Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
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In re RADIOSHACK CORP., et al. | | : | | Case No, 15-10197 (BLS) |
Debtors. | | | | |
MONTHLY OPERATING REPORT
RADIOSHACK CORPORATION, ET AL.
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | | |
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SCHEDULES | | |
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I do declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
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Signature of Debtor | | | | Date |
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Signature of Joint Debtor | | | | Date |
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Signature of Authorized Individual* | | | | Date |
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| | | | Vice President – Corporate Controller |
Printed Name of Authorized Individual | | | | Title of Authorized Individual |
* | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Balance Sheets (unaudited)
*includes Mexico and Asia
(In millions) | | May 2, 2015 | |
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Assets | | | |
Current assets: | | | |
Cash and cash equivalent | | $ | 54.3 | |
Accounts and notes receivable, net | | | 90.3 | |
Inventories | | | 35.8 | |
Other current assets | | | 67.5 | |
Total current assets | | | 247.9 | |
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Property, plant and equipment, net | | | 72.2 | |
Other assets, net | | | 23.7 | |
Total assets | | $ | 343.8 | |
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Liabilities and Stockholders' Deficit | | | | |
Current liabilities: | | | | |
Current maturities of long-term debt | | $ | - | |
Accounts payable | | | 22.0 | |
Accrued expenses and other current liabilities | | | 18.9 | |
Total current liabilities | | | 40.9 | |
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Long-term debt, excluding current maturities | | | - | |
Other non-current liabilities | | | - | |
Total liabilities not subject to compromise | | | 40.9 | |
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Liabilities subject to compromise (note) | | | 896.1 | |
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Total liabilities | | | 937.0 | |
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Preferred stock | | | - | |
Common stock | | | 146.0 | |
Additional paid-in capital | | | 150.7 | |
Retained earnings | | | 116.6 | |
Treasury stock, at cost | | | (998.8 | ) |
Accumulated other comprehensive income | | | (7.7 | ) |
Total stockholders' deficit | | | (593.2 | ) |
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Total liabilities and stockholders' deficit | | $ | 343.8 | |
Note: Liabilities subject to compromise reflect management’s estimates and may be subject to revision in future reports.
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Statements of Income (unaudited)
*includes Mexico, Asia
| | For the Period | |
| | Ended | |
(In millions) | | May 2, 2015 | |
Net sales and operating revenues | | $ | 54.7 | |
Cost of products sold | | | 66.7 | |
Gross profit | | | (12.0 | ) |
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Operating expenses: | | | | |
Compensation | | | 9.6 | |
Rent & occupancy | | | 7.1 | |
Advertising | | | (0.6 | ) |
Taxes | | | 3.7 | |
Utilities | | | 2.9 | |
Insurance | | | 4.4 | |
Credit card fees | | | 0.4 | |
Professional fees | | | 3.1 | |
Repairs/maintenance | | | 0.7 | |
Store support | | | 0.1 | |
Licenses | | | 1.3 | |
Postage & copy & office | | | 0.2 | |
Other SG&A | | | (3.6 | ) |
Other outside (inc)/exp | | | (11.2 | ) |
Selling, general & administrative expenses | | | 18.1 | |
Depreciation and amortization | | | 2.4 | |
Impairment of long-lived assets | | | - | |
Total operating expenses | | | 20.5 | |
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Operating loss | | | (32.5 | ) |
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Interest expense, net | | | (0.1 | ) |
Other loss, net | | | (63.9 | ) |
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Loss before income taxes | | | (96.5 | ) |
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Income tax expense | | | 0.1 | |
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Net loss | | $ | (96.6 | ) |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Statements of Cash Flows (unaudited)
*includes Mexico, Asia
| | For the Period | |
| | Ended | |
(In millions) | | May 2, 2015 | |
Cash flows from operating activities: | | | |
Net cash provided by operating activities | | $ | 65.9 | |
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Cash flows from investing activities: | | | | |
Capital expenditures | | | - | |
Proceeds from sale of assets | | | 17.8 | |
Changes in restricted cash | | | (18.2 | ) |
| | | (0.4 | ) |
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Cash flows used by financing activities: | | | | |
Repayments of long-term debt | | | (48.2 | ) |
Changes in cash overdrafts | | | (7.9 | ) |
| | | (56.1 | ) |
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Net increase in cash and cash equivalents | | | 9.4 | |
Cash and cash equivalents, beginning of period | | | 44.9 | |
Cash and cash equivalents, end of period | | $ | 54.3 | |
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RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions)
| | | | | | | | | | | May 2, 2015 | | | | | | | | | | |
| | RadioShack Corporation | | | Tandy Finance Corporation | | | Merchandising Support Services, Inc. | | | Ignition L.P. | | | ITC Services, Inc. | | | TRS Quality, Inc. | | | RS Ig Holdings Incorporated | |
Assets | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalent | | $ | 44.4 | | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accounts and notes receivable, net | | | 87.1 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Inventories | | | 17.5 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other current assets | | | 59.5 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total current assets | | | 208.5 | | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | |
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Property, plant and equipment, net | | | 66.1 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Intercompany receivables and investments | | | 424.9 | | | | 1,717.4 | | | | 29.7 | | | | 260.9 | | | | - | | | | 39.2 | | | | - | |
Other assets, net | | | 21.7 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total assets | | $ | 721.2 | | | | 1,717.5 | | | | 29.7 | | | | 260.9 | | | | - | | | | 39.2 | | | | - | |
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Liabilities and Stockholders' (Deficit) Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accounts payable | | | 7.8 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accrued expenses and other current liabilities | | | 10.4 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total current liabilities | | | 18.2 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
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Long-term debt, excluding current maturities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other non-current liabilities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total liabilities not subject to compromise | | | 18.2 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
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Liabilities subject to compromise (note) | | | 3,148.5 | | | | 29.2 | | | | 0.1 | | | | 64.1 | | | | 5.3 | | | | 0.5 | | | | 1.3 | |
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Total liabilities | | | 3,166.7 | | | | 29.2 | | | | 0.1 | | | | 64.1 | | | | 5.3 | | | | 0.5 | | | | 1.3 | |
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Preferred stock | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Common stock | | | 146.0 | | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | |
Additional paid-in capital | | | 150.9 | | | | 182.8 | | | | 29.7 | | | | 0.6 | | | | 11.7 | | | | - | | | | 0.2 | |
Retained earnings | | | (1,744.6 | ) | | | 1,505.4 | | | | (0.1 | ) | | | 196.2 | | | | (17.0 | ) | | | 38.7 | | | | (1.5 | ) |
Treasury stock, at cost | | | (998.8 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accumulated other comprehensive income | | | 1.0 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total stockholders' (deficit) equity | | | (2,445.5 | ) | | | 1,688.3 | | | | 29.6 | | | | 196.8 | | | | (5.3 | ) | | | 38.7 | | | | (1.3 | ) |
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Total liabilities and stockholders' (deficit) equity | | $ | 721.2 | | | | 1,717.5 | | | | 29.7 | | | | 260.9 | | | | - | | | | 39.2 | | | | - | |
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions) – continued
| | | | | | | | | | | May 2, 2015 | | | | | | | | | | |
| | RadioShack Global Sourcing Limited Partnership | | | RadioShack Global Sourcing Corporation | | | Tandy Holdings, Inc. | | | RadioShack Global Sourcing, Inc. | | | Atlantic Retail Ventures, Inc. | | | Tandy International Corporation | | | SCK, Inc. | |
Assets | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalent | | $ | - | | | | 0.1 | | | | - | | | | 0.6 | | | | - | | | | - | | | | - | |
Accounts and notes receivable, net | | | (0.6 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | 1.1 | |
Inventories | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other current assets | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.1 | |
Total current assets | | | (0.6 | ) | | | 0.1 | | | | - | | | | 0.6 | | | | - | | | | - | | | | 1.2 | |
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Property, plant and equipment, net | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Intercompany receivables and investments | | | 130.6 | | | | 11.5 | | | | 28.6 | | | | 0.2 | | | | 0.3 | | | | 67.9 | | | | 2.4 | |
Other assets, net | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total assets | | $ | 130.0 | | | | 11.6 | | | | 28.6 | | | | 0.8 | | | | 0.3 | | | | 67.9 | | | | 3.6 | |
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Liabilities and Stockholders' (Deficit) Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accounts payable | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accrued expenses and other current liabilities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total current liabilities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
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Long-term debt, excluding current maturities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other non-current liabilities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total liabilities not subject to compromise | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
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Liabilities subject to compromise | | | 23.8 | | | | 4.8 | | | | - | | | | 0.2 | | | | - | | | | 71.3 | | | | 29.5 | |
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Total liabilities | | | 23.8 | | | | 4.8 | | | | - | | | | 0.2 | | | | - | | | | 71.3 | | | | 29.5 | |
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Preferred stock | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Common stock | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Additional paid-in capital | | | 26.4 | | | | - | | | | 3.8 | | | | - | | | | - | | | | - | | | | - | |
Retained earnings | | | 79.8 | | | | 6.8 | | | | 24.8 | | | | 0.6 | | | | 0.3 | | | | (3.4 | ) | | | (25.9 | ) |
Treasury stock, at cost | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Accumulated other comprehensive income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total stockholders' (deficit) equity | | | 106.2 | | | | 6.8 | | | | 28.6 | | | | 0.6 | | | | 0.3 | | | | (3.4 | ) | | | (25.9 | ) |
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Total liabilities and stockholders' (deficit) equity | | $ | 130.0 | | | | 11.6 | | | | 28.6 | | | | 0.8 | | | | 0.3 | | | | 67.9 | | | | 3.6 | |
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions) – continued
| | | | | | | | May 2, 2015 | | | | | | | |
| | TE Electronics LP | | | RadioShack Customer Service LLC | | | Trade and Save LLC | | | RS Ignite LLC | | | Total Debtors* | |
Assets | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | |
Cash and cash equivalent | | $ | - | | | | - | | | | - | | | | - | | | $ | 45.2 | |
Accounts and notes receivable, net | | | - | | | | - | | | | - | | | | - | | | | 87.6 | |
Inventories | | | - | | | | - | | | | - | | | | - | | | | 17.5 | |
Other current assets | | | 0.5 | | | | - | | | | - | | | | - | | | | 60.1 | |
Total current assets | | | 0.5 | | | | - | | | | - | | | | - | | | | 210.4 | |
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Property, plant and equipment, net | | | 0.1 | | | | - | | | | - | | | | - | | | | 66.2 | |
Intercompany receivables and investments | | | 96.8 | | | | 48.1 | | | | - | | | | - | | | | 2,858.5 | |
Other assets, net | | | - | | | | - | | | | - | | | | - | | | | 21.7 | |
Total assets | | $ | 97.4 | | | | 48.1 | | | | - | | | | - | | | $ | 3,156.8 | |
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Liabilities and Stockholders' (Deficit) Equity | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | - | | | | - | | | | - | | | | - | | | $ | - | |
Accounts payable | | | - | | | | - | | | | - | | | | - | | | | 7.8 | |
Accrued expenses and other current liabilities | | | 0.1 | | | | - | | | | - | | | | - | | | | 10.5 | |
Total current liabilities | | | 0.1 | | | | - | | | | - | | | | - | | | | 18.3 | |
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Long-term debt, excluding current maturities | | | - | | | | - | | | | - | | | | - | | | | - | |
Other non-current liabilities | | | - | | | | - | | | | - | | | | - | | | | - | |
Total liabilities not subject to compromise | | | 0.1 | | | | - | | | | - | | | | - | | | | 18.3 | |
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Liabilities subject to compromise | | | 1.1 | | | | 17.8 | | | | - | | | | - | | | | 3,397.5 | |
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Total liabilities | | | 1.2 | | | | 17.8 | | | | - | | | | - | | | | 3,415.8 | |
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Preferred stock | | | - | | | | - | | | | - | | | | - | | | | - | |
Common stock | | | - | | | | - | | | | - | | | | - | | | | 146.1 | |
Additional paid-in capital | | | 2.9 | | | | 5.8 | | | | - | | | | - | | | | 414.8 | |
Retained earnings | | | 93.3 | | | | 24.5 | | | | - | | | | - | | | | 177.9 | |
Treasury stock, at cost | | | - | | | | - | | | | - | | | | - | | | | (998.8 | ) |
Accumulated other comprehensive income | | | - | | | | - | | | | - | | | | - | | | | 1.0 | |
Total stockholders' (deficit) equity | | | 96.2 | | | | 30.3 | | | | - | | | | - | | | | (259.0 | ) |
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Total liabilities and stockholders' (deficit) equity | | $ | 97.4 | | | | 48.1 | | | | - | | | | - | | | $ | 3,156.8 | |
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* Does not include eliminations | | | | | | | | | | | | | | | | | | | | |
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions)
| | For the Period Ended May 2, 2015 | |
| | RadioShack Corporation | | | Tandy Finance Corporation | | | Merchandising Support Services, Inc. | | | Ignition L.P. | | | ITC Services, Inc. | | | TRS Quality, Inc. | | | RS Ig Holdings Incorporated | |
Net sales and operating revenues | | $ | 49.0 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Cost of products sold | | | 65.2 | | | | - | | | | - | | | | 0.8 | | | | - | | | | - | | | | - | |
Gross profit | | | (16.2 | ) | | | - | | | | - | | | | (0.8 | ) | | | - | | | | - | | | | - | |
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Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation | | | 8.0 | | | | - | | | | - | | | | 0.3 | | | | - | | | | - | | | | - | |
Rent & occupancy | | | 6.2 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Advertising | | | (0.7 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Taxes | | | 3.5 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Utilities | | | 2.8 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Insurance | | | 4.4 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Credit card fees | | | 0.3 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Professional fees | | | 2.8 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Repairs/maintenance | | | 0.6 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Store support | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Licenses | | | 1.3 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Postage & copy & office | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other SG&A | | | (3.9 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other outside (inc)/exp | | | (10.9 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Selling, general & administrative expenses | | | 14.6 | | | | - | | | | - | | | | 0.3 | | | | - | | | | - | | | | - | |
Depreciation and amortization | | | 2.2 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Impairment of long-lived assets | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total operating expenses | | | 16.8 | | | | - | | | | - | | | | 0.3 | | | | - | | | | - | | | | - | |
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Operating loss | | | (33.0 | ) | | | - | | | | - | | | | (1.1 | ) | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | (0.1 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other loss, net | | | (64.9 | ) | | | 1.1 | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss before income taxes | | | (98.0 | ) | | | 1.1 | | | | - | | | | (1.1 | ) | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | $ | (98.1 | ) | | | 1.1 | | | | - | | | | (1.1 | ) | | | - | | | | - | | | | - | |
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions) – continued
| | For the Period Ended May 2, 2015 | |
| | RadioShack Global Sourcing Limited Partnership | | | RadioShack Global Sourcing Corporation | | | Tandy Holdings, Inc. | | | RadioShack Global Sourcing, Inc. | | | Atlantic Retail Ventures, Inc. | | | Tandy International Corporation | | | SCK, Inc. | |
Net sales and operating revenues | | $ | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.8 | |
Cost of products sold | | | (0.1 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.7 | |
Gross profit | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation | | | - | | | | - | | | | - | | | | 0.1 | | | | - | | | | - | | | | - | |
Rent & occupancy | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Advertising | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Taxes | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Utilities | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Insurance | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Credit card fees | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Professional fees | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.3 | |
Repairs/maintenance | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Store support | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Licenses | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Postage & copy & office | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other SG&A | | | 0.7 | | | | - | | | | - | | | | (0.1 | ) | | | - | | | | - | | | | 0.1 | |
Other outside (inc)/exp | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Selling, general & administrative expenses | | | 0.7 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.4 | |
Depreciation and amortization | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Impairment of long-lived assets | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total operating expenses | | | 0.7 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 0.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating loss | | | (0.6 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (0.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Other loss, net | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss before income taxes | | | (0.6 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (0.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | $ | (0.6 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (0.3 | ) |
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited) – continued
| | For the Period Ended May 2, 2015 | |
| | TE Electronics LP | | | RadioShack Customer Service LLC | | | Trade and Save LLC | | | RS Ignite LLC | | | Total Debtors* | |
Net sales and operating revenues | | $ | 0.1 | | | | - | | | | - | | | | - | | | $ | 49.9 | |
Cost of products sold | | | - | | | | - | | | | - | | | | - | | | | 66.6 | |
Gross profit | | | 0.1 | | | | - | | | | - | | | | - | | | | (16.7 | ) |
| | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Compensation | | | - | | | | - | | | | - | | | | - | | | | 8.4 | |
Rent & occupancy | | | - | | | | - | | | | - | | | | - | | | | 6.2 | |
Advertising | | | - | | | | - | | | | - | | | | - | | | | (0.7 | ) |
Taxes | | | - | | | | - | | | | - | | | | - | | | | 3.5 | |
Utilities | | | - | | | | - | | | | - | | | | - | | | | 2.8 | |
Insurance | | | - | | | | - | | | | - | | | | - | | | | 4.4 | |
Credit card fees | | | - | | | | - | | | | - | | | | - | | | | 0.3 | |
Professional fees | | | - | | | | - | | | | - | | | | - | | | | 3.1 | |
Repairs/maintenance | | | - | | | | - | | | | - | | | | - | | | | 0.6 | |
Store support | | | - | | | | - | | | | - | | | | - | | | | 0.1 | |
Licenses | | | - | | | | - | | | | - | | | | - | | | | 1.3 | |
Postage & copy & office | | | - | | | | - | | | | - | | | | - | | | | 0.1 | |
Other SG&A | | | - | | | | - | | | | - | | | | - | | | | (3.2 | ) |
Other outside (inc)/exp | | | (0.3 | ) | | | - | | | | - | | | | - | | | | (11.2 | ) |
Selling, general & administrative expenses | | | (0.3 | ) | | | - | | | | - | | | | - | | | | 15.7 | |
Depreciation and amortization | | | - | | | | - | | | | - | | | | - | | | | 2.2 | |
Impairment of long-lived assets | | | - | | | | - | | | | - | | | | - | | | | - | |
Total operating expenses | | | (0.3 | ) | | | - | | | | - | | | | - | | | | 17.9 | |
| | | | | | | | | | | | | | | | | | | | |
Operating loss | | | 0.4 | | | | - | | | | - | | | | - | | | | (34.6 | ) |
| | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | - | | | | - | | | | - | | | | - | | | | (0.1 | ) |
Other loss, net | | | - | | | | - | | | | - | | | | - | | | | (63.8 | ) |
| | | | | | | | | | | | | | | | | | | | |
Loss before income taxes | | | 0.4 | | | | - | | | | - | | | | - | | | | (98.5 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income tax expense | | | - | | | | - | | | | - | | | | - | | | | 0.1 | |
| | | | | | | | | | | | | | | | | | | | |
Net loss | | $ | 0.4 | | | | - | | | | - | | | | - | | | $ | (98.6 | ) |
| | | | | | | | | | | | | | | | | | | | |
* Does not include eliminations | | | | | | | | | | | | | | | | | | | | |
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Cash Flows (unaudited, in millions)
| | For the Period Ended May 2, 2015 | |
| | RadioShack Corporation | | | Tandy Finance Corporation | | | Merchandising Support Services, Inc. | | | Ignition L.P. | | | ITC Services, Inc. | | | TRS Quality, Inc. | | | RS Ig Holdings Inc. | |
| | | | | | | | | | | | | | | | | | | | | |
Net cash provided (used) by operating activities | | $ | 69.0 | | | | 1.1 | | | | - | | | | (0.7 | ) | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Proceeds from sale of assets | | | 14.6 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Changes in restricted cash | | | (18.2 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | (3.6 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of long-term debt | | | (48.2 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Changes in cash overdrafts | | | (7.9 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Change in intercompany receivable/payable | | | 1.9 | | | | (1.1 | ) | | | - | | | | 0.7 | | | | - | | | | - | | | | - | |
| | | (54.2 | ) | | | (1.1 | ) | | | - | | | | 0.7 | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | | | 11.2 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Cash and equivalents, beginning of period | | | 33.2 | | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | |
Cash and equivalents, end of period | | $ | 44.4 | | | | 0.1 | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Period Ended May 2, 2015 | |
| | RadioShack Global Sourcing Limited Partnership | | | RadioShack Global Sourcing Corporation | | | Tandy Holdings, Inc. | | | RadioShack Global Sourcing, Inc. | | | Atlantic Retail Ventures, Inc. | | | Tandy Int’l Corp. | | | SCK, Inc. | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided (used) by operating activities | | $ | (1.4 | ) | | | - | | | | - | | | | 0.1 | | | | - | | | | - | | | | 0.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Proceeds from sale of assets | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Changes in restricted cash | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of long-term debt | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Changes in cash overdrafts | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Change in intercompany receivable/payable | | | 1.4 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (0.3 | ) |
| | | 1.4 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (0.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | | | - | | | | - | | | | - | | | | 0.1 | | | | - | | | | - | | | | - | |
Cash and equivalents, beginning of period | | | - | | | | 0.1 | | | | - | | | | 0.5 | | | | - | | | | - | | | | - | |
Cash and equivalents, end of period | | $ | - | | | | 0.1 | | | | - | | | | 0.6 | | | | - | | | | - | | | | - | |
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Cash Flows (unaudited, in millions) – continued
| | For the Period Ended May 2, 2015 | |
| | TE Electronics LP | | | RadioShack Customer Service LLC | | | Trade and Save LLC | | | RS Ignite LLC | | | Total Debtors* | |
| | | | | | | | | | | | | | | |
Net cash provided (used) by operating activities | | $ | 2.5 | | | | - | | | | - | | | | - | | | $ | 70.9 | |
| | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | - | | | | - | | | | - | | | | - | | | | - | |
Proceeds from sale of assets | | | 0.7 | | | | - | | | | - | | | | - | | | | 15.3 | |
Changes in restricted cash | | | - | | | | - | | | | - | | | | - | | | | (18.2 | ) |
| | | 0.7 | | | | - | | | | - | | | | - | | | | (2.9 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by financing activities: | | | | | | | | | | | | | | | | | | | | |
Repayments of long-term debt | | | - | | | | - | | | | - | | | | - | | | | (48.2 | ) |
Changes in cash overdrafts | | | - | | | | - | | | | - | | | | - | | | | (7.9 | ) |
Change in intercompany receivable/payable | | | (3.2 | ) | | | - | | | | - | | | | - | | | | (0.6 | ) |
| | | (3.2 | ) | | | - | | | | - | | | | - | | | | (56.7 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | | | - | | | | - | | | | - | | | | - | | | | 11.3 | |
Cash and equivalents, beginning of period | | | - | | | | - | | | | - | | | | - | | | | 33.9 | |
Cash and equivalents, end of period | | $ | - | | | | - | | | | - | | | | - | | | $ | 45.2 | |
| | | | | | | | | | | | | | | | | | | | |
* Does not include eliminations | | | | | | | | | | | | | | | | | | | | |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements By Filed Legal Entity (unaudited, in millions)
For the Period Ended May 2, 2015 |
| | | | | | | |
Legal Entity | | | Case Number | | Disbursements |
| | | | | | | |
RadioShack Corporation | | | 15-10197 | | | $ 213.0 | |
| | | | | | | |
Tandy Finance Corporation | | | 15-10211 | | | | |
| | | | | | | |
Merchandising Support Services Inc | | | 15-10202 | | | | |
| | | | | | | |
Ignition LP | | | 15-10200 | | | $ 0.1 | |
| | | | | | | |
ITC Services, Inc | | | 15-10201 | | | | |
| | | | | | | |
TRS Quality Inc | | | 15-10217 | | | | |
| | | | | | | |
RS Ig Holdings Inc | | | 15-10208 | | | | |
| | | | | | | |
Radioshack Global Sourcing LP | | | 15-10206 | | | $ 0.3 | |
| | | | | | | |
Radioshack Global Sourcing Corp | | | 15-10204 | | | | |
| | | | | | | |
Tandy Holdings, Inc | | | 15-10212 | | | | |
| | | | | | | |
Radioshack Global Sourcing Inc | | | 15-10207 | | | | |
| | | | | | | |
Atlantic Retail Ventures, Inc | | | 15-10199 | | | | |
| | | | | | | |
Tandy International Corporation | | | 15-10213 | | | | |
| | | | | | | |
SCK Inc | | | 15-10210 | | | $ 0.1 | |
| | | | | | | |
TE Electronics LP | | | 15-10214 | | | $ 0.2 | |
| | | | | | | |
RS Customer Service LLC | | | 15-10203 | | | | |
| | | | | | | |
Trade and Save LLC | | | 15-10215 | | | | |
| | | | | | | |
RS Ignite LLC | | | 15-10209 | | | | |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Schedule of Federal, State and Local Taxes Collected, Received, Due or Withheld (unaudited, in millions)
For the Period Ended May 2, 2015 | |
| | | |
| | | |
| | | |
Payroll Taxes | | | |
Payroll taxes withheld employee | | $ | 4.2 | |
Payroll taxes withheld employer | | | 1.9 | |
Total payroll taxes withheld | | $ | 6.1 | |
Amount of payroll tax remitted to tax authorities (1) (2) | | $ | 9.2 | |
Date(s) remitted to tax authorities | | Various | |
| | | | |
| | | | |
Sales & Use Taxes | | | | |
Sales & use tax collected and incurred | | $ | 2.2 | |
Amount of sales & use tax remitted to tax authorities (3) | | $ | 3.8 | |
Date(s) remitted to tax authorities | | Various | |
| | | | |
| | | | |
Property taxes paid (4) | | $ | 0.6 | |
| | | | |
(1) Excludes Puerto Rico income tax withholding that is not remitted due to a settlement with the Puerto Rico Treasury. | |
(2) Payroll taxes remitted does not equal taxes withheld because of tax entity payment timing requirements and note (1). | |
(3) Tax is remitted one month in arrears of collection month. | | | | |
(4) Payments include pre-petition liabilities. | | | | |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements to Retained Professionals (unaudited, in millions)
For the Period Ended May 2, 2015 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Retained Professionals | | | Approved Amounts | | | Disbursements |
| | | | | | | |
| | | | | | | |
FTI Consulting | Bankruptcy Services | | | | | | $ 2.6 |
| | | | | | | |
Prime Clerk | Claims Noticing Agent | | | | | | $ 0.1 |
| | | | | | | |
Lazard Freras & Co. | Bankruptcy Services | | | | | | $ 2.6 |
| | | | | | | |
Cooley LLP | Legal Services | | | | | | $ 0.4 |
| | | | | | | |
Quinn Emanuel Urquhart & Sullivan, LLP | Legal Services | | | | | | $ 2.2 |
| | | | | | | |
Whiteford, Taylor & Preston LLC | Legal Services | | | | | | $ 0.3 |
| | | | | | | |
Pepper Hamilton LLP | Legal Services | | | | | | $ 0.4 |
| | | | | | | |
| | | | | | | |
* Disbursements represent payments by the Debtors into the professional fee escrow fund maintained by Pepper Hamilton LLP and direct |
payments made to professionals, and do not represent actual remittances made to professionals during the month. | |
| | | | | | | |
* Approved Amounts represent the amounts approved by Court orders. | | | | | | |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Accounts Receivable Aging (unaudited, in millions)
May 2, 2015 |
| | | | | | | |
Accounts Receivable Aging | | | Amount | |
| | | | | | | |
0-30 | | | | | | $ 30.7 | |
| | | | | | | |
30-60 | | | | | | 8.8 | |
| | | | | | | |
60-90 | | | | | | 6.6 | |
| | | | | | | |
91+ | | | | | | 46.1 | |
| | | | | | | |
Total Accounts Receivable | | | | | | 92.2 | |
| | | | | | | |
Amount Considered Uncollectible | | | | | | (1.9) | |
| | | | | | | |
Accounts Receivable, Net | | | | | | $ 90.3 | |
| | | | | | | |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Summary of Unpaid Post-Petition Debts (unaudited, in millions)
| | | | | | | |
May 2, 2015 |
| | | | | | | |
Accounts Payable Aging | | | Amount | |
| | | | | | | |
0-30 | | | | | | $ 5.2 | |
| | | | | | | |
30-60 | | | | | | 2.6 | |
| | | | | | | |
60-90 | | | | | | | |
| | | | | | | |
91+ | | | | | | | |
| | | | | | | |
Total Accounts Payable* | | | | | | $ 7.8 | |
| | | | | | | |
* Represents total post-petition trade accounts payable | | | | |
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Bank Reconciliations (unaudited)
| | | | | | | | | | Bank | | Ledger | | | | Reconciled | |
G/L Acct | | Account Name | | Bank Acct # | | Debtor | | Description | | Balance $ | | Balance $ | | As of Date | | 5/2/2015 |
100700 | | BANK OF TEXAS - CASHIER CHECK | | XXXXX3264 | | RadioShack Corporation | | Disbursement | | - | | - | | 5/2/2015 | | Yes | |
100000 | | PAYCARD | | XXXXXXXXXXXX0015 | | RadioShack Corporation | | Disbursement | | 7,028 | | 7,028 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERICA | | XXXXXX8593 | | Tandy Finance Corporation | | Disbursement | | 50,000 | | 50,000 | | 5/2/2015 | | Yes | |
100000 | | CITIBANK | | XXXX4989 | | RadioShack Corporation | | Disbursement | | 0 | | (877) | | 5/2/2015 | | In process | |
100000 | | WACHOVIA - DTC | | XXXXXXXXX0466 | | RadioShack Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERICA - A/R LOCKBOX | | XXXXXX4945 | | RadioShack Corporation | | Disbursement | | 5,000 | | 5,000 | | 5/2/2015 | | Yes | |
100000 | | WELLS FARGO BANK -P CARD | | XXXXXX6839 | | RadioShack Corporation | | Disbursement | | 2,117 | | 129 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERICA - UHC-MEDICAL | | XXXXXXXX2301 | | RadioShack Corporation | | Disbursement | | 1,169,446 | | 0 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERCIA - UHC-FSA | | XXXXXXXX2291 | | RadioShack Corporation | | Disbursement | | 24,263 | | 0 | | 5/2/2015 | | Yes | |
100000 | | WELLS FARGO BANK FUNDING | | XXXXXX3027 | | RadioShack Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
100000 | | WELLS FARGO BANK P/R | | XXXXXX0674 | | RadioShack Corporation | | Payroll Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
100000 | | WELLS FARGO BANK A/P | | XXXXXX0689 | | RadioShack Corporation | | APAY Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERICA - RS MASTER DEPOSITORY | XXXXXX5688 | | RadioShack Corporation | | Depository Account | | 0 | | 27,600 | | 5/2/2015 | | Yes | |
100000 | | CITIZENS - ACCOUNTS PAYABLE | | XXXXXX0970 | | RadioShack Corporation | | APAY Disbursement | | 205,737 | | (1,661,256) | | 5/2/2015 | | Yes | |
100000 | | CITIZENS - PAYROLL | | XXXXXX0962 | | RadioShack Corporation | | Payroll Disbursement | | 200,568 | | 68,808 | | 5/2/2015 | | Yes | |
100000 | | Bank of America - RS.COM | | XXXXXX7003 | | RadioShack Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERICA - RS CENTRAL FRANCHISE | | XXXXXX4765 | | RadioShack Corporation | | Disbursement | | 0 | | 10,348 | | 5/2/2015 | | Yes | |
100000 | | BANK OF AMERICA - RS FRANCHISE INTER. | | XXXXXX2881 | | RadioShack Corporation | | Disbursement | | 0 | | (602,252) | | 5/2/2015 | | Yes | |
101000 | | BANK OF AMERICA - A&A LA OFFICE | | XXXXXX2696 | | RadioShack Global Sourcing LP | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
101100 | | CITIZENS - TANDY FINANCE INVESTMENT | | XXXX1041 | | Tandy Finance Corporation | | Disbursement | | | | | | 5/2/2015 | | Yes | |
101300 | | BANK OF AMERICA - TANDY CORP | | XXXXXX6508 | | RadioShack Corporation | | Disbursement | | 24,451,959 | | 22,179,687 | | 5/2/2015 | | Yes | |
101400 | | BANK OF AMERICA - A&A INTERNATIONAL | | XXXXXX2572 | | RadioShack Global Sourcing LP | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
101700 | | BANK OF AMERICA - RS SALUS RESIDUAL | | XXXXXX5933 | | RadioShack Corporation | | Disbursement | | 50,000 | | 50,000 | | 5/2/2015 | | Yes | |
101800 | | BANK OF AMERICA - RS SUB-OPERATING ACCT | XXXXXX6398 | | RadioShack Corporation | | Disbursement | | 9,521,908 | | 11,794,180 | | 5/2/2015 | | Yes | |
102000 | | CITIZENS - OPERATIN ACCOUNT | | XXXX0991 | | RadioShack Corporation | | Disbursement | | 806,127 | | 848,113 | | 5/2/2015 | | Yes | |
102100 | | CITIZENS - SUB-OPERATING ACCOUNT | | XXXX1025 | | RadioShack Corporation | | Not Active Account | | | | | | 5/2/2015 | | Yes | |
104000 | | CITIZENS - ACH TAX | | XXXX1017 | | RadioShack Corporation | | Disbursement | | 94,668 | | (477,641) | | 5/2/2015 | | Yes | |
105200 | | BANK OF AMERICA | | XXXXXX8427 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
105201 | | BANK OF FINANCE | | XXXXXX7280 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
105202 | | TCF BANK | | XXXXXX9498 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
105203 | | BBT BANK | | XXXXXXXX8535 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes | |
105204 | | SOVEREIGN BANK | | XXXXXXX0260 | | Tandy Finance Corporation | | Disbursement | | 48 | | 48 | | 5/2/2015 | | Yes | |
RADIO SHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Bank Reconciliations (unaudited)
G/L Acct | | Account Name | | Bank Acct # | | Debtor | | Description | | Bank Balance $ | | Ledger Balance $ | | As of Date | | Reconciled 5/2/2015 |
105205 | | KEY BANK | | XXXXXXXX8617 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes |
105206 | | JP MORGAN CHASE | | XXXXX0554 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes |
105207 | | DEUTSCHE BANK | | XXXX5788 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes |
105208 | | STONECASTLE BANK | | XXXXXXXX1495 | | Tandy Finance Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes |
107000 | | WACHOVIA - A&A | | XXXXXXXXX1076 | | RadioShack Global Sourcing LP | | Disbursement | | 16,937 | | 16,937 | | 5/2/2015 | | Yes |
143800 | | BANK OF AMERICA - RS LOC | | XXXXXX3724 | | RadioShack Corporation | | Disbursement | | 0 | | 0 | | 5/2/2015 | | Yes |
103200 | | RS Professional Fees | | XXXXXX9022 | | RadioShack Corporation | | Escrow | | 6,000,000 | | 6,000,000 | | 5/2/2015 | | Yes |
103300 | | BANK OF AMERICA | | XXXXXX9006 | | RadioShack Corporation | | Escrow | | 1,940,268 | | 1,940,268 | | 5/2/2015 | | Yes |
103400 | | BANK OF AMERICA | | XXXXXX9187 | | RadioShack Corporation | | Escrow | | 103,152 | | 103,152 | | 5/2/2015 | | Yes |
103600 | | BANK OF AMERICA | | XXXXXX9909 | | RadioShack Corporation | | Escrow | | 7,456,487 | | 7,456,487 | | 5/2/2015 | | Yes |
103700 | | BANK OF AMERICA | | XXXXXX9899 | | RadioShack Corporation | | Escrow | | 1,870,946 | | 1,870,946 | | 5/2/2015 | | Yes |
102600 | | CITIZENS | | XXXX1068 | | RadioShack Corporation | | Dormant | | 0 | | 0 | | 5/2/2015 | | Yes |
100000 | | CAPTIAL ONE | | XXXX6047 | | RadioShack Corporation | | Acct of 1st Deposit | | 102,547 | | 103,840 | | 5/2/2015 | | Yes |
103100 | | BANK OF AMERICA | | XXXXXX9019 | | RadioShack Corporation | | Escrow | | 0 | | 0 | | 5/2/2015 | | Yes |
103500 | | BANK OF AMERICA | | XXXXXX9611 | | RadioShack Corporation | | Escrow | | 5,000,000 | | 5,000,000 | | 5/2/2015 | | Yes |
103800 | | BANK OF AMERICA | | XXXXXX2129 | | RadioShack Corporation | | Escrow | | 14,351,423 | | 14,351,423 | | 5/2/2015 | | Yes |
103900 | | BANK OF AMERICA | | XXXXXX4240 | | RadioShack Corporation | | Escrow | | 1,026,522 | | 1,026,522 | | 5/2/2015 | | Yes |
*(does not reflect retail location accounts) | | | | | | | | | | | | | | |
RADIOSHACK CORPORATION, ET AL. DEBTORS AND DEBTORS IN POSSESSION
Questionnaire
| Yes | No |
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. Lease termination agreements with original owners approved by the bankruptcy court Store liquidations in compliance with bankruptcy court orders | X | |
| | |
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | | X |
| | |
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below. | X | |
| | |
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |
| | |
| | |
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | |
| | |
| | |
| | |
Account Name | Purpose | Business Unit | Account Number | Bank Name | Date Opened |
Lease Cure | Segregated Account – payment of landlord cure amounts | 01-0121 | XXXXXX4240 | Bank of America | 4/17/2015 |
20