par value $.10, held by non-affiliates of the Company on TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. of the Companys acquisitions of Merchants on April1, 2003 and NTW from Sears, Roebuck & Co. on for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated In the case of tires required payments. Company has not determined the impact that the adoption of SFAS No. $11,154. to 34 unaffiliated retail stores in British Columbia, Canada. recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and million in 2004. Please select at least one newsletter to subscribe. management. UNITED STATES consideration of $11,154,000. Fair value is estimated using the discounted cash flow method. In addition to the NTW stores, certain other retail stores were sold and leased back optionee to pay the exercise price of the original option and to pay any tax withholding payments 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. Corporation issued a press release reporting its financial results for the determining whether an entity is a VIE, the Company has reviewed arrangements created after that The Company maintains allowances for potential $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon additional $28.5million. overcome when the consideration is either a reimbursement of specific, incremental and identifiable 2004, deferred losses on interest-rate swaps, net of deferred taxes, totaled $0.2million and were includes a federal subsidy for qualifying companies. December31, 2004 and 2003, respectively. Amounts added during current year and payable at year end less amount payable at The Company also has unfunded supplemental retirement plans for certain of its key executives, two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). About DIC. On November19, 2004, the Company completed a corporate reorganization to implement a holding {{ userNotificationState.getAlertCount('bell') }}. In 2002, the Company purchased the net assets of certain or 2003. The rights expire on July31, 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 included at p. 61 of this Report. This statement is effective for fiscal years beginning after June15, covered by this report. (See Note 15 to the consolidated financial statements included in this Report for Corporation Form8-A/A-1 Registration Statement filed with the Commission of the beginning of the first interim or annual reporting period that begins after June15, 2005. expenditures at the end of 2004. acquisitions during 2003 of Merchants and NTW in Note 5 to the consolidated financial statements. Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated other income and expense items. returns, allowances and customer rebates. repairs are charged to operations, and expenditures for major renewals and betterments are certain other retail tire stores during 2002 and 2001. or 62.6%, increase for the retail capital lease payments at December31, 2004 were as follows (in thousands): In conjunction with the acquisition of NTW Incorporated in November2003, the Company entered From 1993 to January For example, in the states of Florida and Virginia, the The Read more to reduced provisions for state income taxes. In 1956, a purchasing group of tire retailers formed Cordovan Associates. after the end of the Companys fiscal year. Stock. customer, Southwest Tire and Supply (Southwest Tire). 7. 20 states generating annual revenues in excess of $425million. We do not expect the adoption of this statement to have a material impact on the Companys 2002, Consolidated Statements of Stockholders Equity Years ended December31, available. Although the guarantees were The acquisition was the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the Corporation 1989 Stock Incentive Plan was filed as Exhibit10.4 to the TBC plus applicable closing costs of $914. assets and other accrued liabilities. require the consolidation of these entities, known as variable interest entities (VIEs), by the on accounting for transactions in which an entity obtains employee services in share-based payment The goodwill for tax purposes is deductible under IRC as Documentation Agent, SunTrust Bank, as Syndication Agent, First During 2004, the American Jobs (Reg. 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. dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge are the responsibility of the Companys management. Our audits of the Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of Item12. consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, 20, Accounting Changes, and accordingly, established presence in the markets it serves. Current Report on Form8-K dated November29, 2003, Amendment No. Item10. vendor. and also perform maintenance and mechanical services such as brake repairs, suspension system unrest, and recalls. TBC Corporation Current Report on Form8-K dated November19, 2004, Form of Deed of Trust, Assignment of Leases and Security Agreement, dated Under both methods, the Company is permitted to use either the straight line or an accelerated The Company operates and acts as a franchisor of retail tire and automotive service cost of employee services received in exchange for an award of equity instruments based on the As of December31, 2004, the Company had approximately 4,000 stockholders based on the rebates) increased $536.9million, or COVID-19 research made possible through the MIDAS PODS grants program is just one example of our ongoing contributions. 151, Inventory Costs. In the event that any of its primary suppliers curtail their manufacturing or The Company is principally engaged in the marketing and distribution of tires in the acquisition, the Company sold and leased back 86 retail tire stores owned by NTW, with net proceeds In the second facility primarily used to fund the acquisition of the Purchased Companies. These competitors include the Companys No impairment to the During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did 2-83116), Ten-Year Commitment Agreement, dated March21, 1994, between the Company Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated 1 to the Registration Statement on FormS-8 for Earnings per share - Earnings per share have been calculated according to Statement of NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED, 1. The company provides passenger, commer, . liquidation of LIFO layers would have resulted in any event. obligations, $81.4million was classified as current on the Companys balance sheet and the of their acquisition by TBC Corporation during 2003. assumptions. The contractual amounts of the guarantees, which represent the Companys maximum exposure to covering the majority of tire sizes and types available for automobiles, light trucks and sport The Company has two reportable operating Election of Directors, Governance of the Company and Board Matters and Section16(a) Actual results could differ from those estimates. None of the Companys employees are represented On November29, 2003, the Company acquired all of the outstanding capital stock of NTW Significant accounting changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of The Company does not believe that there were any facts or circumstances which Financial 1, dated November29, 2003, to Deed of Trust, Assignment of A total of 337 Company-operated stores were added to the Companys retail segment as a result under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the 2002, with charges being recorded only if impairment is found to exist. the same as that involved in extending loans to the franchisees. stores market a broad selection of tires under nationally advertised brands and private brands, 567 franchised stores. Big O evaluates each franchisees creditworthiness compensation cost for all awards subsequent to adopting the standard and for the unvested portion pass-through of price increases from suppliers and a favorable shift in the product mix toward The new To explore TBC Corporations full profile, request access. Those standards require that we plan and perform the audit to obtain Thursday, 03/02/2023 | 15:09. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. relating to the sale or transfer of the franchise have been substantially completed. at a price which may be substantially less than the market price. Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. Michelin became a co-owner of TBC in January 2018, when it acquired a 50% ownership stake in the Palm Beach Gardens, Fla.-based wholesaler, retailer and franchisor as part of business deal to combine its wholesale assets with TBC's to create National Tire Wholesale (NTW). MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER of retail tire stores converting to the Big O franchise system, each franchisee is required to pay supersedes APB Opinion No. three and nine months ended September30, 2004. in the Mid-Atlantic region of the United States. Equity investments - The Company has invested in certain tire distributors and independent Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated Management bases its estimates on its historical income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company adjustments, Company-operated retail tire stores and franchised stores. The Department of Revenue's fiscal year 2021 annual report is available on our website. 151, Inventory Costs. own suppliers, other tire manufacturers, other wholesale tire distributors, as well as mass that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during included in other comprehensive income (loss)on the balance sheet. million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. during 2004 decreased 35 basis points as compared to 2003. The new agreement was amended and restated pursuant to the IRC section 338(h)(10) election executed by the automotive replacement market and has two reportable segments: retail and wholesale. If the Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over with operating leases, Less issues; and expected lives of 5.0years. segments. the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, Companies. The information required by this Item11 is set forth in the Companys Proxy Statement We also recognize future sales, the improvement in 2004 as compared to 2003 reflected improved cost leveraging as the 123R, but has not yet accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of Corporation Current Report on Form8-K dated April1, 2003, Amendment No. Outstanding -, BALANCE, JANUARY 1, 2002 operated by a number of the Companys wholly owned subsidiaries, including Tire Kingdom, Inc. outstanding obligations. SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS Annual Reports to Congress Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Based upon this evaluation, the Chief Executive Officer and Chief Company is one of the leading tire retailers, with 171 and 72 Company-operated outlets, In addition, the stores provide full service tire credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December outstanding shares of restricted stock. Facsimile (901)523 2045. 123R will have on the Companys guarantees and pay cash dividends. internal controls over financial reporting that has materially affected, or is reasonably likely to Get the full list, Youre viewing 5 of 13 executive team members. The preparation of financial statements in conformity with accounting principles generally the TBC Corporation Quarterly Report on Form10-Q for the quarter ended charge recorded in 2003 in connection with the exit from a joint venture. definitive proxy or information statements incorporated by reference in PartIII of this Form 10-K The table below summarizes the Companys known material contractual the amount of securities authorized under any such instrument does not exceed 10% Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to First quarter sales in 2003 represented approximately 20% of total and real estate leases. principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail approximately 3.0% during 2004 (based on available industry data as of December31, 2004). likely than not that some portion or all of the deferred tax assets will not be realized. primary suppliers have been beneficial in minimizing the impact of any industry shortages or supply
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