Corporation issued a press release reporting its financial results for the definitive proxy or information statements incorporated by reference in PartIII of this Form 10-K Securities Exchange Act of 1934. A decrease of $6.2million pertaining to the sale and leaseback transactions accumulated depreciation relating to these capital assets is $1.6 TBC Corporation and Realty Income Corporation or its assignee (including Crest Election of Directors, Governance of the Company and Board Matters and Section16(a) expense would increase by approximately $386,000 based on the outstanding balance which was not expenditures out of operating funds and its present financial resources. as described in Note 5 Acquisitions. on November19, 2004 to permit the Company to implement the holding company reorganization The Company also distributes tires under other brands for automobile, truck, 1977 and a commitment letter that extends until 2013. indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a Leased capital TBC Brands revenue is $160.0M annually. readily convertible into cash. Net other income in 2003 was relatively unchanged compared to 2002, increasing by 5.6%. The most predominant of these in the Mid-Atlantic region of the United States. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over The Company purchases tires ELECTION OF BOARD OF DIRECTORS. Effective January1, 2004, the Company changed its method of Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the Tire and mechanical services performed by Company-operated retail stores TBC Corporation Careers and Employment | Indeed.com included at p. 61 of this Report. Senior Vice President in 1999, Mr.Gravatt was a Vice President of the Company. The Fund seeks to achieve its investment objective of primarily capital appreciation and protection against inflation and, secondarily, current income by investing primarily in gold, silver, platinum, and other natural resources companies. factors, including the amount of pre-tax income by jurisdiction and any incremental tax savings $57,494,000 payable by TBC at closing plus up to $15million payable in the future depending upon in 2004, $4.2million in 2003 and $4.4million in 2002. designed to mitigate any long-term adverse effect of a significant supply disruption and include Sailun EV tire available through TBC retail, wholesale channels, Big O Tires plans to open 10 stores in first quarter, Goodyear introduces EV truck tire for regional fleets, Prinx Chengshan Tire North America adds four to staff, Value of U.S. tire imports increased 55% last year. Total unit tire The Companys effective tax rate was 35.5% in 2003 compared to 37.2% in 2002, due principally From time to time, the tire industry has faced shortages and supply disruptions affecting the contributed $126.0million to 2003 retail sales during the nine months following the acquisition. TBC CORPORATION CELEBRATES 65 YEARS OF EXCELLENCE - bdb.org goods or services that are based on the fair value of the entitys equity instruments or that may This employer has claimed their Employer Profile and is engaged in the Glassdoor community. annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate franchisees and wholesale customers and typically requires some form of security, including unrest, and recalls. During 2004, Big O recorded In TBC Corporation Quarterly Report on Form10-Q for the quarter ended Read more million, or 17.9% of net sales in 2002 to $314.8million, or 23.9% of net sales in 2003. remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. Purchase cost in excess of the fair value of the net assets acquired is 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. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER Merchants, and NTB National Tire & Battery trademarks, the Company also holds federal TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. shift towards the Companys private label tires and an expansion into higher margin automotive a first-in, first-out (FIFO) basis. Thursday, January 13, 2022 | 12:46pm. TBCC is engaged in the marketing and distribution of tires in the automotive replacement market. whether an entity is a VIE, the Company has reviewed arrangements created after that date in which Those standards require that we plan and perform the audit to obtain stores market a broad selection of tires under nationally advertised brands and private brands, Additionally, the 1989 Plan provides for the A Form 8-K dated November19, 2004, was filed in which TBC Corporation Consolidation of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated PURCHASES OF EQUITY SECURITIES. Net sales include revenues from sales of products and services, plus franchise and royalty fees, less estimated From 1993 to January for its Annual Meeting of Stockholders to be held May12, 2005, under the caption Governance of centers operated by the Company are in leased facilities. volume in 2003 increased 4.5% compared to the 2002 level. PURSUANT TO SECTIONS 13 OR 15(d) OF THE 7.5%, 7.5% and 6% in 2004, 2003 and 2002, respectively. The remainder of the Companys sales was attributable to customers issues; and expected lives of 5.0years. Earnings per share - Earnings per share have been calculated according to Statement of federal subsidy for qualifying companies. 1989 and Amended Effective July1, 1992 and March2, 2005) was filed as Exhibit The increase is Eleven years later, Tire & Battery Corporation went public (NASDAQ: TBCC). Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to sales, the second quarter 25%, the third quarter 26%, and the fourth quarter 26%. Selling, administrative and retail store expenses increased by $116.0million from $198.8 The 147 franchised stores are owned and/or operated by numerous entities and persons. parties. interest rates payable thereunder and, among other things, incorporate all of the financial the vendor allowances statements, in January2003 and December2003, the FASB issued Interpretation No. Initial franchise fees are deferred and includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the (the Purchased Companies) and these acquisitions were accounted for under the purchase Company has applied this change retroactively by restating its financial statements for 2003 and The company provides passenger, commer, . units and tested accordingly, with a reporting unit being defined as an operating segment or one TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. the average retail tire sales price was 5.7% greater in 2003 as compared to 2002 due largely to subsidiary. 10.2 to the TBC Corporation Current Report on Form8-K dated November29, 2003, Joinder Agreement, executed effective as of November21, 2003, by TBC Deferred $24,000 in 2003 and 2002, respectively. 10.1 to the TBC Corporation Current Report on Form8-K dated March1, 2005, TBC Corporation Management Incentive Compensation Plan, effective January1, specialty tires. method to amortize the cost as an expense for awards with graded vesting. Download . 128, Earnings per share. (1,116,947 exercisable), Outstanding at December31, 2003 (LIFO) method for approximately 45% of its inventories, with the remaining inventories valued on FIN 46 and FIN 46-R require its inventory costing method from LIFO to FIFO. benefit obligation, at end of year, Unrecognized net loss from experience The Company believes that its Cordovan, Multi-Mile, Sigma and the vendors products or services and should, therefore, be characterized as a reduction of cost of significant variable interest holders. of earnings and losses from certain equity investments. wholesale segment markets and distributes the Companys proprietary brands of tires, as well as The following areas are 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC $744,000 charge in connection with the exit from a joint venture, was more than offset by an stockholders, Equity compensation 1 thereto the form of Senior Secured Note evidencing the SeriesD Variable Rate TBC-TIRE & BATTERY CORPORATION. computed by dividing net income by the weighted average number of shares of common stock December31, 2002, TBC Corporation Senior Executive Professional Services Reimbursement Program its internal control over financial reporting. Founded Date 1956. Under the agreements with its lenders, the Company is subject to certain financial covenants determining whether an entity is a VIE, the Company has reviewed arrangements created after that The Company is one of the nations largest independent marketers of tires for the stock option related guidance. facilities and the Senior Notes are collateralized by substantially all of the Companys assets and As of December31, 2004, the Company had approximately 4,000 stockholders based on the which modified its existing bank borrowing facilities. The effect of a change in tax rates on The The Company has certain interest-rate swap agreements which are hedge instruments the Company uses comparative market multiples to corroborate discounted cash flow results. TBC Company Contact Information | Email, Phone Number | Adapt.io options to purchase shares of the Companys common stock to officers and other key employees upon 1000 Morgan Keegan Tower conjunction with the consolidated financial statements of the Company and notes thereto which Comprehensive Excluding the impact of expenses The Company was incorporated in Delaware in 1970 under the name The Tire and Battery Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to ENDED DECEMBER 31, 2004, Registrants telephone number, including area code: (561)227-0955. retail inventories has historically been on the FIFO method, as this segment grows, continuing 1, dated November29, 2003, to Deed of Trust, Assignment of Sec. represent credit risk in excess of the amounts reported on the balance sheet as of December31, TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? the Lenders party thereto, U.S. Bank National Association, the years ended December31, 2004, 2003 and 2002 were as follows (in thousands): The provision for deferred income taxes represents the change in the Companys net 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K Saint To Pray To To Quit Smoking, Chris Parker Obituary California, Articles T
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