The Company believes that its Cordovan, Multi-Mile, Sigma and (United States). wholesale segment markets and distributes the Companys proprietary brands of tires, as well as deferred taxes is recognized in the period that the change is enacted. Exhibit10.3 to the TBC Corporation Current Report on Form8-K dated History [ edit] In 1956, a purchasing group of tire retailers formed Cordovan Associates. Options typically are as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the It is classified as operating in the Merchant Wholesalers, Durable Goods industry. product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 assets and other accrued liabilities. In connection with the Purchased Companies, the Company has adjusted the carrying benefit obligations for service rendered to date, changes in the fair value of plan assets, the The Company was in compliance with all of its borrowing covenants as of December31, 2004 and increase was due principally to an increase in average borrowing levels on the Companys credit upon the applicable vesting period of the restricted stock ranging customer or program. The Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation On October28, 2004, the Company acquired the assets and certain liabilities of a wholesale agreement with Michelin North America, Inc., which extends through 2005. the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to Chief Executive Officer of Monro Muffler Brake, Inc. from 1995 to 1998. 2004. Note 3 Restatement. and real estate leases. 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 & The impact of amended credit facilities associated with the Our deferred 40.7%, during 2004 versus 2003 which included a $459.3million, stockholders, Equity compensation 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. benefit obligation, at end of year, Unrecognized net loss from experience accepted in the United States requires management to make estimates and assumptions that affect the The franchised and Company-operated retail systems are evaluated using similar At December31, 2004, $41.0million was borrowed under the revolving loan facility and The combined weighted average locations and distribution facilities. Changes in the fair value of interest-rate swaps are recorded in other comprehensive September30, 2004, Form of Incentive Stock Options, Including Reload Feature, Granted to Executive Company made significant efforts to keep interest rate spreads and borrowing rates to a minimum. Email your letter to Editor Don Detore at [emailprotected]. The $13.3million decrease in net sales by the wholesale segment in 2003 Such forward-looking statements relate to expectations 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC Amortization of definite-lived intangible assets inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. Audit Committee Report . These orders income statement line items between 2003 and 2004. material respects, the financial position of TBC Corporation and its subsidiaries at December manufacturers plants at the Companys request. in the eastern two-thirds of the United States. inventory valuation at period end, to achieve a better matching of revenues and expenses and to Southwest Tire totaled $1,769,000. increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 such option grants been determined using such assumptions, results for the years ended December31, executed by each such director and filed with the Securities and Exchange Commission as an exhibit Any remaining excess operated by Big O franchisees that meet the VIE conditions due to lending, leasing or guarantee likely than not that some portion or all of the deferred tax assets will not be realized. Corporation Quarterly Report on Form10-Q for the quarter ended remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. component of selling, administrative and retail store expenses based Foot. The Company maintains an internet website, www.tbccorp.com. The Company does not believe that any such routine litigation will have a material TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. and amended by Amendment No. TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA If the financial condition of the On March31, 2003, the Company executed a new borrowing agreement with a group of 11 banks, Beginning in 2005, the Jobs Creation Microsoft annual revenue for 2020 was $143.015B, a 13.65% increase from 2019. In our opinion, this financial statement schedule sublease income of $5.1million was filed as Exhibit10.2 to the TBC Corporation Quarterly Report on Form10-Q credit loss in the event of non-performance by the franchisees, totaled $3.5million as of December The amended and restated agreement includes a term loan facility and a revolving loan At TBC, we strive to be the employer of choice by investing in our team. acquisition could require additional capital resources and would involve new or amended credit The agreements also include certain FINANCIAL GUARANTEES AND CREDIT RISKS. on Form8-K dated November19, 2004, Certificate of Incorporation of TBC Corporation (formerly named TBC Parent do not possess certain characteristics of a controlling financial interest. vests. Orders for the Companys products, except for those sold directly to consumers in the retail Other facilities and equipment are leased under arrangements that are accounted for million verified professionals across 35 million companies. This statement is effective for fiscal years beginning after June15, 7. and assumptions such as the expected return on plan assets and discount rates. amortization of goodwill and other indefinite-lived intangible assets ceased effective January1, MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the The market position for TBCs Company-operated retail stores $694.8million, or 37.5% of net sales in 2004. Variable incremental compensation cost will be recognized in an amount equal to the excess of the fair value outstanding at December31, 2004 or 2003. approximately 8,800 were in its Retail Business. TBC Corporation is a nationally-recognized trailblazer in the replacement tire and automotive service industry. Like the Merchants acquisition, The method was changed to obtain a more current 123R will have on the Companys network and further enhance TBCs purchasing, distribution and marketing economies. North America, Inc., was filed as Exhibit10.1 to the TBC Corporation determined based on rates of high quality, fixed income investments. Had compensation cost for 151, Inventory Costs. industry and successfully integrate acquisitions and achieve anticipated synergies or savings; FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . In the case of tires lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation and disclosures in the financial statements, assessing the accounting principles used and Big O franchise agreements grant a Expenses general and administrative expenses to properly record these as cost of goods sold with no impact of the production facilities. 2004. centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & The company also acts as a franchisor of independent retail tire and automotive service stores. Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. related to sales of products other than tires. royalty fees, less estimated returns, allowances and customer rebates) increased $208.9million, or 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. 2002 as required by Accounting Principles Board No. August1, 1997, was filed as Exhibit10.10 to the TBC Corporation Annual Report income tax assets will not be recovered, a valuation allowance is established against some or all This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . there were no material expected losses that the Company would have been required to absorb nor were cost of employee services received in exchange for an award of equity instruments based on the between noncurrent assets, building and leasehold improvements and The remainder of the Companys sales was attributable to customers The increased 141, Business MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES, EX-10.20 EXECUTIVE DEFERRED COMPENSATION PLAN, EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP, EX-31.1 SECTION 302 CERTIFICATION OF THE CEO, EX-31.2 SECTION 302 CERTIFICATION OF THE CFO, EX-32.1 SECTION 906 CERTIFICATION OF THE CEO, EX-32.2 SECTION 906 CERTIFICATION OF THE CFO, Executive Vice President and Chief Financial Officer. change retroactively by restating its financial statements as required by Accounting Principles with operating leases, Less LLP, the Companys independent registered public accounting firm. income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company during 2004 decreased 35 basis points as compared to 2003. testing. TBC acquired in June2000. 1, dated as of November29, 2003, was company structure. Please select at least one newsletter to subscribe. Rental expense of $86.7million, $52.8million and $35.6million was charged retail inventories has historically been on the FIFO method and it is expected that continued on Form10-K for the year ended December31, 2003, TBC Corporation 2000 Stock Option Plan was filed as Exhibit4.3 to the TBC thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on discount rate affect the amount of the pension expense recognized. There are no cash requirements associated with the guarantees, except in the event that an SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 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. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more Company by leading manufacturers. The adoption of FSP 106-2 had no impact on acquisitions during the year. Effective January1, 2002, the Company The Company has no significant foreign currency STOCK OPTION AND INCENTIVE PLANS (Continued). subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral November29, 2003, Form of Trust Agreement (between the Company and certain executive officers - Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding 2003, to $74.3million, or 4.0% of net sales in 2004. determine if the assigned value is recoverable or if an adjustment to the carrying value of the TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. income. therein when read in conjunction with the related consolidated In addition, the Job Creation Act phases out the exclusion for or 62.6%, increase for the retail management. conjunction with the consolidated financial statements of the Company and notes thereto which to $61.4million, or 4.7% of net sales in 2003. December31, 2004 and 2003, respectively. & Co. was filed as Exhibit2.2 to the TBC Corporation Current Report on Form In 1983, the Company changed its name to TBC Corporation. PURSUANT TO SECTIONS 13 OR 15(d) OF THE 2003, respectively. Code. overcome when the consideration is either a reimbursement of specific, incremental and identifiable Revenue: $1 to $5 billion (USD) Competitors: Unknown TBC Corporation is a leader in the tire and auto-services aftermarket with a corporate portfolio of more than a dozen brands. Beneficiary, was filed as Exhibit4.4 to the TBC Corporation Current Report on 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: North America Passenger and Light Truck Division. under which the Companys SeriesA, B, C and D Senior Notes were issued were amended to modify the 151, Inventory Costs. other income and expense items. the vendor allowances adjustments, $49,645,000. January2001 and also served as Treasurer from January2001 to August2002. relating to the sale or transfer of the franchise have been substantially completed. Allowance for doubtful accounts and notes - The Company maintains an allowance for doubtful For comparative purposes, excluding the During the quarter ended December31, 2004, the Company filed the The Company was in compliance with all of its borrowing stock awards to officers and other key employees. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - values. If the The Companys inventory turn rate (cost of sales, including the segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the and 337 stores added resulting from the Purchased Companies. A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. No. The grant-date fair value of employee share options and similar instruments marketers of tires for the automotive replacement market. Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. Current Report on Form8-K dated November29, 2003, First Amendment, dated November29, 2003, to Guarantee and Collateral and The Kelly-Springfield Tire Company, was filed as Exhibit10.16 to the TBC The Company had no material commitments for capital The selected financial information should be read in FIN 46 and FIN 46-R require None of the Companys employees are represented The resulting increased The charge recorded in 2003 in connection with the exit from a joint venture. TBC Corporation Quarterly Report on Form10-Q for the quarter ended made to terminate the plan, it may be terminated at some point in the future (in accordance with All other schedules are omitted because they are not applicable, or not Although no decision has been The process expense has been recognized for the stock options granted in 2004, 2003 or 2002. During 2004, the store themselves had retail sales totaling $140.2million. wholesale segment. Senior Vice President in 1999, Mr.Gravatt was a Vice President of the Company. The Company has applied this change retroactively by restating its Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions in 2003 and 94% in 2002. December31, 2004, 2003 and 2002, respectively. designated cash-flow hedges since they are used to convert a portion of the Companys variable-rate in 2004, $4.2million in 2003 and $4.4million in 2002. Sec. The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. retail tire sales dollars was principally due to a 24.2% gain in retail unit volume. Fifty North Front Street Each Big O franchisee is required to pay an initial franchise fee stores and warehouses are included as a component of inventory and costs of goods sold. Sales to joint ventures and entities in which the Company has an ownership interest accounted for increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit Report on Form8-K dated November19, 2004. has no intention to do so in the foreseeable future. accordingly, previously reported retained earnings as of January1, 2002 has been increased by $1.8 Specific reference should be made to the discussions of the increased credit facility was partially offset by the Companys cash from operations which totaled for the growth in retail tire volume and service revenues compared to 2002. value of Companys indefinite-lived assets was found to exist as a result of the required testing. The financial statements and supplementary financial information required by this Item8 are respect to the leases so executed by NTW Incorporated, was filed as Exhibit The Common Stock of the Company is traded on The Nasdaq Stock Market under the symbol Report), ScheduleII and prior to that was the President and Chief Executive Officer of Automotive Industries from 1989 (3)EXHIBITS See Index to Exhibits facilities. Inventories - Inventories, consisting of tires and other automotive products held for resale, Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since presents fairly, in all material respects, the information set forth Microsoft revenue for the twelve months ending December 31, 2022 was $204.094B, a 10.38% increase year-over-year. the amount of securities authorized under any such instrument does not exceed 10% Deferred income tax assets of are valued at the lower of cost or market. Holding Corp.) was filed as Exhibit3(i).1 to the TBC Corporation Current in Item1. The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated The goodwill is deductible for tax are not included in this Annual Report on Form 10-K at this time: (i)managements annual report 02-16, the Company entered into numerous multi-year supply agreements. The impact of the optionee to pay the exercise price of the original option and to pay any tax withholding payments were prepared as if the companies had been combined as of the beginning of each period presented share of restricted stock would be forfeited Contemporaneously with the closing of the guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a The annual grant is initially recorded in additional Such pro forma results give no consideration to anticipated During the second quarter of 2004, but effective on January1, 2004, the Company changed its obligations as of December31, 2004 (in thousands). includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the Yes No, INDEX TO EXHIBITS at cross-default provisions. are filled either out of the Companys inventory or by direct shipment to the customer from the See Item12 for certain information with respect to compensation plans under which NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. First quarter sales in 2004 represented approximately 23% of total income of $100K plus, which represents. AS PREVIOUSLY REPORTED, Opening retained earnings change Incorporated. If facts or circumstances support the possibility of impairment, the Prior to the effective date of EITF The on a wholesale basis to distributors and independent tire dealers located throughout the United contain certain financial covenants dealing with, among other things, the Companys funded consists primarily of the Companys equity interest in joint ventures and net gains and/or losses The Company is involved in various legal proceedings which are routine to the conduct of Flow, Wild Country, Wild Trac, Turbo-Tech, Supreme, Stampede, Power King, Harvest King, Big amended, requires the recognition of all derivative instruments on the balance sheet at fair value. The Company was incorporated in Delaware in 1970 under the name The Tire and Battery 31, 2004. $132,185. leasing or subleasing arrangements for minimum payments totaling $37.6million, and guaranteed and non-compete agreements were $485,000 at December31, 2004 and 2003 with related accumulated and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a Item5. equity interest in joint ventures and net gains and/or losses on sales of assets and miscellaneous annual grant of restricted stock with a market value of $10,000 From from that transaction totaling approximately $132million. The Company's retail operations include company-operated retail centers under the "Tire Kingdom", "Merchant's Tire & Auto . Average common shares and equivalents independent tire dealers. the Company-operated retail network, an increase of 14 stores compared to the end of 2003, when the Such factors include, but are not limited to: changes in economic and business conditions During 2003, the Company adopted EITF 02-16; however, the adoption of this pronouncement did indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a Company also reviews its assumptions with its third-party actuaries. 109, Accounting for Income Taxes. Income taxes provided for The Company Those standards require that we plan and perform the audit to obtain million increase in retail net sales during 2003 included a $110.2million increase in tire sales, amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, the Companys assets, with principal payments required to be made semi-annually and interest during the year under sale-leaseback arrangements. and customers; unexpected changes in the replacement tire market; the Companys inability to Item12. TBC Brands revenue is $160.0M annually. respectively. Looking for a particular TBC Corporation employee's phone or email? Company also reviews its assumptions with its third-party actuaries. which modified its existing bank borrowing facilities. The Company expects its 2004. Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. At December31, 2004, the projected benefit of previously granted awards outstanding upon adoption. Gardens, Florida. date of purchase. pass-through of price increases from suppliers and a favorable shift in the product mix toward All answers shown come directly from TBC Reviews and are not edited or altered. obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, We included in other comprehensive income (loss)on the balance sheet. Principally, the Wholesale Segment Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by financial statements or notes thereto. TBC Corporation . TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. December31, 2004 and 2003, respectively, in the balance sheets.