RSH disclosures in the notes and the statements are minimal. Some companies choose to make most of their disclosures in the 10-K and then minimal disclosures in the quarterlies. RSH seems to have chosen that path. Rent is not even a separate item on the income statement. This suggests management prefers to keep information close to the vest, like trade secrets. This is understandable in a competitive environment but can be frustrating to investors.
RADIOSHACK CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
(In millions, except share amounts)
| |
March 31,
2012
| | |
December 31,
2011
| | |
March 31,
2011
| |
Assets
| | | | | | | | | |
Current assets:
| | | | | | | | | |
Cash and cash equivalents
| | $ | 566.4 | | | $ | 591.7 | | | $ | 326.2 | |
Accounts and notes receivable, net
| | | 236.6 | | | | 360.6 | | | | 249.3 | |
Inventories
| | | 730.2 | | | | 744.4 | | | | 737.9 | |
Other current assets (See Note 4)
| | | 131.3 | | | | 116.1 | | | | 102.4 | |
Total current assets
| | | 1,664.5 | | | | 1,812.8 | | | | 1,415.8 | | | | | | | | | | | | | | | |
Property, plant and equipment, net
| | | 260.5 | | | | 270.2 | | | | 267.4 | |
Goodwill
| | | 40.3 | | | | 37.0 | | | | 42.7 | |
Other assets, net
| | | 52.7 | | | | 55.1 | | | | 81.5 | |
Total assets
| | $ | 2,018.0 | | | $ | 2,175.1 | | | $ | 1,807.4 | | | | | | | | | | | | | | | |
Liabilities and Stockholders’ Equity
| | | | | | | | | | | | |
Current liabilities:
| | | | | | | | | | | | |
Accounts payable
| | $ | 252.6 | | | $ | 348.2 | | | $ | 221.9 | |
Accrued expenses and other current liabilities
| | | 264.3 | | | | 315.4 | | | | 278.9 | |
Total current liabilities
| | | 516.9 | | | | 663.6 | | | | 500.8 | | | | | | | | | | | | | | | |
Long-term debt
| | | 674.9 | | | | 670.6 | | | | 335.7 | |
Other non-current liabilities
| | | 86.5 | | | | 87.6 | | | | 89.0 | |
Total liabilities
| | | 1,278.3 | | | | 1,421.8 | | | | 925.5 | | | | | | | | | | | | | | | |
Commitments and contingencies
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity:
| | | | | | | | | | | | |
Preferred stock, no par value, 1,000,000
shares authorized:
| | | | | | | | | | | | |
Series A junior participating, 300,000 shares designated and none issued
| | | -- | | | | -- | | | | -- | |
Common stock, $1 par value, 650,000,000 shares authorized;
146,033,000 shares issued
| | | 146.0 | | | | 146.0 | | | | 146.0 | |
Additional paid-in capital
| | | 134.6 | | | | 137.1 | | | | 142.9 | |
Retained earnings
| | | 1,504.7 | | | | 1,525.1 | | | | 1,537.6 | |
Treasury stock, at cost; 46,605,000, 46,715,000,
and 39,997,000 shares, respectively
| | | (1,039.3 | ) | | | (1,043.0 | ) | | | (942.3 | ) |
Accumulated other comprehensive loss
| | | (6.3 | ) | | | (11.9 | ) | | | (2.3 | ) |
Total stockholders’ equity
| | | 739.7 | | | | 753.3 | | | | 881.9 | |
Total liabilities and stockholders’ equity
| | $ | 2,018.0 | | | $ | 2,175.1 | | | $ | 1,807.4 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
RADIOSHACK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)
| | |
Three Months Ended
| | | | |
March 31,
| |
(In millions)
| |
2012
| | |
2011
| |
Cash flows from operating activities:
| | | | | | |
Net (loss) income
| | $ | (8.0 | ) | | $ | 35.1 | |
Adjustments to reconcile net (loss) income to net cash
| | | | | | | | |
provided by operating activities:
| | | | | | | | |
Depreciation and amortization
| | | 20.9 | | | | 20.2 | |
Amortization of discounts on long-term debt
| | | 4.3 | | | | 3.9 | |
Impairment of long-lived assets
| | | 0.5 | | | | 0.4 | |
Stock-based compensation
| | | 1.9 | | | | 1.3 | |
Other non-cash items
| | | 2.2 | | | | 1.1 | |
Changes in operating assets and liabilities:
| | | | | | | | |
Accounts and notes receivable
| | | 124.8 | | | | 132.0 | |
Inventories
| | | 16.8 | | | | (3.9 | ) |
Other current assets
| | | 13.4 | | | | 7.4 | |
Accounts payable
| | | (75.5 | ) | | | (79.1 | ) |
Accrued expenses and other
| | | (52.8 | ) | | | (57.6 | ) |
Net cash provided by operating activities
| | | 48.5 | | | | 60.8 | | | | | | | | | | | |
Cash flows from investing activities:
| | | | | | | | |
Additions to property, plant and equipment
| | | (11.2 | ) | | | (14.5 | ) |
Changes in restricted cash (See Note 4)
| | | (28.0 | ) | | | -- | |
Net cash used in investing activities
| | | (39.2 | ) | | | (14.5 | ) | | | | | | | | | | |
Cash flows from financing activities:
| | | | | | | | |
Payments of dividends
| | | (12.4 | ) | | | -- | |
Changes in cash overdrafts
| | | (22.2 | ) | | | 16.7 | |
Repayments of borrowings
| | | -- | | | | (306.8 | ) |
Proceeds from exercise of stock options
| | | -- | | | | 0.6 | |
Net cash used in financing activities
| | | (34.6 | ) | | | (289.5 | ) | | | | | | | | | | |
Net decrease in cash and cash equivalents
| | | (25.3 | ) | | | (243.2 | ) |
Cash and cash equivalents, beginning of period
| | | 591.7 | | | | 569.4 | |
Cash and cash equivalents, end of period
| | $ | 566.4 | | | $ | 326.2 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statements of Comprehensive Income (unaudited)
| | |
Three Months Ended
| | | | |
March 31,
| |
(In millions, except per share amounts)
| |
2012
| | |
2011
| |
Net sales and operating revenues
| | $ | 1,008.3 | | | $ | 1,017.4 | |
Cost of products sold (includes depreciation amounts of
$2.0 million and $1.7 million, respectively)
| | | 613.8 | | | | 563.0 | |
Gross profit
| | | 394.5 | | | | 454.4 | | | | | | | | | | | |
Operating expenses:
| | | | | | | | |
Selling, general and administrative
| | | 373.3 | | | | 370.6 | |
Depreciation and amortization
| | | 18.9 | | | | 18.3 | |
Impairment of long-lived assets
| | | 0.5 | | | | 0.4 | |
Total operating expenses
| | | 392.7 | | | | 389.3 | | | | | | | | | | | |
Operating income
| | | 1.8 | | | | 65.1 | | | | | | | | | | | |
Interest income
| | | 0.5 | | | | 0.3 | |
Interest expense
| | | (13.1 | ) | | | (9.7 | ) |
Other loss
| | | -- | | | | (4.1 | ) | | | | | | | | | | |
(Loss) income from continuing operations before income taxes
| | | (10.8 | ) | | | 51.6 | |
Income tax (benefit) expense
| | | (2.8 | ) | | | 20.2 | | | | | | | | | | | |
(Loss) income from continuing operations
| | | (8.0 | ) | | | 31.4 | |
Discontinued operations, net of income taxes
| | | -- | | | | 3.7 | | | | | | | | | | | |
Net (loss) income
| | $ | (8.0 | ) | | $ | 35.1 | | | | | | | | | | | |
Basic net (loss) income per share:
| | | | | | | | |
(Loss) income per share from continuing operations
| | $ | (0.08 | ) | | $ | 0.30 | |
Income per share from discontinued operations
| | | -- | | | | 0.03 | |
Net (loss) income per share (basic)
| | $ | (0.08 | ) | | $ | 0.33 | | | | | | | | | | | |
Diluted net (loss) income per share:
| | | | | | | | |
(Loss) income per share from continuing operations
| | $ | (0.08 | ) | | $ | 0.30 | |
Income per share from discontinued operations
| | | -- | | | | 0.03 | |
Net (loss) income per share (diluted)
| | $ | (0.08 | ) | | $ | 0.33 | | | | | | | | | | | |
Comprehensive (loss) income
| | $ | (2.4 | ) | | $ | 37.1 | | | | | | | | | | | |
Shares used in computing net (loss) income
per share:
| | | | | | | | | | | | | | | | | | |
Basic
| | | 99.8 | | | | 106.2 | | | | | | | | | | | |
Diluted
| | | 99.8 | | | | 107.4 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Notes and the rest of the 10-Q are at the link below.
edgar.sec.gov |
