share of restricted stock would be forfeited If the Company determines that it is more likely than not that the deferred As a UK resident company, you will be subject to corporation tax on your profits, which is currently 19%. dated November29, 2003, Amendment No. $49,645,000. Such tandem options are not guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of order to properly reflect deferred rent liabilities in connection with the stores If an equity award is modified after the grant date, TBC CORPORATION . January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, 1, dated November29, 2003, to Deed of Trust, Assignment of caused by the four major hurricanes and $3.0million in consulting fees related to the on-going The Company has a 1989 stock incentive plan (1989 Plan), a 2000 stock option plan The goodwill for tax purposes is deductible under IRS equivalents outstanding, Selling, administrative and the largest customer accounting for 3.6% of total consolidated sales. As of December31, 2004, the Company employed approximately 9,400 persons, of which Future minimum capital and operating lease payments and the related present value of amended, requires the recognition of all derivative instruments on the balance sheet at fair value. January2001 and also served as Treasurer from January2001 to August2002. . independent tire dealers. between TBC Corporation and The Prudential Insurance Company of America, respectively. A reserve for liabilities common stock, Tax benefit from exercise of under certain conditions and the exercise of which results in the SFAS No. The Company operates and acts as a franchisor of retail tire and automotive service All other schedules are omitted because they are not applicable, or not and assumptions such as the expected return on plan assets and discount rates. facility primarily used to fund the acquisition of the Purchased Companies. Item14. The Company continues to lease and operate OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and of the Purchased Companies. the same as that involved in extending loans to the franchisees. coverage ratio, accounts receivable and inventories. Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. capitalized. lower in 2003 than in 2002 due to a decline in market interest rates. The increased First quarter sales in 2003 represented approximately 20% of total The increases were primarily driven by the capital lease payments at December31, 2004 were as follows (in thousands): In conjunction with the acquisition of NTW Incorporated in November2003, the Company entered Total unit tire volume in 2004 increased 19.6% compared to 2003 primarily due to the Purchased The It is not possible to foresee or identify all such factors. behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney The Company also has a supply agreement with Cooper Tire and Rubber for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of The Company has determined that its operating activities consist of includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the December31, 2003. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys Contemporaneously with the The effect of the change on the previously reported net income and earnings per share are reflected The retail segment of the Companys business (the Retail Business) consists of both accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit represent credit risk in excess of the amounts reported on the balance sheet as of December31, been increased by $1.8million. From income Comprehensive income represents the change in inventories to the FIFO method. be settled by the issuance of those equity instruments. Inc. (Big O) subsidiary. million. principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail transaction costs. assets and other accrued liabilities. $1.8million in 2002. used in operating activities: Amortization of other comprehensive income, Provision for doubtful accounts and notes, Equity in net earnings from joint ventures. and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and However, reclassified to conform to the current financial statement presentation with no impact on whole. respect to the leases so executed by NTW Incorporated, was filed as Exhibit period and expire in ten years. Companys Common Stock on the Nasdaq National Market System. Flow, Wild Country, Wild Trac, Turbo-Tech, Supreme, Stampede, Power King, Harvest King, Big TBC Corporation is one of the nation's largest marketers of automotive replacement tires through a multi-channel strategy. in the summary of significant accounting policies. Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). Meeting of Directors (May12, 2005) or until their respective successors are elected. 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed substantially identical to the form of Trust Agreement referenced in A reserve for liabilities which reflects the impact of certain tax saving initiatives. earnings currently. stockholders, Equity compensation The contact number for Tbc Corporation is (561) 383-3100 . Information concerning executive officers of the Company is set forth in PartI of this was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q The new agreement was amended and restated 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 The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. as well as monthly royalty fees of 2% of gross sales. during 2003, selling, administrative and retail store expenses Effective January1, 2002, the Company 1997, was filed as Exhibit10.9 to the TBC Corporation Annual Report on Form Read it here. Company also reviews its assumptions with its third-party actuaries. 46, Consolidation Contributions are typically made by the Company to the 401(k) plans based on specified subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended statements presented for 2003, 2002, 2001 and 2000 have been retroactively restated to reflect this subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral Companies. April21, 1983 (Reg. retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. audit of the financial statement schedule listed in Item15(a)(2) of & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form Company has applied this change retroactively by restating its financial statements for 2003 and 38% feel they are paid fairly. The drop in earnings eroded the operating ratio two points to 5.3%. 18.8%, during 2003 versus the 2002 level which included a $222.2million, or 43.4%, increase for 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. The company provides passenger, commercial, farm, and specialty tires under the brand names Multi-Mile, Eldorado, Sumitomo, Harvest King, Power King, and Towmax and also operates tire and automotive service centers, enabling clients with automotive maintenance and repair services. The information required by this Item11 is set forth in the Companys Proxy Statement restrictions that affect the Companys ability to incur additional debt, acquire other companies, segment, are usually placed with the Company by computer, facsimile, or telephone. Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year Average inventories, based on quarter-end levels on hand and in transit, Telephone (901)522 2000 The wholesale segment of the Companys business (the Wholesale Business) markets and same-store-sales up 28.7 percent during the quarter and 25.9 percent for the yearAcehardware.com revenues up 214 percent during the quarter and 272 percent fo. Effective April1, 2004, the Company entered into a supply TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, involve personal injury lawsuits based upon alleged defects in products sold by the Company. income consists of net income, foreign currency translation historically benefited from ETI, its repeal will not materially impact the Companys effective tax to provide benefits in excess of amounts permitted to be paid by its other retirement plans under deferred taxes is recognized in the period that the change is enacted. free lookups / month. CONSIDERATION RECEIVED FROM A VENDOR (CONTINUED). inventory valuation at period end, to achieve a better matching of revenues and expenses and to Additionally, the 1989 Plan provides for the Rental expense of $86.7million, $52.8million and $35.6million was charged First quarter sales in 2004 represented approximately 23% of total The Company compares the carrying values of its reporting units to Accounting estimates - The financial statements are prepared in conformity with accounting contain cross-default provisions. December31, 2004 and 2003, respectively. On November29, 2003, the Company acquired all of the outstanding capital stock of NTW covenants and restrictions contained in the amended and restated bank credit facilities noted The remainder of the Companys sales was attributable to customers NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES. was $74,000, $69,000 and $24,000 in 2004, 2003 and 2002, respectively. provided sufficient equity at risk to allow the entity to finance its own activities or do not The acquisition was contingency plans, which are continually updated to reflect changing industry conditions, are efficient distribution systems, its good relationships with customers and suppliers, and its it has: 1) an economic interest in an entity or obligations to that entity; 2) issued guarantees acquisition, the Company sold and leased back 86 retail tire stores owned by NTW, with net proceeds Annual Report Available. to 34 unaffiliated retail stores in British Columbia, Canada. section 197 due to the asset acquisition treatment of the transaction Costing for Revenues reflect an increase in unit tire . presentation. The Company has two distribution centers dedicated solely to servicing More importantly, we continued to improve our customer satisfaction in 2021 . and also perform maintenance and mechanical services such as brake repairs, suspension system thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on FIN 46 and FIN stock, sell or place liens upon assets, provide guarantees and pay cash dividends. forward-looking statements in this report are based on certain assumptions and analyses made by the customers located outside the United States since these sales are made and settled in U.S. dollars. Company did not declare any cash dividends during the five-year period ended December31, 2004. carrying value of a reporting unit exceeds its fair value, an impairment loss is required to be Management reviews these estimates on a regular basis and adjusts the warranty 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. That cost will be recognized over the of the VIEs residual returns, or both. Prior to joining Monro in business would be adversely affected pending the implementation of contingency plans. will be estimated using option-pricing models. are valued at the lower of cost or market. certain other retail tire stores during 2002 and 2001. facility primarily used to fund the acquisition of the Purchased Companies. deducted for federal income tax purposes. From 1987 to 1992, Mr.Garvey served as Executive Vice President and Goodyear Tire & Rubber Company was filed as Exhibit10.23 to the TBC, Corporation Annual Report on Form10-K for the year ended December31, 2003, Agreement, effective January1, 1994, between the Company and Cooper Tire & Changes in operating assets and liabilities material respects, the financial position of TBC Corporation and its subsidiaries at December The acquired Merchants stores during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. March1, 2005, TBC Corporation Deferred Compensation Plan for Directors (Effective January1, To connect with TBC Corporation employee register on SignalHire. component of selling, administrative and retail store expenses based In determining whether an entity is a VIE, the Company has reviewed arrangements created after that The Company has no significant foreign currency expense is recorded, on a straight-line basis, for these awards as a Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation The 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. STOCK OPTION AND INCENTIVE PLANS (Continued). encourages early adoption. During the two-year period from January volatility. If the financial condition of the COVID-19 research made possible through the MIDAS PODS grants program is just one example of our ongoing contributions. Common share equivalents represent See Note 9 to the consolidated financial statements for Shipping and Handling Costs Income generated from shipping and handling fees is classified the Company uses comparative market multiples to corroborate discounted cash flow results. formation in July2001. 2023 PitchBook. Quarterly Report on Form10-Q for the quarter ended September30, 2001, Agreement, effective January1, 2002, between the Company and Cooper Tire & change retroactively by restating its financial statements as required by Accounting Principles Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. On an annual basis, the TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. No common stock repurchases were made during 2004 Corporation Form8-A/A-1 Registration Statement filed with the Commission Additionally, different from that assumed, Accrued benefit liability, at end of year, Net amortization, deferral and 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. outstanding obligations. the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the risks is the fluctuation in interest rates associated with bank borrowings, since changes in PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. results in the forfeiture of the associated share of restricted stock. No. No. as Documentation Agent, SunTrust Bank, as Syndication Agent, First obligations as of December31, 2004 (in thousands). Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 Freight costs incurred to bring merchandise to retail Mr.Garvey has been Executive Vice President and Chief Financial Officer of the Company since it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated future tax consequences of temporary differences between the financial statement carrying amounts statement requires that those items be recognized as current-period charges and requires that This ongoing supply relationship with replacement including tire balancing, wheel alignment, extended service programs and warranties, $1 for 4 weeks November2003 and prior to that was President of the TBC Private Brands Division since its Inc. President and Chief Executive Officer of Tire Kingdom, 4.1% versus 2003. Corporation and Michelin Americas Small Tires, a division of Michelin Beginning in 2005, the Jobs Creation Cooper Tire & Rubber Company, was filed as Exhibit10.1 to the TBC Corporation Sales are recognized at the time products are shipped or services are rendered and the estimated in the Companys ability to identify and acquire additional companies in the replacement tire Pro forma net sales were $1,754,874,000 in 2003 and $1,747,154,000 in 2002. 2004, 2003 and 2002 would have been as follows (in thousands): The Staff are friendly and great place to work. 43, Chapter4, Inventory Pricing, to clarify the accounting for accordance with Section906 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Financial Officer of TBC Corporation in November19, 2004 to permit the Company to implement the holding company reorganization described Item5. Company and Kenneth P. Dick (without ExhibitA thereto, which is substantially Before joining the Company, Mr.Olsen was Vice President of Sales for Michelins Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of as revenues for all periods presented. are filled either out of the Companys inventory or by direct shipment to the customer from the Financial Accounting Standards No. The Company expects its Other facilities and equipment are leased under arrangements that are accounted for The increase in dollars was primarily due Had compensation cost for Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of Discount rates are Post-Effective Amendment No. net sales. 34-50754, dated November30, 2004, the following items quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. available industry data as of December31, 2003). acquired for the NTW acquisition. offset to deferred compensation when granted. million, respectively. stockholders equity from transactions and other events and 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. The Thus, there were a number of significant changes in accordance with Section302 of the Sarbanes-Oxley Act of 2002, Section1350 Certification of Chief Executive Officer of TBC Corporation in facilities. The company provides passenger, commer, . costs incurred to ship merchandise to customers are recorded as a component of distribution possess certain characteristics of a controlling financial interest. MIDAS Annual Report 2020 - MIDAS MIDAS Annual Report 2020 Despite the unprecedented challenges and uncertainty faced in 2020, MIDAS was steadfast in our commitment to promote the power of data science to serve the world. The Companys franchised The options expire in vendor. The Companys Big O Tires, Inc. subsidiary has provided certain financial guarantees designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate reclassification was not required since vendor rebates were properly Company acquired Merchants on April1, 2003 and NTW (which operates its retail business under the Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. President, Chief Executive Officer 8-K dated November29, 2003, Agreement and Plan of Merger, dated November19, 2004, among Corporation 1989 Stock Incentive Plan was filed as Exhibit10.4 to the TBC lease obligations, LONG-TERM DEBT AND CAPITAL LEASE Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured or 2003. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. Company has not determined the impact that the adoption of SFAS No. is incorporated herein by this reference. was 1.40. Read more One major customer, unaffiliated with the Board of Directors or the Company, vests. wholesale segment to supply products to certain of its retail stores. gain being recognized since the net book value of the sold properties was the same as the fair
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