SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the Calendar Year Ended December 31, 1994
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
(full title of Program)
TANDY CORPORATION
1800 One Tandy Center
Fort Worth, Texas 76102
(Name of issuer and address of principal executive offices)
Index to Exhibits is on sequential page number 13
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
REPORT OF EXAMINATION
DECEMBER 31, 1994
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C O N T E N T S
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Page
----
CERTIFIED PUBLIC ACCOUNTANT'S REPORT . . . . . . 4
STATEMENT OF FINANCIAL CONDITION . . . . . . . . 5
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY . 6
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . 7-10
ADDITIONAL INFORMATION . . . . . . . . . . . . . 11
SIGNATURE PAGE . . . . . . . . . . . . . . . . . 12
INDEX TO EXHIBITS . . . . . . . . . . . . . . . 13
EXHIBIT 23 - CONSENT OF INDEPENDENT ACCOUNTANT . 14
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The Administrative Committee and Participants of
Tandy Employees Supplemental Stock Program
Fort Worth, Texas
Independent Auditors Report
---------------------------
I have audited the accompanying statement of financial
condition of the Tandy Employees Supplemental Stock Program
as of December 31, 1994 and 1993, and the related statement
of income and changes in plan equity for the years ended
December 31, 1994, 1993, and 1992. These financial
statements are the responsibility of the Program's
management. My responsibility is to express an opinion on
these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform my audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. I
believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of the Tandy Employees Supplemental Stock Program as
of December 31, 1994 and 1993, and results of its operations
for the years ended December 31, 1994, 1993 and 1992 in
conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental schedule of assets held for investment purposes
is 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
is not a required part of the basic financial statements.
The supplemental schedule has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all
material respects in relation to the basic financial
statements taken as a whole.
/s/ Curtis B. Morrison, CPA
---------------------------
CURTIS B. MORRISON, CPA
Fort Worth, Texas
March 28, 1995
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1994 AND 1993
PLAN ASSETS
-----------
1994 1993
------ ------
Investment in Securities of
Participating Employer (Note B):
Common Stock $11,839,350 $11,105,523
Contributions Receivable:
Tandy Employees
Supplemental Stock Program 727,174 369,098
----------- -----------
TOTAL $12,566,524 $11,474,621
=========== ===========
LIABILITIES AND PLAN EQUITY
---------------------------
Liabilities $ 0 $ 0
----------- -----------
Plan Equity:
Participants' Interest in Tandy
Employees Supplemental Stock
Program $12,566,524 $11,474,621
=========== ===========
The accompanying notes are an integral part of these
financial statements.
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1994, 1993 AND 1992
1994 1993 1992
------ ------ ------
Investment Income:
Interest $ 0 $ 0 $ 0
Dividend 0 0 0
----------- ----------- -----------
$ 0 $ 0 $ 0
----------- ----------- -----------
Realized Gain (Loss) on
Securities (Note C): $ 0 $ 0 $ 0
----------- ----------- -----------
Increase (Decrease) in
Unrealized Appreciation
of Investments (Note D) $ <276,487> $ 4,369,502 $ 216,730
----------- ----------- -----------
Contributions (Note A):
Participating Employees $ 1,290,195 $ 1,161,957 $ 1,273,944
Participating Employer 1,032,156 912,966 1,019,156
Other Contributions 168,288 183,838 145,438
----------- ----------- -----------
$ 2,490,639 $ 2,258,761 $ 2,438,538
----------- ----------- -----------
Less:
Withdrawals of
Participant's Interest $ 1,122,249 $ 2,437,718 $ 638,745
----------- ----------- -----------
Net Increase (Decrease)
in Plan for the Year
ended 12-31-94/93/92 $ 1,091,903 $4,190,545 $ 2,016,523
Add Plan Equity at
Beginning of Year
1-1/93/92/91 11,474,621 7,284,076 5,267,553
----------- ----------- -----------
Plan Equity at
End of Year
12-31-94/93/92 $12,566,524 $11,474,621 $ 7,284,076
=========== =========== ===========
The accompanying notes are an integral part of these
financial statements.
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1994, 1993 AND 1992
NOTE A - DESCRIPTION OF THE PROGRAM
The following description of the Tandy Employees Supplemental
Stock Program (the "Program") provides only general
information. Participants should refer to the Program
Prospectus for a more complete description of the Program's
provisions.
General
-------
The purpose of the Program is to assist the employees of
Tandy Corporation and its participating affiliates and
associates (collectively called "Company") in building
personal net worth and to encourage ownership in the Company
by providing a Program for regular investment in the
Company's common stock after an employee has reached a
maximum salary deferral contribution limit under the Tandy
Employees Deferred Salary and Investment Plan.
The Program is subject to Title I of the Employee Retirement
Income Security Act of 1974 (ERISA) relating to the
protection of employee benefit rights, but is not subject to
Title IV, relating to plan termination insurance coverage,
and such insurance will not be extended to participant's in
the Program in the future.
Contributions
-------------
Through authorized payroll deduction a participant may
contribute 5% of his or her gross salary after reaching a
maximum salary deferral contribution limit under the Tandy
Employees Deferred Salary and Investment Plan.
The Company makes contributions to the Program equal to 80%
of the participant's contribution.
Cash dividends are added to the participant's account as
Other contributions paid on the shares of common stock
credited to a participant's account. These Other
contributions are not subject to matching contributions by
the Company.
The participant's contributions and the Company matching
contribution are a part of the employee's current
compensation, and, as such, are subject to all applicable
federal, state, and local income, federal insurance
contributions act and other taxes. The cash dividends
allocated to a participant's account are taxable to the
participant for the calendar year allocated.
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1994, 1993 AND 1992
NOTE A - DESCRIPTION OF THE PROGRAM (continued)
As promptly as practicable after the end of each calendar
quarter the participant's contribution, the Company
contribution, and any Other contributions are used for the
acquisition of the Company's common stock with shares being
credited to the participant's account on the basis of the
number of shares purchased at a price equal to the average of
the closing prices of the Company common stock as reported
for the New York Stock Exchange Composite Transactions for
each trading day in the calendar month for which the
contributions are made.
The following is a schedule of Employee, Company, and Other
contributions:
1994 1993 1992
------ ------ ------
Employees $1,290,195 $1,161,957 $1,273,944
---------- ---------- ----------
Company $1,032,156 $ 912,966 $1,019,156
---------- ---------- ----------
Other $ 168,288 $ 183,838 $ 145,438
---------- ---------- ----------
Participants' Accounts
----------------------
Each participant is mailed a quarterly statement showing his
or her contributions to date, Company and Other contributions
to date, the number of shares purchased and the average share
price for shares purchased to date. Each participant is also
mailed a copy of the annual report of the Company, any
appendix to the prospectus, and the summary annual report.
Vesting
-------
The participants' accounts are fully vested at the end of
each calendar quarter.
Payment of Benefits
-------------------
The distribution of the Company common stock to the
participant is not a taxable event. Cash paid in lieu of
stock upon withdrawal will, to the extent that it exceeds or
is less than the cost
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1994, 1993 AND 1992
NOTE A - DESCRIPTION OF THE PROGRAM (continued)
basis of the Company common stock, be treated as long or
short term capital gain or loss, respectively.
A participant will recognize gain or loss on subsequent
disposition of his or her common stock, measured by the
difference between the amount realized and the cost basis.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Valuation of Securities
-----------------------
The Tandy Corporation common stock is valued at the closing
price according to the New York Stock Exchange Composite
Transactions.
SCHEDULE OF INVESTMENTS IN SECURITIES
-------------------------------------
OF PARTICIPATING EMPLOYER
-------------------------
NO. OF VALUE
SHARES COST 12-31-94
------ ---- --------
COMMON STOCK
Tandy Corporation
Common Stock 236,787 $ 8,016,214 $11,839,350
----------- -----------
Contributions
-------------
The contributions are accrued as incurred.
Income Tax Status
-----------------
The Program is not a qualified plan under Section 401 of the
Internal Revenue Code. All items of income and gains and
losses are treated as received or incurred directly by the
participants for federal income tax purposes.
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TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1994, 1993 AND 1992
NOTE C - REALIZED GAIN ON SECURITIES
None (No sale of securities was made during the year).
NOTE D - UNREALIZED APPRECIATION
1994 1993 1992
------ ------ ------
Unrealized Appreciation
(Depreciation)
12-31-94/93/92 $3,823,136 $4,099,623 $<269,879>
Unrealized Appreciation
(Depreciation)
12-31-93/92/91 4,099,623 <269,879> <486,609>
----------- ---------- ----------
Net Increase (Decrease)
for Year ended
12-31-94/93/92 $ <276,487> $4,369,502 $ 216,730
=========== =========== =========
The unrealized appreciation or depreciation of securities
held for investment for financial statement reporting
prepared in conformity with generally accepted accounting
principles differ from that for income tax reporting.
Generally accepted accounting principles measure unrealized
appreciation or depreciation as the difference between the
securities' market value at the Program's year end and its
historical cost. The unrealized appreciation or depreciation
for income tax reporting is the difference between the
securities' market value at the plan year end and its current
value at the beginning of the plan year.
A participant's account is increased or decreased by the
unrealized appreciation or depreciation recognized under
generally accepted accounting principles.
<PAGE>
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
ADDITIONAL INFORMATION
YEAR ENDED DECEMBER 31, 1994
ITEM 30a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
Description of Current
Issuer Investment Cost Value
------ -------------- ---- -------
Tandy Corporation Common Stock $8,016,214 $11,839,350
----------- -----------
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SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Administrative Committee has duly caused this
report to be signed by the undersigned hereunto duly
authorized.
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
by /s/ M. Moad
--------------
M. Moad
Administrative Committee Member
by /s/ D. Johnson
-----------------
D. Johnson
Administrative Committee Member
Date May 25, 1995
_______________
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Index to Exhibits
Exhibit Description Page
Number of Exhibit Number
------ ----------- ------
23 Consent of 14
Independent
Accountant
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EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANT
---------------------------------
I consent to the incorporation of my report dated December
31, 1994, accompanying the financial statements included in
this annual report on Form 11-K, in the prospectus forming
part of Tandy Corporation's registration statement on Form
S-8 for its Tandy Employees Supplemental Stock Program.
/s/ Curtis B. Morrison, CPA
-----------------------------
CURTIS B. MORRISON, CPA
Fort Worth, Texas
March 28, 1995
