<PAGE>
Securities and Exchange Commission
Washington, D.C. 20549
Form 11-K
(x) Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934 (Fee Required)
For the fiscal year ended December 31, 1996
OR
( ) Transition Report Pursuant to Section 15(d) of the Securities Exchange Act
of 1934 (No Fee Required)
Commission file number 1-11566
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
CompSavings Plan for Employees of CompUSA Inc.
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
CompUSA Inc.
14951 N. Dallas Parkway
Dallas, Texas 75240
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Financial Statements
and Supplemental Schedules
Years ended December 31, 1996 and 1995
CONTENTS
Report of Independent Auditors............................... 1
Audited Financial Statements
Statements of Net Assets Available for Benefits.............. 2
Statements of Changes in Net Assets Available for Benefits... 3
Notes to Financial Statements................................ 4
Supplemental Schedules
Line 27(a)-Schedule of Assets Held for Investment Purposes... 15
Line 27(d)-Schedule of Reportable Transactions............... 16
<PAGE>
Report of Independent Auditors
The CompSavings Plan Committee
CompSavings Plan for Employees of CompUSA Inc.
We have audited the accompanying statements of net assets available for benefits
of the CompSavings Plan for Employees of CompUSA Inc. (the Plan) as of December
31, 1996 and 1995, and the related statements of changes in net assets available
for benefits for the years then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1996, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 and are not
a required part of the basic financial statements. The supplemental schedules
have been subjected to the auditing procedures applied in our audit of the 1996
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the 1996 basic financial statements taken as a
whole.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Dallas, Texas
June 23, 1997
1
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1996 1995
-----------------------
ASSETS
<S> <C> <C>
Investments at fair value $11,215,905 $3,704,312
Contributions receivable:
Participants 269,213 139,304
Employer 1,445,751 1,084,158
-----------------------
1,714,964 1,223,462
Employee loans receivable 567,859 --
-----------------------
Total assets 13,498,728 4,927,774
-----------------------
LIABILITIES
Excess contributions payable to
participants 385,145 204,977
-----------------------
Net assets available for benefits $13,113,583 $4,722,797
=======================
</TABLE>
See accompanying notes.
2
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Statements of Changes in Net Assets Available for Benefits
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1996 1995
------------------------
Investment income:
<S> <C> <C>
Net appreciation in fair value of
investments $ 2,690,726 $ 279,778
Interest 63,906 11,350
------------------------
2,754,632 291,128
Contributions:
Participants-pretax 4,551,162 3,246,577
Participants-rollover 514,987 269,121
Employer-participant directed 361,437 271,040
Employer-non-participant directed 1,084,313 813,118
------------------------
6,511,899 4,599,856
------------------------
Total additions 9,266,531 4,890,984
Withdrawals by participants (875,745) (168,187)
------------------------
Net increase 8,390,786 4,722,797
Net assets available for benefits:
Beginning of year 4,722,797 -
------------------------
End of year $13,113,583 $4,722,797
========================
</TABLE>
See accompanying notes.
3
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements
December 31, 1996
1. DESCRIPTION OF THE PLAN
The following description of the CompSavings Plan for Employees of CompUSA Inc.
(the Plan) provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan's provisions.
GENERAL
The Plan was adopted by CompUSA Inc. (the Company) effective January 1, 1995,
for eligible employees of the Company. The Plan is a defined contribution plan
designed to comply with the Employee Retirement Income Security Act of 1974
(ERISA). BZW Barclays Global Investors, National Association (the Trustee) acts
as trustee for the Plan pursuant to a trust agreement between the Trustee and
the Company.
ADMINISTRATION
The Plan is administered by the CompSavings Plan Committee appointed by the
Board of Directors of the Company.
PARTICIPATION
Employees become eligible to participate in the Plan after they have reached the
age of 21 and have completed 500 hours of service during the previous six
months. During 1995, eligible employees could enroll in the Plan on January 1 or
July 1 after meeting the age and service requirements. Effective January 1,
1996, the Plan was amended to allow eligible employees to enroll in the Plan on
the first day of the next payroll period after meeting the age and service
requirements. Eligible employees who desire to participate in the Plan must
elect to participate on the form or forms provided by the CompSavings Plan
Committee and authorize the Company to make payroll deductions for contributions
to the Plan.
CONTRIBUTIONS
Each year, participants may contribute up to 15% of pretax annual compensation,
as defined in the Plan, provided their contribution for any one year does not
exceed the Internal Revenue Service maximum dollar limitation which was $9,500
for 1996 and 1995. The Company contributes 25% of the first 5% of base
compensation that a participant contributes to the Plan (Required Contribution).
Additional amounts may be contributed (Discretionary Contribution) at the option
of management based on the Company's profitability for the fiscal year that ends
within the plan year. For 1995 and 1996, management authorized a Discretionary
Contribution equal to 25% of the first 5% of base compensation that participants
contributed to the Plan.
4
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
Under the provisions of the Plan, 75% of the Company's Required and
Discretionary Contributions are invested in the CompUSA Stock Fund, with the
remaining 25% paid in cash and invested based on the participants' elections. In
1996, the Company's Required and Discretionary Contributions to the Plan
aggregated $722,875 and $722,876, respectively. In 1995, the Company's Required
and Discretionary Contributions to the Plan aggregated $542,079 and $542,079,
respectively. The Company funded the 1996 and 1995 Required and
Discretionary Contributions in March 1997 and February 1996, respectively.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions and
allocations of (a) the Company's contributions and (b) Plan earnings.
Allocations of earnings are based upon the ratio of a participant's account
balance to the aggregate of all participant account balances.
Forfeited balances of terminated participants' nonvested accounts may be used to
restore accounts for employees who are rehired, to pay Plan fees and expenses,
or to reduce Company contributions. There were no forfeited balances at December
31, 1995. In 1996, forfeitures aggregated $137,468. These funds are maintained
in a money market account pending expenditure by the Plan in the future. The
money market account invests in interest bearing cash equivalents and is
included in the CompUSA Stock Fund.
VESTING
Participants are immediately vested in their pretax and rollover contributions
plus actual earnings thereon. The Company's contributions allocated to
participants' accounts, plus the actual earnings thereon, vest to the
participants based on years of continuous service. A participant is 100% vested
after four years of continuous credited service.
INVESTMENT OPTIONS
Participants may elect the investment of their employee contributions and
Company cash contributions in any of the following five investment options:
(a) Asset Allocation Fund-Invests in a changing mix of stocks, bonds, and
money market securities.
5
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
(b) Income Accumulation Fund-Invests in a mixture of short- and medium-term
fixed-income securities that produce income for the fund, mostly from
interest payments.
(c) Growth Stock Fund-Invests in the stocks of companies that the fund manager
believes have potential for above-average long-term capital appreciation.
(d) S&P 500 Stock Fund-Invests in the companies included in the Standard &
Poor's 500 Index.
(e) CompUSA Stock Fund-Invests primarily in the stock of CompUSA Inc.
Participants may not elect to have more than 50% of their employee
contributions and Company cash contributions invested in this fund.
INCOME TAX STATUS
The Internal Revenue Service ruled on October 24, 1996 that the Plan qualifies
under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The CompSavings Plan Committee is not aware of any
course of action or series of events that have occurred that might adversely
affect the Plan's qualified status.
Because the Plan did not initially meet the tests limiting contributions of
certain highly compensated employees, as defined by the IRC, excess
contributions for 1996 and 1995 were refunded to certain participants, along
with investment earnings on those excess contributions, in accordance with the
Plan agreement. Those amounts are recorded in the accompanying balance sheet as
"Excess contributions payable to participants."
TERMINATION OF THE PLAN
While the Company has not expressed any intent to do so, it may terminate the
Plan at any time. In the event the Plan is terminated, the participants would
become fully vested as to their account balances and the net assets of the Plan
would be distributed to the participants in proportion to their respective
account balances.
6
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
1. DESCRIPTION OF THE PLAN (CONTINUED)
WITHDRAWALS
Upon termination of service, a participant may receive a lump-sum payment equal
to his or her vested account balance. Participants who are employees can elect
to withdraw a portion of their Plan account balance, subject to certain
conditions and restrictions.
LOANS
Effective January 1, 1996, the Plan was amended to provide that Plan
participants may request a loan from the Plan in an amount generally not to
exceed the lesser of $50,000 or 50% of the participant's vested account balance.
The minimum loan amount is $500 and must be repaid, through payroll deductions,
within five years. The interest rate charged on participant loans is a fixed
rate of interest determined by the CompSavings Plan Committee.
EXPENSES AND FORFEITURES
The Company pays all administrative fees and expenses related to maintaining the
Plan to the extent such fees and expenses exceed forfeitures. The amount of such
expenses paid by the Company in 1996 and 1995 was approximately $141,000 and
$134,000, respectively. The Company also furnishes the Plan with administrative
and clerical services and use of Company office space and supplies at no charge.
Certain special fees, such as fees for changing investment fund elections more
than four times per year and loan maintenance fees, are charged to individual
participants' accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Company to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
7
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
INVESTMENT VALUATION AND INCOME RECOGNITION
Plan investments in various investment funds are stated at fair value as
determined by the Trustee based upon the quoted market prices of the underlying
securities comprising the investment funds. Investments in the Company's common
stock are valued at the last reported sales price on the last business day of
the Plan year.
Purchases and sales of securities are recorded on a trade-date basis.
Contributions and interest income are recorded on the accrual basis.
8
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
3. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT FUNDS
At December 31, 1996, the Plan's assets and liabilities were held in the
following funds:
<TABLE>
<CAPTION>
ASSET INCOME GROWTH STOCK S&P 500 COMPUSA STOCK EMPLOYEE
ALLOCATION ACCUMULATION FUND STOCK FUND FUND LOAN
TOTAL FUND FUND FUND
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value $11,215,905 $1,611,225 $ 916,624 $2,633,165 $2,011,156 $4,043,735 $ --
Contributions receivable:
Participants 269,213 40,628 30,253 84,887 57,039 56,406 --
Employer 1,445,751 57,715 42,447 108,189 79,770 1,157,630 --
-----------------------------------------------------------------------------------------------------
1,714,964 98,343 72,700 193,076 136,809 1,214,036 --
Employee loan receivable 567,859 567,859
-----------------------------------------------------------------------------------------------------
Total assets 13,498,728 1,709,568 989,324 2,826,241 2,147,965 5,257,771 567,859
-----------------------------------------------------------------------------------------------------
LIABILITIES
Excess contributions payable
to participants 385,145 51,919 30,626 121,858 79,429 101,313 --
-----------------------------------------------------------------------------------------------------
Net assets available for
benefits $13,113,583 $1,657,649 $ 958,698 $2,704,383 $2,068,536 $5,156,458 $567,859
=======================================================================================================
</TABLE>
9
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
3. ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT FUNDS
(CONTINUED)
At December 31, 1995, the Plan's assets and liabilities were held in
the following funds:
<TABLE>
<CAPTION>
ASSET INCOME
ALLOCATION ACCUMULATION GROWTH STOCK S&P 500 COMPUSA
TOTAL FUND FUND FUND STOCK FUND STOCK FUND
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value $ 3,704,312 $ 805,511 $ 462,477 $1,096,247 $ 818,353 $ 521,724
Contributions receivable:
Participants 139,304 26,255 17,750 43,102 31,640 20,557
Employer 1,084,158 54,105 36,954 79,617 61,464 852,018
-----------------------------------------------------------------------------------------
1,223,462 80,360 54,704 122,719 93,104 872,575
-----------------------------------------------------------------------------------------
Total assets 4,927,774 885,871 517,181 1,218,966 911,457 1,394,299
-----------------------------------------------------------------------------------------
LIABILITIES
Excess contributions
payable to participants 204,977 32,241 21,191 73,545 34,665 43,335
-----------------------------------------------------------------------------------------
Net assets available for
benefits $ 4,722,797 $ 853,630 $ 495,990 $1,145,421 $ 876,792 $1,350,964
=========================================================================================
</TABLE>
10
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
4. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO
INVESTMENT FUNDS
The changes in net assets available for benefits for the year ended
December 31, 1996, are as follows:
<TABLE>
<CAPTION>
ASSET INCOME GROWTH STOCK S&P 500 COMPUSA EMPLOYEE
ALLOCATION ACCUMULATION FUND STOCK FUND STOCK LOAN
TOTAL FUND FUND FUND FUND
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Net appreciation in fair
value of investments $ 2,690,726 $ 146,078 $ -- $ 178,767 $ 282,738 $2,083,143 $ --
Interest 63,906 -- 39,958 -- -- 3,706 20,242
-----------------------------------------------------------------------------------------------------
2,754,632 146,078 39,958 178,767 282,738 2,086,849 20,242
Contributions:
Participants pretax 4,551,162 764,863 545,193 1,405,551 982,708 852,847 --
Participants rollover 514,987 92,997 53,201 123,745 105,208 139,836 --
Employer:
Participant directed 361,437 57,577 42,657 107,975 79,629 73,599 --
Non-participant directed 1,084,313 1,084,313 --
-----------------------------------------------------------------------------------------------------
6,511,899 915,437 641,051 1,637,271 1,167,545 2,150,595 --
-----------------------------------------------------------------------------------------------------
Total additions 9,266,531 1,061,515 681,009 1,816,038 1,450,283 4,237,444 20,242
-----------------------------------------------------------------------------------------------------
Withdrawals by participants (875,745) (124,898) (93,840) (188,964) (173,079) (254,972) (39,992)
Net interfund transfers
and loan activity -- (132,598) (124,461) (68,112) (85,460) (176,978) 587,609
-----------------------------------------------------------------------------------------------------
Net increase 8,390,786 804,019 462,708 1,558,962 1,191,744 3,805,494 567,859
Net assets available for
benefits:
Beginning of year 4,722,797 853,630 495,990 1,145,421 876,792 1,350,964 --
-----------------------------------------------------------------------------------------------------
End of year $13,113,583 $1,657,649 $ 958,698 $2,704,383 $2,068,536 $5,156,458 $567,859
=====================================================================================================
</TABLE>
11
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
4. ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT
FUNDS (CONTINUED)
The changes in net assets available for benefits for the year ended
December 31, 1995, are as follows:
Investment income:
<TABLE>
<CAPTION>
ASSET INCOME GROWTH STOCK S&P 500 COMPUSA
ALLOCATION ACCUMULATION FUND STOCK FUND STOCK
TOTAL FUND FUND FUND
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net appreciation
(depreciation) in fair
value of investments $ 279,778 $ 84,480 $ -- $ 97,002 $ 99,098 $ (802)
Interest 11,350 -- 11,350 -- -- --
-----------------------------------------------------------------------------------------
291,128 84,480 11,350 97,002 99,098 (802)
Contributions:
Participants - pretax 3,246,577 660,458 457,463 952,227 734,850 441,579
Participants rollover 269,121 97,017 20,875 56,536 22,599 72,094
Employer:
Participant directed 271,040 54,105 36,954 79,617 61,464 38,900
Non-participant directed 813,118 -- -- -- -- 813,118
-----------------------------------------------------------------------------------------
4,599,856 811,580 515,292 1,088,380 818,913 1,365,691
-----------------------------------------------------------------------------------------
Total additions 4,890,984 896,060 526,642 1,185,382 918,011 1,364,889
-----------------------------------------------------------------------------------------
Withdrawals by participants (168,187) (28,979) (19,508) (52,344) (42,082) (25,274)
Interfund transfers (net) (13,451) (11,144) 12,383 863 11,349
-----------------------------------------------------------------------------------------
Net increase 4,722,797 853,630 495,990 1,145,421 876,792 1,350,964
Net assets available for
benefits:
Beginning of year
-----------------------------------------------------------------------------------------
End of year $4,722,797 $853,630 $495,990 $1,145,421 $876,792 $1,350,964
=========================================================================================
</TABLE>
12
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Notes to Financial Statements (continued)
5. INVESTMENTS
The Plan's investments are held by the Trustee. Investments at fair value as of
December 31, 1996 and December 31, 1995, are as follows:
<TABLE>
<CAPTION>
DECEMBER 31,
1996 1995
-----------------------------
<S> <C> <C>
Asset Allocation Fund:
Barclays Global Investors Allocation
Fund for Employee Retirement Plans* $ 1,611,225 $ 805,511
Income Accumulation Fund:
Barclays Global Investors Income
Accumulation Fund for Employee
Retirement Plans* 916,624 462,477
Growth Stock Fund:
Barclays Global Investors Growth Stock
Fund for Employee Retirement Plans* 2,633,165 1,096,247
S&P 500 Stock Fund:
Barclays Global Investors S&P 500
Stock Fund for Employee Retirement
Plans* 2,011,156 818,353
CompUSA Stock Fund:
CompUSA Common Stock* 3,868,734 516,308
Barclays Global Investors Money Market
Fund 175,001 5,416
-----------------------------
$11,215,905 $3,408,754
=============================
</TABLE>
* Investment represents 5 percent or more of the Plan's net assets.
13
<PAGE>
Supplemental Schedules
14
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Line 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
C. DESCRIPTION OF
INVESTMENT INCLUDING
B. IDENTITY OF ISSUER, MATURITY DATE, RATE OF NUMBER OF
BORROWER, LESSOR, OR INTEREST, COLLATERAL, UNITS/SHARES/ E. CURRENT
A. SIMILAR PARTY PAR, OR MATURITY VALUE FACE VALUE D. COST VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
* Barclays Global Asset Allocation Fund -
Investors invests in stocks,
bonds, and money market 74,906 $ 1,407,396 $ 1,611,225
securities
* Barclays Global Income Accumulation
Investors Fund - invests in
short- and medium-term
fixed income securities 69,755 916,624 916,624
* Barclays Global Growth Stock Fund -
Investors invests in equity
securities 134,482 2,391,778 2,633,165
* Barclays Global S&P 500 Stock Fund -
Investors invests in equity of
S&P 500 companies 72,684 1,668,015 2,011,156
* CompUSA Stock Fund -
invests in equity
securities of CompUSA
Inc.:
* CompUSA Inc. Common Stock 187,575 2,033,499 3,868,734
* Barclays Global
Investors Money Market Fund 175,001 175,001 175,001
Participant Loans 9.25% - 9.5% 567,859
---------------------------
$ 8,592,313 $ 11,783,764
===========================
</TABLE>
* Party-in-interest
15
<PAGE>
CompSavings Plan for Employees of CompUSA Inc.
Line 27(d) Schedule of Reportable Transactions
December 31, 1996
<TABLE>
<CAPTION>
H.
CURRENT
VALUE OF I.
C. D. G. ASSET ON NET
A. B. NUMBER OF PURCHASE SELLING COST OF TRANSACTION GAIN OR
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PURCHASES SALES PRICE PRICE ASSET DATE (LOSS)
- -----------------------------------------------------------------------------------------------------------------------------------
Category (iii) Series of securities transactions in excess of 5% of the current value of Plan assets
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Barclays Global Investors* Asset Allocation Fund 63 -- $ 942,848 $ -- $ 942,848 $942,848 $ --
Barclays Global Investors* Asset Allocation Fund -- 164 -- 282,530 254,805 282,530 27,725
Barclays Global Investors* Income Accumulation Fund 65 -- 730,774 -- 730,774 730,774 --
Barclays Global Investors* Income Accumulation Fund -- 162 -- 276,627 276,627 276,627 --
Barclays Global Investors* Growth Stock Fund 84 -- 1,726,661 -- 1,726,661 1,726,661 --
Barclays Global Investors* Growth Stock Fund -- 150 -- 369,921 325,724 369,921 44,197
Barclays Global Investors* S&P 500 Stock Fund 69 -- 1,229,977 -- 1,229,977 1,229,977 --
Barclays Global Investors* S&P 500 Stock Fund -- 168 -- 321,863 278,897 321,863 42,966
CompUSA Inc.* Common Stock 83 -- 1,818,853 -- 1,818,853 1,818,853 --
CompUSA Inc.* Common Stock -- 160 -- 520,118 266,969 520,118 253,150
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during 1996.
Columns e and f are not applicable.
*Party-in-interest
16
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
CompSavings Plan Committee for the CompSavings Plan for Employees of CompUSA
Inc. has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
CompSavings Plan for Employees of CompUSA Inc.
By CompSavings Plan Committee Appointed Pursuant to the Plan:
Date: June 27, 1997 By: /S/ James F. Halpin
------------- ---------------------------------
James F. Halpin, Committee Member
Date: June 27, 1997 By: /S/ James E. Skinner
------------- ---------------------------------
James E. Skinner, Committee Member
Date: June 27, 1997 By: /S/ Melvin D. McCall
------------- ----------------------------------
Melvin D. McCall, Committee Member
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-86314) pertaining to the CompSavings Plan for Employees of CompUSA
Inc. of our report dated June 23, 1997, with respect to the financial statements
and supplemental schedules of the CompSavings Plan for employees of CompUSA Inc.
included in this Annual Report (Form 11-K) for the year ended December 31, 1996.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Dallas, Texas
June 23, 1997
