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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): May 16, 1996
CompUSA Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-19605 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.)
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Item 5. Other Events.
On May 16, 1996, CompUSA, Inc. (the "Company") announced that it had signed a
definitive agreement to acquire PCs Compleat, Inc., a Delaware corporation, for
approximately three million shares of the Company's common stock. The
acquisition is expected to be consummated on or about May 30, 1996, subject to
regulatory approval and customary closing conditions. A copy of the May 16, 1996
press release relating to the foregoing is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses being acquired:
Not Applicable.
(b) Pro forma financial information: Not Applicable.
(c) Exhibits:
99.1 Press Release issued by CompUSA Inc.,
dated May 16, 1996
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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: May 20, 1996 By: /s/ James E. Skinner
James E. Skinner
Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
----------- -----------
99.1 Press Release issued by
CompUSA Inc., dated May 16, 1996
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[COMP USA LOGO]
Corporate Headquarters
14951 North Dallas Parkway
Dallas, Texas 75240
NEWS RELEASE
------------
FOR IMMEDIATE RELEASE CONTACT: James E. Skinner
Executive Vice President & CFO
PHONE: (214) 982-4000
CompUSA INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE
PCs COMPLEAT, INC. FOR THREE MILLION SHARES OF COMMON STOCK
DALLAS, May 16, 1996 -- CompUSA Inc. (NYSE: CPU), America's
Largest Computer Superstore[Registered Trademark] retailer, announced today
that it has signed a definitive agreement to acquire 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, which is planned to be accounted for on a
pooling-of-interest basis, is expected to close on or about May 30, 1996. The
agreement is subject to regulatory approval and customary closing conditions.
"This is a wonderful opportunity for both companies. The
addition of PCs Compleat will enable CompUSA to expand our presence in the mail
order channel, which is one of the fastest growing areas in the personal
computing industry," stated Jim Halpin, CompUSA president and chief executive
officer. "The combination of PCs Compleat's direct mail expertise and CompUSA's
financial and operational strength will enable us to enhance our competitive
position in the highly specialized mail order business and to deliver an even
higher level of customer service."
-more-
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"PCs Compleat and CompUSA share a commitment to customer
service and operational excellence, and we are excited about becoming part of
the CompUSA team," said Gordon Hoffstein, PCs Compleat chairman and chief
executive officer. "We believe that by joining forces, we can build on PCs
Compleat's leadership position among direct resellers and accelerate our growth
in the mail order channel."
PCs Compleat, founded in 1992, is one of the top "super
direct" sources for brand-name personal computer products and services in the
United States. The company's mission is to provide its customers with the broad
selection of a superstore, the value and convenience of a direct marketer and
superior service. PCs Compleat's operating strategy utilizes a centralized
facility with integrated, state-of-the-art telephone, computer and distribution
systems.
CompUSA Inc. is the nation's leading retailer of
microcomputers and related products and services, currently operating 98
Computer Superstores[Trademark Symbol] in 46 major metropolitan markets
throughout the United States. In addition to retail customers, CompUSA Computer
Superstores serve corporate, government, education and mail order customers. The
Computer Superstores average 27,000 square feet and include technical service
departments and classroom training facilities.
Any matters discussed in this news release which are forward
looking statements involve 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 reports.
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