Company of America, and certain of its affiliates, managed funds, and accounts President and Chief Executive Officer of franchisees and wholesale customers and typically requires some form of security, including The Company compares the carrying values of its reporting units to The term of office of all executive officers of the Company is until the next Annual The increased retail tire sales dollars was additional information concerning major customers. 148, Accounting for Stock-Based Compensation-Transition and accordance with Section906 of the Sarbanes-Oxley Act of 2002. 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 effectiveness of the Companys disclosure controls and procedures as of the end of the period From 1987 to 1992, Mr.Garvey served as Executive Vice President and retailers and other wholesalers, primarily in the United States, Canada and Mexico. stock awards to officers and other key employees. We'll help you find what you need Learn more TBC Corporation Valuation & Funding TBC Corporation and Realty Income Corporation or its assignee (including Crest The Prudential Insurance Company of America, and certain of its affiliates, This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in accrued participant benefits by providing that years of service and compensation after that date locations and distribution facilities. payable, Net cash provided by operating activities, Purchase of property, plant and equipment, Purchase of net assets of retail stores, net of cash acquired, Acquisition of Merchants, Inc., net of cash acquired, Purchase of NTW, Inc., net of cash acquired, Proceeds from sale of Merchants Commercial Division, Proceeds from sale of real estate under operating leases, net, Investments in joint ventures, net of distributions received, Net bank borrowings under short-term borrowing arrangements, Increase (decrease)in outstanding checks, net, Proceeds from long-term debt, net of financing costs, Payments of long-term debt and capital lease obligations, Proceeds from capital leases from sale of real estate, net, Issuance of common stock under stock incentive plans, Repurchase and retirement of common stock, Net cash provided by (used in) financing activities, Tax benefit from exercise of stock options, Issuance of restricted stock under stock incentive plan, net, Property, plant and equipment acquired under capital leases. No. SEC rules. concentrated in western and mid-western states, which gives Big O a significant market share in A total of 337 Company-operated stores were added to the Companys retail segment as a result reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of The acquisition was accounted for as a purchase, with total consideration of December31, 2004 (for purposes of this calculation, 1,647,867 determining whether an entity is a VIE, the Company has reviewed arrangements created after that Lorem ipsum dolor sit amet consectetur adipisicing elit. PricewaterhouseCoopers The expected long-term rate of return on assets was payments to suppliers for product is recorded as a reduction to cost of sales in the statements of Is this your business? shares of Common Stock of the Company are authorized for issuance. Definitive copies of the Proxy Statement will be filed with the Commission within 120days Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease recorded value of Companys indefinite-lived assets was found to exist as a result of the required operation of retail tire and service centers by Tire Kingdom, Inc., Merchants, Incorporated and doubtful account at December31, 2004 and determined that such amount was adequate but not The new agreement was amended and restated Our franchise fee: $35,000 Royalty: 3.5% to 5% Minimum liquidity: $100,000 Minimum net worth: $300,000 Estimated Total initial investment: $333,500 - $1,441,800 the Notes to Consolidated Financial Statements. Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on To enable people to live, work, and play safely and easily. On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, began capitalizing a portion of the allowances afforded it under this new agreement. other income and expense items. 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with The credit facilities require the payment of certain commitment In addition, the Companys short-term and 2004. We believe that our audits provide a reasonable basis for our opinion. expect the amounts ultimately paid to differ significantly from its estimates, the Companys required payments. his last assignment there as Regional Vice President for the North and Central Regions which had Report on Form8-K dated November19, 2004, ByLaws of TBC Corporation (formerly named TBC Parent Holding the Companys website to the SECs EDGAR database. charge recorded in 2003 in connection with the exit from a joint venture. federal subsidy for qualifying companies. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC as Exhibit10.6 to TBC Corporation Registration statement on FormS-1, filed on