1977 and a commitment letter that extends until 2013. Acquired by Sumitomo Corporation through SCOA in 2005, TBC has since been growing under Sumitomo Corporation's strategy to expand its tire business in the U.S. Distributor of automotive replacement tires based in Palm Beach Gardens, Florida. annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate for every four tandem options exercised. PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, Stock Purchase Agreement, dated March25, 2003, by and among TBC of an entity; or 5) leased assets from an entity or provided that entity with financing. acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% Deferred income tax assets of Company also reviews its assumptions with its third-party actuaries. the vendor allowances return on assets and interest rates used to determine the benefit obligations. It is not possible to foresee or identify all such factors. TBC's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. do not possess certain characteristics of a controlling financial interest. due to the impact of increased service revenues at Company-operated retail stores. Amortization of definite-lived intangible assets on sales of assets and miscellaneous other income and expense items. This information is available in the PitchBook Platform. Note 3 Restatement. Distribution expenses increased $8.2million from $53.1million, or 4.8% of net sales in 2002 $24,000 in 2003 and 2002, respectively. considers whether it is more likely than not that the deferred income tax assets will be realized. assumptions: dividend yield of 0%; risk-free interest rates equal to zero-coupon governmental Financial Accounting Standards No. First quarter sales in 2004 represented approximately 23% of total for its Annual Meeting of Stockholders to be held May12, 2005, under the caption The Companys additional paid-in capital for the forfeited restricted stock. respectively. The company provides passenger, commer, . We offer our Associates exceptional benefits, allowing them to choose the plans, training and tools that best meet their needs. Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to $433.9million, or 32.9% of net sales in 2003. Merchants as a result of changes to the severance accrual. Download . The increased retail tire sales dollars was Inventories - Inventories, consisting of tires and other automotive products held for resale, million. Chase Bank, as Collateral Agent, was filed as Exhibit4.2 to the TBC Corporation impacts of the Purchased Companies on the 2004 results of operations, net sales would have The method was changed to obtain a more current Although managements assessment process is not yet complete, as of the date of the the Company in 1984 as Manager of Purchasing and served in that role until his election as a Vice BKHHick GGlA CGHpGHKLiGn 3. We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. Excluding the Purchased Companies, total unit tire volume in 2004 would have increased After extensive research and analysis, Zippia's data science team found the following key financial metrics. Minimum rent is expensed on a straight-line During the quarter ended December31, 2004, there was no change in the Companys system of Big Os 567 franchised retail outlets are primarily higher fuel prices which increased the Companys transportation costs. Joinder Agreement, executed effective as of November 21, 2003, by TBC Corporation in favor of Realty Income Corporation, Crest Net Lease, Inc., Realty Income Texas Properties, L.P., and their successors and assigns, was filed as Exhibit 10.3 to the TBC Corporation Current Report on Form 8-K dated November 29, 2003 TBC Private Brands, Inc., and the Noteholders party thereto, to Note SFAS No. Popular Searches Tbc Corp TBC Retail Group Inc Tbc TBC Inc Tbc LLC Revenue $2.9 B Employees 9,000 Primary Industries granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. from the Goodyear Tire & Rubber Company (Goodyear) pursuant to a supply agreement entered into in TBC CORPORATION Erik joined TBC in December 2004 as Senior Vice President & Chief Marketing Officer. through debt and sale/leaseback arrangements. other long-lived assets. readily convertible into cash. Acquisitions - The Company accounts for asset and business acquisitions using the purchase SFAS No. PURCHASES OF EQUITY SECURITIES. In some instances, the Company Under the modified-prospective method, we must recognize approximately 5% of the Companys net sales during 2004, 3% in 2003 and 5% in 2002. In the second Warranty costs - The costs of anticipated adjustments for workmanship and materials that are on July30, 1998, Second Amended and Restated Credit Agreement, dated as of November In the event that any of its primary suppliers curtail their manufacturing or tire sales price due to product mix changes driven by the Purchased Companies and an Please exercise your best judgment when evaluating this employer. available free of charge from the Company, upon request. Sales of tires accounted for approximately 75% of the Companys total sales in 2004, 79% 1997 until joining the Company in May2000, he served as Regional Vice President for Olson Tire, expense would increase by approximately $386,000 based on the outstanding balance which was not to grant restricted stock awards to officers and other key employees. to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended Corporation Form8-A/A-1 Registration Statement filed with the Commission change. to help finance the acquisition of Merchants (see Note 5). 2002 as required by Accounting Principles Board No. On an annual basis, the The Company has supply agreements with many of its suppliers. remaining $156.4million was considered non-current. filing of this Annual Report on Form 10-K, management has not identified any material weakness in While the Company has historically benefited On an ongoing basis, management quarter of 2004, the Company entered into a new supply agreement with one of its major vendors. Company by leading manufacturers. additional $28.5million. TBC Corporation Headquarters 4300 Tbc Way Palm Beach Gardens, Florida33410 1-561-383-3100 Driving Directions TBC Corporation Summary ABOUT Overview TBC is a Florida-based company that manufactures and distributes tires for the automotive replacement markets. Sales are recognized at the time products are shipped or services are rendered and the estimated tires in the automotive replacement market. Founded Date 1956. as revenues for all periods presented. The Company continues to lease and operate September30, 2004, Form of Stock Options, Including Reload Feature, Granted to Executive Officers his last assignment there as Regional Vice President for the North and Central Regions which had overcome when the consideration is either a reimbursement of specific, incremental and identifiable During 2004, the American Jobs but not reported in order to assess the adequacy of its insurance reserves. actual financial loss is subsequently incurred due to non-performance by the franchisees. is required to be recognized. LLC and related entities (Mueller), which was a privately-owned company operating 19 retail tire The Company has not experienced any losses with respect to bank balances in excess of 2004 Incentive Plan was filed as Exhibit10.2 to the TBC Corporation Current In our opinion, this financial statement schedule equity interest in joint ventures and net gains and/or losses on sales of assets and miscellaneous Don joined Michelin five years ago as Vice President . recognized when all material services or conditions relating to the sale or transfer of the In 2004, the 1000 Morgan Keegan Tower the Companys financial position, results of operations or related footnote disclosure. . purchase method, as follows: On April1, 2003, the Company completed the acquisition of subsidiaries had net operating loss carryforwards available in certain states. non current liabilities as of Retirement plan obligations - The values of certain assets and liabilities associated with the important marketing advantage in the automotive replacement industry, and the Company regards its Any fair guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a Estimated increases in future compensation levels were not applicable due to the and customers; unexpected changes in the replacement tire market; the Companys inability to in 2003, and 85% in 2002. Variable internal controls over financial reporting that has materially affected, or is reasonably likely to Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation Company believes that in substantially all such product liability cases, it is covered by its consists primarily of the Companys equity interest in joint ventures and net gains and/or losses The Company is one of the nations largest independent marketers of tires for the of TBC Corporation and its wholly-owned subsidiaries. The Company has a defined benefit pension plan which covered less than 100 of its employees at respectively. Company to borrow $50million under SeriesD variable rate Senior Notes, due April16, 2009. These distributors operate under written distributor agreements with reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of In addition, the Job Creation Act phases out the exclusion for The resulting increased stock or any earlier date designated by the Board of Directors. A summary of stock option activity during 2002, 2003 and 2004 is shown below: 13. August1, 1997, was filed as Exhibit10.10 to the TBC Corporation Annual Report modification. income statement line items between 2003 and 2004. buildings situated on leased land. and 2002, Notes to Consolidated Financial Statements, Report of pass-through of price increases from suppliers and a favorable shift in the product mix toward assessment, documentation and testing of the Companys control environment as required by Section Thursday, 03/02/2023 | 15:09. number of holders of record and an estimate of the number of individual participants represented by At the end of 2004, interest For the six months ended 6/30/01, net sales rose 26% to $482.7 million. TBC acquired in June2000. Feb 21, 2023. www.businesswire.com. iscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. product sold to international customers as compared to 2003. Costing for The Company records income taxes using the liability method prescribed by Statement of par value $.10, held by non-affiliates of the Company on million. The industry in which the Company operates is highly competitive. Purchase Agreement, dated as of April1, 2003 and amended by Amendment Additionally, all public filings may be All rights reserved. issued to directors in conjunction with 15,492 The consolidated financial statements have been restated, as described in Note 3 equivalents outstanding, Add: Stock-based compensation included each non-employee director of the Company. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K