-----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, NEKaAcYHQA6gaolZwx0MkC6MXikIIv1wWlt3tCNjvVkgEJ57Zp49wNFzJ81NdfnM f7wUWpDhGQv1Pf+ROo+Z4g== 0000096289-99-000026.txt : 19990809 0000096289-99-000026.hdr.sgml : 19990809 ACCESSION NUMBER: 0000096289-99-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990806 ITEM INFORMATION: FILED AS OF DATE: 19990806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDY CORP /DE/ CENTRAL INDEX KEY: 0000096289 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] IRS NUMBER: 751047710 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05571 FILM NUMBER: 99679334 BUSINESS ADDRESS: STREET 1: 100 THROCKMORTON ST STREET 2: STE 1800 CITY: FORT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8173903700 MAIL ADDRESS: STREET 1: 100 THROCKMORTON SUITE 1800 CITY: FORTH WORTH STATE: TX ZIP: 76102 FORMER COMPANY: FORMER CONFORMED NAME: TANDY LEATHER CO DATE OF NAME CHANGE: 19681216 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN HIDE & LEATHER CO DATE OF NAME CHANGE: 19660825 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 22, 1999 (Date of earliest event reported) August 6, 1999 (Date of Report) TANDY CORPORATION (Exact name of registrant as specified in charter) Delaware 1-5571 75-1047710 (State or other Commission (IRS Employer Jurisdiction of File Number Identification No.) Incorporation) 100 Throckmorton Street Suite 1800, Fort Worth, Texas 76102 Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (817) 415-3700 Item 5. OTHER EVENTS Tandy Corporation, on July 22, 1999, released the following historical unaudited financial information for three and six months ending June 30, 1999: The table below reflects Tandy's results of operations excluding the divested retail groups and the adjustment to restricted stock expense for the periods indicated. See the Company's Consolidated Statements of Income and Consolidated Balance Sheets included in this news release for historical information.
Three Months Ended June 30 Six Months Ended June 30 ----------------------------------- ------------------------------------ (in millions, except percents) 1999 1998 % Inc.(Dec.) 1999 1998 % Inc.(Dec.) ----------- ----------- ----------- ---------- ----------- ----------- Sales $887 $762 16% $1,777 $1,540 15% Gross Margin 467 412 918 820 Selling General & Administrative Costs 340 305 680 614 Depreciation/Amortization 21 20 42 40 Operating Income 106 87 22% 196 166 18% Adjusted Net Income 61 48 27% 114 91 25% Adjusted Earnings Per Share 0.30 0.22 36% 0.55 0.42 31% Diluted Average Shares 204.7 212.7 204.5 213.2
Average shares outstanding and earnings per share have been adjusted to reflect the two-for-one stock split which was distributed to stockholders on June 21, 1999. TANDY CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) (In millions, except per share amounts)
Three Months Ended Six Months Ended June 30, June 30, ----------------------------------------- -------------------------------- 1999 1998 1999 1998 ------------------ ------------------ --------------- -------------- Net sales and operating revenues $ 886.7 $ 1,192.8 $ 1,776.9 $ 2,451.1 Cost of products sold 418.7 727.1 858.2 1,511.1 ------------------ ------------------ --------------- -------------- Gross profit 468.0 465.7 918.7 940.0 ------------------ ------------------ --------------- -------------- Expenses (income): Selling, general and administrative 340.7 388.4 680.1 768.0 Depreciation and amortization 21.3 26.5 42.3 52.3 Interest income (4.6) (1.5) (9.1) (3.2) Interest expense 9.6 11.8 17.9 22.1 Restricted stock awards - - (5.1) Provision for loss on sale of Computer City - 73.2 - 73.2 ------------------ ------------------ --------------- -------------- 367.0 498.4 726.1 912.4 ------------------ ------------------ --------------- -------------- Income (loss) before income taxes 101.0 (32.7) 192.6 27.6 Provision/(benefit) for income taxes 39.4 (12.6) 75.1 10.6 ------------------ ------------------ --------------- -------------- Net income (loss) 61.6 (20.1) 117.5 17.0 Preferred dividends 1.4 1.4 2.8 2.9 ================== ================== =============== ============== Net income (loss) available to common shareholders $ 60.2 (21.5) 114.7 14.1 ================== ================== =============== ============== Net income (loss) per average common share*: Basic $ 0.31 $ (0.11) $ 0.59 $ 0.07 ================== ================== =============== ============== Diluted $ 0.30 $ (0.11) $ 0.56 $ 0.07 ================== ================== =============== ============== Shares used in computing earnings per common share*: Basic 194.0 202.0 194.3 202.8 ================== ================== =============== ============== Diluted 204.7 202.0 204.5 206.4 ================== ================== =============== ============== Dividends declared per common share* $ 0.05 $ 0.05 $ 0.10 $ 0.10 ================== ================== =============== ==============
* Prior periods have been adjusted to reflect the two-for-one stock split, which was distributed on June 21, 1999. TANDY CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) (In millions, except per share amounts)
June 30, Dec. 31, June 30, 1999 1998 1998 --------------------- ----------------------- ----------------------------- Cash and cash equivalents $ 43.7 $ 64.5 $ 61.9 Accounts receivable, net 204.6 215.2 231.6 Inventories 855.9 912.1 1,187.3 Other current assets 96.4 106.8 132.7 --------------------- ------------------------------ ---------------------- Total current assets 1,200.6 1,298.6 1,613.5 Property, plant and equipment, at cost, less accumulated depreciation 433.3 433.8 526.0 Other assets, net of accumulated amortization 292.7 261.2 81.8 --------------------- ------------------------------ --------------------- Total assets $1,926.6 $ 1,993.6 $ 2,221.3 ===================== ============================== ===================== Short-term debt $ 238.6 $ 233.2 $ 313.2 Accounts payable 161.3 206.4 309.9 Accrued expenses 236.4 334.4 301.5 Income taxes payable 104.8 105.5 10.7 --------------------- ------------------------------ --------------------- Total current liabilities 741.1 879.5 935.3 Long-term debt, excluding current maturities 260.4 235.1 270.3 Other non-current liabilities 36.8 27.5 50.9 --------------------- ------------------------------ --------------------- Total other liabilities 297.2 262.6 321.2 Common stock put options 27.4 3.3 - Total stockholders' equity 860.9 848.2 964.8 --------------------- ------------------------------ --------------------- Total liabilities and stockholders' equity $ 1,926.6 $ 1,993.6 $ 2,221.3 ===================== ============================== =====================
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized this 6th day of August, 1999. TANDY CORPORATION (Registrant) Date August 6, 1999 -------------------------------------------- Mark C. Hill Senior Vice President, Corporate Secretary and General Counsel -----END PRIVACY-ENHANCED MESSAGE-----