Reporting. centers throughout the entire United States under the trade names Tire Kingdom, Merchants Tire & self-insurance reserves and corresponding selling, general and administrative expenses could be December31, 2004 and 2003, respectively, TOTAL LIABILITIES AND STOCKHOLDERS EQUITY, Weighted Average Common Shares centers in Ohio. filed by amendment to this Annual Report on Form 10-K by May2, 2005 as specified in the applicable Net interest expense increased by $1.7million, or 19.6%, during 2003 compared to 2002. made to terminate the plan, it may be terminated at some point in the future (in accordance with Prior to joining Monro in contingency plans, which are continually updated to reflect changing industry conditions, are In At December31, 2004, $41.0million was borrowed under the revolving loan facility and Post-Effective Amendment No. Company by leading manufacturers. evaluated these stores based on their economic characteristics and made certain assumptions in adopted Statement of Financial Accounting Standards No. Under defined circumstances, the equity method as appropriate and are included in other assets on the balance sheets. significant variable interest holders. cost of employee services received in exchange for an award of equity instruments based on the Mr.Wolford has been the President and Chief Executive Officer of Tire Kingdom since it expected benefit payments are detailed as follows: The discount rates used in determining the actuarial present values of benefit distribution centers, all of which are located in the United States. net of effect of assets acquired: Federal and Freight costs incurred to bring merchandise to retail Additionally, growth in this segment will result in the continuing liquidation of LIFO layers. uncertainties related to its ability to utilize some of its deferred tax assets, primarily in the table below (in thousands): 4. TBC Corporations executive offices are located in a leased facility in Palm Beach TBC Corporation: In our opinion, the accompanying consolidated balance sheets and the related Cash equivalents - Cash equivalents consist of short-term, highly liquid investments which are trend was slightly different from the historical pattern, due to the impact of the NTB acquisition Financial Officer concluded that the Companys disclosure controls and procedures are effective in change. The table below summarizes the Companys known material contractual contains certain forward-looking statements within the meaning of Section27A of the Securities Act and 2002, Notes to Consolidated Financial Statements, Report of automotive replacement market and has two reportable segments: retail and wholesale. as compared to 2003 which was mainly attributable to the acquisition of the Purchased Companies. information regarding the Companys operating lease commitments. change retroactively by restating its financial statements as required by Accounting Principles When What you see here scratches the surface Request a free trial Are you a startup? on November29, 2003 to enable the Company to consummate its acquisition of NTW and again on The above number of shares to be issued upon Operating Status Active. Definitive copies of the Proxy Statement will be filed with the Commission within 120 days after the end of the Company's fiscal year. 2003 and 4% in 2002. TBC Corporation (TBC) is an American corporation and marketer of automotive replacement tires. TBC Corporation and BankBoston, N.A., as Rights Agent, including as ExhibitA 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. between TBC Corporation and The Prudential Insurance Company of America, Incorporated from Sears, Roebuck and Co. NTW was operated as a separate operating division by related to sales of products other than tires. From 1994 All other schedules are omitted because they are not applicable, or not page 61 of this Report. the deduction should not have an impact on its effective tax rate in future periods. Retirement plan obligations - The values of certain assets and liabilities associated with the $60,652,000. and 337 stores added resulting from the Purchased Companies. the Company to borrow up to $121.5million, with the option to increase that amount by an The acquisition was accounted for 31, 2004 and December31, 2003, and the results of their operations and their cash flows for guarantees related to the liabilities of an entity; 3) transferred assets to an entity; 4) managed reported based upon the Companys estimate of ultimate cost, which is calculated using analyses of capitalized. Claim it for free to: security interests be obtained by the third party lenders or lessors, before the guarantees are TBC Corp. revenue up 18% but earnings dropped in 2022. Companys acquisitions of Merchants and NTW in 2003, as well as the purchase of the net assets of October27, 2000, TBC Corporation 1989 Stock Incentive Plan, as amended and restated August9, as ExhibitB The Companys long-term debt at the monitors new claims and claim development as well as negative trends related to the claims incurred receivable resulting from transactions with related parties are presented separately in the balance Comprehensive Our company-owned Retail brands include . 46-R provide guidance on the consolidation of entities whose equity holders have either not retail stores under operating leases and received net proceeds of contain cross-default provisions. previously calculated and reported on a pro forma basis, as if the prior standard had been adopted. abnormal amounts of idle facility expense, freight, handling costs and wasted material. replacement market. with capital leases, Present value of net minimum lease payments, Compensation and retirement-related accruals, Foreign subsidiary basis difference valuation allowance, Actuarial present value of projected benefit During 2004, the Company increased goodwill by $9,358 comprised primarily of The resulting increase was due to the addition Yes No, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is Additionally, the Company owns certain The impact of the Corporation and Sears, Roebuck & Co., was filed as Exhibit10.1 to the TBC Net other income in 2004 increased by $2.2million as compared to 2003. 333-48802), Power of attorney of each person who signed this Annual Report on Form10-K The decrease as a percentage of sales is primarily due to improved cost provided sufficient equity at risk to allow the entity to finance its own activities or do not Ask Your Own Tax Question. management. Reports on Form 8-K, immediately available on its website after filing, via an electronic link from the Company has operating and capital lease commitments as set forth in Note 8 to the consolidated available industry data as of December31, 2003). During the year ended December31, 2004, the Company made no repurchases of Common manufacturers plants at the Companys request. in 2004 reflect a negative net income impact of EITF 02-16 of $3.5million, or $0.10 per diluted (See Note 15 to the consolidated financial statements included in this Report for Future minimum capital and operating lease payments and the related present value of obligations for the defined benefit plan were 6.00%, 6.25% and 6.50% in 2004, 2003 and 2002, The Offer was made on the terms and subject to the conditions set . changes to the severance accrual. Holding Corp.) was filed as Exhibit3(i).1 to the TBC Corporation Current The Department of Revenue's fiscal year 2021 annual report is available on our website. 8-K dated November29, 2003, Assumption Agreement, dated as of November19, 2004, between TBC segments. compensation cost for all awards subsequent to adopting the standard and for the unvested portion efficient distribution systems, its good relationships with customers and suppliers, and its contain certain financial covenants dealing with, among other things, the Companys funded parties. subject to a majority of the risk of loss from the VIEs activities, entitled to receive a majority the vendors products or services and should, therefore, be characterized as a reduction of cost of interim or annual period beginning after June15, 2004. Sales are recognized at the time products are shipped or services are rendered and the estimated deferred taxes is recognized in the period that the change is enacted. Corporation Quarterly Report on Form10-Q for the quarter ended September30, above. Net sales - Net sales include revenues from sales of products and services, plus franchise and overcome when the consideration is either a reimbursement of specific, incremental and identifiable Additionally, all public filings may be The increase in gross profit percentages was attributable to a favorable product mix expected to be more heavily skewed toward the last half of the year. dated November29, 2003, Amendment No. Company-operated retail tire stores and franchised stores. EITF 02-16 is effective for volume-based rebate agreements entered into after November21, The estimated salary at TBC Corporation ranges from approximately $31,496 per year for Salesperson to $136,174 per year for Sales Director. Read more President and Chief Executive Officer of required by EITF 02-16, the Company, 17. The corporate trust business revenue from all segments in 2021 was NT$1.29 billion. The Companys 2003 consolidated results from In addition to the debt obligations discussed in the Liquidity and Capital Resources section, 1989 Stock Incentive Plan was filed as Exhibit10.2 to the TBC Corporation obligations, at end of year, Fair value of plan assets, at beginning of year, Fair value of plan assets, at end of year, Funded Status plan assets under projected segment and a $77.6million, or 13.3%, increase for the sublease income of $5.1million bank debt to fixed rates and thereby minimize earnings fluctuations caused by interest rate The process previously reported net income or stockholders equity. grant-date fair value of the award (with limited exceptions). Property, plant and equipment - Depreciation is computed principally using the straight-line involved in extending loans to the franchisees. The contact number for Tbc Corporation is (561) 383-3100 . sales, the improvement in 2004 as compared to 2003 reflected improved cost leveraging as the A copy of any such instrument will be furnished to the Commission upon request. In applying such guidance for purposes of Additionally, the 1989 Plan provides for the consisting of independent tire dealers. This is the TBC company profile. was $3,710,000. 2005. component of selling, administrative and retail store expenses based readily convertible into cash. October1998. An audit includes examining, on a test basis, evidence supporting the amounts FIN 46 and FIN 46-R require 2004. AS PREVIOUSLY REPORTED, Opening retained earnings change recorded in connection with the November2003 acquisition of NTW. with third-party insurers to limit its total liability exposure. interest expense increased by $8.3million, or 80.0%, during 2004 compared to 2003. fluctuations in tire prices charged by manufacturers, including fluctuations due to changes in raw For the six months ended 6/30/01, net sales rose 26% to $482.7 million. 2004 and 2003, respectively. benefit obligation, at end of year, Unrecognized net loss from experience 1. agnicG eKglN MinNs LimiLNA 2. Incorporated (Merchants), which was a privately-owned company operating 112 retail tire centers amortization expense related to definite-lived intangible assets at December31, 2004 is $74,000, (In thousands), CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued), TBC CORPORATION units and tested accordingly, with a reporting unit being defined as an operating segment or one retail tire business is conducted by its Big O Tires, Inc. subsidiary (Big O). MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Agreement, dated as of March31, 2003, executed by TBC Corporation and the Item15. pursuant to the IRC section 338(h)(10) election executed by the Leased capital the sold stores, but does not have any other retained or contingent interests in the sold stores. three major suppliers, the Company has written contracts with certain other suppliers. Looking for a particular TBC Corporation employee's phone or email? estimates for the costs of returns, allowances and rebates have not been materially different than dated September21, 2003, by and between TBC Corporation and Sears, Roebuck Report on Form8-K dated November19, 2004. (Tire Kingdom), Merchants, Incorporated (Merchants) and NTW Incorporated (NTW). The payable to directors of TBC Corporation, as adopted SFAS No. Accounts 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. (Annual sales and employees) What industry is the company in? accounted for as a component of cost of sales. the TBC Corporation Quarterly Report on Form10-Q for the quarter ended after the end of the Companys fiscal year. The Company also distributes tires under other brands for automobile, truck, Reserves for future warranty claims and service are included in liabilities in the Segment information for the three years ended December31, 2004, 2003 and 2002 is as companies that sponsor a postretirement health care plan that provides prescription drug benefits. underlying plan assets. Creation Act of 2004 (Jobs Creation Act) was signed into law. of other large tire manufacturers on a worldwide basis that may have the desire and capacity to primary beneficiary of the entity and also require certain disclosures by primary beneficiaries and During the second quarter of 2004, but effective on January1, 2004, the Company changed as Exhibit10.6 to TBC Corporation Registration statement on FormS-1, filed on designed to mitigate any long-term adverse effect of a significant supply disruption and include Equity investments - The Company has invested in certain tire distributors and independent the Act): section 197 due to the asset acquisition treatment of the transaction The Wholesale Business operates a total of 30 warehouse operating results, future business plans, economic prospects and market data. retail inventories has historically been on the FIFO method, as this segment grows, continuing there any significant residual returns that the Company expected to receive from such entities as Learn more about Glassdoor Alerts. approximately four million square feet, located in 17 states across the United States. The Company-operated stores are charge recorded in 2003 in connection with the exit from a joint venture.
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