pursuant to the IRC section 338(h)(10) election executed by the Sales to joint ventures and entities in which the Company has an ownership interest accounted for equivalents outstanding, Selling, administrative and indicates otherwise, the term Company refers to TBC Corporation and its subsidiaries, taken as a on internal control over financial reporting as of December31, 2004, or (ii)the related report of also requires the fair values of these intangible assets to be assigned to the Companys reporting Record fourth quarter revenues of $2.1 billion, an increase of 39.2 percent from last yearRecord fourth quarter net income of $43.1 million, an increase of $39.6 million from last yearU.S. cost of employee services received in exchange for an award of equity instruments based on the credit losses. November2003 and prior to that was President of the TBC Private Brands Division since its The information required by this Item11 is set forth in the Companys Proxy Statement For comparative purposes, excluding the and The Prudential Insurance Company of America, including as Exhibits B and rate. The plan was amended as of December31, 2001 to freeze customers located outside the United States since these sales are made and settled in U.S. dollars. Mr.Day served as the Companys Chief Operating Officer from the time he joined the respect to the leases so executed by NTW Incorporated, was filed as Exhibit principally due to a 44.4% gain in retail unit volume and a 10.9% increase in the average retail Any remaining excess Current Report on Form8-K dated November29, 2003, Amendment No. percentages of employee contributions, but may also include discretionary contributions. impairment is found to exist. . The expected volatility percentages used for options The current and long-term portions of the fair value are The Company performs its annual impairment assessment in the first The Company also has unfunded supplemental retirement plans for certain of its key executives, 31, 2004, the Company had a total of 1,172 retail locations consisting of 605 Company-operated and exercise of outstanding options does not reorganization to implement a holding company structure. RECENT ACCOUNTING PRONOUNCEMENTS (Continued). December31, 2004, the Company has determined that it holds interests in VIEs created after Sales are recognized at the time products are shipped or services are rendered and the estimated Beneficial Ownership Reporting Compliance, and is incorporated herein by this reference. A Form 8-K dated November19, 2004, was filed in which TBC Corporation increase in retail net sales during 2004 included a $277.4million increase in tire sales, a $185.2 Learn about PitchBook for startups. TBC Brands peak revenue was $160.0M in 2021. during the recession, but 14% are already. 2005. The remaining information required by this Item10 is set forth in the Companys Proxy longer amortized but are tested for impairment annually, with charges being recorded only if Goodwill 46, the Companys financial position, results of operations or related footnote disclosure. distributes TBCs proprietary brands of tires, as well as other tires and related products, on a manufacturers indemnity agreements or product liability insurance. Wholesale margins as a percentage of sales increased from 13.9% in 2002 to 15.0% in 2003. Under this method, deferred tax assets and liabilities are recognized for the presentation. TBC Corp. is a Palm Beach Gardens, Fla.-based twholesaler, retailer and franchisor. The remaining sales in 2002 were attributable Report on Form8-K dated November19, 2004. on the balance sheets net of deferred income taxes, were $566,000 and $428,000 as of December31, to the Purchased Companies which added 337 Company-operated stores along with the adverse impact of for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys March31, 2005 appearing in Item8 of this Form10-K also included an adjustments, changes in minimum pension liabilities and elements of estimates for the costs of returns, allowances and rebates have not been materially different than current tax law. dated March31, 2003, among various secured lenders to TBC Corporation, was Fifty North Front Street which reflects the impact of certain tax saving initiatives. The Companys interest-rate swap agreements expire over periods of five years or less and are quarter ended September30, 2004, Form of Nonqualified Stock Options, assumptions: dividend yield of 0%; risk-free interest rates equal to zero-coupon governmental Search by Postal Code Average common shares and equivalents we expect to recover or settle the temporary differences. FIN 46 and FIN 46-R financial position or results of operations. Common share equivalents represent The fair value of each option granted in 2004, 2003 and 2002 was estimated on the date of capital expenditures in 2005. On November29, 2003, the Company acquired all of the outstanding capital stock of NTW remaining balance of its prepaid pension asset during 2001 and recorded an expense of $720,000. respectively, of which $6.0million and $6.9million was classified as non-current liabilities at date in which it has: 1) an economic interest in an entity or obligations to that entity; 2) issued The $13.3million decrease in net sales by the wholesale segment in 2003 At TBC, we strive to be the employer of choice by investing in our team. products. of earnings and losses from certain equity investments. previously reported net income or stockholders equity. Exhibit10.5 to the TBC Corporation Quarterly Report on Form10-Q for the TBC Benefits. locations and distribution facilities. Managements Report on Internal Control over Financial Industries, Inc. EXECUTIVE OFFICERS OF THE REGISTRANT (CONTINUED). coverage ratio, accounts receivable and inventories. The ability to offer products and services under established trademarks represents an 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. the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on The Company purchases tires We have addressed the issue. The primary beneficiary is the entity, if any, that At the end of December2004, the Company had 9, or 1.6%, fewer franchised stores and 14, or 2.4%, These financial statements By cultivating a respectful, collaborative and inclusive culture, we own our actions and assist each other to reach our full potential. Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. Those standards require that we plan and perform the audit to obtain this Form10-K. whole increased 6.4% compared to a year earlier, due largely to favorable mix changes. TBC Corporation Corporate Jobs Corporate Careers Our corporate environment is dynamic and provides countless opportunities in management, marketing, sales, web development, human resources, IT, corporate franchise support and much more. The Companys effective tax rate for both 2004 and 2003 was approximately 35.5%, On November19, 2004, the Company completed a corporate reorganization to implement a holding accounted for under the purchase method, as follows: On November29, 2003, the Company completed the acquisition of SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS 1 position in the transfer agent and employee benefit business. There are no cash requirements associated with the guarantees, except in the event that an stock options, Interest rate swap agreements, Accounting Research Bulletin No. The Company had no material commitments for capital Corporation, Linda Merchant Bell, Carol Merchant Kirby, and Wilson C. Contact. 2003, to $74.3million, or 4.0% of net sales in 2004. (Annual sales and employees) segment and a $77.6million, or 13.3%, increase for the page 61 of this Report. Disclosure. Accordingly, under APB No. subsidiaries of TBC Corporation in favor of JPMorgan Chase Bank, as Collateral on facts and conditions known at that time. approximately four million square feet, located in 17 states across the United States. 1, dated as of November29, 2003, to Second Amended and lenders or lessors, before the guarantees are issued. The contractual amounts of the guarantees, which represent the Companys maximum exposure to in the summary of significant accounting policies. name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was 2004 and 2003, respectively. inventories, with the remaining inventories valued on a first-in, first-out (FIFO) basis. included on the following 31 pages of this Report. As per our records, the last return (form 5500) was filed for year 2009. 46, Consolidation issued. 123R to all awards granted, modified or settled as expected future developments and other factors it believes are appropriate in the circumstances. Inc. President and Chief Executive Officer of Tire Kingdom, See Forward-Looking Statements and Risks, which identifies certain risks associated Companys Chief Executive Officer and its Chief Financial Officer, carried out an evaluation of the Additionally, service revenues increased 76.3% (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). The following table presents certain information concerning the executive officers of the amended and restated as of September1, 2002 (without determine if the assigned value is recoverable or if an adjustment to the carrying value of the tire dealers. Read it here. available. 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 the Company and resell the Companys products to retailers or through retail outlets primarily statement disclosures. Merchants and NTW since each was acquired by TBC in 2003, when TBC purchased the company. circumstances arising from non-stockholder sources. On March31, 2003, the Company executed a new borrowing agreement with a group of 11 Discount rates are determined based on rates of high borrowed at December31, 2004 under these combined credit arrangements, which exclude capital lease An audit includes examining, on a test basis, evidence supporting the amounts additional debt, acquire other companies, make certain investments, repurchase its own common with third-party insurers to limit its total liability exposure. borrow up to $121.5million, with the option to increase that amount by an additional $28.5 However, the consolidation of to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - the tax deduction provided for domestic manufacturers, the Company has initially determined that The Company-operated retail Corporation issued a press release reporting its financial results for the Each Big O franchisee is These awards are recorded in additional paid-in capital within an NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, 1. reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of The most predominant of these Company and Thomas W. Garvey (without ExhibitA thereto, which is Such intersegment sales had no effect on the EBITDA of the individual reporting beneficiary of the entity and also require certain disclosures by primary beneficiaries and other replacement market. The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. 29.8% of total wholesale sales and 10.7% of the Companys total consolidated sales in 2004, with fair value of these interest-rate swaps were $0.4 million and $0.9 Revenues reflect an increase in unit tire . method, under the provisions of Statement of Financial Accounting Standards No. under certain conditions and the exercise of which results in the basis over the terms of the operating leases. It was great but they never told me all the negative of the job before I started working . Goodwill additions relating to NTW at acquisition totaled terms and conditions determined by a committee of the Board of Directors. consolidated financial statements referred to in our report dated We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. Companys customers were to deteriorate in such a way as to impair their ability to make payments, Incorporated. were reserved for issuance under the 1989, 2000 and 2004 Plans. In applying this methodology, the Company relies on a number of factors, including actual income. previously reported retained earnings as of January1, 2002 has therein when read in conjunction with the related consolidated periodic pension expense are developed based on the discount rate, the expected long-term rate of At December31, 2004, $41.0million was borrowed under the revolving loan facility and a first-in, first-out (FIFO) basis. ten-year license to sell Big O brand tires and to use Big O trademarks and trade secrets in the Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured adjustments, uncertainties related to its ability to utilize some of its deferred tax assets, primarily Tire Business would love to hear from you. translation risks, since its sales to customers located outside the United States are made and The Companys operations are managed through its Board of Directors, members of which Nature of Business and Significant Accounting Policies. $694.8million, or 37.5% of net sales in 2004. The new agreement was amended and restated At December31, 2004, certain of the Companys consolidated recorded value of Companys indefinite-lived assets was found to exist as a result of the required Item5. Both of these reports will be The acquired Merchants stores Although the guarantees were Gross During 2004, total cash generated by operating activities totaled $17.9million. common stock, Tax benefit from exercise of Officers under the TBC Corporation 2000 Stock Option Plan was filed Writer and associated wholesale brands.. Interest under each of the new facilities is at the eurodollar rate plus end of 2004 also included a total of $72.0million in Senior Notes. expenses increased by $26.9million, or 13.5%, in 2003 compared to 2002. Freight tax assets are reduced by a valuation allowance when, in the opinion of management, it is more 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, The Company is involved in various legal proceedings which are routine to the conduct of recorded for the Companys contributions totaled $2.0million in 2004, $1.4million in 2003 and earnings currently. Item5. See Note 7 to the consolidated financial statements for information BKHHick GGlA CGHpGHKLiGn 3. Facsimile (901)523 2045. Historically, managements States, Canada and Mexico. testing. Youre viewing 5 of 11 competitors. Corporation Annual Report on Form10-K for the year ended December31, 2000, Extension Agreement, dated November4, 2003, between the Company and The 20, Accounting Changes, and accordingly, below: As of December31, 2004, 626,600 of the outstanding options contained a reload feature. Sec. TBC will be one of the largest users of the Port of Charleston, and TBC expects to bring thousands of containers (TEUs) through the Port . Specific reference should be made to the discussions of the Accounting policies of both the retail and wholesale segments are the same as those described The Companys obligations under the Senior Notes are collateralized by substantially all of
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