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UNITED STATES
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
Date of Report: November 29, 1999
(Date of earliest event reported)
InterTAN, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 1-10062 75-2130875
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
3300 Highway #7, Suite 904
Concord, Ontario, Canada L4K 4M3
(Address of principal executive offices) (Postal Code)
Registrant's telephone number, including area code:
(905) 760-9701
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Item 5. Other Events
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At a special meeting of the Board of Directors of the Registrant held on
November 29, 1999, the Board authorized that a 50% stock dividend on the issued
and outstanding shares of Common Stock of the Registrant be paid in authorized
but unissued shares of Common Stock on January 13, 2000 to stockholders of
record of shares of Common Stock at the close of business on December 16, 1999.
At that same meeting, the Board of Directors of the Registrant authorized
the repurchase of up to 1,500,000 shares of Common Stock (on a post stock
dividend basis) from time to time either through open market purchases or
through privately negotiated transactions at prices as are determined by the
Board or a Committee thereof so designated by the Board.
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SIGNATURES
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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.
InterTAN, Inc.
December 6, 1999 By: /s/ Jeffrey A. Losch
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Jeffrey A. Losch
Vice President, Secretary and General Counsel
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INDEX TO EXHIBITS
Exhibit No. Description
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1 Copy of Press Release, released on November 30, 1999, that
announces the stock split in the nature of a stock dividend and the
implementation of a stock repurchase program.
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[LOGO] InterTAN, Inc.
3300 Highway #7, Ste. 904, Concord, Ontario L4K 4M3
NEWS RELEASE
FOR IMMEDIATE RELEASE
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James G. Gingerich November 30, 1999
Executive Vice President and Chief Financial Officer IT-00-010
(905) 760-9706
INTERTAN, INC. ANNOUNCES FIRST STOCK SPLIT (3:2);
SHARE REPURCHASE PROGRAM
TORONTO, ONTARIO, November 30, 1999 - InterTAN, Inc. (NYSE: ITN, TSE: ITA), a
leading international retailer of RadioShack(R) and other products, today
announced the approval of a three-for-two split of its common stock; the first
stock split in the history of the Company.
The three-for-two split was approved by the Board of Directors in the form of a
50% common stock dividend to be mailed on January 13, 2000, to stockholders of
record on December 16, 1999.
The Company also announced today that its Board of Directors have authorized the
Company to repurchase up to 1,500,000 shares of its outstanding common stock (on
a post-split basis) from time to time dependent on market conditions. Common
stock purchased under the authorization will be made on the open market or
through privately negotiated transactions at prices determined by the Chairman
of the Board or a designate Committee.
"Both of these initiatives clearly demonstrates the Board of Directors'
confidence in the future of InterTAN," said Ron G. Stegall, Chairman of the
Board. "Our first stock split will reward our stockholders for their continued
support by increasing the liquidity and visibility of the stock. The stock
repurchase program reflects our belief, a belief supported by many of our
institutional stockholders, that the stock price is undervalued relative to the
performance of the Company and its future prospects and that this program
represents a beneficial utilization of the Company's resources, when
administered in a complementary manner with the Company's overall capital
expenditure program."
"These actions represent an acknowledgment that our long term strategic
initiatives are successfully delivering on our long-term commitment of enhancing
shareholder value. We will aggressively pursue growth opportunities for
InterTAN, many of which we have outlined to our shareholders, while from time to
time as conditions warrant, use capital to repurchase shares," said Brian E.
Levy, President and Chief Executive Officer.
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InterTAN, Inc., headquartered in Toronto, Ontario, operates through
approximately 1,100 company retail stores and dealer outlets in Canada and
Australia under the trade names of RadioShackO and Tandy ElectronicsO ,
respectively. The Company will announce its November sales results Monday,
December 6, 1999.
Except for the historical information disclosed in this press release, certain
information, including statements regarding future sales, profits and success,
constitutes forward-looking statements that involve risks and uncertainties
including, but not limited to, international economic conditions, interest and
foreign exchange rate fluctuations, various tax issues, product demand,
competitive products and pricing, availability of products, inventory risks due
to shifts in market conditions, the regulatory and trade environment, real
estate market fluctuations, certain aspects of Year 2000 compliance and other
risks indicated in filings with the Securities and Exchange Commission such as
InterTAN's previously filed periodic reports, including its Form 10-K for the
1999 fiscal year. Actual results may materially vary.
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