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, 1993
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 17
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
REPORT OF EXAMINATION
DECEMBER 31, 1993
CONTENTS
________
Page
____
CERTIFIED PUBLIC ACCOUNTANTS REPORT . . . . . . . . . . 4
STATEMENT OF FINANCIAL CONDITION . . . . . . . . . . . 5
STATEMENT OF INCOME AND CHANGES
IN PLAN EQUITY . . . . . . . . . . . . . . . . . . . . 6
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . 7-13
ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . 14-15
SIGNATURE PAGE . . . . . . . . . . . . . . . . . . . . 16
INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . 17
EXHIBIT 23 - CONSENT OF INDEPENDENT ACCOUNTANT . . . . 18
<CURTIS B. MORRISON Letterhead>
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, 1993 and 1992, and the related statement
of income and changes in plan equity for the years ended
December 31, 1993, 1992 and 1991. 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 the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. 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, 1993 and 1992, and results of its operations
for the years ended December 31, 1993, 1992 and 1991 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, C.P.A.
Curtis B. Morrison, C.P.A.
Fort Worth, Texas
March 25, 1994
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993 AND 1992
PLAN ASSETS
___________
1993 1992
Investment in Securities of
Participating Employer (Note B):
Common Stock (Cost
$7,005,899.72 in 1993 and
$6,764,125.33 in 1992) $11,105,523.00 $6,494,246.50
Contributions Receivable:
Tandy Employees
Supplemental Stock Program 369,097.63 789,829.36
______________ _____________
TOTAL $11,474,620.63 $7,284,075.86
______________ _____________
LIABILITIES AND PLAN EQUITY
___________________________
Liabilities: $ 0 $ 0
______________ _____________
Plan Equity:
Participants Interest in
Tandy Employees Supplemental
Stock Program $11,474,620.63 $7,284,075.86
______________ _____________
______________ _____________
The accompanying notes are an integral part of these
financial statements.
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
<CAPTIONS>
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
1993 1992 1991
______________ ______________ ______________
Investment Income:
Interest $ 0 $ 0 $ 0
Dividend 0 0 0
______________ ______________ ______________
$ 0 $ 0 $ 0
Less: Interest Expense 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) $ 4,369,502.01 $ 216,730.16 $ 92,968.68
______________ ______________ ______________
Contributions (Note A):
Participating Employees $ 1,161,956.88 $ 1,273,944.13 $ 1,387,814.19
Participating Employer 912,966.37 1,019,156.39 1,110,224.99
Other Contributions 183,837.94 145,437.89 79,230.79
______________ ______________ ______________
$ 2,258,761.19 $ 2,438,538.41 $ 2,577,269.97
______________ ______________ ______________
Less:
Withdrawals of
Participant's Interest $ 2,437,718.43 $ 638,745.75 $ 482,162.94
______________ ______________ ______________
Net Increase (Decrease)
in Plan for the Year
Ended 12-31-93/92/91 $ 4,190,544.77 $ 2,016,522.82 $ 2,188,075.71
Add Plan Equity at
Beginning of Year
1-1/92/91/90 7,284,075.86 5,267,553.04 3,079,477.33
______________ ______________ ______________
Plan Equity at
End of Year
12-31-93/92/91 $11,474,620.63 $ 7,284,075.86 $ 5,267,553.04
______________ ______________ ______________
______________ ______________ ______________
The accompanying notes are integral part of these financial
statements.
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
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 a
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 contribution limit under the Tandy Employees
Deferred Salary and Investment Plan.
The Program is subject to Title I of the Employee
Retirement 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 participants 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 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's
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.
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 Company 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 price's of the
Company 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:
1993 1992 1991
_____________ _____________ _____________
Employees $1,161,956.88 $1,273,944.13 $1,387,814.19
_____________ _____________ _____________
Company $ 912,966.37 $1,019,156.39 $1,110,224.99
_____________ _____________ _____________
Other $ 183,837.94 $ 145,437.89 $ 79,230.79
_____________ _____________ _____________
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 common stock upon withdrawal will, to the extent that
it exceeds or is less than the cost 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 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 as reported on the New York Stock Exchange
Composite Transactions as of the Plan year end.
SCHEDULE OF INVESTMENTS IN SECURITIES
_____________________________________
OF PARTICIPATING EMPLOYER
_________________________
NO. OF VALUE
SHARES COST 12-31-93
______ ____ ________
COMMON STOCK
____________
Industrial
__________
Tandy Corporation 224,354 $7,005,899.72 $11,105,523.00
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.
NOTE C - REALIZED GAIN ON SECURITIES
None (No sale of securities was made during the year).
NOTE D - UNREALIZED APPRECIATION
<CAPTIONS>
1993 1992 1991
Unrealized Appreciation
(Depreciation) at
12-31-93/92/91 $4,099,623.28 $(269,878.73) $(486,608.89)
Unrealized Appreciation
(Depreciation) at
12-31-92/91/90 (269,878.73) (486,608.89) (579,557.57)
______________ _____________ _____________
Net Increase (Decrease)
for Year ended
12-31-93/92/91 $4,369,502.01 $ 216,730.16 $ 92,968.68
______________ _____________ _____________
______________ _____________ _____________
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
plan'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.
NOTE E - CHANGES IN PLAN
See attached amendments which were made to the Plan.
AMENDMENT III
TO TRUST AGREEMENT OF THE
TANDY EMPLOYEES SUPPLEMENTAL STOCK PROGRAM
(Amendment I to the First Restated
Tandy Employees Supplemental Stock Program)
This Amendment is made as of the 29th day of March, 1993
between Tandy Corporation, a Delaware corporation ("Tandy"),
and Bank One, Texas N.A., a national banking association
organized under the laws of the United States of America, as
successor to Team Bank (the "Trustee");
WITNESSETH:
__________
WHEREAS, on the 14th day of February, 1990, Tandy and
the Trustee entered into a Trust Agreement (the "Agreement")
establishing the Tandy Employees Supplemental Stock Program
(the "Program"), to be effective as and from the first day of
September, 1989; and
WHEREAS, the principal investment held by the Program is
shares of common stock, par value $1.00 per share, of Tandy
("Tandy Stock"); and
WHEREAS, Tandy and the Trustee have twice amended the
Agreement and the Program, effective as of August 22, 1990
and August 25, 1992, respectively; and
WHEREAS, Tandy and the Trustee desire to amend the
Agreement and the Program further to specify the treatment of
dividends on Tandy Stock not payable in cash or shares of
Tandy Stock that may be received by the Program;
NOW, THEREFORE, Tandy and the Trustee, in
consideration of the premises and the covenants and
agreements contained in the Agreement, do hereby agree that
Section E. of Article VI of the Agreement is hereby amended
in its entirety to read as follows:
E. DIVIDENDS OTHER THAN CASH AND Tandy Stock. All
dividends with respect to Tandy Stock held in a
Participant's account under the Program that are not
payable in cash or Tandy Stock shall be distributed to
the Participant as soon as possible. All whole units of
any security (other than Tandy Stock), any rights and
warrants for a whole unit of any security and whole
units of any other asset shall be distributed in kind.
All fractional units of any security (other than Tandy
Stock), any rights and warrants for less than a whole
unit of any security and fractional units of any other
asset shall be sold and the net proceeds paid to the
Participant.
IN WITNESS WHEREOF, Tandy and the Trustee have
caused this Amendment to be executed by their duly appointed
officers and their corporate seals to be hereunto affixed
effective as of the date first above written.
TANDY CORPORATION
By:/s/R.L.Ramsey
Vice President & Controller
Attest:
/s/J.Sheets
Assistant Secretary
[Seal]
BANK ONE, TEXAS N.A.
By:/s/J. C. White
Vice President & Trust Officer
Attest:
/s/John P. Bailey
[Seal]
ADDITIONAL INFORMATION
TANDY EMPLOYEES
SUPPLEMENTAL STOCK PROGRAM
FORT WORTH, TEXAS
ADDITIONAL INFORMATION
YEAR ENDED DECEMBER 31, 1993
ITEM 30a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
Description of Current
Issuer Investment Cost Value
______ ______________ ___________ __________
Tandy Corporation Common Stock $7,005,899.72 $11,105,523.00
SIGNATURE
_________
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/J. Tanner
J. Tanner
Administrative Committee Member
by /s/M. Barfield
M. Barfield
Administrative Committee Member
Date April 29, 1994
________________
Index to Exhibits
Exhibit Description Page
Number of Exhibit Number
_______ ____________ ______
23 Consent of 18
Independent
Accountant
<CURTIS B. MORRISON Letterhead>
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANT
_________________________________
I consent to the incorporation of my report dated
December 31, 1993, 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, C.P.A.
Curtis B. Morrison, C.P.A.
Fort Worth, Texas
March 25, 1994