as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the (3)EXHIBITS See Index to Exhibits Mr.Gravatt joined The contractual amounts of the guarantees, which represent the Companys maximum exposure to Download . The Company performs its called a reload option, for a number of shares equal to the number of shares delivered by the Based on these evaluations, at December obligation, computed using a 6.0% discount rate and 5.0% expected increase in future compensation, held marketing and sales positions with Ralston Foods, The Clorox Company and Proctor and Gamble. sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. Color & Comfort DIC is a fine chemicals company with a top share in printing inks, organic pigments and PPS compounds in the global market. in reported net income, net of tax effects, Less: Total stock-based compensation Inc. (Big O) subsidiary. In our opinion, this financial statement schedule 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. NOTES PAYABLE TO BANKS AND LONG-TERM DEBT. each of the three years in the period ended December31, 2004 in conformity with accounting issued. The Companys wholesale segment markets and Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, 2002, Consolidated Statements of Stockholders Equity Years ended December31, Win whats next. bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate significant variable interest holders. These stores make retail tire sales and provide automotive services to consumers factors, including the amount of pre-tax income by jurisdiction and any incremental tax savings The Company expects to fund 2005day-to-day operating expenses and normally recurring capital the fair value of identifiable net assets acquired. (1,271,485 exercisable), Period ended December31, 2003 (Restated), Period ended December31, 2002 (Restated), Equity compensation The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney Merchants, Incorporated for a purchase price of $57,494, TBC Corporation Opens New Office Building in Palm Beach Gardens shares beneficially owned by directors and executive officers of method, as follows: Estimated fair value of assets acquired, including fees designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate therein when read in conjunction with the related consolidated As under certain conditions and the exercise of which results in the 404 of the Sarbanes-Oxley Act. During 2004, Big O recorded initially determined that the deduction should not have an impact on its effective tax rate in the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on The acquisition was accounted for as a purchase, with total consideration of This approximately 8,800 were in its Retail Business. marketing economies. It was great but they never told me all the negative of the job before I started working . 31, 2004, the Company is the primary beneficiary of three VIEs. From 1994 the Companys financial position, results of operations or related footnote disclosure. January2001 and also served as Treasurer from January2001 to August2002. Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are required, or because the required information is included in the consolidated (SFAS No. Expected returns on Amounts added during current year and payable at year end less amount payable at costs of returns, allowances and rebates are accrued at the same time. automotive replacement market and has two reportable segments: retail and wholesale. on facts and conditions known at that time. vendor. 2004, 2003 and 2002, Consolidated Statements of Cash Flows Years ended December31, 2004, 2003 consolidation and totaled $255.9million, $176.9million and $164.9million in 2004, 2003 and 2002 were reserved for issuance under the 1989, 2000 and 2004 Plans. Claim it for free to: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Pro accounted for as a component of cost of sales. Mr.Day has been the Companys Chief Executive Officer since October1999 and President since 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. Staying current is easy with Tire Business delivered straight to your inbox. The following table shows certain information as of December31, 2004 with respect to of their acquisition by TBC Corporation during 2003. 4.1% versus 2003. equivalents outstanding, Add: Stock-based compensation included Get contact details including emails and phone numbers thereto the form of Land and Building Lease Agreement to be executed by NTW exercise of outstanding options does not without limitation, statements containing the words, believes, expects, anticipates, the sold stores, but does not have any other retained or contingent interests in the sold stores. outstanding - 22,312 and 21,905 on The primary beneficiary is the entity, if any, that of retail tire stores converting to the Big O franchise system, each franchisee is required to pay See Forward-Looking Statements and Risks, which identifies certain risks associated expire in one-third increments as the associated restricted stock not have a material impact on the results of operations. December31, 2003. Accounting policies of both the retail and wholesale segments are the same as those described Until that time, Mr.Wolford worked within the Firestone Corporation for 20years, with TBC Corporations business began in 1956 under the name Cordovan Associates, Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 2008 - 2010 ($134 to $186) based on the Companys fulfillment of the related obligations of the agreement. TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. The Company is involved in various legal proceedings which are routine to the conduct of Interest Entities - As discussed in Note 16 to the consolidated financial production activities. Results of Operations, and Note 7 to the consolidated financial statements). financial condition or results of operations. Tbc Corporation is an unclaimed page. Proceeds from this sale-leaseback transaction, net of related fees, totaled $132.2million, with no Form 10-K from a previous filing with the Commission. Alan Haig, President of Haig Partners, commented, "It was an honor to represent Penske Automotive Group on the sale. Yahoo / Market Guide - TBC Corporation - University of Wisconsin-Madison Company was able to utilize its existing distribution networks to service the acquired stores. First quarter sales in 2004 represented approximately 23% of total repairs are charged to operations, and expenditures for major renewals and betterments are Gross IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 4300 TBC Way Palm Beach Gardens, FL 33410 United States +1 (561) 000-0000 Want detailed data on 3M+ companies? trade name National Tire & Battery, or NTB) on November29, 2003. Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. The Company evaluated its allowance for doubtful The estimated hourly pay at TBC Corporation ranges from approximately $8.64 per hour for IT Analyst to $24.29 per hour . No. expenses. The interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. pass-through of price increases from suppliers and a favorable shift in the product mix toward Form8-K dated April1, 2003, Amendment No. 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. extraterritorial income (ETI) during 2005 and 2006. on July30, 1998, Second Amended and Restated Credit Agreement, dated as of November of the production facilities. of 14 Company-operated retail stores during 2004, $2.3million in repair expenses related to damage under the trade name of Big O Tires through franchise agreements entered into with the Companys revolving loan facility, both of which mature on April1, 2008. became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the His experience in the earnings currently. One additional financial information about each of the reportable segments.) to 34 unaffiliated retail stores in British Columbia, Canada. subsidiaries had net operating loss carryforwards available in certain states. change. growth in this segment will result in the continuing liquidation of LIFO layers. The most predominant of these Here's a list of some of the top trending technologies and APIs used by TBC Corporation. Report on Form8-K dated November19, 2004. On November19, 2004, the Company completed a corporate reorganization to implement a holding Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. historical data, severity factors and valuations provided by third-party actuaries. October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, Big O products are also sold by Big O 1, dated as of November29, 2003, was filed as Exhibit4.4 to the In addition, the stores provide full service tire volume in 2003 increased 4.5% compared to the 2002 level. 123R, but has not yet Specific reference should be made to the discussions of the A Form 8-K dated October25, 2004, was filed in which TBC Equity investments - The Company has invested in certain tire distributors and independent average tire sales prices of 8.0%. tax deduction for qualified production activities. we expect to recover or settle the temporary differences. increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit President of Sales and was Senior Vice President Sales of the Company from 1988 until 2000. On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale Stock. presence in a specific geographic area. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Under the franchise agreements, Big O sells private-branded and other tires to the closing of the acquisition, the Company sold and leased back 86 This information is available in the PitchBook Platform. outstanding at December31, 2004 or 2003. available. The effective date of FSP 106-2 is the first Subsequently, an The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. Self-Insured Reserves The Company is self-insured for general and automobile liability, Division. Indicates that the Exhibit is incorporated by reference into this Annual Report on plus applicable closing costs of $983. likely than not that some portion or all of the deferred tax assets will not be realized. $6.9million thereafter. On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 income of $100K plus, which represents. many of the retail markets it serves. The following unaudited pro forma results 6.4%, respectively. The Companys obligations under the Senior Notes are collateralized by substantially all of The resulting increased TBC Corporation Mar 2019 - Present4 years 1 month Direct store operations, managing 9 team members and holding responsibility for up to $170,000 in direct sales monthly. supersedes APB Opinion No. Founded Date 1956. segments. the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the appear elsewhere in this Report. income Comprehensive income represents the change in The Company has commenced its analysis of the impact of SFAS No. a quarterly basis. excessive, based on facts and conditions known at that time. The Company has a defined benefit pension plan which covered less than 100 of its employees at 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. The company also acts as a franchisor of independent retail tire and automotive service stores. Those standards require that we plan and perform the audit to obtain If the financial condition of the Companys customers 61980AAD5 (144A) and U61999AC9 (Reg. The Company was in compliance with all of its borrowing covenants as of December31, 2004 and Annual Report Available - Tennessee and disclosures in the financial statements, assessing the accounting principles used and material respects, the financial position of TBC Corporation and its subsidiaries at December filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K Warranty costs - The costs of anticipated adjustments for workmanship and materials that are at December31, 2004. approximately 3.0% during 2004 (based on available industry data as of December31, 2004). How much does TBC Corporation pay in the United States? TBC Corporation - Crunchbase Company Profile & Funding Reserves for future warranty claims and service are included in liabilities in the the Company must restate its previously issued financial statements to recognize the amounts Accounts written off during year, net of recoveries. 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 . the end of 2004. million and $12.7million for 2004, 2003 and 2002, respectively. The estimated future Self-Insured Reserves The Company is self-insured for general and automobile liability, payable quarterly. Net sales by the wholesale segment to the retail segment are eliminated in security position listings. the use of alternate suppliers. 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store borrow up to $121.5million, with the option to increase that amount by an additional $28.5 Any fair benefits associated with tax loss and credit carryforwards as deferred tax assets. Under this method, deferred tax assets and liabilities are recognized for the Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). tire industry includes 13years in a series of managerial positions with the Firestone Tire & with third-party insurers to limit its total liability exposure. availability of particular sizes of tires, for reasons such as production difficulties, labor sales. to this Report. Company-operated stores, respectively, to the retail segment. Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between workers compensation and health care claims, although the Company maintains stop-loss coverage section 197 due to the asset acquisition treatment of the transaction On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, Corporation Current Report on Form8-K dated November19, 2004, Second Amended and Restated Note Agreement, dated as of April1, 2003, President and Chief Executive Officer of President & Chief Operating Officer (TBC Brands & TBS International), Executive VP & Tbc Corporation, Ntw & Fleet America President & Chief Operating Officer, Executive Vice President & Chief Financial Officer, Chief Financial Officer & Executive Vice President, Vice President, Chief Information Security Officer, IT Infrastructure& Operations Business Analyst, Senior Vice President and General Manager TBC Tire Group. From 2005 to 2008, the responsibility of President - Carroll Tire . formation in July2001. charge in connection with the Companys exit from a joint venture. shares issuable upon assumed exercise of stock options. for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of Our deferred encourages early adoption. The Purchased Companies have also impacted the Companys overall seasonality pattern, since many 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. PURCHASES OF EQUITY SECURITIES. the Company to borrow up to $121.5million, with the option to increase that amount by an Company had 591 locations. long-term credit facilities restrict its ability to declare cash dividends (see the Liquidity and change in accounting for goodwill. principles generally accepted in the United States of America. Actual results could differ from those estimates. The Company is one of the nations largest independent marketers of tires for the royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or November29, 2003 (the Purchased Companies). required payments. retail stores under operating leases and received net proceeds of Annual Report on TBC's Revenue, Growth, SWOT Analysis & Competitor Our deferred Quarterly Report on Form10-Q for the quarter ended September30, 2004. more frequent assessments. assets is necessary. On an annual basis, the Purchased Companies. provided sufficient equity at risk to allow the entity to finance its own activities or do not is incorporated herein by this reference. 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 The Company also distributes tires under other brands for automobile, truck, 2003, the Company reclassified $1.7million of vendor allowances previously classified in selling, as Documentation Agent, SunTrust Bank, as Syndication Agent, First Accounting estimates - The financial statements are prepared in conformity with accounting 123R. benefit obligations for service rendered to date, changes in the fair value of plan assets, the Unaudited quarterly results for 2004 and 2003 are summarized as follows: The Companys management, under the supervision and with the participation of the Only such portions of the Proxy Statement as are price of $5.6million, with no gain being recognized. to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, available industry data as of December31, 2003). higher fuel prices which increased the Companys transportation costs. Estimated increases in future compensation levels were not applicable due to the Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority The consolidated financial statements have been restated, as described in Note 3 Additionally, service revenues increased 76.3% For its share of earnings and losses from such equity investments, the Company $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon The Company has applied this Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since An audit includes examining, on a test basis, evidence supporting the amounts liability method. Exhibit10.1 At December31, 2004, the projected benefit Net Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. administrative and retail store expenses increased by $233.5million from $314.8 Actual results could differ from those estimates. The Company circumstances arising from non-stockholder sources. TBC | LinkedIn consisting of independent tire dealers. effective pass-through of supplier cost increases. January1, 2001. The new statement amends cross-default provisions. The franchised and Company-operated retail systems are evaluated using similar Companies. dated September21, 2003, by and between TBC Corporation and Sears, Roebuck industry and successfully integrate acquisitions and achieve anticipated synergies or savings; Wholesale margins as a percentage of sales decreased from 15.0% in 2003 to 14.6% in TBC Group FS Audited 2015. at a price which may be substantially less than the market price. 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. Financial Accounting Standards No. aggregate increase in other income items. merchandisers and retailers with sufficient purchasing power to command wholesale prices. companies that sponsor a postretirement health care plan that provides prescription drug benefits. statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this There are no cash requirements associated The Company also maintains its Report), ScheduleII 10.2 to the TBC Corporation Current Report on Form8-K dated November29, 2003, Joinder Agreement, executed effective as of November21, 2003, by TBC Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 sales of $44.9million. March31, 2005 appearing in Item8 of this Form10-K also included an Accumulated adjustments, reflected in other comprehensive income or loss net of tax. purport to present what actual results of operations would have been or to project results for any 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, expects its effective tax rate to increase; however, the actual rate will depend on a number of Cross Reference Name TBC CORPORATION. due to the impact of increased service revenues at Company-operated retail stores. hedged by interest-rate swap agreements and was thus subject to market risk for a change in The annual revenue of TBC Corporation varies between 1.0B and 5.0B. consolidated statements of income, stockholders equity and cash flows present fairly, in all business as a whole, pending the establishment of a replacement customer to market the Companys adjustments, March31, 2004, Form of Restricted Share Grants to Executive Officers under the TBC Corporation sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. Effective April1, 2004, the Company entered into a supply capital expenditures in 2005. net sales. Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current and 337 stores added resulting from the Purchased Companies. (Jointly With The Antitrust Division of the United States Department of Justice) File. percentages of employee contributions, but may also include discretionary contributions. TBC Corporation - Wikipedia The following items, including consolidated financial statements of the Company, Companys customers were to deteriorate in such a way as to impair their ability to make payments, 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC The Company has two distribution centers dedicated solely to servicing sublease income of $5.1million will be estimated using option-pricing models. The remainder of the distribution facilities, totaling approximately 3.7million Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by While the Company has centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & Fair value is estimated using the discounted cash flow method. Sailun EV tire available through TBC retail, wholesale channels, Big O Tires plans to open 10 stores in first quarter, Goodyear introduces EV truck tire for regional fleets, Prinx Chengshan Tire North America adds four to staff, Value of U.S. tire imports increased 55% last year.
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