Delaware
|
1-5571
|
75-1047710
|
||||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
||||
300 RadioShack Circle, Mail Stop CF3-203, Fort Worth, Texas 76102
|
||||||
(Address of principal executive offices)
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
99.1
|
Press Release, dated April 23, 2013, “RadioShack Reports Financial Results for First Quarter 2013”
|
RadioShack Corporation
|
|||
(Registrant)
|
|||
Date: April 23, 2013
|
/s/ Dorvin D. Lively
|
||
Dorvin D. Lively
|
|||
Executive Vice President -
|
|||
Chief Financial Officer and
Chief Administrative Officer
|
|||
(principal financial officer)
|
99.1
|
Press Release, dated April 23, 2013, “RadioShack Reports Financial Results for First Quarter 2013”
|
●
|
Total net sales and operating revenues were $849 million, compared to $913 million last year. Comparable store sales were down 5.7%. Our signature platform generated the fifth consecutive quarter of sales growth in our U.S. company-operated stores.
|
●
|
Gross profit was $337 million, compared with $370 million last year. Gross profit performance was negatively impacted by a decline in postpaid units sold versus last year.
|
●
|
Gross margin rate excluding our postpaid wireless business improved. Gross margin rate in total was 40% of net sales, a decline of 80 basis points versus last year, and was negatively impacted by an increase in the mix of higher-priced smartphones that have an overall lower margin rate.
|
●
|
Selling, general and administrative (SG&A) expenses were $338 million, or 40% of net sales, compared with $345 million last year. The decrease of $7 million was driven primarily by one-time benefits this year.
|
●
|
Operating loss was $19 million, compared to operating income of $7 million last year.
|
●
|
Net loss was $43 million, or $0.43 per diluted share, compared to net loss of $8 million last year. Net loss would have been $35 million, or $0.35 per diluted share, excluding the Target Mobile centers that contributed net loss of $8.5 million to the consolidated net loss.
|
●
|
RadioShack ceased operating the Target Mobile centers prior to March 31, 2013. Results for this segment have been classified as discontinued operations in the financial statements.
|
●
|
The company continues to have a strong balance sheet and total liquidity of $820 million at the end of the quarter. The company repurchased $70.5 million in principal value of the 2013 Convertible Notes during the first quarter.
|
Analyst and Investor Contact: | News Media Contact: |
Bruce Bishop | Media Relations |
(817) 415-3400 | (817) 415-3300 |
Bruce.Bishop@RadioShack.com | Media.Relations@RadioShack.com |
Three Months Ended
|
||||||||
March 31,
|
||||||||
(In millions, except per share amounts)
|
2013
|
2012
|
||||||
Net sales and operating revenues
|
$ | 849.0 | $ | 913.3 | ||||
Cost of products sold
|
511.7 | 543.2 | ||||||
Gross profit
|
337.3 | 370.1 | ||||||
Operating expenses:
|
||||||||
Selling, general and administrative
|
337.9 | 345.3 | ||||||
Depreciation and amortization
|
16.5 | 17.2 | ||||||
Impairment of long-lived assets
|
1.4 | 0.5 | ||||||
Total operating expenses
|
355.8 | 363.0 | ||||||
Operating (loss) income
|
(18.5 | ) | 7.1 | |||||
Interest income
|
0.4 | 0.5 | ||||||
Interest expense
|
(15.0 | ) | (13.1 | ) | ||||
Other loss
|
(0.3 | ) | -- | |||||
Loss from continuing operations before income taxes
|
(33.4 | ) | (5.5 | ) | ||||
Income tax expense (benefit)
|
1.4 | (0.8 | ) | |||||
Loss from continuing operations
|
(34.8 | ) | (4.7 | ) | ||||
Discontinued operations, net of income taxes
|
(8.5 | ) | (3.3 | ) | ||||
Net loss
|
$ | (43.3 | ) | $ | (8.0 | ) | ||
Basic and diluted net loss per share:
|
||||||||
Loss per share from continuing operations
|
$ | (0.35 | ) | $ | (0.05 | ) | ||
Loss per share from discontinued operations
|
(0.08 | ) | (0.03 | ) | ||||
Net loss per share
|
$ | (0.43 | ) | $ | (0.08 | ) | ||
Shares used in computing net loss
per share:
|
||||||||
Basic and diluted
|
100.4 | 99.8 | ||||||
Comprehensive loss
|
$ | (39.0 | ) | $ | (2.4 | ) |
(In millions)
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
|||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$ | 434.9 | $ | 535.7 | $ | 566.4 | ||||||
Accounts and notes receivable, net
|
278.6 | 452.5 | 236.6 | |||||||||
Inventories
|
926.5 | 908.3 | 730.2 | |||||||||
Other current assets
|
83.0 | 85.4 | 131.3 | |||||||||
Total current assets
|
1,723.0 | 1,981.9 | 1,664.5 | |||||||||
Property, plant and equipment, net
|
220.6 | 239.0 | 260.5 | |||||||||
Goodwill, net
|
38.5 | 36.6 | 40.3 | |||||||||
Other assets, net
|
43.1 | 41.6 | 52.7 | |||||||||
Total assets
|
$ | 2,025.2 | $ | 2,299.1 | $ | 2,018.0 | ||||||
Liabilities and Stockholders’ Equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Current maturities of long-term debt
|
$ | 212.8 | $ | 278.7 | $ | -- | ||||||
Accounts payable
|
301.8 | 435.6 | 252.6 | |||||||||
Accrued expenses and other current liabilities
|
229.7 | 263.9 | 237.7 | |||||||||
Total current liabilities
|
744.3 | 978.2 | 490.3 | |||||||||
Long-term debt, excluding current maturities
|
499.1 | 499.0 | 674.9 | |||||||||
Other non-current liabilities
|
220.4 | 223.2 | 113.1 | |||||||||
Total liabilities
|
1,463.8 | 1,700.4 | 1,278.3 | |||||||||
Stockholders’ equity
|
561.4 | 598.7 | 739.7 | |||||||||
Total liabilities and stockholders’ equity
|
$ | 2,025.2 | $ | 2,299.1 | $ | 2,018.0 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
(In millions)
|
2013
|
2012
|
||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (43.3 | ) | $ | (8.0 | ) | ||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation and amortization
|
20.0 | 20.9 | ||||||
Amortization of discounts on long-term debt
|
3.4 | 4.3 | ||||||
Impairment of long-lived assets
|
1.4 | 0.5 | ||||||
Stock-based compensation
|
1.9 | 1.9 | ||||||
Other non-cash items
|
0.1 | 2.2 | ||||||
Changes in assets and liabilities:
|
||||||||
Accounts and notes receivable
|
174.7 | 124.8 | ||||||
Inventories
|
(16.2 | ) | 16.8 | |||||
Other current assets
|
3.0 | 13.4 | ||||||
Accounts payable
|
(89.5 | ) | (75.5 | ) | ||||
Accrued expenses and other
|
(38.6 | ) | (52.8 | ) | ||||
Net cash provided by operating activities
|
16.9 | 48.5 | ||||||
Cash flows from investing activities:
|
||||||||
Additions to property, plant and equipment
|
(5.1 | ) | (11.2 | ) | ||||
Proceeds from sale of property, plant and equipment
|
6.2 | -- | ||||||
Changes in restricted cash
|
-- | (28.0 | ) | |||||
Other investing activities
|
(2.9 | ) | -- | |||||
Net cash used in investing activities
|
(1.8 | ) | (39.2 | ) | ||||
Cash flows from financing activities:
|
||||||||
Principal amount of long-term debt repayments
|
(70.5 | ) | -- | |||||
Payments of dividends
|
-- | (12.4 | ) | |||||
Changes in cash overdrafts
|
(45.4 | ) | (22.2 | ) | ||||
Net cash used in financing activities
|
(115.9 | ) | (34.6 | ) | ||||
Net decrease in cash and cash equivalents
|
(100.8 | ) | (25.3 | ) | ||||
Cash and cash equivalents, beginning of period
|
535.7 | 591.7 | ||||||
Cash and cash equivalents, end of period
|
$ | 434.9 | $ | 566.4 |
Three Months Ended
March 31,
|
||||||||
(In millions)
|
2013
|
2012
|
||||||
Net sales and operating revenues:
|
||||||||
U.S. RadioShack company-operated stores
|
$ | 770.1 | $ | 833.6 | ||||
Other
|
78.9 | 79.7 | ||||||
$ | 849.0 | $ | 913.3 | |||||
Operating (loss) income:
|
||||||||
U.S. RadioShack company-operated stores
|
$ | 61.2 | $ | 91.3 | ||||
Other
|
8.3 | 8.4 | ||||||
69.5 | 99.7 | |||||||
Unallocated
|
(88.0 | ) | (92.6 | ) | ||||
Operating (loss) income
|
(18.5 | ) | 7.1 | |||||
Interest income
|
0.4 | 0.5 | ||||||
Interest expense
|
(15.0 | ) | (13.1 | ) | ||||
Other loss
|
(0.3 | ) | -- | |||||
Loss from continuing operations before income taxes
|
$ | (33.4 | ) | $ | (5.5 | ) |
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