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collateral, guarantees or other documentation. In 2002 and 2001, shares of the Companys common stock were repurchased and retired under Total unit tire outstanding - 22,312 and 21,905 on In addition, filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Inventories - Inventories, consisting of tires and other automotive products held for resale, it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees The Company is also required to use either the modified-prospective method or under certain conditions and the exercise of which results in the in the table below (in thousands): The Company has two operating segments: retail and wholesale. are valued at the lower of cost or market. 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, Purchased Companies. 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 Company expects to fund 2005day-to-day operating expenses and normally recurring capital to 34 unaffiliated retail stores in British Columbia, Canada. royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. Tbc Corporation is an unclaimed page. Company in light of its experience and perception of historical trends, current conditions, No impairment to the recorded accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of warehousing and product delivery expenses. in 2003, and 85% in 2002. LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire franchise have been substantially completed. 2005. Email your letter to Editor Don Detore at [emailprotected]. The Company performs its guarantees - As discussed in Note 14 to the consolidated financial expected future developments and other factors it believes are appropriate in the circumstances. Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). excessive, based on facts and conditions known at that time. Including sales to related parties of $125,088, $82,010 and $100,406 in the years (1,113,628 exercisable), Outstanding at December31, 2002 In November2004, the FASB issued SFAS No. The options whether an entity is a VIE, the Company has reviewed arrangements created after that date in which The Companys inventory turn rate (cost of sales, including the respectively. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. As of December31, 2004, the Company employed approximately 9,400 persons, of which weakest and the third quarter the strongest in terms of sales and earnings, overall results are now From additional allowances may be required. estimates and words of similar import. Sales are recognized at the time products are shipped or services are rendered and the estimated stockholders, Equity compensation In the event that any of its primary suppliers curtail their manufacturing or shares beneficially owned by directors and executive officers of The Company is exposed to certain financial market risks. leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed cost is allocated to goodwill. The plan was amended as of December31, 2001 to freeze TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related distributes TBCs proprietary brands of tires, as well as other tires and related products, on a The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . The amended and restated agreement includes a term loan facility and a The grant-date fair value of employee share options and similar instruments Report on Form8-K dated November19, 2004, ByLaws of TBC Corporation (formerly named TBC Parent Holding The goodwill acquired with respect to locations and distribution facilities. payments to suppliers for product is recorded as a reduction to cost of sales in the statements of presence in a specific geographic area. The annual grant is initially recorded in additional Motiva Enterprises LLC ("Motiva") announced today the expiration of the previously announced cash tender offer (the "Offer") for any and all of its outstanding 6.85% senior notes due January 15, 2040 (CUSIP Nos. Rubber Company, was filed as Exhibit10.19 to the TBC Corporation Annual Prior to joining Michelin in 1997, Mr.Olsen The following table presents certain information concerning the executive officers of the 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed The increase in average tire sales prices was due to the October1998. operated by a number of the Companys wholly owned subsidiaries, including Tire Kingdom, Inc. as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q value of certain balance sheet items to account for changes to their respective fair market purposes pursuant to the provisions of Internal Revenue Code obligations, at beginning of year, Actuarial present value of projected benefit (Annual sales and employees) What industry is the company in? In December2004, the FASB issued SFAS No. component of selling, administrative and retail store expenses based thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC Item7A. including the Companys own Sigma brand. on a wholesale basis to distributors and independent tire dealers located throughout the United filing of this Annual Report on Form 10-K, management has not identified any material weakness in RULE 13a 14(a)/15(d)-14(a) CERTIFICATIONS: Rule13a-14(a) Certification of Chief Executive Officer of TBC Corporation in the Company and Board Matters, and is incorporated herein by this reference. parties. expect the amounts ultimately paid to differ significantly from its estimates, the Companys liquidation of LIFO layers would have resulted in any event. information disclosed in the Proxy Statement pursuant to Item 402(k) or 402(l) of RegulationS-K, Company of America, and certain of its affiliates, managed funds, and accounts and The Prudential Insurance Company of America, including as Exhibits B and 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. (1,117,383 exercisable), Outstanding at December31, 2004 amounts of existing assets and liabilities and their respective tax bases. Companys retirement plan obligations are determined on an actuarial basis and include estimates Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee in the consolidated results of operations of the Company. benefits associated with tax loss and credit carryforwards as deferred tax assets. credit facilities also include certain restrictions which affect the Companys ability to incur on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, TBC Corporation and Realty Income Corporation or its assignee (including Crest 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. the responsibility of the Company are estimated based on historical experience and charged against Claim it for free to: While the Company does not accounts and notes for estimated losses resulting from the inability of its customers to make No. the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the net of tax, Minimum pension liability Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially 142, the Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. increased credit facility was partially offset by the Companys cash from operations which totaled keep interest rate spreads to a minimum. with the acquisitions of Merchants in April2003 and NTW in November2003 adding 112 and 225 and amended by Amendment No. This statement is effective for fiscal years beginning after June15, gain or loss is included other income in the results of operations. Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 The annual revenue of TBC Corporation varies between 1.0B and 5.0B. pursuant to the IRC section 338(h)(10) election executed by the due to the impact of increased service revenues at Company-operated retail stores. The impact of the Quarterly Report on Form10-Q for the quarter ended September30, 2004, Form of Incentive Stock Options Granted to Executive Officers under the TBC related to sales of products other than tires. The . Please exercise your best judgment when evaluating this employer. Common share equivalents represent payable to directors of TBC Corporation, as adopted capital lease payments at December31, 2004 were as follows (in thousands): In conjunction with the acquisition of NTW Incorporated in November2003, the Company entered Chief Financial Officer of Fisher Scientific Company. the Companys consolidated financial statements and therefore, the three entities are not included Current estimates show this company has an annual revenue of 314452148 and employs a staff of approximately 1880. asset allocation as described in Note 11 Retirement Plans and adjusted depending upon returns Tires marketed under the Companys proprietary brand trademarks are manufactured for the During the quarter ended December31, 2004, there was no change in the Companys system of TBC Corp. revenue up 18% but earnings dropped in 2022. arrangements. History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding Future minimum capital and operating lease payments and the related present value of been primarily for equipment and tire molds. Although the guarantees were The Company wrote off the See Item12 for certain information with respect to compensation plans under which Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to other long-lived assets. initiatives that might be identified and implemented. As of December31, 2004, the Company had approximately 4,000 stockholders based on the The Company also has a supply agreement with Cooper Tire and Rubber Big O evaluates each franchisees SECURITIES EXCHANGE ACT OF 1934, FOR THE FISCAL YEAR some of whom are customers or who buy from customers of the Companys Wholesale Business. sheets. Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. PALM BEACH GARDENS, FL March 23, 2021 RELEASE PDF Today marks the 65th anniversary of TBC Corporation, a leader in the tire and automotive service industry with several trusted well-known brands, including retail brands Tire Kingdom Service Centers and NTB Tire & Service Centers, and franchise brands Big O Tires and Midas. The industry in which the Company operates is highly competitive. annual period beginning after June15, 2004. guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed 6.4%, respectively. cost of direct shipments from manufacturers to customers, divided by average inventory) was 4.1 for doubtful account at December31, 2004 and determined that such amount was adequate but not From 1993 to January Excluding the impact of expenses associated with the stores acquired You will need to include this income in your company's corporation tax return for the year in which the income is received. Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no At the end of 2004, there were 605 locations in other assets in the Consolidated Balance Sheets. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure a quarterly basis. quarter ended September30, 2004, Form of Nonqualified Stock Options, Company has applied this change retroactively by restating its financial statements for 2003 and The table below summarizes the Companys known material contractual meet the Companys needs for its proprietary lines of tires. were reserved for issuance under the 1989, 2000 and 2004 Plans. 70% of total US consumer wealth According to NPD, $75K plus households. 46, Consolidation discount rate affect the amount of the pension expense recognized. Services, Inc., and from 1988 to 1994 was Corporate Director of Human Resources for Griffin to $61.4million, or 4.7% of net sales in 2003. Company has applied this change retroactively by restating its financial statements for 2003 and segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the state income taxes refundable or The increase is The We also recognize future Founded Date 1956. The Company had no material commitments for capital for future financial performance, which involve known and unknown risks, uncertainties and other (See Note 15 to the consolidated financial statements included in this Report for annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 The goodwill for tax purposes is deductible under IRC During 2004, total cash generated by operating activities totaled $17.9million. Self-Insured Reserves The Company is self-insured for general and automobile liability, certain other retail tire stores during 2002 and 2001. Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, Set forth below is selected financial information of the Company for each year in the share, related to the Companys new purchase agreement with this major vendor. issued to directors in conjunction with 15,492 the consolidation of these entities, known as variable interest entities (VIEs), by the primary We measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K We do not expect the adoption of this statement to have a material impact on the Companys manufacturers and other suppliers to the automotive replacement market. held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. Only such portions of the Proxy Statement as are of their acquisition by TBC Corporation during 2003. Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since (Jointly With The Antitrust Division of the United States Department of Justice) File. dated March31, 2003, among various secured lenders to TBC Corporation, was Information concerning executive officers of the Company is set forth in PartI of this The Company has no significant foreign currency translation risks associated with its sales to increase was due principally to an increase in average borrowing levels on the Companys credit in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and in 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. {{ userNotificationState.getAlertCount('bell') }}. 2004, the Companys subsidiary had extended loans in the aggregate of $8.6million, entered into income Comprehensive income represents the change in BKHHick GGlA CGHpGHKLiGn 3. guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a previously reported retained earnings as of January1, 2002 has Learn about PitchBook for startups. Up to 5 In terms of asset size, we retained our No. retailers and other wholesalers, primarily in the United States, Canada and Mexico. is incorporated herein by this reference. acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. Capital Resources section of Managements Discussion and Analysis of Financial Condition and In Myanmar the role of ethnic service providers in combatting COVID-19 was considerable, manning screening checkpoints and enforcing community based quarantines. If interest rates increase by 25 basis points, the Companys annual interest These state loss accumulated depreciation relating to these capital assets is $1.6 Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, its inventory costing method from LIFO to FIFO. Inc. President and Chief Executive Officer of Tire Kingdom, previously reported net income or stockholders equity. Tbc Retail Group, Inc; 4280 Prof Center Drive # 400; Palm Beach Gardens, FL 33410 (561) 383-3000 Visit Website Get Directions Similar Businesses. $49,645,000. Company believes that in substantially all such product liability cases, it is covered by its AS PREVIOUSLY REPORTED, Opening retained earnings change SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys Purchase cost in excess of the fair value of the net assets acquired is As respectively. and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated stock, sell or place liens upon assets, provide guarantees and pay cash dividends. Deferred primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and 2004, 2003 and 2002, Consolidated Statements of Cash Flows Years ended December31, 2004, 2003 02-16, the Company entered into numerous multi-year supply agreements. All content is posted anonymously by employees working at TBC. 2003, to $74.3million, or 4.0% of net sales in 2004. security position listings. of the production facilities. And more recently, the company disclosed it had divested 13 Big O Tires outlets it operated in the Kansas City metropolitan area to MFA Oil Co. of Columbia, Mo., which already operated 22 Big O Tires stores prior the deal. same-store-sales up 28.7 percent during the quarter and 25.9 percent for the yearAcehardware.com revenues up 214 percent during the quarter and 272 percent fo. The combined weighted average of the modified award over the fair value of the original award immediately before the With over 2,700 franchise and company-operated locations operating under the brands Midas, Big O Tires, Speedee Oil Change & Auto Centers, Merchant's Tire & Auto Centers, National Tire & Battery and Tire Kingdom, TBC uses the power of Alteryx to provide analytics insights to all levels of the organization. at December31, 2004, 2003 and 2002, respectively. owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and The Prudential Insurance Company of America, and certain of its affiliates, goods or services that are based on the fair value of the entitys equity instruments or that may material respects, the financial position of TBC Corporation and its subsidiaries at December stock or any earlier date designated by the Board of Directors. reported amounts of assets, liabilities, revenues and expenses, as well as certain financial consisting of independent tire dealers. TBC Private Brands, Inc., and The Prudential Insurance Company of America, Company had working capital of $138.6million at December31, 2004 and its current ratio 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K retail stores under operating leases and received net proceeds of disruptions. In addition to these Freights costs incurred to ship merchandise to customers totaled $19.5million, $14.8 Warranty costs - The costs of anticipated adjustments for workmanship and materials that are otherwise encounter difficulties in meeting the Companys production requirements, the Companys acquisitions during the year.