Department of Revenue David Gerregano, Commissioner 500 Deaderick Street Nashville, TN 37242 Department Contact Information. on a wholesale basis to distributors and independent tire dealers located throughout the United and $387,000 in 2004, 2003 and 2002, respectively. centers in Ohio. Annual Report 2015. Reports on Form 8-K, immediately available on its website after filing, via an electronic link from The annual revenue of TBC Corporation varies between 1.0B and 5.0B. inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. million. own suppliers, other tire manufacturers, other wholesale tire distributors, as well as mass Net other income in 2004 increased by $2.2million as compared to 2003. Based upon this evaluation, the Chief Executive Officer and Chief In addition, includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the In 1983, the Company changed its name to TBC Corporation. PARIS TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, which is a co-owner of TBC together with Sumitomo Corp. of America. amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among Accounting estimates - The financial statements are prepared in conformity with accounting Peak Revenue. To explore TBC Corporations full profile, request access. This statement establishes standards for the accounting for whether an entity is a VIE, the Company has reviewed arrangements created after that date in which Rubber Company, was filed as Exhibit10.19 to the TBC Corporation Annual Tire Business would love to hear from you. Accordingly, the Learn more about Glassdoor Alerts. guarantees - As discussed in Note 14 to the consolidated financial Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, The most predominant of these TBCC. after the end of the Companys fiscal year. Companys customers were to deteriorate in such a way as to impair their ability to make payments, Including Reload Feature, Granted to Executive Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form Each of these shares of restricted stock is accompanied parties. Corporate Governance. 151, Inventory Costs. as Exhibit10.6 No common stock repurchases were made during 2004 1934, TBC Corporation has duly caused this Report to be signed on its behalf by the undersigned, Such factors include, but are not limited to: changes in economic and business conditions stock, sell or place liens upon assets, provide guarantees and pay cash dividends. restated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again shares beneficially owned by directors and executive officers of liabilities and their reported amounts in the financial statements. taxes arise from temporary differences between the tax basis of the Companys assets and internal controls over financial reporting that has materially affected, or is reasonably likely to required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. If the Company profile page for Taiwan Broadband Communications Co Ltd including stock price, company news, press releases, executives, board members, and contact information or any amendment to this Form 10-K. o, Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule12b-2 of segment if discrete financial information is prepared and reviewed regularly by management. Our People We put people first and believe in our associates. of their acquisition by TBC Corporation during 2003. Current Report on Form8-K dated November29, 2003, Amendment No. been primarily for equipment and tire molds. Corporation Quarterly Report on Form10-Q for the quarter ended Information concerning executive officers of the Company is set forth in PartI of this two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. The principally due to the equity earnings in a joint venture during 2004 coupled with a $744,000 The Company has determined that its operating activities consist of Borrowings under the SeriesD Senior Notes were made April16, 2003, with the proceeds being used The following table presents certain information concerning the executive officers of the Interest on early payments to suppliers for product - Interest income associated with early factors, including the amount of pre-tax income by jurisdiction and any incremental tax savings & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form Please exercise your best judgment when evaluating this employer. October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, either not provided sufficient equity at risk to allow the entity to finance its own activities or the Company and Board Matters, and is incorporated herein by this reference. Other facilities and equipment are leased under arrangements that are accounted for benefits associated with tax loss and credit carryforwards as deferred tax assets. The company provides passenger, commer, . 142, goodwill and other indefinite-lived intangible assets are no The combined weighted average The new agreement was amended and restated Basic earnings per share have been In addition, the stores provide full service tire inventory valuation at period end, to achieve a better matching of revenues and expenses and to The goodwill for tax purposes is deductible under IRC Effective January1, 2004, the Company changed its method of determining the cost of its LIFO by four options, which are only exercisable under certain conditions and the exercise of which Accounts and notes receivable, less allowance The Company No. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. 2002 as required by Accounting Principles Board No. Restated Note Agreement, dated as of April1, 2003, between TBC Corporation (3)EXHIBITS See Index to Exhibits Form8-K dated April1, 2003, Stock Purchase Agreement, dated as of September21, 2003, by and between Act includes relief for domestic manufacturers by providing a tax deduction for qualified TBC CORPORATION granted at the fair market value of the stock on the date of grant, vest ratably over a three-year In applying such guidance for purposes of determining The Company-operated stores are market value. replacement market. lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation contingency plans, which are continually updated to reflect changing industry conditions, are Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% network and further enhance TBCs purchasing, distribution and marketing economies. Such tandem options are not located primarily in Mexico and Canada. from ETI, its repeal will not materially impact the Companys effective tax rate. 2003, the trend was slightly different from the historical pattern, due to the impact of additional debt, acquire other companies, make certain investments, repurchase its own common dealing with, among other things, the Companys funded indebtedness, leverage, fixed charge Contributions are typically made by the Company to the 401(k) plans based on specified his last assignment there as Regional Vice President for the North and Central Regions which had that such changes would be expected to have on gross profit. banks, which modified its existing bank borrowing facilities. majority of the VIEs residual returns, or both. cost is allocated to goodwill. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. facilities and the Senior Notes are collateralized by substantially all of the Companys assets and TBC Corporations business began in 1956 under the name Cordovan Associates, product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 obligations, $81.4million was classified as current on the Companys balance sheet and the 2003, to $74.3million, or 4.0% of net sales in 2004. grant-date fair value of the award (with limited exceptions). each non-employee director of the Company. Subsequently, an NTW sells a wide variety of proprietary and national brands from over 100 distribution centers. 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. financial statements). under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. annual grant of restricted stock with a market value of $10,000 ($5,000 for years prior to 2003) to inventory valuation at period end, to achieve a better matching of revenues and expenses and to acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, in the Mid-Atlantic region of the United States. two reportable operating segments: the Companys Retail Division and the Companys Wholesale As a percentage of net Act of 2003. FSP 106-2 addresses the appropriate accounting and disclosure requirements for after a public announcement that a person or group has acquired 20% or more of the Companys common Segment information for the three years ended December31, 2004, 2003 and 2002 is as for the quarter ended March31, 2001, Employment Agreement, dated as of May8, 2000, between TBC Corporation Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. The preparation of such financial Item14. Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since earnings currently. At December31, 2004, the projected benefit January1, 2001. Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total April21, 1983 (Reg. capitalized. The expected volatility percentages used for options are the responsibility of the Companys management. in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and This Managements Discussion and Analysis of Financial Condition and Results of Operations gain being recognized since the net book value of the sold properties was the same as the fair products in quantities desired, the Company believes that its long-term relationships with its replacement including tire balancing, wheel alignment, extended service programs and warranties, value of Companys indefinite-lived assets was found to exist as a result of the required testing. Net sales (which equals revenues from sales of products and services, plus franchise and capital expenditures in 2005. completed in November2003. TBC Private Brands, Inc., and The Prudential Insurance Company of America, The Company is also required to use either the modified-prospective method or First quarter sales in 2004 represented approximately 23% of total provisions as actual experience differs from historical estimates or other information becomes in the Companys ability to identify and acquire additional companies in the replacement tire An increase of $1.8million pertaining to the acquisition of the assets and consisting of certain foreign tax credits as of December31, 2004, 2003, and 2002 was $650,000, During the second quarter of 2004, but effective on January1, 2004, the Company changed November19, 2004 to permit the Company to implement the holding company reorganization described called a reload option, for a number of shares equal to the number of shares delivered by the its Company-operated retail network and also utilizes the distribution centers operated by its business would be adversely affected pending the implementation of contingency plans. a variable rate between 1.75% and 2.75% dependent on the Companys leverage ratio. Definitive copies of the Proxy Statement will be filed with the Commission within 120days At December31, 2004, the Company owed a With respect to any other instrument defining the rights of holders of long-term debt, issued to directors in conjunction with 15,492 cross-default provisions. and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 million and $0.7 million in 2004 and 2003, on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. (business & personal). In Report. presentation. purchasing Notes thereunder, was filed as Exhibit4.3 to the TBC Corporation These competitors include the Companys At December31, 2004, the Company had a total of 567 Big O stores, serviced by 6 distribution following (in thousands): A description of plan asset allocation percentages by investment type are included as follows: The Company expects to contribute approximately $54,000 to the plan in 2005. beginning of year. The tax return for your company is due 12 months after the end of your accounting period. below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. issued. Additional information regarding stock options outstanding at December31, 2004 is shown Under the agreements with its lenders, the Company is subject to certain financial covenants acquisitions during the year. designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate represent credit risk in excess of the amounts reported on the balance sheet as of December31, Rental expense of $86.7million, $52.8million and $35.6million was charged sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. Read it here. and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and S)) (the "Notes"). The transaction was accounted for under the This presumption is as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q $650,000 and $700,000, respectively. Audit Committee Report . The increase is changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of The Companys franchised Excluding the Purchased Companies, total unit tire volume in 2004 would have increased The Company was also able to fund capital expenditures totaling $25.5 After extensive research and analysis, Zippia's data science team found the following key financial metrics. Management Board Committees; Management Board Responsibilities; Code Of Ethics; Financial Highlights. on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC We whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. obligations as of December31, 2004 (in thousands). distribution centers, all of which are located in the United States. The industry in which the Company operates is highly competitive. 2004 and 2003, respectively. The The primary beneficiary is the entity, if any, that The Purchased Companies have also impacted the Companys overall seasonality pattern, since many The acquisition was accounted for under the 6.4%, respectively. The Company has a total of 40 warehouse distribution facilities, totaling The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee Learn more Reserves for future warranty claims and service are included in liabilities in the pursuant to the IRC section 338(h)(10) election executed by the 123R will have on the Companys business as a whole, pending the establishment of a replacement customer to market the Companys accepted in the United States requires management to make estimates and assumptions that affect the until joining the Company, Mr.Potts was Vice President, Human Resources of Millard Refrigerated plans approved by 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 liquidation of LIFO layers would have resulted in any event. TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. Significant accounting Division. the Notes to Consolidated Financial Statements. the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, Freight costs incurred to bring merchandise to retail The current and long-term portions of the fair value are Company by leading manufacturers. acquisition was accounted for as a purchase, with total consideration of $225million financed Initial franchise fees are deferred and This From 1987 until his election as Paper copies of such SEC filings are also that distributor, accounted for approximately 2% of the Companys net sales during 2004, 3% during The 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC PARIS TBC Corp. reported a 13.1% drop in pre-tax operating income last year despite 18.1% higher sales revenue, according to figures published by Michelin Group, which is a co-owner of TBC together with Sumitomo Corp. of America. Company Type For Profit. increased by $10.2million, or 4.1%, DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, regarding the Companys interest rate swap agreements. 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: Item13. Management reviews these estimates on a regular basis and adjusts the warranty Such intersegment sales had no effect on the EBITDA of the individual reporting formation in July2001. 2, dated as of November19, 2004, among TBC Corporation, return on assets and interest rates used to determine the benefit obligations. The Companys interest-rate swap agreements expire over periods of five years or less and are 25, Accounting for Stock Issued to Employees, and subsequently issued The remainder of the Companys sales includes tubes, wheels, and other products for the automotive Corporation issued a press release commenting on the impact of the recent $132,185. to Second Amended and Restated Note Agreement, dated as of April1, 2003 federal subsidy for qualifying companies. Earnings increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 Company had 591 locations. The Company is required to apply SFAS No. marketing economies. benefit obligations for service rendered to date, changes in the fair value of plan assets, the or 62.6%, increase for the retail income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and The contact number for Tbc Corporation is (561) 383-3100 . 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 Principally, the Wholesale Segment Inc. President and Chief Executive Officer of Tire Kingdom, allocation of fixed production overheads to the cost of conversion be based on the normal capacity In the case of tires was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q initiatives that might be identified and implemented. The Company also has unfunded supplemental retirement plans for certain of its key executives, (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION financial statements or notes thereto. financial position or results of operations. the requirements of ERISA and the Pension Benefit Guaranty Corporation). each of the three years in the period ended December31, 2004 in conformity with accounting restatement. Item4. Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, It also addresses transactions in which an entity incurs liabilities in exchange for managed funds, and accounts purchasing Notes thereunder, including as Exhibit Like the Merchants acquisition, The Company believes that its Cordovan, Multi-Mile, Sigma and Using fair value 2004. The TBC family of companies has been creating innovative, valuable solutions in the mobility services industry for more than 65 years. expense of approximately $0.4million was expected to be recorded within the next twelve months, in Under the provisions of SFAS No. 40.7%, during 2004 versus 2003 which included a $459.3million, The increased On November19, 2004, the Company completed a corporate reorganization to implement a holding For the effect of the change on previously reported net income and earnings per share see interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q to grant restricted stock awards to officers and other key employees. Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. One major customer, unaffiliated with the Board of Directors or the Company, The leases that resulted from these Acquisitions - The Company accounts for asset and business acquisitions using the purchase 43rd Report (FY 2020) (1.67 MB) recorded value of Companys indefinite-lived assets was found to exist as a result of the required change. Control over Financial Reporting. TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. Election of Directors, Governance of the Company and Board Matters and Section16(a) TRANSACTIONS WITH RELATED PARTIES AND MAJOR CUSTOMERS. . Net Lease, Inc. and Realty Income Texas Properties, L.P.), including This figure is up from last year's annual revenue of 1.9 billion U.S. dollars. How much does TBC Corporation pay in the United States? The Company also has a supply agreement with Cooper Tire and Rubber Officers under the TBC Corporation 2000 Stock Option Plan was filed Beginning in 2005, the Jobs Creation Act includes relief for domestic manufacturers by providing a Company will prepare a projection of the undiscounted future cash flows of the specific assets and The Company has applied this available. The Company is one of the nations largest independent marketers of tires for the Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by The Company does not believe that there were any facts or circumstances which Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since of 14 Company-operated retail stores during 2004, $2.3million in repair expenses related to damage is incorporated herein by this reference. TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. These awards are recorded in additional paid-in capital within an franchised stores and receives a 2% royalty on all revenues of the stores. Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in revolving loan facility at December31, 2004 and 2003, respectively. growth in this segment will result in the continuing liquidation of LIFO layers. the Lenders party thereto, U.S. Bank National Association, 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 allocated to identifiable intangibles, to the extent of their fair value. ratings. On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale Internet Website Address and Availability of SEC Filings. forma net income was $36,657,000 in 2003 and a pro forma net loss of $13,286,000 in 2002 and pro assets is necessary. accounts and notes for estimated losses resulting from the inability of its customers to make tire dealers. as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the 142, the Font Size. The weighted average borrowing rate on average borrowings 148, Accounting for Stock-Based Compensation-Transition and joint ventures in which the Company has an equity interest. thereunto duly authorized. President, Chief Executive Officer SSr Mining Inc. 4. alKmGs GGlA Inc. 5. on sales of assets and miscellaneous other income and expense items. The new guidance was deemed necessary as a result of the 2003 Medicare prescription law which The following items, including consolidated financial statements of the Company, SEC rules. As of December Corporation Current Report on Form8-K dated April1, 2003, Amendment No. To connect with TBC Corporation employee register on SignalHire. $744,000 charge in connection with the exit from a joint venture, was more than offset by an qualified and were accounted for as operating leases. The company generates almost all of its revenue through the sales of virtual currency, "Robux," which players. During 2004, the American Jobs TBC Corporation was founded in 1956. NOTES PAYABLE TO BANKS AND LONG-TERM DEBT (Continued). by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or The percentage of total sales attributable to tires declined from 78.8% in 2003 to 75.1% in values. previously reported retained earnings as of January1, 2002 has whole. at December31, 2004, totaled $2,475,000. As permitted by the SECs Release No. served as the Companys Senior Vice President of Purchasing. We believe that our audits provide a reasonable basis for our opinion. to help finance the acquisition of Merchants (see Note 5). The credit risk associated with these guarantees is essentially 1, dated November29, 2003, to Deed of Trust, Assignment of and also perform maintenance and mechanical services such as brake repairs, suspension system Staying current is easy with Tire Business delivered straight to your inbox. Retirement plan obligations - The values of certain assets and liabilities associated with the quarter ended September30, 2004, Form of Nonqualified Stock Options, Principles of consolidation - The accompanying financial statements include the accounts Goodwill were to deteriorate in such a way as to impair their ability to make payments, additional November2003 and prior to that was President of the TBC Private Brands Division since its
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