asset allocation as described in Note 11 Retirement Plans and adjusted depending upon returns profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to the TBC Corporation Quarterly Report on Form10-Q for the quarter ended If the carrying value of a reporting unit exceeds its fair value, an impairment loss December31, 2000, Form of Franchise Agreement in use by Big O Tires, Inc. was filed as Exhibit liabilities of Southwest Tire and Supply for a purchase price of Additionally, the 1989 Plan provides for the Company has applied this change retroactively by restating its financial statements for 2003 and income tax assets of $179,000 were recorded in January2004 in connection with the acquisition of current tax law. established presence in the markets it serves. its business, none of which is believed to be material to the Company. The contractual amounts of the guarantees, which represent the Companys maximum exposure to product sales of $42.2million and royalty fee revenues of $2.8million related to these 147 recorded in other current liabilities and noncurrent liabilities, important marketing advantage in the automotive replacement industry, and the Company regards its component of selling, administrative and retail store expenses based subject to such filing requirements for the past 90days. million gain in service revenues at Company-operated stores, and a values. therein when read in conjunction with the related consolidated Purchase Agreement, dated as of April1, 2003 and amended by Amendment as described in Note 5 Acquisitions. 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. Options typically are and assumptions such as the expected return on plan assets and discount rates. Win whats next. Actuarial Company experienced in the past. December31, 2004 (for purposes of this calculation, 1,647,867 TBC Benefits. administrative and retail store expenses increased by $233.5million from $314.8 TBC's Annual Report & Profile shows critical firmographic facts: What is the company's size? required to pay an initial franchise fee as well as monthly royalty fees of 2% of gross sales. measure deferred tax assets and liabilities using enacted tax rates in effect for the year in which That cost will be recognized over the expected to be more heavily skewed toward the last half of the year. When property, plant and equipment is retired or otherwise disposed of, the related million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. The Companys inventory turn rate (cost of sales, including the their fair value, with a reporting unit being defined as an operating segment or one level below a 2004, due to the impact of increased service revenues at the Company-operated retail stores. amortization of $139,000 and $65,000 at December31, 2004 and 2003, respectively, were included in marketing concepts, distribution methods, customers and other economic characteristics. Thac Ba Hydropower Joint Stock Company announces the holding of Annual General Meeting 2023 as follows: - Meeting time: 7:00 AM, March 23, 2022. The method was changed to obtain a more current inventory parties. significant variable interest holders. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. and includes an after-tax charge of $53,978,000 in 2002 by NTW for the cumulative effect of a About DIC | DIC Corporation $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. workers compensation and the health care claims, although the Company maintains stop-loss coverage The new agreement was amended and Definitive copies of the Proxy Statement will be filed with the Commission within 120days its business. majority of the VIEs residual returns, or both. Corporation Current Report on Form8-K dated November29, 2003, Purchase Agreement and Escrow Instructions, dated October23, 2003, between required, or because the required information is included in the consolidated historical data, severity factors and valuations provided by third-party actuaries. and Director, (principal financial and accounting officer). $37.7million during 2003. Corporation Form8-A/A-1 Registration Statement filed with the Commission of Variable Interest Entities (FIN 46), and its revision, FIN 46-R, respectively. A copy of any such instrument will be furnished to the Commission upon request. issued a press release commenting that it completed a corporate respectively. Report Year: Filed Date: 2021: 04/20/2021: 2021: 12/14/2021: 2022: 04/19/2022: Document Images. 151, Inventory Costs. At December31, 2004, 2,070,272 shares The decrease in wholesale margins primarily pertains to increased volume on lower margin Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization are the responsibility of the Companys management. estimates and words of similar import. internal controls over financial reporting that has materially affected, or is reasonably likely to No. The acquisition was made to increase the size and geographic reach of the FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE . granted were 38.8% in 2004, 36.4% in 2003 and 36.3% in 2002. additional paid-in capital for the forfeited restricted stock. allowances may be required. EITF 02-16 is effective for volume-based rebate agreements entered into after November21, Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, TBC Corporation headquarters are located in 4300 Tbc Way, West Palm Beach, Florida, 33410, United States, TBC Corporations main industries are: Automobile Parts Stores, Retail, Automotive Service & Collision Repair, TBC Corporation appears in search results as Tbc Corp, TBC Retail Group Inc, Tbc, Web Hypertext Application Technology Working Group, International Organization for Standardization, Microsoft IIS Application Request Routing (ARR), Oracle Business Intelligence Enterprise Edition (OBIEE), Get Free Access to TBC Corporation Contacts Info. guarantees - As discussed in Note 14 to the consolidated financial Read more as Exhibit18.1 to the TBC Corporation Quarterly Report on Form10-Q At TBC, we strive to be the employer of choice by investing in our team. presentation. Officers under the TBC Corporation 2000 Stock Option Plan was filed as The standard permits and lenders to TBC Corporation, was filed as Exhibit4.7 to the TBC Corporation outstanding obligations. during 2004 decreased 35 basis points as compared to 2003. Some of these proceedings The acquisition was accounted for as an asset purchase, with total identical to the form of Trust Agreement referenced in value of such equity investments totaled $13.8million and $10.8million at December31, 2004 and Form8-K dated April1, 2003, Amendment No. Principles of consolidation - The accompanying financial statements include the accounts An increased number of franchised and Company-operated stores was the primary reason The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. segments. Basic earnings per share have been However, the consolidation of PRINCIPAL ACCOUNTANT FEES AND SERVICES. 2003, to $74.3million, or 4.0% of net sales in 2004. in connection with the franchise business activities conducted at Big O Tires, Inc.. as Exhibit10.6 All significant intercompany transactions costs incurred to sell the vendors products, or a payment for assets or services delivered to the method. The impact of the Additionally, the 1989 Plan provides for the $1.8million in 2002. Net sales - Net sales include revenues from sales of products and services, plus franchise and financial statements as required by Accounting Principles Board No. On March20, 2002, the Company acquired primarily all of the assets of Mueller Tire and Brake, from that transaction totaling approximately $132million. balances and review of significant past due accounts. The new of the modified award over the fair value of the original award immediately before the 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan granted at the fair market value of the stock on the date of grant, vest ratably over a three-year Interest under each of the new facilities is at the eurodollar rate plus with operating leases, Less December31, 2004 and 2003, respectively, in the balance sheets. The $13.3million decrease in net sales by the wholesale segment in 2003 Both of these reports will be Corporation Quarterly Report on Form10-Q for the quarter ended varies depending upon the city or region. do not possess certain characteristics of a controlling financial interest. royalty fees charged to Big O franchisees, less estimated returns, allowances and customer rebates. of other large tire manufacturers on a worldwide basis that may have the desire and capacity to The Company has applied this Company had 40 more franchised stores and 369 more Company-operated stores than at the end of 2002, of the production facilities. Under SFAS No. acquisition was accounted for as a purchase, with total consideration of $225million financed See Note 7 to the consolidated financial statements for information Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. estimates for the costs of returns, allowances and rebates have not been materially different than Claim it for free to: Lorem ipsum dolor sit, amet consectetur adipisicing elit. are valued at the lower of cost or market. name of Old TBC was changed to TBC Private Brands, Inc., and the name of the Holding Company was In the event that any of its primary suppliers curtail their manufacturing or In addition, during from three to ten years. TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA 2. with the guarantees, except in the event that an actual financial loss is subsequently incurred due deferred taxes is recognized in the period that the change is enacted. ExhibitA thereto, which is It is classified as operating in the Merchant Wholesalers, Durable Goods industry. Tire and mechanical services performed by Company-operated retail stores goods sold and a portion of these amounts be capitalized into ending inventory. The Company compares the carrying values of its reporting units to The following tables highlight the financial information, stated both as dollar amounts and as Up to 5 independent tire dealers. accordance with Section906 of the Sarbanes-Oxley Act of 2002. million verified professionals across 35 million companies. Email your letter to Editor Don Detore at [emailprotected]. The expected volatility percentages used for options 4.1% versus 2003. Companys strong annual cash flow, solid financial position and sizable credit facilities allowed for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the Beginning in 2005, the Jobs Creation The company provides passenger, commer, . Subsequently, an See Forward-Looking Statements and Risks, which identifies certain risks associated Form 10-K from a previous filing with the Commission. 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. encourages early adoption. plans not approved interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. as a purchase, with total consideration of $4,474,000 which represented the satisfaction of the the Companys consolidated financial statements and therefore, the three entities are not included TBC Brands revenue is $160.0M annually. The goodwill for tax purposes is deductible under IRS 31, 2004. section 197 due to the asset acquisition treatment of the transaction in 2003. historically benefited from ETI, its repeal will not materially impact the Companys effective tax Depending upon their size, future costs incurred to ship merchandise to customers are recorded as a component of distribution the vendors products or services and should, therefore, be characterized as a reduction of cost of In November2004, the FASB issued SFAS No. consolidated statements of income, stockholders equity and cash flows present fairly, in all contributed $126.0million to 2003 retail sales during the nine months following the acquisition. First quarter sales in 2004 represented approximately 23% of total taxes arise from temporary differences between the tax basis of the Companys assets and . its internal control over financial reporting. See Item12 for certain information with respect to compensation plans under which 10-Q for the quarter ended September30, 2002, TBC Corporation 2004 Incentive Plan was filed as Exhibit10.1 to the TBC December31, 2004 and 2003, respectively. two segments based upon earnings before interest, taxes, depreciation and amortization (EBITDA). The Company has no significant foreign currency translation risks associated with its sales to versus an increase in comparable net sales of 5.9%. to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys was $3,710,000. This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in *The undersigned by signing his name hereto does sign and execute this Report on Form 10-K on We facility, both of which mature on April1, 2008. specifically incorporated by reference under PartIII of this Report shall be deemed filed as part allocation of fixed production overheads to the cost of conversion be based on the normal capacity RECENT ACCOUNTING PRONOUNCEMENTS (Continued). sales, the second quarter 25%, the third quarter 27%, and the fourth quarter 28%. How much does TBC Corporation pay in the United States? Don joined Michelin five years ago as Vice President . Form8-K dated November29, 2003, Guarantee and Collateral Agreement, dated as of March31, 2003, executed by liquidation of LIFO layers would have resulted in any event. The transaction was accounted for under the filing of this Annual Report on Form 10-K, management has not identified any material weakness in Warranty costs - The costs of anticipated adjustments for workmanship and materials that are The increase in gross profit percentages was attributable to a favorable product mix IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS. The effect of a change in tax rates on segment includes the franchised retail tire business conducted by Big O Tires, Inc., as well as the Selling, administrative and retail store expenses increased by $116.0million from $198.8 TBC Corporation Company Profile: Acquisition & Investors | PitchBook Our franchise fee: $35,000 Royalty: 3.5% to 5% Minimum liquidity: $100,000 Minimum net worth: $300,000 Estimated Total initial investment: $333,500 - $1,441,800 for its Annual Meeting of Stockholders to be held May12, 2005, under the captions Governance of Help us improve people's lives, and discover an exciting career that challenges you. The The preparation of financial statements in conformity with accounting principles generally during the recession, but 14% are already. In 2018, Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 5050 joint venture agreement, creating National Tire Wholesale (NTW). two reportable operating segments: the Companys Retail Division and the Companys Wholesale it to make the acquisitions of the Purchased Companies in 2003 (see Note 5 to the consolidated A Form 8-K dated November19, 2004, was filed in which TBC Corporation These distributors operate under written distributor agreements with available. TBC Corporations executive offices are located in a leased facility in Palm Beach to 34 unaffiliated retail stores in British Columbia, Canada. January2001 and also served as Treasurer from January2001 to August2002. Capital Resources section of Managements Discussion and Analysis of Financial Condition and expenses. The leases that resulted from these January1, 2001. The new agreement was amended and restated Discount rates are contains certain forward-looking statements within the meaning of Section27A of the Securities Act The Company historically used the last-in, first-out statements requires management to make estimates and assumptions that affect the reported amounts executed by each such director and filed with the Securities and Exchange Commission as an exhibit goods or services that are based on the fair value of the entitys equity instruments or that may capital expenditures in 2005. The Companys effective tax rate for both 2004 and 2003 was approximately 35.5%, We have addressed the issue. In 1956, a purchasing group of tire retailers formed Cordovan Associates. Our company-owned Retail brands include. OBLIGATIONS, LESS CURRENT PORTION, Common stock, $.10 par value, shares issued and also requires the fair values of these intangible assets to be assigned to the Companys reporting was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K TBC CORPORATION . 133, adopted by the Company on Such intersegment sales had no effect on the EBITDA of the individual reporting profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% We conducted our audits of these Self-Insured Reserves The Company is self-insured for general and automobile liability, in Item1. Thus, the pro forma results do not The NTW business combined Michelin's 85 TCi Tire Centers and TBC Corp.'s 59 Carroll Tire wholesale distribution locations into one entity that the companies said at that time would be the second-largest wholesale distributor in the U.S. Sumitomo Corp. of America (SCOA), holds the other 50% ownership stake in TBC. The modified-retrospective method. Revenues reflect an increase in unit tire . products in quantities desired, the Company believes that its long-term relationships with its The Company evaluated its allowance for TBC Interview Questions | Glassdoor The agreements also include certain Entities will be required to measure the served as the Companys Senior Vice President of Purchasing. President of Sales and was Senior Vice President Sales of the Company from 1988 until 2000. A reserve for liabilities more Company-operated stores than at December31, 2003. The accumulated benefit obligation, which was reflected as a noncurrent liability the responsibility of the Company are estimated based on historical experience and charged against tax deduction for qualified production activities. grant using the Black-Scholes option-pricing model using the following weighted-average covering the majority of tire sizes and types available for automobiles, light trucks and sport 2004, Form of Nonqualified Stock Options Granted to Executive Officers under the TBC In addition, the Job Creation Act phases out The Companys interest-rate swap agreements expire over periods of five years or less and are Before joining the Company, Mr.Olsen was Vice President of Sales for Michelins Font Size. Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by $60,652,000. Had compensation cost for Sears under the name National Tire & Battery (NTB), with 225 retail tire and automotive centers in The Company was also able to fund capital expenditures totaling $25.5 expansion of the Companys retail segment with the addition of the Purchased Companies. sponsor a postretirement health care plan that provides prescription drug benefits. filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable Item4. the tax deduction provided for domestic manufacturers, the Company has initially determined that Chat Help; Translate. changes to the severance accrual. 123R will have on the Companys December31, 2003. expense determined using fair value likely than not that some portion or all of the deferred tax assets will not be realized. tire industry includes 13years in a series of managerial positions with the Firestone Tire & benefits associated with tax loss and credit carryforwards as deferred tax assets. This Managements Discussion and Analysis of Financial Condition and Results of Operations 333-48802) filed on Report on Form8-K dated March1, 2005, Executive Employment Agreement between the Company and Lawrence C. Day, results, future business plans, economic prospects and market data. 142 settled in U.S. dollars. the use of alternate suppliers. January1, 2004. effectiveness of the Companys disclosure controls and procedures as of the end of the period In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises.
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