TANDY CORP /DE/

CIK:0000096289|SEC Filings

Consolidated Statements Of Income (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net sales and operating revenues	$ 3,434.3	$ 3,831.3	$ 4,032.1
Cost of products sold (includes depreciation amounts of $9.0 million, $8.4 million, and $7.5 million, respectively)	2,262.1	2,360.9	2,309.7
Gross profit	1,172.2	1,470.4	1,722.4
Operating expenses:
Selling, general and administrative	1,407.4	1,419.8	1,474.7
Depreciation and amortization	61.4	65.9	70.6
Impairment of long-lived assets and goodwill	47.4	21.4	3.1
Total operating expenses	1,516.2	1,495.4	1,548.4
Operating (loss) income	(344.0)	(25.0)	174.0
Interest income	2.2	1.9	3.1
Interest expense	(52.3)	(54.5)	(46.8)
Other loss	(10.9)	(0.6)	(4.1)
(Loss) income from continuing operations before income taxes	(405.0)	(78.2)	126.2
Income tax (benefit) expense	(13.0)	32.6	47.5
(Loss) income from continuing operations	(392.0)	(110.8)	78.7
Discontinued operations, net of income taxes	(8.2)	(28.6)	(6.5)
Net (loss) income	(400.2)	(139.4)	72.2
Basic net (loss) income per share:
(Loss) income per share from continuing operations	$ (3.89)	$ (1.11)	$ 0.77
Loss per share from discontinued operations	$ (0.08)	$ (0.28)	$ (0.07)
Net (loss) income per share	$ (3.97)	$ (1.39)	$ 0.70
Diluted net (loss) income per share:
(Loss) income per share from continuing operations	$ (3.89)	$ (1.11)	$ 0.76
Loss per share from discontinued operations	$ (0.08)	$ (0.28)	$ (0.06)
Net (loss) income per share	$ (3.97)	$ (1.39)	$ 0.70
Shares used in computing net (loss) income per share:
Basic	100.7	100.1	102.5
Diluted	100.7	100.1	103.3
Sales [Member]
% of Revenues	100.00%	100.00%	100.00%
Net Sales and Operating Revenues [Member] \| Sales [Member]
% of Revenues	100.00%	100.00%	100.00%
Cost of Products Sold [Member] \| Sales [Member]
% of Revenues	65.90%	61.60%	57.30%
Gross Profit [Member] \| Sales [Member]
% of Revenues	34.10%	38.40%	42.70%
Selling, General and Administrative [Member] \| Sales [Member]
% of Revenues	41.00%	37.10%	36.60%
Depreciation and Amortization [Member] \| Sales [Member]
% of Revenues	1.80%	1.70%	1.70%
Impairment of Long-Lived Assets and Goodwill [Member] \| Sales [Member]
% of Revenues	1.40%	0.30%	0.10%
Total Operating Expenses [Member] \| Sales [Member]
% of Revenues	44.20%	39.10%	38.40%
Operating Income (Loss) [Member] \| Sales [Member]
% of Revenues	(10.10%)	(0.70%)	4.30%
Interest Income [Member] \| Sales [Member]
% of Revenues	0.10%	0.10%	0.10%
Interest Expense [Member] \| Sales [Member]
% of Revenues	(1.50%)	(1.40%)	(1.20%)
Other Loss [Member] \| Sales [Member]
% of Revenues	(0.30%)		(0.10%)
Income (Loss) from Continuing Operations Before Income Taxes [Member] \| Sales [Member]
% of Revenues	(11.80%)	(2.00%)	3.10%
Income Tax Expense (Benefit) [Member] \| Sales [Member]
% of Revenues	(0.40%)	0.90%	1.20%
Income (Loss) from Continuing Operations [Member] \| Sales [Member]
% of Revenues	(11.40%)	(2.90%)	1.90%
Continuing Operations [Member]
Operating expenses:
Impairment of long-lived assets and goodwill	$ 47.4	$ 9.7	$ 3.1

Supplemental Guarantor Financial Information (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 35.8	$ (43.0)	$ 217.9
Additions to property, plant and equipment	(42.3)	(67.8)	(82.1)
Proceeds from sale of property, plant and equipment	6.5
Changes in restricted cash	(39.5)	(26.5)
Other investing activities	(2.9)	0.1	2.0
Net cash (used in) provided by investing activities	(78.2)	(94.2)	(80.1)
Net proceeds from issuance of long-term debt	289.2	175.0	322.5
Payments of debt issuance costs	(32.5)	(7.3)	(7.1)
Principal amount of long-term debt repayments	(461.9)	(88.1)	(306.8)
Payments of dividends		(24.9)	(49.6)
Changes in cash overdrafts	(108.3)	26.5	32.8
Purchases of treasury stock			(113.3)
Proceeds from exercise of stock options			6.0
Change in intercompany receivable/payable	0		0
Net cash provided by (used in) financing activities	(313.5)	81.2	(115.5)
Net (decrease) increase in cash and cash	(355.9)	(56.0)	22.3
Cash and cash equivalents, beginning of period	535.7	591.7	569.4
Cash and cash equivalents, end of period	179.8	535.7	591.7
RadioShack Corporation [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(142.9)	(65.9)	95.2
Additions to property, plant and equipment	(40.2)	(58.7)	(64.2)
Proceeds from sale of property, plant and equipment	6.5
Changes in restricted cash	(39.5)	(26.5)
Other investing activities	(2.9)	0.1	2.0
Return of capital from subsidiary	6.0
Net cash (used in) provided by investing activities	(70.1)	(85.1)	(62.2)
Net proceeds from issuance of long-term debt	289.2	175.0	322.5
Payments of debt issuance costs	(32.5)	(7.3)	(7.1)
Principal amount of long-term debt repayments	(461.9)	(88.1)	(306.8)
Payments of dividends		(24.9)	(49.6)
Changes in cash overdrafts	(108.3)	26.5	32.8
Purchases of treasury stock			(113.3)
Proceeds from exercise of stock options			6.0
Change in intercompany receivable/payable	479.5	0.1	127.4
Net cash provided by (used in) financing activities	166.0	81.3	11.9
Net (decrease) increase in cash and cash	(47.0)	(69.7)	44.9
Cash and cash equivalents, beginning of period	84.9	154.6	109.7
Cash and cash equivalents, end of period	37.9	84.9	154.6
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	176.6	27.9	134.0
Additions to property, plant and equipment		(1.4)	(14.8)
Other investing activities	(2.9)
Return of capital from subsidiary	6.0
Net cash (used in) provided by investing activities	3.1	(1.4)	(14.8)
Payment of capital distribution	(6.0)
Capital contribution	2.9
Change in intercompany receivable/payable	(485.9)	(0.9)	(141.7)
Net cash provided by (used in) financing activities	(489.0)	(0.9)	(141.7)
Net (decrease) increase in cash and cash	(309.3)	25.6	(22.5)
Cash and cash equivalents, beginning of period	430.5	404.9	427.4
Cash and cash equivalents, end of period	121.2	430.5	404.9
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	3.8	(2.9)	(9.8)
Additions to property, plant and equipment	(2.1)	(7.7)	(3.1)
Other investing activities	(2.9)
Net cash (used in) provided by investing activities	(5.0)	(7.7)	(3.1)
Payments of dividends	(1.7)	(2.1)	(1.5)
Payment of capital distribution	(6.0)
Capital contribution	2.9
Change in intercompany receivable/payable	6.4	0.8	14.3
Net cash provided by (used in) financing activities	1.6	(1.3)	12.8
Net (decrease) increase in cash and cash	0.4	(11.9)	(0.1)
Cash and cash equivalents, beginning of period	20.3	32.2	32.3
Cash and cash equivalents, end of period	20.7	20.3	32.2
Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(1.7)	(2.1)	(1.5)
Other investing activities	5.8
Return of capital from subsidiary	(12.0)
Net cash (used in) provided by investing activities	(6.2)
Payments of dividends	1.7	2.1	1.5
Payment of capital distribution	12.0
Capital contribution	(5.8)
Net cash provided by (used in) financing activities	$ 7.9	$ 2.1	$ 1.5

Supplemental Balance Sheet Discloures

12 Months Ended

Dec. 31, 2013

Supplemental Balance Sheet Disclosures [Abstract]

Supplemental Balance Sheet Disclosures

NOTE 3 – SUPPLEMENTAL BALANCE SHEET DISCLOSURES

Accounts and Notes Receivable, Net: As of December 31, 2013 and 2012, we had the following accounts and notes receivable outstanding in the accompanying Consolidated Balance Sheets:



	December 31,
(In millions)	2013		2012
Receivables from vendors
and service providers, net	$	144.2	$	315.3
Trade accounts receivable		37.0		49.9
Income tax receivable		9.8		64.4
Other receivables		22.3		24.1
Allowance for doubtful accounts		(1.4)		(1.2)
Accounts and notes receivable, net	$	211.9	$	452.5

Receivables from vendors and service providers relate to earned wireless activation commissions, rebates, residual income, promotions, marketing development funds and other payments from our third-party service providers and product vendors, after taking into account estimates for service providers’ customer deactivations and non-activations, which are factors in determining the amount of wireless activation commissions and residual income earned. The decrease in our receivables from vendors and service providers in 2013 was driven by the decrease in our postpaid wireless business and the timing of payments received from our service providers.

The change in the allowance for doubtful accounts is as follows:



	December 31,
(In millions)	2013		2012		2011
Beginning of year	$	1.2	$	1.4	$	1.4
Provision for bad debts
included in selling,
general and
administrative expense		0.2		0.1		0.1
Uncollected receivables
written off, net		--		(0.3)		(0.1)
End of year	$	1.4	$	1.2	$	1.4

Other Current Assets, Net:



	December 31,
(In millions)	2013		2012
Restricted cash	$	66.0	$	26.5
Prepaid rent		22.5		1.3
Deferred income taxes		--		23.9
Other		50.5		33.7
Total other current assets, net	$	139.0	$	85.4

The increase in restricted cash in 2013 was required in connection with the closing of our asset-based revolving credit facility that expires in December 2018. Since December 31, 2013, substantially all of these letters of credit have either expired or have been issued under our asset-based revolving credit facility.

Property, Plant and Equipment, Net:



	December 31,
(In millions)	2013		2012
Land	$	2.4	$	2.5
Buildings		61.4		62.9
Furniture, fixtures, equipment
and software		672.5		685.9
Leasehold improvements		349.8		355.7
Total PP&E		1,086.1		1,107.0
Less accumulated depreciation
and amortization		(898.9)		(868.0)
Property, plant and equipment, net	$	187.2	$	239.0

Other Assets, Net:



	December 31,
(In millions)	2013		2012
Deferred credit facility fees	$	21.6	$	1.7
Notes receivable		10.4		12.2
Deferred debt issuance costs		8.8		10.0
Other		17.5		17.7
Total other assets, net	$	58.3	$	41.6

Accrued Expenses and Other Current Liabilities:



	December 31,
(In millions)	2013		2012
Insurance	$	62.5	$	58.7
Sales and payroll taxes		28.3		41.6
Payroll and bonuses		28.1		49.5
Gift card deferred revenue		23.4		21.9
Advertising		5.7		21.6
Other		59.1		70.6
Total accrued expenses and
other current liabilities	$	207.1	$	263.9

Other Non-Current Liabilities:



	December 31,
(In millions)	2013		2012
Liability for unrecognized tax benefits	$	122.8	$	135.8
Deferred compensation		23.5		27.0
Deferred rent		22.9		24.7
Deferred income taxes		--		21.2
Other		18.0		14.5
Total other non-current liabilities	$	187.2	$	223.2