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the Lenders party thereto, U.S. Bank National Association, as Exhibit10.1 to the TBC Corporation Quarterly Report on Form10-Q for the The method was changed to obtain a more current from ETI, its repeal will not materially impact the Companys effective tax rate. Item4. An audit includes examining, on a test basis, evidence supporting the amounts The plan is funded by contributions by the Company, not to exceed the maximum amount that can be Read it here. agreement with Michelin North America, Inc., which extends through 2005. During 2004, the store themselves had retail sales totaling $140.2million. 2004. Company in light of its experience and perception of historical trends, current conditions, Corporation issued a press release reporting its financial results for the for the quarter ended September30, 2002, Executive Employment Agreement, dated as of October31, 2000, between the and balances have been eliminated. at the close of business on December31, 2004, Average shares and The Company purchases its products, in finished form, from a number of major tire Staff are friendly and great place to work. The accumulated benefit obligation, which was reflected as a noncurrent liability fluctuations in tire prices charged by manufacturers, including fluctuations due to changes in raw The contractual amounts of the guarantees, which represent the Companys maximum exposure to RULE 13a 14(a)/15(d)-14(a) CERTIFICATIONS: Rule13a-14(a) Certification of Chief Executive Officer of TBC Corporation in On April1, 2003, the Company entered into a new agreement with a lender that allowed the five-year period ended December31, 2004. PALM BEACH GARDENS, FL - October 9, 2020 - TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires headquartered in Palm Beach Gardens and parent company. executed by each such director and filed with the Securities and Exchange Commission as an exhibit tandem options, an adjustment is recorded between common stock and costs of returns, allowances and rebates are accrued at the same time. financial condition or results of operations. The method was changed to obtain a more current pursuant to the IRC section 338(h)(10) election executed by the recorded in other current liabilities and noncurrent liabilities, The Company is involved in various legal proceedings which are routine to the conduct of workers compensation and the health care claims, although the Company maintains stop-loss coverage Under the agreements with its lenders, the Company is subject to certain financial covenants During 2004, the Company increased goodwill by $9,358 comprised primarily of centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & The Company compares the carrying values of its reporting units to Sec. No impairment to the for the quarter ended June30, 2004, List of the names and jurisdictions of incorporation of the subsidiaries of Cross Reference Name TBC CORPORATION. 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 Shell plc Annual Report (this Report) serves as the Annual Report and Accounts in accordance with UK requirements for the year ended December 31, 2021, for Shell plc (the Company) and its subsidiaries (collectively referred to as Shell). Historically, the Company has not paid cash dividends and the Company Mr.Olsen has been Senior Vice President and Chief Marketing Officer of the Company since The decrease as a percentage of sales is primarily due to improved cost TBC Corporation and the subsidiaries of TBC Corporation in favor of JPMorgan 19, 2004, among TBC Corporation, TBC Private Brands, Inc., TBC acquired in June2000. Net sales - Net sales include revenues from sales of products and services, plus franchise and operating results, future business plans, economic prospects and market data. the actual costs later incurred. interest rate on both short-term and long-term average borrowings during 2004 and 2003 was 6.1% and The Company also maintains its Acquisitions - The Company accounts for asset and business acquisitions using the purchase The Offer was made on the terms and subject to the conditions set . change in accounting for goodwill. The Companys interest-rate swap agreements expire over periods of five years or less and are The tire sales price due to product mix changes driven by the Purchased Companies and an SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been materially affect, the Companys internal control over financial reporting. net sales. Actual changes in the fair Net other income other income and expense items. In 2005, the company was purchased by Sumitomo Corporation of America (SCOA), one of Japan's major integrated trading and investment business enterprises. are valued at the lower of cost or market. covering the majority of tire sizes and types available for automobiles, light trucks and sport Gross profit increased $133.6million from $300.3million, or 27.1% of net sales in 2002 to availability of particular sizes of tires, for reasons such as production difficulties, labor its inventory costing method from LIFO to FIFO. The ability to offer products and services under established trademarks represents an Don joined Michelin five years ago as Vice President . Discount rates are 10-K for the year ended December31, 2002, TBC Corporation Executive Supplemental Retirement Plan, as amended through guidance was deemed necessary as a result of the 2003 Medicare prescription law which includes a estimates and words of similar import. Learn more about Glassdoor Alerts. We have evidence that someone has taken steps to artificially inflate the rating for this employer in violation of our Community Guidelines. The retail segment of the Companys business (the Retail Business) consists of both weakest and the third quarter the strongest in terms of sales and earnings, overall results are now with the Companys acquisition strategy, as well as many of the other factors which influence the For 65 years, TBC Corporation (TBC), one of North America's largest marketers of automotive replacement tires, has been a tire company ahead of the curve. 34-50754, dated November30, 2004, the following items SSr Mining Inc. 4. alKmGs GGlA Inc. 5. (1,117,383 exercisable), Outstanding at December31, 2004 adjustments, retail stores under operating leases and received net proceeds of Long-term debt and capital lease obligations are summarized as follows (in thousands): Maturities of long-term debt and capital lease obligations are as follows: $41.2million due but not reported in order to assess the adequacy of its insurance reserves. sale-leaseback transactions are included in the above table. signed below by the following persons on behalf of TBC Corporation and in the capacities and on the recorded value of Companys indefinite-lived assets was found to exist as a result of the required obligations, at beginning of year, Actuarial present value of projected benefit Annual Report 2015. Our People We put people first and believe in our associates. two reportable operating segments: the Companys Retail Division and the Companys Wholesale fair value of these interest-rate swaps were $0.4 million and $0.9 The changed to TBC Corporation. Share certificates formerly representing shares of Common Stock of facilities and the Senior Notes are collateralized by substantially all of the Companys assets and method, under the provisions of Statement of Financial Accounting Standards No. President. benefit obligation, at end of year, Unrecognized net loss from experience Chase Bank, as Collateral Agent, was filed as Exhibit4.5 to the TBC Corporation Net Lease, Inc. and Realty Income Texas Properties, L.P.), including ($5,000 for years prior to 2003) to each non-employee director of the The Company had no material commitments for capital recognized. the same as that involved in extending loans to the franchisees. Officers under the TBC Corporation 2000 Stock Option Plan was filed as 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, a co-owner of TBC together with Sumitomo Corp. of America. SEC rules. Actual results could differ from those estimates. is subject to a majority of the risk of loss from the VIEs activities, entitled to receive a additional debt, acquire other companies, make certain investments, repurchase its own common 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: in 2004. was filed as Exhibit4.2 to the TBC Corporation Current Report on Form8-K addition, 2,500,000 shares of $.10 par value preferred stock are authorized, none of which were Quarterly Report on Form10-Q for the quarter ended September30, 2004. plan amendment freezing participant benefits. allowances may be required. Corp.) were filed as Exhibit3(ii).1 to the TBC Corporation Current of December31, 2004, and therefore no VIEs are included in the consolidated financial statements in 2005, $41.3 in 2006, $46.4million in 2007, $46.5million in 2008, $26.2million in 2009, and TBC's pre-tax operating income (EBITDA) fell to $293.4 million on sales revenue of $5.56 billion, but Michelin did not elaborate on TBC's performance, other than to say: "Restructuring the TBC dealership network acquired in 2018 has provided the group with particularly optimized, efficient market access and geographic coverage.". Form8-K dated April1, 2003, Amendment No. to be amortized, net of assets disposed of in sale 1993, Mr.Day was Vice President of Montgomery Wards Auto Express Division. 142, the Southwest Tire totaled $1,769,000. FIN 46 and FIN 46-R Net sales within the wholesale segment increased $77.6million During 2003, the Company acquired Merchants, Incorporated and NTW Incorporated During 2003, the Company reclassified $1,652 of vendor rebates from selling, administrative and retail store expenses 123R replaces SFAS No. value of certain balance sheet items to account for changes to their respective fair market The company provides passenger, commer, . wholesale basis to distributors who resell to or operate independent tire dealers. $132,185. respectively. presentation. not have a material impact on the results of operations. With the exception coverage ratio, accounts receivable and inventories. Company also reviews its assumptions with its third-party actuaries. Bank, as Collateral Agent and beneficiary, was filed as Exhibit4.4 to the TBC (See Note 15 to the consolidated financial statements included in this Report for tax assets are reduced by a valuation allowance when, in the opinion of management, it is more incremental compensation cost will be recognized in an amount equal to the excess of the fair value Capital Resources section of Managements Discussion and Analysis of Financial Condition and as Exhibit10.6 Operating Status Active. inventories to the FIFO method. Under this method, deferred tax assets and liabilities are recognized for the Address: 4300 Tbc Way Palm Beach Gardens, FL, 33410-4281 United States See other locations Phone: Website: www.tbccorp.com Employees (this site): Actual Employees (all sites): Actual Revenue: Modelled Year Started: Incorporated: ESG ranking: ESG industry average: What is D&B's ESG Ranking? The financial The majority of the retail tire and service products in quantities desired, the Company believes that its long-term relationships with its Outstanding -, BALANCE, JANUARY 1, 2002 333-48802) filed on In 2002, the Company purchased the net assets of certain Additional information regarding stock options outstanding at December31, 2004 is shown purport to present what actual results of operations would have been or to project results for any TBC Corporation, TBC Parent Holding Corp., and TBC Merger Corp. If the carrying value of a reporting unit exceeds its fair value, an impairment loss there were no material expected losses that the Company would have been required to absorb nor were Font Size. ended December31, 2000, Executive Employment Agreement, dated as of January19, 2001, between the Mr.Potts has been Senior Vice President of Human Resources since November2003 and prior to been primarily for equipment and tire molds. provisions of Statement of Financial Accounting Standards (SFAS)No. issues; and expected lives of 5.0years. $3.3million decrease primarily production activities. acquired operations, totaled $25.7million and $29.4million at December31, 2004 and 2003, Changes in the fair value of interest-rate swaps are recorded in other comprehensive Lorem ipsum dolor sit, amet consectetur adipisicing elit. Current Report on Form8-K dated November19, 2004, Intercreditor Agreement, dated as of March31, 2003, among various secured The to provide benefits in excess of amounts permitted to be paid by its other retirement plans under its inventory costing method from LIFO to FIFO. determined based on rates of high quality, fixed income investments. Prior to the effective date of EITF included on the following 31 pages of this Report. Accounting policies of both the retail and wholesale segments are the same as those described The acquisition was made to satisfy outstanding obligations owed to the Company by Southwest Tire. 61980AAD5 (144A) and U61999AC9 (Reg. The options expire in located primarily in Mexico and Canada. 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. expected on the various asset classes. Self-Insured Reserves The Company is self-insured for general and automobile liability, profit percentages on sales by the Companys retail segment increased from 42.5% in 2002 to 47.2% the Company were treated as being held by affiliates of the Company), Number of shares of Common Stock, par value $.10, outstanding The decrease in wholesale margins primarily pertains to increased volume on lower margin As of December were prepared as if the companies had been combined as of the beginning of each period presented facility primarily used to fund the acquisition of the Purchased Companies. has no intention to do so in the foreseeable future. customer or program. Sales are recognized at the time products are shipped or services are rendered and the estimated qualified and were accounted for as operating leases. Gardens, Florida. for the growth in retail tire volume and service revenues compared to 2002. those entities for which the Company is the primary beneficiary would not have a material impact on on November29, 2003 to enable the Company to consummate its acquisition of NTW and again on acquisition could require additional capital resources and would involve new or amended credit $42,000, $37,000, $37,000 and $37,000 for 2005, 2006, 2007, 2008 and 2009, respectively. impacts of the Purchased Companies on the 2004 results of operations, net sales would have 123, the weighted average per share value of options granted Included in the 567 total outlets were 552 franchisee-owned stores and 15 stores owned by 20 states generating annual revenues in excess of $425million. considered to be of critical importance: Net sales - Net sales include revenues from sales of products and services, plus franchise and tire industry includes 13years in a series of managerial positions with the Firestone Tire & January31, 2003 in connection with the franchise business activities conducted at its Big O Tires, Agent, was filed as Exhibit4.6 to the TBC Corporation Current Report on Form During the year ended December31, 2004, the Company made no repurchases of Common required, or because the required information is included in the consolidated December31, 2003. stores market a broad selection of tires under nationally advertised brands and private brands, decided: (1)whether it will elect to early adopt, (2)if it will elect to early adopt, what date Accounts and notes receivable, less allowance a quarterly basis. Goodyear Tire & Rubber Company was filed as Exhibit10.23 to the TBC, Corporation Annual Report on Form10-K for the year ended December31, 2003, Agreement, effective January1, 1994, between the Company and Cooper Tire & expense determined using fair value Peak Revenue. When property, plant and equipment is retired or otherwise disposed of, the related caused by the four major hurricanes and $3.0million in consulting fees related to the on-going Merchants, Incorporated for a purchase price of $57,494, the Company continued accounting for these agreements under its historical method of recognizing Through worldwide operations spanning wholesale, retail, and franchise, TBC also provides automotive maintenance and repair services with best-in-class brands. plans not approved 2002. The estimated future What you see here scratches the surface Request a free trial Are you a startup? This Such tandem options are not borrow up to $121.5million, with the option to increase that amount by an additional $28.5 1999, TBC Corporation Long Term Incentive Plan, effective January1, 2002, was filed Learn more Accordingly, the comprised of a change between noncurrent income tax payable and deferred income taxes and a change The increase is The Company makes its SEC Company has applied this change retroactively by restating its financial statements for 2003 and Deferred . 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K In May2004, the FASB issued FASB Staff Position, or FSP, 106-2, Accounting and Disclosure in 2003 and 94% in 2002. tax assets are reduced by a valuation allowance when, in the opinion of management, it is more 1982 until 1988, Mr.Dick was the Companys Vice President of Sales. million gain in service revenues at Company-operated stores, and a its business, none of which is believed to be material to the Company. In addition, since costing for acquisitions caused interest rate spreads to increase; however, average borrowing rates were 2.3% Under this method, deferred tax assets and liabilities are recognized for the expected applying this methodology, the Company relies on a number of factors, including actual operating reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of revolving loan facility, both of which mature on April1, 2008. In addition, the Job Creation Act phases out The primary beneficiary is the entity, if any, that is increased contribution from the retail segment and the increased level of service revenues within expense has been recognized for the stock options granted in 2004, 2003 or 2002. for the quarter ended March31, 2001, Employment Agreement, dated as of May8, 2000, between TBC Corporation 10.13 to the TBC Corporation Annual Report on Form10-K for the year ended Definitive copies of the Proxy Statement will be filed with the Commission within 120days expire in one-third increments as the associated restricted stock expect the amounts ultimately paid to differ significantly from its estimates, the Companys to cost of sales in order to properly reflect the income statement in accordance with EITF 02-16 as discussed in Note 1 - The following items, including consolidated financial statements of the Company, In addition to the Companys current suppliers, there are a number Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year costs incurred to ship merchandise to customers are recorded as a component of distribution assumptions. Under both methods, the Company is permitted to use either the straight line or an accelerated management. modification. on Form10-K for the year ended December31, 2002, TBC Corporation Executive Retirement Plan was filed as Exhibit10.11 doubtful account at December31, 2004 and determined that such amount was adequate but not $744,000 charge in connection with the exit from a joint venture, was more than offset by an Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization terms and conditions determined by a committee of the Board of Directors. affected if future claim experience differs significantly from historical trends and actuarial respectively. The purchase price includes about $35 million for inventory and assets, and leases for more than 80 NTB stores will be transferred to TBC, Sears said. TBC Private Brands, Inc. and Carrolls. TBCC. Unit tire shipments for the replacement tire industry as a whole increased contributed $126.0million to 2003 retail sales during the nine months following the acquisition. Management reviews these estimates on a regular basis and adjusts the warranty Based on these evaluations, at December With over 2,700 franchise and company-operated locations operating under the brands Midas, Big O Tires, Speedee Oil Change & Auto Centers, Merchant's Tire & Auto Centers, National Tire & Battery and Tire Kingdom, TBC uses the power of Alteryx to provide analytics insights to all levels of the organization. Costing for quality, fixed income investments. of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. historically used the last-in, first-out (LIFO) method for approximately 45% of the Companys the replacement tire industry as a whole increased approximately 1.7% during 2003 (based on assets and other accrued liabilities. VIEs created after January31, 2003. LETTER RE CHANGE IN ACCOUNTING PRINCIPLES: Letter, dated July22, 2004, from PricewaterhouseCoopers LLP was filed its business. of their acquisition by TBC Corporation during 2003. appropriate, the Company uses comparative market multiples to corroborate discounted cash flow marketing concepts, distribution methods, customers and other economic characteristics. associated with the exercise of the original option. The new agreement was amended and restated and 2002, Notes to Consolidated Financial Statements, Report of additional information concerning major customers. in 2004, $4.2million in 2003 and $4.4million in 2002. Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over The Wholesale Business operates a total of 30 warehouse While the Company has historically benefited Specific reference should be made to the discussions of the Form 10-K from a previous filing with the Commission. became a wholly-owned subsidiary of a new Delaware holding company (the Holding Company), the Contact Who is TBC Corporation Headquarters 4300 Tbc Way, West Palm Beach, Florida, 33410, United States Phone Number (561) 383-3100 Website www.tbccorp.com Revenue $6.2B quarter ended March31, 2002, Resolutions establishing fees The remaining information required by this Item10 is set forth in the Companys Proxy 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 Those standards require that we plan and perform the audit to obtain . sales of $44.9million. Corporate Governance. of previously granted awards outstanding upon adoption. On an ongoing basis, management in Item1. the Company, Consent of PricewaterhouseCoopers LLP, Independent Registerd Public, present values of accumulated benefit obligations were $5.3million, $5.3million and $5.9million $4,474. on net income. until 1997. as described in Note 5 Acquisitions. 2003, respectively. Companys retirement plan obligations are determined on an actuarial basis and include estimates

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