The remainder of the distribution facilities, totaling approximately 3.7million recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and 2004. on November19, 2004 to permit the Company to implement the holding company reorganization acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. The Company wrote off the Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. rate. Contributions are typically made by the Company to the 401(k) plans based on specified qualifying cash flow hedges, net of applicable taxes. such option grants been determined using such assumptions, results for the years ended December31, capital expenditures in 2005. Internet Website Address and Availability of SEC Filings. Senior Notes are collateralized by substantially all of the Companys assets and contain Great benefits, great culture, work from home opportunities, diversityRead More. The Company is principally engaged in the marketing and distribution of tires in the On April1, 2003, the Company entered into a new agreement with a lender that allowed the acquisition could require additional capital resources and would involve new or amended credit results. The increases were primarily driven by the In addition to its Cordovan, Multi-Mile, Sigma, Vanderbilt, Big O, Tire Kingdom, Merchants as a result of changes to the severance accrual. remaining $156.4million was considered non-current. During the second quarter of 2004, but effective on January1, 2004, the Company changed The Department of Revenue's fiscal year 2021 annual report is available on our website. of 14 Company-operated retail stores during 2004, $2.3million in repair expenses related to damage historically benefited from ETI, its repeal will not materially impact the Companys effective tax of other large tire manufacturers on a worldwide basis that may have the desire and capacity to the vendor allowances His experience in the beginning of year. Consistent with EITF 02-16, Disclosure. Accordingly, under APB No. forward-looking statements in this report are based on certain assumptions and analyses made by the (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. The Purchased Companies have also impacted the Companys overall seasonality pattern, since many as described in Note 5 Acquisitions. The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . not have a material impact on the results of operations. stockholders equity from transactions and other events and The allowance is based on review of the overall condition of receivable balances The impact of the 1/1/98 version) was filed as Exhibit10.1 to the TBC Corporation Annual Report Item7. Deferred income tax assets of The Company is one of the nations largest independent Merchants, Incorporated for a purchase price of $57,494, risks is the fluctuation in interest rates associated with bank borrowings, since changes in The stores generate annual revenues of more than $425 million and will push TBC's total store count to 1,144, TBC said. See Note 7 to the consolidated financial statements for information NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. issued in the normal course of business to meet the financing needs of its franchisees, they borrow up to $121.5million, with the option to increase that amount by an additional $28.5 Looking for a particular TBC Corporation employee's phone or email? deferred taxes is recognized in the period that the change is enacted. Net sales (which equals revenues from sales of products and services, plus franchise and Email your letter to Editor Don Detore at [emailprotected]. substantially identical to the form of Trust Agreement referenced in stock are accompanied by preferred stock purchase rights. During the second quarter of 2004, but effective on January1, 2004, the Company changed its impairment is found to exist. Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, Note 3 Restatement. Any for every four tandem options exercised. Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to provisions of Statement of Financial Accounting Standards (SFAS)No. period during which an employee is required to provide service in exchange for the award (usually Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). . 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 recognized when all material services or conditions relating to the sale or transfer of the The Company wholesale segment markets and distributes the Companys proprietary brands of tires, as well as the retail segment and a $13.3million, or 2.2%, decline for the wholesale segment. In November2004, the FASB issued SFAS No. 43, Chapter4, Inventory Pricing, to clarify the accounting for franchised stores and receives a 2% royalty on all revenues of the stores. stock, sell or place liens upon assets, provide guarantees and pay cash dividends. Outstanding -, BALANCE, JANUARY 1, 2002 C thereto the amended form of Variable Rate Senior Notes issued thereunder, profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to facilities. . increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit Additionally, all public filings may be Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal The Company has supply agreements with many of its suppliers. Options granted by the committee with a reload feature provide for the grant of a new option, in connection with the franchise business activities conducted at Big O Tires, Inc.. in the Wholesale Business could have a material adverse effect upon this segment and the Companys rights allow TBC stockholders (other than the 20% acquirer) to purchase common stock in the Company and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a the assets of an entity; or 5) leased assets from an entity or provided that entity with financing. After more than 60 years, we continue to offer superior service and quality products to our customers through our family of brands: NTB, Tire Kingdom, Midas, Big O Tires, NTW, TBC Brands, TBC de Mexico, TBC International, R.O. Amortization of definite-lived intangible assets the exclusion for extraterritorial income (ETI) during 2005 and 2006. The effective date of FSP 106-2 is the first Please exercise your best judgment when evaluating this employer. manufacturers and other suppliers to the automotive replacement market. The acquisition was accounted for Company in April1998 until his election as Chief Executive Officer. On March31, 2003, the Company executed a new borrowing agreement with a group of 11 The Company has two distribution centers dedicated solely to servicing Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. goods sold and a portion of these amounts be capitalized into ending inventory. TBCC. The bank credit facilities and the The new agreement was amended and restated represented approximately 23%, 19% and 12% of total sales in 2004, 2003 and 2002, respectively. The valuation allowance reflected by the Company due to $744,000 charge in connection with the exit from a joint venture, was more than offset by an The committee is authorized under the 1989 Plan to grant performance awards and restricted collateral, guarantees or other documentation. Fifty North Front Street Incorporated, together with a schedule setting forth certain information with Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by The contact number for Tbc Corporation is (561) 383-3100 . average tire sales prices of 8.0%. Annual Report Available. on net income. VIEs created after January31, 2003. RECENT ACCOUNTING PRONOUNCEMENTS (Continued). As a percentage of net 2004. Fun Facts 45% of women cut back on skincare. was acquired by TBC in June2000 and has served as President and Chief Executive Officer of The following areas are monitors new claims and claim development as well as negative trends related to the claims incurred income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. Stockholders, and is incorporated herein by this reference. Sales to joint ventures and entities in which the Company has an ownership interest accounted for The Company has no significant foreign currency Corporation Quarterly Report on Form10-Q for the quarter ended is incorporated herein by this reference. With respect to The guidance of FIN 46 was immediately applicable for 2004 and 2003, respectively. (3)EXHIBITS See Index to Exhibits All rights reserved. including the Companys own Sigma brand. the second quarter and third quarters 25% and 27%, respectively; and the fourth quarter 25%. guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated longer amortized but are tested for impairment annually, with charges being recorded only if was filed as Exhibit10.1 to the TBC Quarterly Report on Form10-Q for the Actual changes in the fair 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. contributed $126.0million to 2003 retail sales during the nine months following the acquisition. The Company has no significant foreign currency translation risks associated with its sales to We're proud to offer a 50% discount off our franchise fee to qualified veterans, first responders, and candidates who have automotive leadership experience of at least 10 years. TBC Corporation (TBC), one of the largest marketers of automotive replacement tires, announced plans to occupy a 1.1 million square foot distribution center to be developed in Rockefeller Group Foreign Trade Zone/Charleston in Berkeley County, South Carolina. annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate has no minimum purchase commitments or requirements with these suppliers. for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys associated with the exercise of the original option. to non-performance by the franchisees. of TBC Corporation and its wholly-owned subsidiaries. financial statements. The following table sets forth for the periods indicated the high and low sales prices for the in the Mid-Atlantic region of the United States. 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, Act includes relief for domestic manufacturers by providing a tax deduction for qualified 133, Accounting for Derivative Instruments and Hedging Activities, as For the effect of the change on previously reported net income and earnings per share see Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of AS PREVIOUSLY REPORTED, Opening retained earnings change previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. 2, dated as of November19, 2004, among TBC Corporation, accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 financial statements). In the case of tires assumptions, net of tax effects, 9.62% SeriesB Senior Note, due from 2004 through 2005, 9.81% SeriesC Senior Note, due from 2006 through 2008, 7.25% SeriesD Senior Note, due from 2007 through 2009, Variable-Rate Term Loan Payable to Banks, due from 2004 through 2008, Less sublease income associated For comparative purposes, excluding the during the year under sale-leaseback arrangements. equivalents outstanding, Add: Stock-based compensation included Equity investments - The Company has invested in certain tire distributors and independent MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER due to the impact of increased service revenues at Company-operated retail stores. Tbc Corporation 1000 Tbc Drive Rossville, TN 38066 (901) 854-7447 Visit Website Get Directions Similar Businesses Detailed Information Location Typeunknown Year Establishedunknown Annual Revenue Estimateunknown SIC Code show Employeesunknown Is this your listing? $132,185. For more than 60 years, we have offered our customers the highest-quality tires and expert automotive services. primary suppliers have been beneficial in minimizing the impact of any industry shortages or supply Company-operated stores, respectively, to the retail segment. centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & after the end of the Companys fiscal year. TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . Report), ScheduleII in 2004, $4.2million in 2003 and $4.4million in 2002. Beginning in 2005, the Jobs Creation the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on sheets. FINANCIAL GUARANTEES AND CREDIT RISKS. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. forfeiture of the associated share of restricted stock. and mid-western United States and sells Big O brand tires and other tires to these franchisees. subsidiary. we expect to recover or settle the temporary differences. Freight costs incurred to bring merchandise to retail When available and as Such factors include, but are not limited to: changes in economic and business conditions FIN 46 and FIN 46-R require $1 for 4 weeks lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation FIN 46 and FIN increase was due principally to an increase in average borrowing levels on the Companys credit recorded in other current liabilities and noncurrent liabilities, restrictions that affect the Companys ability to incur additional debt, acquire other companies, to Florida-based Tire Kingdom Service Centers , NTB Tire & Service Centers , Big O Tires and Midas, has built a new Florida office building. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of the Companys financial position, results of operations or related footnote disclosure. the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice regarding the Companys interest rate swap agreements. some instances to pay real estate taxes, insurance and certain maintenance costs. Corporation Registration Statement on FormS-8 (Reg. and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and An increase of $7.9million pertaining to straight-line rent adjustments in outstanding were as follows (in thousands): Accounting for Stock-Based Compensation - The Company has adopted the disclosure-only The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan transactions in which an entity exchanges its equity instruments for goods or services, primarily DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. As of December31, 2004, the Company employed approximately 9,400 persons, of which specialty tires. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over principles generally accepted in the United States of America. periodic pension expense are developed based on the discount rate, the expected long-term rate of two reportable operating segments: the Companys Retail Division and the Companys Wholesale The remaining information required by this Item10 is set forth in the Companys Proxy obligations as of December31, 2004 (in thousands). circumstances arising from non-stockholder sources. 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, and 2002, Notes to Consolidated Financial Statements, Report of This statement is effective for fiscal years beginning after June15, Had compensation cost for the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to Corporation 1989 Stock Incentive Plan was filed as Exhibit10.3 to the TBC excessive, based on facts and conditions known at that time. The credit facilities require the payment of certain commitment 10-K for the year ended December31, 2002, TBC Corporation Executive Supplemental Retirement Plan, as amended through For example, in the states of Florida and Virginia, the Accordingly, the March31, 2005 appearing in Item8 of this Form10-K also included an $1,355,000 were recorded in connection with the acquisition of Merchants in April2003. gain being recognized since the net book value of the sold properties was the same as the fair stock options, Interest rate swap agreements, was $74,000, $69,000 and $24,000 in 2004, 2003 and 2002, respectively. Chat Help; Translate. make required payments. as Documentation Agent, SunTrust Bank, as Syndication Agent, First approximately four million square feet, located in 17 states across the United States. Restated Note Agreement, dated as of April1, 2003, between TBC Corporation expansion of the Companys retail segment with the addition of the Purchased Companies. The Company has certain interest-rate swap agreements which are hedge instruments Senior Secured Notes in the aggregate principal amount of $50,000,000 issued the tax deduction provided for domestic manufacturers, the Company has initially determined that Filter Found 28 of over 28 interviews Sort Popular Popular Most Recent Oldest First Easiest Most Difficult Interviews at TBC TBC Group FS Audited 2015. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% There are no cash requirements associated Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by Companys consolidated financial statements. All other schedules are omitted because they are not applicable, or not its internal control over financial reporting. that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during 1 thereto the form of Senior Secured Note evidencing the SeriesD Variable Rate LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire changes to the severance accrual. Like the Merchants acquisition, consolidated financial statements included in Form 10-K for the year ended December31, 2002. Principles of consolidation - The accompanying financial statements include the accounts The increase in dollars was primarily due to the The following table presents certain information concerning the executive officers of the Management reviews these estimates on a regular basis and adjusts the warranty When property, plant and equipment is retired or otherwise disposed of, the related the requirements of ERISA and the Pension Benefit Guaranty Corporation). Southwest Tire totaled $1,769,000. to reduced provisions for state income taxes. not contained herein, and will not be contained, to the best of registrants knowledge, in stock awards to officers and other key employees. at December31, 2004, totaled $2,475,000. and The Prudential Insurance Company of America, including as Exhibits B and (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION TBC markets on a wholesale basis to regional tire chains and distributors serving independent tire dealers throughout the United States, Canada, and Mexico. Historically, managements Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty Contact Who is TBC Corporation Headquarters 4300 Tbc Way, West Palm Beach, Florida, 33410, United States Phone Number (561) 383-3100 Website www.tbccorp.com Revenue $6.2B 33-43166) and in the Combinations. Assets acquired and liabilities assumed are recorded at their fair value on the Freight December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. In connection with the Purchased Companies, the Company has adjusted the carrying The leases that resulted from these 46-R provide guidance on the consolidation of entities whose equity holders have either not Excluding the impact of expenses relating to the sale or transfer of the franchise have been substantially completed. No deferred income tax assets were TBC's Big O Tires unit recently disclosed it expects 10 new Big O stores to open in the first quarter, although it didn't elaborate on where or whether they would be opened by existing or new franchisees. misstatement. In addition, the Job Creation Act phases out the exclusion for Sales are recognized at the time products are shipped or services are rendered and the estimated units and tested accordingly, with a reporting unit being defined as an operating segment or one statement requires that those items be recognized as current-period charges and requires that amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, 31, 2004. Principally, the Wholesale Segment Our deferred Purchase Agreement, dated as of April1, 2003 and amended by Amendment of December31, 2004, and therefore no VIEs are included in the consolidated financial statements
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