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Previous: SYNALLOY CORP, 10-Q, 1999-08-06 |
Next: TANDY CORP /DE/, 424B3, 1999-08-06 |
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
July 22, 1999 (Date of earliest event reported)
August 6, 1999 (Date of Report)
TANDY CORPORATION
(Exact name of registrant as specified in charter)
Delaware 1-5571 75-1047710
(State or other Commission (IRS Employer
Jurisdiction of File Number Identification No.)
Incorporation)
100 Throckmorton Street Suite 1800, Fort Worth, Texas 76102
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (817) 415-3700
Item 5. OTHER EVENTS
Tandy Corporation, on July 22, 1999, released the following historical
unaudited financial information for three and six months ending June 30, 1999:
The table below reflects Tandy's results of operations excluding the
divested retail groups and the adjustment to restricted stock expense for the
periods indicated. See the Company's Consolidated Statements of Income and
Consolidated Balance Sheets included in this news release for historical
information.
<TABLE>
<CAPTION>
Three Months Ended June 30 Six Months Ended June 30
----------------------------------- ------------------------------------
(in millions, except percents) 1999 1998 % Inc.(Dec.) 1999 1998 % Inc.(Dec.)
----------- ----------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Sales $887 $762 16% $1,777 $1,540 15%
Gross Margin 467 412 918 820
Selling General &
Administrative Costs 340 305 680 614
Depreciation/Amortization 21 20 42 40
Operating Income 106 87 22% 196 166 18%
Adjusted Net Income 61 48 27% 114 91 25%
Adjusted Earnings Per Share 0.30 0.22 36% 0.55 0.42 31%
Diluted Average Shares 204.7 212.7 204.5 213.2
</TABLE>
Average shares outstanding and earnings per share have been adjusted to
reflect the two-for-one stock split which was distributed to stockholders on
June 21, 1999.
<TABLE>
TANDY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(In millions, except per share amounts)
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------------------- --------------------------------
1999 1998 1999 1998
------------------ ------------------ --------------- --------------
<S> <C> <C> <C> <C>
Net sales and operating revenues $ 886.7 $ 1,192.8 $ 1,776.9 $ 2,451.1
Cost of products sold 418.7 727.1 858.2 1,511.1
------------------ ------------------ --------------- --------------
Gross profit 468.0 465.7 918.7 940.0
------------------ ------------------ --------------- --------------
Expenses (income):
Selling, general and administrative 340.7 388.4 680.1 768.0
Depreciation and amortization 21.3 26.5 42.3 52.3
Interest income (4.6) (1.5) (9.1) (3.2)
Interest expense 9.6 11.8 17.9 22.1
Restricted stock awards - - (5.1)
Provision for loss on sale of Computer City - 73.2 - 73.2
------------------ ------------------ --------------- --------------
367.0 498.4 726.1 912.4
------------------ ------------------ --------------- --------------
Income (loss) before income taxes 101.0 (32.7) 192.6 27.6
Provision/(benefit) for income taxes 39.4 (12.6) 75.1 10.6
------------------ ------------------ --------------- --------------
Net income (loss) 61.6 (20.1) 117.5 17.0
Preferred dividends 1.4 1.4 2.8 2.9
================== ================== =============== ==============
Net income (loss) available to common shareholders $ 60.2 (21.5) 114.7 14.1
================== ================== =============== ==============
Net income (loss) per average common share*:
Basic $ 0.31 $ (0.11) $ 0.59 $ 0.07
================== ================== =============== ==============
Diluted $ 0.30 $ (0.11) $ 0.56 $ 0.07
================== ================== =============== ==============
Shares used in computing earnings per common share*:
Basic 194.0 202.0 194.3 202.8
================== ================== =============== ==============
Diluted 204.7 202.0 204.5 206.4
================== ================== =============== ==============
Dividends declared per common share* $ 0.05 $ 0.05 $ 0.10 $ 0.10
================== ================== =============== ==============
</TABLE>
* Prior periods have been adjusted to reflect the two-for-one stock split, which
was distributed on June 21, 1999.
<TABLE>
TANDY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(In millions, except per share amounts)
<CAPTION>
June 30, Dec. 31, June 30,
1999 1998 1998
--------------------- ----------------------- -----------------------------
<S> <C> <C> <C>
Cash and cash equivalents $ 43.7 $ 64.5 $ 61.9
Accounts receivable, net 204.6 215.2 231.6
Inventories 855.9 912.1 1,187.3
Other current assets 96.4 106.8 132.7
--------------------- ------------------------------ ----------------------
Total current assets 1,200.6 1,298.6 1,613.5
Property, plant and equipment, at cost,
less accumulated depreciation 433.3 433.8 526.0
Other assets, net of accumulated amortization 292.7 261.2 81.8
--------------------- ------------------------------ ---------------------
Total assets $1,926.6 $ 1,993.6 $ 2,221.3
===================== ============================== =====================
Short-term debt $ 238.6 $ 233.2 $ 313.2
Accounts payable 161.3 206.4 309.9
Accrued expenses 236.4 334.4 301.5
Income taxes payable 104.8 105.5 10.7
--------------------- ------------------------------ ---------------------
Total current liabilities 741.1 879.5 935.3
Long-term debt, excluding current maturities 260.4 235.1 270.3
Other non-current liabilities 36.8 27.5 50.9
--------------------- ------------------------------ ---------------------
Total other liabilities 297.2 262.6 321.2
Common stock put options 27.4 3.3 -
Total stockholders' equity 860.9 848.2 964.8
--------------------- ------------------------------ ---------------------
Total liabilities and stockholders' equity $ 1,926.6 $ 1,993.6 $ 2,221.3
===================== ============================== =====================
</TABLE>
SIGNATURE
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 this 6th day of August, 1999.
TANDY CORPORATION
(Registrant)
Date August 6, 1999
--------------------------------------------
Mark C. Hill
Senior Vice President, Corporate Secretary
and General Counsel
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