46, Consolidation stock options, Interest rate swap agreements, a- Normal; A+; TN . Reserves for future warranty claims and service, including those associated with expenditures at the end of 2004. The preparation of such financial The new agreement was amended and restated Company also reviews its assumptions with its third-party actuaries. the Companys assets, with principal payments required to be made semi-annually and interest Merchant III was filed as Exhibit2.1 to the TBC Corporation Current Report on MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Companies. The leases that resulted from these Exhibit10.7 to the TBC Corporation Annual Report on Form10-K for the year Like the Merchants acquisition, profit percentages on sales by the Companys retail segment increased from 47.2% in 2003 to 50.1% 31, 2004, the Company is the primary beneficiary of three VIEs. No. majority of the VIEs residual returns, or both. 20, Accounting Changes, and accordingly, total of $165.8million to banks under its credit facilities, of which $154.5million was not thereto the form of Land and Building Lease Agreement to be executed by NTW Future minimum capital and operating lease payments and the related present value of annual impairment assessment in the first quarter of each fiscal year unless circumstances dictate sponsor a postretirement health care plan that provides prescription drug benefits. compensation cost for all awards subsequent to adopting the standard and for the unvested portion income statement line items between 2003 and 2004. Senior Secured Notes in the aggregate principal amount of $50,000,000 issued Selling, administrative and retail store expenses increased by $116.0million from $198.8 4300 TBC Way Palm Beach Gardens, FL 33410 United States +1 (561) 000-0000 Want detailed data on 3M+ companies? adverse effect on its consolidated financial position, results of operations or cash flows. 2004, 2003 and 2002, Consolidated Statements of Cash Flows Years ended December31, 2004, 2003 products in quantities desired, the Company believes that its long-term relationships with its return on assets and interest rates used to determine the benefit obligations. Font Size. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of The investments in these 50% or less-owned entities are accounted for using the 2002, was filed as Exhibit10.1 to the TBC Corporation Quarterly Report on Form Our People We put people first and believe in our associates. and (4)whether it will elect to use straight line or an accelerated method. associated with these losses is established for claims filed and claims incurred but not yet At the end of 2004, there were 605 locations in of earnings and losses from certain equity investments. Mr.Dick has been President and Chief Executive Officer of the TBC Wholesale Division since income consists of net income, foreign currency translation FSP 106-2 addresses the appropriate accounting and disclosure requirements for companies that thereunder, was filed as Exhibit4.3 to the TBC Corporation Current Report on The adoption of FSP 106-2 had no impact on Tennessee Bank National Association, as Administrative Agent, and JP Morgan, Chase Bank, as Co-Administrative Agent, was filed as Exhibit4.1 the TBC computed by dividing net income by the weighted average number of shares of common stock All rights reserved. allocated to identifiable intangibles, to the extent of their fair value. Company recorded tax provisions of $20.6million and $17.7million in 2004 and 2003, EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. million, or 23.9% of net sales in 2003 to $548.3million, or 29.6% of net sales in 2004. of the acquired stores operate in geographic areas that have different sales trends than the increased credit facility was partially offset by the Companys cash from operations which totaled 4.1% versus 2003. Organization Website: tbccorp.com : Social Links: Phone Number: 561-383-3100: TBC Corporation industries Cars, Automobile Parts . definitive proxy or information statements incorporated by reference in PartIII of this Form 10-K Email your letter to Editor Don Detore at [emailprotected]. tire industry includes 13years in a series of managerial positions with the Firestone Tire & Leased capital A total of 337 Company-operated stores were added to the Companys retail segment as a result 04/19/2022 -- ANNUAL REPORT: View image in PDF format: 12/14/2021 -- AMENDED ANNUAL REPORT: Such forward-looking statements relate to expectations Company will prepare a projection of the undiscounted future cash flows of the specific assets and We also recognize future October1998. affected if future claim experience differs significantly from historical trends and actuarial effective pass-through of supplier cost increases. Rubber Company. joint ventures in which the Company has an equity interest. qualifying cash flow hedges, net of applicable taxes. ($5,000 for years prior to 2003) to each non-employee director of the Company is the successor issuer of Old TBC for purposes of the Securities Act of 1933 and the recoverability of the deferred income tax assets by assessing the need for a valuation allowance on to the TBC Corporation Annual Report on Form10-K for the year, TBC Corporation Executive Deferred Compensation Plan, effective August1, Net other income Goodwill, Trademarks and Other Intangible Assets - Goodwill represents the excess of cost over goods or services that are based on the fair value of the entitys equity instruments or that may above. increased credit facility borrowings was partially offset by continued efforts by the Company to Get the full list, Youre viewing 5 of 7 acquisitions. Amounts expended for maintenance and quality, fixed income investments. method, under the provisions of Statement of Financial Accounting Standards No. pursuant to the IRC section 338(h)(10) election executed by the From has no minimum purchase commitments or requirements with these suppliers. qualified and were accounted for as operating leases. In addition, since costing for January1, 2001. restated on November29, 2003 to enable the Company to consummate its acquisition of NTW and again compensation plans under which shares of common stock of the Company are authorized for issuance: The remaining information required by this Item12 is set forth in the Companys Proxy in 2004, $4.2million in 2003 and $4.4million in 2002. disruptions. issued to directors in conjunction with 15,492 we would do so, (3)whether it will use the modified-prospective or modified-retrospective method, SECURITIES AND EXCHANGE COMMISSION, FOR ANNUAL AND TRANSITION REPORTS in the Wholesale Business could have a material adverse effect upon this segment and the Companys The method was changed to obtain a more current inventory The Wholesale Business operates a total of 30 warehouse the vendors products or services and should, therefore, be characterized as a reduction of cost of The primary beneficiary is the entity, if any, that is In 1956, a purchasing group of tire retailers formed Cordovan Associates. covering the majority of tire sizes and types available for automobiles, light trucks and sport completed in November2003. for the growth in retail tire volume and service revenues compared to 2002. 2003, respectively. The information required by this Item14 is set forth in the Companys Proxy Statement The remainder of the Companys sales includes tubes, wheels, and other products for the automotive A decrease of $6.2million pertaining to the sale and leaseback transactions as well as monthly royalty fees of 2% of gross sales. with the Securities and Exchange Commission for the Company and its consolidated subsidiaries. of other large tire manufacturers on a worldwide basis that may have the desire and capacity to behalf of each of the above-named directors of TBC Corporation pursuant to a power of attorney accordance with Section302 of the Sarbanes-Oxley Act of 2002, Rule13a-14(a) Certification of Chief Financial Officer of TBC Corporation in profit increased $260.9million from $433.9million, or 32.9% of net sales in 2003 to bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate Company. in 2004. The Company purchases its products, in finished form, from a number of major tire Reports on Form 8-K, immediately available on its website after filing, via an electronic link from Mr.Gravatt has been Executive Vice President Purchasing since November2003 and prior to that that such changes would be expected to have on gross profit. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES, EX-10.20 EXECUTIVE DEFERRED COMPENSATION PLAN, EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP, EX-31.1 SECTION 302 CERTIFICATION OF THE CEO, EX-31.2 SECTION 302 CERTIFICATION OF THE CFO, EX-32.1 SECTION 906 CERTIFICATION OF THE CEO, EX-32.2 SECTION 906 CERTIFICATION OF THE CFO, Executive Vice President and Chief Financial Officer. associated with real estate leases and financing of its franchisees. In addition, during Proposal to Approve 2004 Incentive Plan and Security Ownership of Management and Principal The amended and restated agreement includes a term loan facility and a revolving loan FIN 46 and FIN 46-R value of Companys indefinite-lived assets was found to exist as a result of the required testing. Lead team to deliver on. benefit obligations for service rendered to date, changes in the fair value of plan assets, the the vesting period). SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. to reduced provisions for state income taxes. volatility. 2004. 1. agnicG eKglN MinNs LimiLNA 2. Company in April1998 until his election as Chief Executive Officer. The Company-operated stores are stock awards to officers and other key employees. 61980AAD5 (144A) and U61999AC9 (Reg. (1,113,628 exercisable), Outstanding at December31, 2002 1, dated November29, 2003, to Deed of Trust, Assignment of First quarter sales in 2004 represented approximately 23% of total Get the full list, To view TBC Corporations complete subsidiaries history, request access, Morningstar Institutional Equity Research, System and method for managing and providing vehicle maintenance, Executive Vice President & Chief Financial Officer, Executive Vice President, General Counsel & Chief Compliance Officer, Chief Marketing Officer & Senior Vice President. during 2004, 2003 and 2002 was $10.78, $4.80 and $5.16, respectively. The transaction was accounted for under the inventories to the FIFO method. Tire and mechanical services performed by Company-operated retail stores TBC Corporation's Proxy Statement for its Annual Meeting of Stockholders to be held on May 12, 2005. versus an increase in comparable net sales of 5.9%. Company has applied this change retroactively by restating its financial statements for 2003 and certain liabilities of Southwest Tire as described in Note 5 Acquisitions. overcome when the consideration is either a reimbursement of specific, incremental and identifiable of the VIEs residual returns, or both. This interest income represented 0.7% of net sales in 2004, 0.9% during 2003 and 1.0% in The process The information required by this Item13 is set forth in the Companys Proxy Statement Advertising, Public Relations, Broadcast and Film Production, Interactive, Direct Marketing, Sports and Entertainment Marketing, B2B, HR and Recruitment, Strategic Planning, and Unconventional. retail store expenses. revenue. substantially identical to the form of Trust Agreement referenced in