-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DqpwClOP0v2a2ZwCocRvQiWL40wyh+Ero6Y+Wn+FiQpLAVRZxAz4s/XmNFZKH5VW n96y0K4i6Orh05qDgoO7zA== 0000930661-98-001468.txt : 19980630 0000930661-98-001468.hdr.sgml : 19980630 ACCESSION NUMBER: 0000930661-98-001468 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUSA INC CENTRAL INDEX KEY: 0000880323 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-COMPUTER & COMPUTER SOFTWARE STORES [5734] IRS NUMBER: 752261497 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-11566 FILM NUMBER: 98656545 BUSINESS ADDRESS: STREET 1: 14951 N DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2149824000 MAIL ADDRESS: STREET 1: 14951 NORTH DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240 11-K 1 FORM 11-K (FYE 12-31-97) =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) Commission File Number 1-11566 A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW: CompSavings Plan for Employees of CompUSA Inc. B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICES: CompUSA Inc. 14951 NORTH DALLAS PARKWAY DALLAS, TEXAS 75240 =============================================================================== CompSavings Plan for Employees of CompUSA Inc. Financial Statements and Supplemental Schedules Years ended December 31, 1997 and 1996 CONTENTS Report of Independent Auditors............................... 2 Audited Financial Statements Statements of Net Assets Available for Benefits.............. 3 Statements of Changes in Net Assets Available for Benefits... 4 Notes to Financial Statements................................ 5 Supplemental Schedules Line 27(a)-Schedule of Assets Held for Investment Purposes... 16 Line 27(d)-Schedule of Reportable Transactions............... 17 1 Report of Independent Auditors The CompSavings Plan Committee CompSavings Plan for Employees of CompUSA Inc. We have audited the accompanying statements of net assets available for benefits of the CompSavings Plan for Employees of CompUSA Inc. (the Plan) as of December 31, 1997 and 1996, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1997 and 1996, and the changes in its net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1997, and reportable transactions for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1997 basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1997 basic financial statements taken as a whole. /s/ ERNST & YOUNG LLP ERNST & YOUNG LLP Dallas, Texas June 25, 1998 2 CompSavings Plan for Employees of CompUSA Inc. Statements of Net Assets Available for Benefits
DECEMBER 31 1997 1996 -------------------------- ASSETS Investments at fair value $21,170,267 $11,215,905 Contributions receivable: Participants 334,544 269,214 Employer 2,035,231 1,445,750 ------------------------- 2,369,775 1,714,964 Employee loans receivable 1,066,490 567,859 ------------------------- Total assets 24,606,532 13,498,728 ------------------------- LIABILITIES Excess contributions payable to participants 336,847 385,145 ------------------------- Net assets available for benefits $24,269,685 $13,113,583 =========================
See accompanying notes. 3 CompSavings Plan for Employees of CompUSA Inc. Statements of Changes in Net Assets Available for Benefits
YEAR ENDED DECEMBER 31 1997 1996 ------------------------------- Investment income: Net appreciation in fair value of investments $ 4,156,631 $ 2,690,726 Interest 153,511 63,906 ---------------------------- 4,310,142 2,754,632 Contributions: Participants-pretax 6,304,845 4,551,162 Participants-rollover 916,992 514,987 Employer-participant directed 480,509 361,437 Employer-non-participant directed 1,554,722 1,084,313 --------------------------- 9,257,068 6,511,899 --------------------------- Total additions 13,567,210 9,266,531 Withdrawals by participants (2,411,108) (875,745) --------------------------- Net increase 11,156,102 8,390,786 Net assets available for benefits: Beginning of year 13,113,583 4,722,797 --------------------------- End of year $24,269,685 $13,113,583 ===========================
See accompanying notes. 4 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements December 31, 1997 and 1996 1. DESCRIPTION OF THE PLAN The following description of the CompSavings Plan for Employees of CompUSA Inc. (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan was adopted by CompUSA Inc. (the Company) effective January 1, 1995, for eligible employees of the Company. The Plan is a defined contribution plan designed to comply with the Employee Retirement Income Security Act of 1974 (ERISA). BZW Barclays Global Investors, National Association (the Trustee) acts as trustee for the Plan pursuant to a trust agreement between the Trustee and the Company. ADMINISTRATION The Plan is administered by the CompSavings Plan Committee appointed by the Board of Directors of the Company. PARTICIPATION Employees become eligible to participate in the Plan after they have reached the age of 21 and have completed 500 hours of service during the previous six months. Eligible employees can enroll in the Plan on the first day of the next payroll period after meeting the age and service requirements. Eligible employees who desire to participate in the Plan must elect to participate on the form or forms provided by the CompSavings Plan Committee and authorize the Company to make payroll deductions for contributions to the Plan. CONTRIBUTIONS Each year, participants may contribute up to 15% of pretax annual compensation, as defined in the Plan, provided their contribution for any one year does not exceed the Internal Revenue Service maximum dollar limitation which was $9,500 for 1997 and 1996. The Company contributes 25% of the first 5% of base compensation that a participant contributes to the Plan (Required Contribution). Additional amounts may be contributed (Discretionary Contribution) at the option of management based on the Company's profitability for the fiscal year that ends within the plan year. Effective 5 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 1. DESCRIPTION OF THE PLAN (CONTINUED) January 1, 1997, the Plan was amended to allow the Company to make an additional discretionary contribution (Incentive Contribution) to encourage new participation in the Plan. For 1997 and 1996, management authorized Discretionary Contributions equal to 25% of the first 5% of base compensation that participants contributed to the Plan. No Incentive Contribution was made in 1997. Under the provisions of the Plan, 75% of the Company's Required and Discretionary Contributions are invested in the CompUSA Stock Fund, with the remaining 25% paid in cash and invested based on the participants' elections. In 1997, the Company's Required and Discretionary Contributions to the Plan aggregated $1,017,615 and $1,017,616, respectively. In 1996, the Company's Required and Discretionary Contributions to the Plan aggregated $722,875 and $722,876, respectively. The Company funded the 1997 and 1996 Required and Discretionary Contributions in February 1998 and March 1997, respectively. PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contributions and allocations of (a) the Company's contributions and (b) Plan earnings. Allocations of earnings are based upon the ratio of a participant's account balance to the aggregate of all participant account balances. Forfeited balances of terminated participants' nonvested accounts may be used to restore accounts for employees who are rehired, to pay Plan fees and expenses, or to reduce Company contributions. Forfeitures aggregated $353,772 and $137,468 in 1997 and 1996, respectively. These funds are maintained in a money market account pending expenditure by the Plan in the future. The money market account invests in interest bearing cash equivalents and is included in the CompUSA Stock Fund. VESTING Participants are immediately vested in their pretax and rollover contributions plus actual earnings thereon. The Company's contributions allocated to participants' accounts, plus the actual earnings thereon, vest to the participants based on years of continuous service. A participant is 100% vested after four years of continuous credited service. 6 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 1. DESCRIPTION OF THE PLAN (CONTINUED) INVESTMENT OPTIONS Participants may elect the investment of their employee contributions and Company cash contributions in any of the following five investment options: (a) Asset Allocation Fund-Invests in a changing mix of stocks, bonds, and money market securities. (b) Income Accumulation Fund-Invests in a mix of short- and medium-term fixed-income securities that produce income for the fund, mostly from interest payments. (c) Growth Stock Fund-Invests in the stocks of companies that the fund manager believes have potential for above-average long-term capital appreciation. (d) S&P 500 Stock Fund-Invests in the companies included in the Standard & Poor's 500 Index. (e) CompUSA Stock Fund-Invests primarily in the stock of CompUSA Inc. Participants may not elect to have more than 50% of their employee contributions and Company cash contributions invested in this fund. INCOME TAX STATUS The Internal Revenue Service ruled on October 24, 1996 that the Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The CompSavings Plan Committee is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. Because the Plan did not initially meet the tests limiting contributions of certain highly compensated employees, as defined by the IRC, excess contributions for 1997 and 1996 were refunded to certain participants, along with investment earnings on those excess contributions, in accordance with the Plan agreement. Those amounts are recorded in the accompanying balance sheet as "Excess contributions payable to participants." 7 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 1. DESCRIPTION OF THE PLAN (CONTINUED) TERMINATION OF THE PLAN While the Company has not expressed any intent to do so, it may terminate the Plan at any time. In the event the Plan is terminated, the participants would become fully vested as to their account balances and the net assets of the Plan would be distributed to the participants in proportion to their respective account balances. WITHDRAWALS Upon termination of service, a participant may receive a lump-sum payment equal to his or her vested account balance. Participants who are employees can elect to withdraw a portion of their Plan account balance, subject to certain conditions and restrictions. LOANS Effective January 1, 1996, the Plan was amended to provide that Plan participants may request a loan from the Plan in an amount generally not to exceed the lesser of $50,000 or 50% of the participant's vested account balance. The minimum loan amount is $500 and must be repaid, through payroll deductions, within five years. The interest rate charged on participant loans is a fixed rate of interest determined by the CompSavings Plan Committee. EXPENSES AND FORFEITURES The Company pays all administrative fees and expenses related to maintaining the Plan to the extent such fees and expenses exceed forfeitures. The amount of such expenses paid by the Company in 1997 and 1996 was approximately $21,000 and $141,000, respectively. The Company also furnishes the Plan with administrative and clerical services and use of Company office space and supplies at no charge. Certain special fees, such as fees for changing investment fund elections more than four times per year and loan maintenance fees, are charged to individual participants' accounts. 8 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. INVESTMENT VALUATION AND INCOME RECOGNITION Plan investments in various investment funds are stated at fair value as determined by the Trustee based upon the quoted market prices of the underlying securities comprising the investment funds. Investments in the Company's common stock are valued at the last reported sales price on the last business day of the Plan year. Purchases and sales of securities are recorded on a trade-date basis. Contributions and interest income are recorded on the accrual basis. 9 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 3. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT FUNDS At December 31, 1997, the Plan's assets and liabilities were held in the following funds:
NON- PARTICIPANT PARTICIPANT DIRECTED DIRECTED ------------------------------------------------------------------------------------------------ ASSET INCOME GROWTH S&P 500 COMPUSA EMPLOYEE COMPUSA ALLOCATION ACCUMULATION STOCK STOCK STOCK LOAN STOCK TOTAL FUND FUND FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------------------ ASSETS Investments at fair value $21,170,267 $2,735,143 $1,427,312 $4,086,963 $4,264,846 $4,944,581 $ -- $3,711,422 Contributions receivable: Participants 334,544 42,347 28,656 82,497 90,411 90,633 -- -- Employer 2,035,231 66,223 44,242 119,769 119,386 -- -- 1,685,611 ------------------------------------------------------------------------------------------------ 2,369,775 108,570 72,898 202,266 209,797 90,633 -- 1,685,611 Employee loans receivable 1,066,490 -- -- -- -- -- 1,066,490 -- ------------------------------------------------------------------------------------------------ Total assets 24,606,532 2,843,713 1,500,210 4,289,229 4,474,643 5,035,214 1,066,490 5,397,033 ------------------------------------------------------------------------------------------------ LIABILITIES Excess contributions payable to participants 336,847 47,117 26,974 100,219 85,077 77,460 -- -- ------------------------------------------------------------------------------------------------ Net assets available for benefits $24,269,685 $2,796,596 $1,473,236 $4,189,010 $4,389,566 $4,957,754 $1,066,490 $5,397,033 ================================================================================================
10 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 3. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT FUNDS (CONTINUED) At December 31, 1996, the Plan's assets and liabilities were held in the following funds:
ASSET INCOME GROWTH S&P 500 COMPUSA EMPLOYEE ALLOCATION ACCUMULATION STOCK STOCK STOCK LOAN TOTAL FUND FUND FUND FUND FUND FUND ----------------------------------------------------------------------------------------- ASSETS Investments at fair value $11,215,905 $1,611,225 $916,624 $2,633,165 $2,011,156 $4,043,735 $ -- Contributions receivable: Participants 269,214 40,628 30,253 84,887 57,039 56,405 -- Employer 1,445,750 57,715 42,447 108,189 79,770 1,157,629 -- ---------------------------------------------------------------------------------------- 1,714,964 98,343 72,700 193,076 136,809 1,214,036 -- Employee loans receivable 567,859 -- -- -- -- -- 567,859 ---------------------------------------------------------------------------------------- Total assets 13,498,728 1,709,568 989,324 2,826,241 2,147,965 5,257,771 567,859 ---------------------------------------------------------------------------------------- LIABILITIES Excess contributions payable to participants 385,145 51,919 30,626 121,858 79,429 101,313 -- ---------------------------------------------------------------------------------------- Net assets available for benefits $13,113,583 $1,657,649 $958,698 $2,704,383 $2,068,536 $5,156,458 $567,859 ========================================================================================
11 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 4. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT FUNDS The changes in net assets available for benefits for the year ended December 31, 1997, are as follows:
NON- PARTICIPANT PARTICIPANT DIRECTED DIRECTED ------------------------------------------------------------------------------------------------ ASSET INCOME GROWTH S&P 500 COMPUSA EMPLOYEE COMPUSA ALLOCATION ACCUMULATION STOCK STOCK STOCK LOAN STOCK TOTAL FUND FUND FUND FUND FUND FUND FUND ------------------------------------------------------------------------------------------------ Investment income: Net appreciation in fair value of investments $ 4,156,631 $ 432,793 $ -- $ 172,408 $ 808,459 $1,442,155 $ -- $1,300,816 Interest 153,511 -- 69,307 -- -- -- 72,902 11,302 -------------------------------------------------------------------------------------------- 4,310,142 432,793 69,307 172,408 808,459 1,442,155 72,902 1,312,118 Contributions: Participants-pretax 6,304,845 879,248 596,151 1,734,364 1,555,880 1,539,202 -- -- Participants-rollover 916,992 135,035 93,652 156,009 248,380 283,916 -- -- Employer: Participant directed 480,509 66,542 44,556 120,006 119,931 129,474 -- -- Non-participant directed 1,554,722 -- -- -- -- -- -- 1,554,722 -------------------------------------------------------------------------------------------- 9,257,068 1,080,825 734,359 2,010,379 1,924,191 1,952,592 -- 1,554,722 -------------------------------------------------------------------------------------------- Total additions 13,567,210 1,513,618 803,666 2,182,787 2,732,650 3,394,747 72,902 2,866,840 -------------------------------------------------------------------------------------------- Withdrawals by participants (2,411,108) (301,525) (197,042) (435,146) (414,067) (437,496) (230,962) (394,870) Net interfund transfers and loan activity -- (73,146) (92,086) (263,014) 2,447 (270,342) 656,691 39,450 -------------------------------------------------------------------------------------------- Net increase 11,156,102 1,138,947 514,538 1,484,627 2,321,030 2,686,909 498,631 2,511,420 Net assets available for benefits: Beginning of year 13,113,583 1,657,649 958,698 2,704,383 2,068,536 2,270,845 567,859 2,885,613 -------------------------------------------------------------------------------------------- End of year $24,269,685 $2,796,596 $1,473,236 $4,189,010 $4,389,566 $4,957,754 $1,066,490 $5,397,033 ============================================================================================
12 CompSavings Plan for Employees of CompUSA INC. Notes to Financial Statements (continued) 4. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT FUNDS (CONTINUED) The changes in net assets available for benefits for the year ended December 31, 1996, are as follows:
ASSET INCOME GROWTH S&P 500 COMPUSA EMPLOYEE ALLOCATION ACCUMULATION STOCK STOCK STOCK LOAN TOTAL FUND FUND FUND FUND FUND FUND -------------------------------------------------------------------------------------- Investment income: Net appreciation in fair value of investments $ 2,690,726 $ 146,078 $ -- $ 178,767 $ 282,738 $2,083,143 $ -- Interest 63,906 -- 39,958 -- -- 3,706 20,242 -------------------------------------------------------------------------------------- 2,754,632 146,078 39,958 178,767 282,738 2,086,849 20,242 Contributions: Participants-pretax 4,551,162 764,863 545,193 1,405,551 982,708 852,847 -- Participants-rollover 514,987 92,997 53,201 123,745 105,208 139,836 -- Employer: Participant directed 361,437 57,577 42,657 107,975 79,629 73,599 -- Non-participant directed 1,084,313 -- -- -- -- 1,084,313 -- -------------------------------------------------------------------------------------- 6,511,899 915,437 641,051 1,637,271 1,167,545 2,150,595 -- -------------------------------------------------------------------------------------- Total additions 9,266,531 1,061,515 681,009 1,816,038 1,450,283 4,237,444 20,242 -------------------------------------------------------------------------------------- Withdrawals by participants (875,745) (124,898) (93,840) (188,964) (173,079) (254,972) (39,992) Net interfund transfers and loan activity -- (132,598) (124,461) (68,112) (85,460) (176,978) 587,609 -------------------------------------------------------------------------------------- Net increase 8,390,786 804,019 462,708 1,558,962 1,191,744 3,805,494 567,859 Net assets available for benefits: Beginning of year 4,722,797 853,630 495,990 1,145,421 876,792 1,350,964 -- -------------------------------------------------------------------------------------- End of year $13,113,583 $1,657,649 $ 958,698 $2,704,383 $2,068,536 $5,156,458 $567,859 ======================================================================================
13 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 5. INVESTMENTS The Plan's investments are held by the Trustee. Investments at fair value as of December 31, 1997 and 1996, are as follows:
DECEMBER 31 1997 1996 ----------------------------- Asset Allocation Fund: Barclays Global Investors Allocation Fund for Employee Retirement Plans* $ 2,735,143 $ 1,611,225 Income Accumulation Fund: Barclays Global Investors Income Accumulation Fund for Employee Retirement Plans* 1,427,312 916,624 Growth Stock Fund: Barclays Global Investors Growth Stock Fund for Employee Retirement Plans* 4,086,963 2,633,165 S&P 500 Stock Fund: Barclays Global Investors S&P 500 Stock Fund for Employee Retirement Plans* 4,264,846 2,011,156 CompUSA Stock Fund: CompUSA Common Stock* 8,306,419 3,868,734 Barclays Global Investors Money Market Fund 349,584 175,001 ----------------------------- $21,170,267 $11,215,905 =============================
* Investment represents 5 percent or more of the Plan's net assets. 14 CompSavings Plan for Employees of CompUSA Inc. Notes to Financial Statements (continued) 6. YEAR 2000 ISSUES (UNAUDITED) The Company has undertaken various initiatives intended to ensure that the computer equipment and software used by the Company will function properly with respect to the dates in the Year 2000 and thereafter. Utilizing both internal and external resources to identify needs for Year 2000 modifications, the Company currently anticipates that the modifications and conversion efforts will be completed in various stages from December 31, 1998 to June 30, 1999 and that such modifications will be completed prior to any currently anticipated impact on its systems. 15 CompSavings Plan for Employees of CompUSA Inc. Line 27(a) Schedule of Assets Held for Investment Purposes December 31, 1997 Plan No. 001 EIN No. 75-2261497
(C.) DESCRIPTION OF INVESTMENT (B.) INCLUDING MATURITY DATE, IDENTITY OF ISSUER, RATE OF INTEREST, (E.) BORROWER, LESSOR, COLLATERAL, PAR, OR (D.) CURRENT (A.) OR SIMILAR PARTY MATURITY VALUE COST VALUE - -------------------------------------------------------------------------------------- * Barclays Global Asset Allocation Fund- Investors invests in stocks, bonds, and money market securities $ 2,171,433 $ 2,735,143 * Barclays Global Income Accumulation Fund- Investors invests in short- and medium-term fixed income securities 1,427,312 1,427,312 * Barclays Global Growth Stock Fund-invests Investors in equity securities 3,738,445 4,086,963 * Barclays Global S&P 500 Stock Fund-invests Investors in equity securities of S&P 500 companies 3,242,008 4,264,846 * CompUSA Stock Fund invests in equity securities of CompUSA Inc.: * CompUSA Inc. Common Stock 4,245,950 8,306,419 * Barclays Global Investors Money Market Fund 349,584 349,584 * Participant Loans 9.25%-9.5% -- 1,066,490 -------------------------- $15,174,732 $22,236,757 ==========================
* Party-in-interest 16 CompSavings Plan for Employees of CompUSA Inc. Line 27(d) Schedule of Reportable Transactions December 31, 1997 Plan No. 001 EIN No. 75-2261497
(H.) CURRENT VALUE OF (I.) (C.) (D.) (G.) ASSET ON NET (A.) (B.) PURCHASE SELLING COST OF TRANSACTION GAIN OR IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE ASSET DATE (LOSS) - ----------------------------------------------------------------------------------------------------------------------------- Category (i) Individual transactions in excess of 5% of the current value of Plan assets - ----------------------------------------------------------------------------------------- CompUSA Inc.* Common Stock $1,246,028 $ -- $1,246,028 $1,246,028 $ -- Category (iii) Series of securities transactions in excess of 5% of the current value of Plan assets - ----------------------------------------------------------------------------------------------------- Barclays Global Investors* Asset Allocation Fund $1,166,966 $ -- $1,166,966 $1,166,966 $ -- Barclays Global Investors* Asset Allocation Fund -- 477,806 402,929 477,806 74,877 Barclays Global Investors* Income Accumulation Fund 1,110,761 -- 1,110,761 1,110,761 -- Barclays Global Investors* Income Accumulation Fund -- 600,073 600,073 600,073 -- Barclays Global Investors* Growth Stock Fund 2,191,880 -- 2,191,880 2,191,880 -- Barclays Global Investors* Growth Stock Fund -- 909,370 845,213 909,370 64,157 Barclays Global Investors* S&P 500 Stock Fund 2,041,585 -- 2,041,585 2,041,585 -- Barclays Global Investors* S&P 500 Stock Fund -- 600,080 467,592 600,080 132,488 CompUSA Inc.* Common Stock 2,876,134 -- 2,876,134 2,876,134 -- CompUSA Inc.* Common Stock -- 1,134,971 663,683 1,134,971 471,288
There were no category (ii) or (iv) reportable transactions during 1997. Columns (e) and (f) are not applicable. *Party-in-interest 17 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the CompSavings Plan Committee for the CompSavings Plan for Employees of CompUSA Inc. has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CompSavings Plan for Employee of CompUSA Inc. By CompSavings Plan Committee Appointed Pursuant to the Plan: Date: June 29, 1998 By: /s/ Harold F. Compton ----------------------- Harold F. Compton, Committee Member Date: June 29, 1998 By: /s/ James E. Skinner ---------------------- James E. Skinner, Committee Member Date: June 29, 1998 By: /s/ Melvin D. McCall ---------------------- Melvin D. McCall, Committee Member 18 EX-23 2 CONSENT OF INDEPENDENT AUDITORS EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-86314) pertaining to the CompSavings Plan for Employees of CompUSA Inc. of our report dated June 25, 1998, with respect to the financial statements and supplemental schedules of the CompSavings Plan for Employees of CompUSA Inc. included in this Annual Report (Form 11-K) for the year ended December 31, 1997. /s/ ERNST & YOUNG LLP --------------------- Ernst & Young LLP Dallas, Texas June 25, 1998 19 -----END PRIVACY-ENHANCED MESSAGE-----