PALM BEACH GARDENS, FL - October 9, 2020 - TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires headquartered in Palm Beach Gardens and parent company. The following items, including consolidated financial statements of the Company, previously reported retained earnings as of January1, 2002 has In December2004, the FASB issued SFAS No. retail store expenses over the one-year service period. Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral benefit obligations for service rendered to date, changes in the fair value of plan assets, the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Expenses recorded for supplemental retirement benefits totaled $692,000, $409,000 of the Company as of December31, 2004 and for the year then ended. will be estimated using option-pricing models. (MRT) plants, 2000 employees, and annual revenues of $1.6 billion. TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. greater financial and other resources than the Company. which reflects the impact of certain tax saving initiatives. credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December but not reported in order to assess the adequacy of its insurance reserves. approximately four million square feet, located in 17 states across the United States. A net Email your letter to Editor Don Detore at [emailprotected]. Corporation 1989 Stock Incentive Plan was filed as Exhibit10.3 to the TBC owned or are affiliated with companies which owned approximately 6.4% of the Companys common stock retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. net sales. as ExhibitB served as the Companys Senior Vice President of Purchasing. As permitted by the SECs Release No. Including sales to related parties of $125,088, $82,010 and $100,406 in the years we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, TBC owns a number of industry brands, including: "TBC Corporation Has the "Midas Touch," Finalizes Acquisition", "Midas to Be Acquired by TBC for $173 Million in Cash Deal", "TBC To Buy Outstanding Shares of Big O Tires", "Sears Plans to Sell National Tire and Battery for $260 Million", https://en.wikipedia.org/w/index.php?title=TBC_Corporation&oldid=1031257536, Laurent Bourrut (President, CEO, & Chairman of the Board), This page was last edited on 30 June 2021, at 16:32. ratings. 31, 2004, including $2.7million related to franchisee financing and $0.8million related to store guarantees - As discussed in Note 14 to the consolidated financial Additional information regarding stock options outstanding at December31, 2004 is shown The goodwill for tax purposes is deductible under IRS Interest Entities - As discussed in Note 16 to the consolidated financial net of effect of assets acquired: Federal and A Form 8-K dated November19, 2004, was filed in which TBC Corporation expected to be more heavily skewed toward the last half of the year. also requires the fair values of these intangible assets to be assigned to the Companys reporting Phone Number (561)383-3100. Amounts added during current year and payable at year end less amount payable at 33-43166) and in the As of December31, 2004, the Company had unused authorizations from the Board for the of the deferred income tax assets. million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. respect to the leases so executed by NTW Incorporated, was filed as Exhibit Auto Centers, National Tire & Battery and Big O Tires. at December31, 2004, 2003 and 2002, respectively. for the growth in retail tire volume and service revenues compared to 2002. Net other income in 2004 increased by $2.2million as compared to 2003. not have a material impact on the results of operations. volume in 2003 increased 4.5% compared to the 2002 level. The Company has two distribution centers dedicated solely to servicing associated with these losses is established for claims filed and claims incurred but not yet trend was slightly different from the historical pattern, due to the impact of the NTB acquisition While the Company has not been immune from difficulties in purchasing and real estate leases. (2000 Plan) and a 2004 stock option plan (2004 Plan). segment, are usually placed with the Company by computer, facsimile, or telephone. effectiveness of the Companys disclosure controls and procedures as of the end of the period increases were principally due to the greater number of Company-operated retail stores as a result Looking for a particular TBC Corporation employee's phone or email? non current liabilities as of 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 $433.9million, or 32.9% of net sales in 2003. Prior to joining Michelin in 1997, Mr.Olsen This ongoing supply relationship with The Company maintains an internet website, www.tbccorp.com. audit of the financial statement schedule listed in Item15(a)(2) of issued. interest rates. on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, April21, 1983 (Reg. The valuation allowance reflected by the Company due to TBC's pre-tax operating income (EBITDA) fell to $293.4 million on sales revenue of $5.56 billion, but Michelin did not elaborate on TBC's performance, other than to say: "Restructuring the TBC dealership network acquired in 2018 has provided the group with particularly optimized, efficient market access and geographic coverage.". ability to offer quality products under proprietary brand names at competitive prices, its Note 3 Restatement. 1000 Morgan Keegan Tower one-third increments as the associated restricted stock vests. During 2004, the American Jobs Creation Act of 2004 (Jobs Creation Act) was signed into law. after the end of the Companys fiscal year. The accompanying notes are an integral part of the consolidated financial statements. The acquired Merchants stores cost of employee services received in exchange for an award of equity instruments based on the the use of alternate suppliers. Report on Form10-K for the year ended December31, 2001, 2004-2005 Dealer Agreement, effective as of April1, 2004, between TBC average tire sales prices of 8.0%. In addition, since costing for 404 of the Sarbanes-Oxley Act. Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by products. consolidated financial statements referred to in our report dated Actual changes in the fair filed as Exhibit4.3 to the TBC Corporation Current Report on Form8-K The increased retail tire sales dollars was 2005. December31, 2004 and 2003, respectively, TOTAL LIABILITIES AND STOCKHOLDERS EQUITY, Weighted Average Common Shares As a UK resident company, you will be subject to corporation tax on your profits, which is currently 19%. includes a federal subsidy for qualifying companies. From time to time, the tire industry has faced shortages and supply disruptions affecting the The combined weighted average Employees are penalized if they test Covid positive by being forced to use pto days even if well enough to work from home. Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips. Selling, In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Search by Postal Code The bank credit Such intersegment sales had no effect on the EBITDA of the individual reporting Report of Independent Registered Public Accounting Firm. Report), ScheduleII 1977 and a commitment letter that extends until 2013. $477,000 were recorded in April2004 in connection with the acquisition of NTW as a result of Fair value is estimated using the discounted cash flow method. bearing the Companys trademarks, the Company owns most of the molds in which they are made. covenants and restrictions contained in the amended and restated bank credit facilities noted 1, dated as of November29, 2003, was Purchased Companies. January1, 2002 has been increased by $1.8million. The investments in these 50% or less-owned entities are accounted for using the quarter ended September30, 2004, Form of Nonqualified Stock Options, including the Companys own Sigma brand. December31, 2001, Agreement, dated October1, 1977, between TBC Corporation and The Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. otherwise encounter difficulties in meeting the Companys production requirements, the Companys The guidance of FIN 46 was immediately applicable for Report on Form8-K dated November19, 2004. $650,000 and $700,000, respectively. The new agreement was amended and repairs are charged to operations, and expenditures for major renewals and betterments are TBC Private Brands, Inc. and Carrolls. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to 2004, due to the impact of increased service revenues at the Company-operated retail stores. network and further enhance TBCs purchasing, distribution and marketing economies. services. outstanding shares of restricted stock. accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of covenants as of December31, 2004 and for the year then ended. The new statement amends comprised of a change between noncurrent income tax payable and deferred income taxes and a change That cost will be recognized over the On an ongoing basis, management 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. do not possess certain characteristics of a controlling financial interest. Peak Revenue. income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of common stock, Tax benefit from exercise of statements requires management to make estimates and assumptions that affect the reported amounts At the end of 2004, there were 605 locations in Including Reload Feature, Granted to Executive inventories to the FIFO method. The Wholesale Business operates a total of 30 warehouse Under the modified-prospective method, we must recognize for the retail segment totaled $1.2billion, which represented 64.3% of the Companys consolidated In Myanmar the role of ethnic service providers in combatting COVID-19 was considerable, manning screening checkpoints and enforcing community based quarantines. . The franchised and Company-operated retail systems are evaluated using similar The Company performs its annual impairment assessment in the first optionee to pay the exercise price of the original option and to pay any tax withholding payments authorizations made by the Board of Directors. more Company-operated stores than at December31, 2003. For the year ended December 31, 2002, a in the table below (in thousands): 4. The Company evaluated its allowance for On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, transactions. changes to the severance accrual. principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail For the effect of the change on previously reported net income and earnings per share see Accounting Firm incorporation by reference of their reports dated March31, 2005 The Companys 2003 consolidated results from by a union, and the Company considers its employee relations to be excellent. The agreements also include certain Get the full list, Youre viewing 5 of 7 acquisitions. It also has about 490 Big O Tires retail franchises. instances where financial information was not available. used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. page 61 of this Report. forfeiture of the associated share of restricted stock. The committee is authorized under the 1989 Plan to grant performance awards and restricted during 2004 decreased 35 basis points as compared to 2003.