<PAGE>
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 (Date of earliest event reported): August 14, 1996
CompUSA Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-11566 75-2261497
(Commission File Number) (I.R.S. Employer Identification No.)
14951 North Dallas Parkway
Dallas, Texas 75240
(Address of principal executive offices)
Registrant's telephone number, including
area code: (214) 982-4000
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS
The Registrant hereby incorporates by reference herein the information set forth
in its press release dated August 14, 1996, a copy of which is attached hereto
as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
99.1 Press Release issued by CompUSA Inc., dated August 14, 1996
-2-
<PAGE>
SIGNATURES
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 hereunto duly authorized.
CompUSA Inc.
Dated: August 14, 1996 By: /s/ James E. Skinner
-------------------------------------
James E. Skinner
Executive Vice President and
Chief Financial Officer
-3-
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ------------ -----------
99.1 Press Release issued by CompUSA Inc., dated August 14, 1996
-4-
<PAGE>
EXHIBIT 99.1
[LOGO OF COMPUSA, INC. APPEARS HERE]
NEWS RELEASE
------------
FOR IMMEDIATE RELEASE CONTACT: James E. Skinner
- ---------------------
Executive Vice President and CFO
(214) 982-4000
J. Robert Gary
Vice President - Finance
(214) 982-4000
COMPUSA INC. REPORTS RECORD FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FOR THE
- --------------------------------------------------------------------------------
1996 FISCAL YEAR
- ----------------
Dallas, August 14, 1996 -- CompUSA Inc. (NYSE: CPU), America's Largest
Computer Superstore(R) retailer, today announced record earnings for both the
fourth quarter and the fiscal year ended June 29, 1996.
In May 1996, CompUSA acquired PCs Compleat, Inc., a Marlborough, Mass.-
based direct reseller of brand-name microcomputers and peripherals, for
approximately three million shares of CompUSA common stock. The acquisition is
being accounted for as a pooling-of-interests and, as a result, the quarterly
and full-year financial statements of CompUSA for both fiscal 1995 and fiscal
1996 have been restated to include the results of operations of PCs Compleat.
For the fourth quarter of fiscal 1996, net sales increased 38% to $999
million from $724 million for the comparable period ended June 24, 1995. The
Company reported net income for the fourth quarter of fiscal 1996 of $11.8
million, or $0.25 per share ($0.32 per share excluding the transaction costs of
the PCs Compleat acquisition), compared with net income of $4.7 million, or
$0.11 per share, for the fourth quarter of fiscal 1995. Comparable store sales
were up 9.8% in the fourth quarter of fiscal 1996 for the 83 stores open one
year or more.
For fiscal 1996, net sales were up 30% to a record $3.83 billion from $2.94
billion for fiscal 1995. The Company reported record net income for fiscal 1996
of $59.7 million, or $1.31 per share ($1.38 per share excluding the transaction
costs of the PCs Compleat acquisition), compared with net income of $24.3
million, or $0.60 per share, in fiscal 1995. Comparable store sales were up
12.6% for the twelve months of fiscal 1996 for the 83 stores open one year or
more.
-5-
<PAGE>
"Fiscal 1996 was an outstanding year for CompUSA with record sales and
earnings," said James F. Halpin, CompUSA president and chief executive officer.
"We believe these record results demonstrate the strength of our operating
model, and we look forward to continued growth in each of our seven businesses,
especially in the direct channel with the addition of PCs Compleat. Our team
members are committed to our customers and to the success of CompUSA, and they
deserve credit for these excellent financial results."
CompUSA Inc. is the nation's leading retailer of microcomputers and related
products and services. CompUSA currently operates 106 Computer Superstores(SM)
in 50 major metropolitan markets throughout the United States and PCs Compleat,
Inc., a wholly-owned subsidiary of CompUSA and a leading direct reseller of
microcomputers and peripherals. In addition to retail customers, CompUSA's
Computer Superstores serve corporate, government and education customers. The
Computer Superstores average 27,000 square feet and include technical service
departments and classroom training facilities.
Certain matters discussed in this news release are forward-looking
statements involving certain risks and uncertainties including, without
limitation, changes in product demand, the availability of products, changes in
competition, economic conditions, various inventory risks due to changes in
market conditions and other risks detailed in the Company's Securities and
Exchange Commission filings and reports.
-6-
<PAGE>
COMPUSA INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
<TABLE>
<CAPTION>
14 WEEKS 13 WEEKS 53 WEEKS 52 WEEKS
ENDED ENDED ENDED ENDED
--------- --------- -------------- --------------
JUNE 29, JUNE 24, JUNE 29, JUNE 24,
1996 1995 1996 1995
--------- --------- -------------- --------------
<S> <C> <C> <C> <C>
Net sales............................ $998,849 $724,361 $3,829,786 $2,935,901
Cost of sales and occupancy costs.... 858,578 633,966 3,311,682 2,573,945
-------- -------- ---------- ----------
Gross profit................ 140,271 90,395 518,104 361,956
Store operating expenses............. 90,545 67,695 328,344 263,654
Pre-opening expenses................. 2,318 552 5,466 2,454
General and administrative expenses.. 22,021 13,968 75,488 54,940
PCs Compleat transaction costs....... 3,453 -- 3,453 --
-------- -------- ---------- ----------
Operating income............ 21,934 8,180 105,353 40,908
Other expense (income):
Interest expense................. 3,111 3,096 12,487 12,015
Other income, net................ (2,645) (923) (6,983) (2,409)
-------- -------- ---------- ----------
466 2,173 5,504 9,606
-------- -------- ---------- ----------
Income before
income taxes.......... 21,468 6,007 99,849 31,302
Income tax expense................... 9,691 1,312 40,184 6,963
-------- -------- ---------- ----------
Net income.................. $ 11,777 $ 4,695 $ 59,665 $ 24,339
======== ======== ========== ==========
Income per common and
common equivalent share.......... $ .25 $ 0.11 $ 1.31 $ 0.60
======== ======== ========== ==========
Weighted average common and
common equivalent shares......... 47,109 41,762 45,610 40,868
======== ======== ========== ==========
Additional Information
- ----------------------
Income per common and
common equivalent share
excluding PCs Compleat $ .32 $ 0.11 $ 1.38 $ 0.60
transaction costs......... ======== ======== ========== ==========
</TABLE>
-7-
<PAGE>
COMPUSA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
JUNE 29, JUNE 24,
1996 1995
-------- --------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents....... $207,614 $ 96,494
Accounts receivable, net........ 148,109 103,934
Merchandise inventories......... 398,840 312,202
Prepaid expenses and other...... 15,670 14,506
-------- --------
Total current assets.......... 770,233 527,136
Property and equipment, net...... 131,184 106,290
Other assets..................... 7,920 7,903
-------- --------
$909,337 $641,329
======== ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable................ $377,774 $282,885
Accrued liabilities............. 86,560 54,123
-------- --------
Total current liabilities..... 464,334 337,008
Long-term debt................... 119,098 117,617
Total stockholders' equity....... 325,905 186,704
-------- --------
$909,337 $641,329
======== ========
</TABLE>
-8-
