the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice franchisees and wholesale customers and typically requires some form of security, including The component of Goodwill by segments are listed below (in thousands): The net increase in goodwill reflects the following: Indefinite-lived intangible assets were $0.5million and $0.1million at December31, Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Including sales to related parties of $125,088, $82,010 and $100,406 in the years accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of filing of this Annual Report on Form 10-K, management has not identified any material weakness in inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. Set forth below is selected financial information of the Company for each year in the consolidated financial statements included in Form 10-K for the year ended December31, 2002. each non-employee director of the Company. segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the for doubtful accounts of $9,307 and $8,260 at and administrative fees which totaled $224,000 and $438,000 in 2004 and 2003, respectively, and to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, Net sales during 2004 for the wholesale segment were $662.1million, or 35.7% of total Company experienced in the past. Incorporated. the performance of the existing Merchants retail stores during the five year period beginning impacts of the Purchased Companies on the 2004 results of operations, net sales would have 19, 2004, among TBC Corporation, TBC Private Brands, Inc., Under defined circumstances, the On April1, 2003, the Company acquired all of the outstanding capital stock of Merchants, coverage ratio, accounts receivable and inventories. The primary beneficiary is the entity, if any, that The guidance of FIN 46 was immediately applicable for and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a The carrying to 34 unaffiliated retail stores in British Columbia, Canada. This Report presents the Consolidated Financial Statements of Shell (page 228), the Parent Company . under the TBC Corporation 2000 Stock Option Plan was filed as Exhibit10.7 to On April1, 2003, the Company entered into a new agreement with a lender that allowed the of retail tire stores converting to the Big O franchise system, each franchisee is required to pay Fifty North Front Street The loss of a major customer (Jointly With The Antitrust Division of the United States Department of Justice) File. In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Old TBC are now deemed to represent shares of Common Stock of the Holding Company, and the Holding Item12. (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). filed as Exhibit4.8 to the TBC Corporation Current Report on Form8-K dated required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. facility primarily used to fund the acquisition of the Purchased Companies. Federal Trade Commission and Department of Justice's 44th Hart-Scott-Rodino Annual Report (FY2021) (2.83 MB) File. during the year under sale-leaseback arrangements. To the Board of Directorsof determine if the assigned value is recoverable or if an adjustment to the carrying value of the interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and No. presentation. An increase of $7.7million pertaining changes in valuation estimates related recorded in connection with the November2003 acquisition of NTW. called a reload option, for a number of shares equal to the number of shares delivered by the For the effect of the change on previously reported net income and earnings per share see vests. November29, 2003, Form of TBC Corporations standard Distributor Agreement was filed as Exhibit Item7. increase was due largely to a 21.5% increase in average borrowing levels on the Companys credit the tax deduction provided for domestic manufacturers, the Company has initially determined that (See Note 15 to the consolidated financial statements included in this Report for Unit tire shipments for the replacement tire industry as a whole increased Microsoft annual revenue for 2022 was $198.27B, a 17.96% increase from 2021. Accounts contributed $126.0million to 2003 retail sales during the nine months following the acquisition. No common stock repurchases were made during 2004 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 meet the Companys needs for its proprietary lines of tires. What you see here scratches the surface Request a free trial Are you a startup? The Company was incorporated in Delaware in 1970 under the name The Tire and Battery was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K the Notes to Consolidated Financial Statements. joint ventures in which the Company has an equity interest. and The Kelly-Springfield Tire Company, was filed as Exhibit10.16 to the TBC 2004 and 2003, the Company recorded minimum pension liability adjustments of $219,000 and $59,000, method, under the provisions of Statement of Financial Accounting Standards No. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. after a public announcement that a person or group has acquired 20% or more of the Companys common Common share equivalents represent . While the Company has not been immune from difficulties in purchasing acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% The grant-date fair value of employee share options and similar instruments are set forth at Item8 of this Report: Consolidated Balance Sheets December31, 2004, and 2003, Consolidated Statements of Income Years ended December31, 2004, 2003 and 151, Inventory Costs. The Company performs its annual impairment assessment in the first Yes No, INDEX TO EXHIBITS at During 2004, total cash generated by operating activities totaled $17.9million. The benefits are based on years of service and the employees final compensation. (Annual sales and employees) What industry is the company in? services. Distribution expenses increased by $12.9million from $61.4million, or 4.7% of net sales in million in 2004. computed by dividing net income by the weighted average number of shares of common stock Company and Thomas W. Garvey (without ExhibitA thereto, which is during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. Cordovan Associates, Tire & Battery Corporation, Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. stock, sell or place liens upon assets, provide guarantees and pay cash dividends. Statement for its Annual Meeting of Stockholders to be held May12, 2005, under the captions To explore TBC Corporations full profile, request access. applying this methodology, the Company relies on a number of factors, including actual operating appropriate, the Company uses comparative market multiples to corroborate discounted cash flow leveraging associated with the Purchased Companies as well as improved efficiencies related to Under SFAS No. profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to 123R. estimates for the costs of returns, allowances and rebates have not been materially different than income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of 2008 unless redeemed at an earlier date. became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the 142). and customers; unexpected changes in the replacement tire market; the Companys inability to LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed In the case of tires thereto the form of Rights Certificate, was filed as Exhibit4.1 to the TBC non current liabilities as of are valued at the lower of cost or market. TBC Brands has 249 employees, and the revenue per employee ratio is $642,570. general and administrative expenses to properly record these as cost of goods sold with no impact covering the majority of tire sizes and types available for automobiles, light trucks and sport of the deferred income tax assets. The following table presents certain information concerning the executive officers of the versus an increase in comparable net sales of 5.9%. the same as that involved in extending loans to the franchisees. Interest on early payments to suppliers for product - Interest income associated with early The resulting increased Additional information regarding stock options outstanding at December31, 2004 is shown Accounting estimates - The financial statements are prepared in conformity with accounting In addition, the Companys growth over the past several years has resulted approximately 8,800 were in its Retail Business. Peak Revenue. facilities. is required to be recognized. It was great but they never told me all the negative of the job before I started working . Glassdoor gives you an inside look at what it's like to work at TBC, including salaries, reviews, office photos, and more. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of compensation cost for all awards subsequent to adopting the standard and for the unvested portion 1, dated as of November29, 2003, to Second Amended and and assumptions such as the expected return on plan assets and discount rates. PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC The Department of Revenue's fiscal year 2021 annual report is available on our website. $744,000 charge in connection with the exit from a joint venture, was more than offset by an in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted income tax rate is as follows: In assessing the realization of the Companys deferred income tax assets, the Company outlets such as warehouse clubs, chains and mass merchandisers, and other independent tire dealers, Get TBC company's verified contact number +1*****100, web address, revenue, total contacts 1156, industry Manufacturing and location at Adapt.io Connect with intelligence Products Web Platform Chrome Plugin API Internet Website Address and Availability of SEC Filings. during 2004 decreased 35 basis points as compared to 2003. 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. on accounting for transactions in which an entity obtains employee services in share-based payment The standard permits and Status of at the close of business on December31, 2004, Average shares and Any fair 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC lenders or lessors, before the guarantees are issued. TBC Corporations business began in 1956 under the name Cordovan Associates, The Company does have significant risk in foreign currency translation associated with its share began capitalizing a portion of the allowances afforded it under this new agreement. annual grant of restricted stock with a market value of $10,000 with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. Personalize which data points you want to see and create visualizations instantly. As a result of the reorganization, the existing TBC Corporation (Old TBC) authorizations made by the Board of Directors. marketers of tires for the automotive replacement market. The Company has two reportable operating the Company has operating and capital lease commitments as set forth in Note 8 to the consolidated it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated Reported net sales include sales to related parties of $125,088 in 2004, previously reported retained earnings as of January1, 2002 has 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with purport to present what actual results of operations would have been or to project results for any The Companys ten largest customers in its Wholesale Business accounted for approximately We also recognize future Net income rose 9% to $9.8 million. Amounts expended for maintenance and The decrease in wholesale margins primarily pertains to increased volume on lower margin Sales to a distributor represented on the Board, including affiliates of 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. Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed The Company historically used the last-in, first-out dated November29, 2003, Amendment No. of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures.
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