FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the Fiscal Year Ended June 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the Transition Period from ___to ___
Commission File Number 1-5571
______
TANDY EMPLOYEES INVESTMENT PLAN
(full title of plan)
TANDY CORPORATION
1800 One Tandy Center
Fort Worth, Texas 76102
(Name of issuer and address of principal executive office)
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
REPORT OF EXAMINATION
JUNE 30, 1995
-2-
C O N T E N T S
_______________
Page
____
CERTIFIED PUBLIC ACCOUNTANT'S REPORT . . . . . . . . . 4
STATEMENT OF FINANCIAL CONDITION . . . . . . . . . . . 5
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY . . . . 6
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . 7-15
ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . 16-18
SIGNATURE PAGE . . . . . . . . . . . . . . . . . . . . 19
INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . 20
CONSENT OF INDEPENDENT ACCOUNTANT . . . . . . . . . . 21
-3-
MEMBER CURTIS B. MORRISON MAILING ADDRESS:
AMERICAN INSTITUTE CERTIFIED PUBLIC ACCOUNTANT P.O. BOX 26868
OF CERTIFIED 1515 8TH AVENUE FORT WORTH, TEXAS
PUBLIC ACCOUNTANTS FORT WORTH, TEXAS 76104 76126
817/926-8066
The Administrative Committee and Participants of
Tandy Employees Investment Plan
Fort Worth, Texas
INDEPENDENT AUDITOR'S REPORT
____________________________
I have audited the accompanying statement of financial condition
of the Tandy Employees Investment Plan as of June 30, 1995 and 1994,
and the related statement of income and changes in the plan
equity for the years ended June 30, 1995, 1994 and 1993. These financial
statements are the responsibility of the Plan'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 status of the
Tandy Employees Investment Plan as of June 30, 1995 and 1994, and
results of its changes therein for the years ended June 30, 1995, 1994
and 1993, 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
schedules of assets held for investment purposes and of
non-exempt transactions are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but
are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in my opinion,
are 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, CPA
Fort Worth, Texas
September 19, 1995 -4-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
STATEMENT OF FINANCIAL CONDITION
JUNE 30, 1995 AND 1994
PLAN ASSETS
<CAPTIONS>
1995 1994
______________ _____________
Investment in Securities of
Participating Employer (Note B):
Common Stock (Cost $1,094,454.41
in 1995 and $895,405.79 in 1994) $23,129,454.38 $18,204,731.25
______________ ______________
Investments in Securities of
Unaffiliated Issuers (Note B):
Other Securities - Short Term
Money Market Fund (Cost $2,462.36
in 1995 and $790,952.83 in 1994) $ 2,462.36 $ 790,952.83
______________ ____________
Accrued Receivables:
Interest $ 12.02 $ 2,593.54
______________ _____________
Plan Assets:
Tandy Employees Investment Plan
(Special Account) (Note F) $ 385,228.91 $ 299,774.98
______________ _____________
$23,517,157.67 $19,298,052.60
============== =============
LIABILITIES AND PLAN EQUITY
___________________________
Liabilities $ 0 $ 0
Plan Equity:
Participants' Interest in Tandy
Employees Investment Plan 23,131,928.76 18,998,277.62
Participants' Interest in Tandy
Employees Investment Plan (Special
Account) (Note F) 385,228.91 299,774.98
_____________ _____________
$23,517,157.67 $19,298,052.60
============= =============
The accompanying notes are an integral part of these financial
statements.
-5-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
<CAPTIONS>
1995 1994 1993
______________ ______________
____________
Investment Income:
Interest-Other $ 38,374.39 $ 33,451.69 $ 6,537.07
Dividends-Employer 337,273.65 377,054.10 448,912.65
______________ ______________ ____________
$ 375,648.04 $ 410,505.79 $455,449.72
Less:Interest Expense 0 0 0
______________ ______________ ____________
$ 375,648.04 $ 410,505.79 $455,449.72
______________ ______________ ____________
Realized Gain (Loss) on
Securities (Note C):
Employer Securities $ 4,434,164.41 $ 7,221,927.58 $703,322.50
Other Securities 0 955,958.37 0
______________ ______________ ____________
$ 4,434,164.41 $ 8,177,885.95 $703,322.50
______________ _____________ ____________
Increase (Decrease) in
Unrealized Appreciation
of Investments(Note D)$4,725,622.37 $<4,446,785.66> $2,310,392.23
______________ _______________ ____________
Contributions(Note A) $ 0 $ 0 $ 0
______________ ______________ ____________
Other Additions:
Appreciation in
Value over Cost
Distributed in
Withdrawals $ 37,082.60 $ 25,025.96 $ 183,121.03
______________ ______________ _____________
TOTAL $ 9,572,572.42 $ 4,166,632.04 $3,652,285.48
Less:
Withdrawals of
Participants' Interest 5,438,921.28 8,277,702.70 1,336,955.91
______________ _____________ _____________
Net Increase (Decrease)
in Plan for the Years
Ending 6-30-95/94/93 $ 4,133,651.14 $<4,111,070.66>$ 2,315,329.57
Plan Equity at Beginning
of Year 7-1-94/93/92 18,998,277.62 23,109,348.28 20,794,018.71
_____________ ______________ _____________
Plan Equity at End of
Year 6-30-95/94/93 $23,131,928.76 $18,998,277.62 $23,109,348.28
============== ============== =============
The accompanying notes are an integral part of these financial
statements.
-6-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE A - DESCRIPTION OF THE PLAN
The following description of the Tandy Employees Investment Plan
(the "Plan") provides only general information. Participants
should refer to the Plan prospectus for a more complete
description of the Plan's provisions.
General
_______
Effective June 30, 1982, at the end of the Plan's fiscal year,
the Tandy Employees Investment Plan ceased accepting applications
and contributions.
All employees eligible for participation in the Plan became
eligible for participation in the new Tandy Employees Deferred
Salary and Investment Plan which became effective July 1, 1982
(Reg. No. 33-39749). Also, see Note E.
Contributions
_____________
Through June 30, 1982, Tandy Corporation made contributions to
the Plan equal to 80% of the participating employees' qualifying
contributions. The participating employee contributed either 5%
(qualifying contribution) or 10% (5% qualifying and 5% voluntary
contributions).
Participants' Accounts
______________________
Participants' accounts are valued as of the last day of each
March, June, September and December. Each participant is mailed a
quarterly statement showing his contributions to date, Company
contributions to date, total contributions to date and the market
value of his account. Each participant is also mailed a copy of
the Tandy Corporation annual report, and the summary annual
report for the Plan.
Vesting
_______
The participants' accounts are fully vested at the end of each
calendar quarter, except for amounts credited to the account
because of fraud or mistake of fact.
-7-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE A - DESCRIPTION OF THE PLAN (continued)
Payments of Benefits
____________________
Payroll deductions made for a participant's Qualifying or
Voluntary Contributions to the Plan were a part of his current compensation
and, as such, were subject to withholding for federal income tax
purposes.
A participant is not subject to federal income tax on Company
contributions to the Plan, or other accumulations, until he makes
a withdrawal from the Plan. A withdrawal is generally taxed only
to the extent it exceeds the participant's aggregate
contributions.
The taxable portion of a "lump-sum distribution" and certain
"partial distributions" may not be subject to tax upon receipt by
a participant if the distribution is rolled over into an IRA or
another qualified plan within the prescribed time period. If a
lump-sum distribution is not rolled over, a special 5-year
averaging tax (intended to minimize the tax burden) may be
available for some participants with respect to the taxable
portion of such distribution. As a general rule, only one
lump-sum distribution which is received after attaining age
59-1/2 is eligible for the special 5-year averaging (computed
under the tax rates contained in the Tax Reform Act of 1986) or
the 10-year averaging (computed under prior law tax rates).
If a lump-sum distribution consists in part of securities of
Tandy Corporation, the portion of such distribution which represents
net unrealized appreciation of such securities will not be currently
taxable to the recipient for federal income tax purposes
(although a participant may elect to include such appreciation in
income, if desired). Upon a subsequent disposition of such
securities, gain or loss will be determined generally by
reference to their basis when they were acquired by the Plan. An
additional 10% income tax is imposed on certain early
distributions included in gross income prior to attaining age
59-1/2, death or disability. The value of a participant's
interest in the Plan is includable in his gross estate upon his
death.
-8-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Valuation of Securities
_______________________
All securities are valued at the closing price according to the
respective stock exchanges.
All other securities are valued at cost.
SCHEDULE OF INVESTMENTS IN SECURITIES OF
________________________________________
PARTICIPATING EMPLOYER
______________________
<CAPTIONS>
NO. OF VALUE
SHARES COST 6-30-95
_______ _______________
______________
COMMON STOCK
____________
Industrial
__________
Tandy Corporation
Common Stock 445,869 $ 1,094,454.41 $23,129,454.38
============== ==============
SCHEDULE OF INVESTMENTS IN SECURITIES OF
________________________________________
UNAFFILIATED ISSUERS
____________________
MARKETABLE SECURITIES
______________________
<CAPTIONS>
VALUE
COST 6-30-95
_____________ ____________
OTHER SECURITIES
________________
Money Market Fund
_________________
Short-Term Money Market Fund
AIM Short-Term Investments Co. $ 2,462.36 $ 2,462.36
============= ===========
-9-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Tax Status
_________________
The Plan is a qualified plan under Section 401 of the Internal
Revenue Code and is exempt from federal income taxes under
Section 501.
NOTE C - REALIZED GAIN ON SECURITIES
The realized gain or loss from the sale of securities was as
follows:
<CAPTIONS>
1995 1994 1993
_____________ ___________
______________
Participating Employer
Securities:
Sales Price $4,666,225.00 $7,560,762.50 $752,187.50
Less Cost (Average Cost) 232,060.59 338,834.92 48,865.00
_____________ _____________ ___________
Net Realized Gain (Loss) $4,434,164.41 $7,221,927.58 $703,322.50
============= ============= ===========
Unaffiliated Issuers'
Securities:
Sales Price $ 0 $1,004,497.35 $ 0
Less Cost (Average Cost) 0 48,538.98 0
_____________ _____________ ___________
Net Realized Gain (Loss)$ 0 $ 955,958.37 $ 0
============= ============= ===========
The realized gain or loss on the sale of securities for financial
statement reporting is prepared in conformity with generally
accepted accounting principles which differ from the principles
for income tax reporting.
Generally accepted accounting principles measure gain or loss as
the difference between the securities' sale price and its average
historical cost. The gain or loss for income tax reporting is
the difference between the securities' sale price and its current
value at the beginning of the plan year.
-10-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE C - REALIZED GAIN ON SECURITIES (continued)
A participant's account is increased or decreased by the realized
gain or loss recognized under generally accepted accounting
principles.
NOTE D - UNREALIZED APPRECIATION
The following reflects the increase (decrease) in unrealized
appreciation:
<CAPTIONS>
1995 1994 1993
_______________ _______________ _____________
Unrealized
Appreciation
6-30-95/94/93 $22,035,002.83 $17,309,325.46 $ 21,756,111.12
Unrealized
Appreciation
7-1-94/93/92 17,309,325.46 21,756,111.12 19,445,718.89
______________ ______________ _______________
Change in
Unrealized
Appreciation
6-30-95/94/93 $ 4,725,677.37 $<4,446,785.66> $ 2,310,392.23
============== =============== ===============
The unrealized appreciation or depreciation of securities held
for
investment for financial statement reporting is prepared in
conformity with generally accepted accounting principles which
differ from the principles 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.
-11-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE E - TRANSFER FROM OTHER PLANS
The Tandy Employees Supplemental Investment Plan ("SIP") was
amended effective June 30, 1991 to terminate the SIP and
consolidate the SIP's assets with the Plan in compliance with
Internal Revenue Code Section 414(1).
NOTE F - TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
These Plan assets were received in 1978 from the Tandycrafts
Employees Investment Plan, a Qualified Plan under Section 401 of
the Internal Revenue Code, on the transfer of certain employees
and their investment accounts to Tandy Corporation. These assets
consisted of employer securities and conformed to both Plan
agreements. This Special Account was created in order to preserve
the participants' Tandycrafts Plan cost basis in the securities
transferred for income tax considerations on subsequent
distributions. Attached as Exhibit B is the report of examination
for this Special Account.
NOTE G - RELATED PARTY TRANSACTIONS
During 1995, 1994 and 1993 common stock of Tandy Corporation was
sold to the Tandy Employees Deferred Salary and Investment Plan
at its current market value on the transaction date in the amount
of $4,666,225.00, $7,560,762.50 and $752,187.50, respectively.
NOTE H - ADMINISTRATION OF PLAN ASSETS
The Plan's assets are held by the Trustee of the Plan.
The Trustee invests cash received from interest and dividend
income and makes distributions to the participants.
Certain administrative functions are performed by employees of
the Company with no compensation from the Plan. Administrative
expenses and Trustee fees are paid directly by the Company.
-12-
TANDY CORPORATION INVESTMENT PLAN
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE I - UNIT VALUE
<CAPTIONS>
Valuation
Quarter Ending Number of Units per Unit
______________ _______________
____________
June 30, 1994 43,543.5394 $436.3053136
September 30, 1994 43,333.4387 557.9816932
December 31, 1994 42,257.6393 633.0988837
March 31, 1995 35,156.4074 607.8292016
June 30, 1995 34,716.0397 666.3181900
NOTE J - CHANGES TO PLAN
See the attached amendments made to the Plan.
-13-
AMENDMENT XLVIII
TO THE
FOURTH RESTATED TRUST AGREEMENT
TANDY EMPLOYEES INVESTMENT PLAN
This Amendment made on the 24th day of February, 1995 between
Tandy
Corporation, a corporation duly organized and existing under the
laws of the State of Delaware, with its principal place of
business at Fort Worth, Tarrant County, Texas, hereinafter called
"Company," and Bank One, Texas, NA hereinafter called "Trustee;"
WHEREAS, on the 25th day of August 1992, Company and Trustee
entered into an agreement named the Fourth Restated Trust
Agreement Tandy Employees Investment Plan (the "Plan"); and
WHEREAS, Company and Trustee desire to make certain amendments to
the Plan.
NOW, THEREFORE, the parties hereby agree to amend the Plan as
follows:
I
The first sentence of Section 4.01(c) is hereby amended,
effective April 1, 1994, to read as follows:
For purposes of this Plan, the term "gross salary and wages"
is defined as all compensation paid in cash, including
bonuses, which is subject to withholding on IRS Form W-2;
provided, however, that "gross salary and wages" for (a) any
Plan year beginning on or after April 1, 1989 and ending on or
before March 31, 1994, shall not exceed $200,000 (as adjusted
by the Secretary of Treasury) and (b) any Plan Year beginning
on or after April 1, 1994, shall not exceed $150,000 (as
adjusted by the Secretary of Treasury).
II
Section 4.01(c) is hereby amended, effective April 1, 1994,
by replacing the term "$200,000 limit" each place it appears with
the term "$200,000/$150,000 limit."
III
Article VI is hereby amended, effective January 1, 1993, by
adding a new section 6.10 thereto to read as follows:
6.10 RIGHT TO HAVE ACCOUNT TRANSFERRED. Effective January 1,
1993, notwithstanding any provision of the Plan to the
contrary that would otherwise limit an "eligible distributee"
election under this section, an eligible distributee may elect,
at the time and in the manner prescribed by the Administrative
Committee, to have any part of an "eligible rollover
distribution" paid directly to an "eligible retirement plan"
specified by the eligible distributee in a "direct rollover."
"Eligible rollover distribution" means any distribution
of all or any part of the Account balances of the eligible
distributee.
However, an eligible rollover distribution shall not
include: any installment payments from the Plan if paid for ten
years or more; any distribution required to be distributed
because of a Participant's required beginning date; and the part
of any distribution that is not includible in gross income (determined
without regard to the exclusion for net unrealized appreciation
with respect to employer securities). "Eligible retirement plan"
means an individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in
Section 408(b) of the Code, or a qualified trust described in
Section 401(a) of the Code, that accepts the eligible
distributee's rollover distribution. However, in the case of an
eligible rollover distribution to a Participant's surviving
spouse, an eligible retirement plan shall only be an individual
retirement account or individual retirement annuity. An
"eligible distributee" means an Employee or former Employee. In
addition, the Employee's or former Employee's surviving spouse
and the Employee's or former Employee's spouse who is the
alternate payee under a qualified domestic relations order are
eligible distributees with regard to the interest of the spouse
or former spouse. A "direct rollover" means a payment by the
Plan to an eligible retirement plan specified by the eligible
distributee.
IV
The first paragraph of Section 11.05 is hereby amended,
effective April 1, 1988, by adding to the end thereof a sentence
to read as follows:
For purposes of this section with respect to Plan years
beginning after March 31, 1988, (a) any employer matching
contributions under the Plan or any other defined contribution
plan of any Affiliated Business used to satisfy the
nondiscrimination tests of Code Section 401(k) and 401(m) and
(b) any employer contributions attributable to a cash or deferred
salary reduction agreement are included in determining employer
contributions made on behalf of Key Employees, but are not
included as employer contributions to satisfy the minimum
required contribution for non-Key Employees.
V
The last sentence of Section 11.05 is hereby amended,
effective April 1, 1994, by replacing "$200,000" with "(a) for
Plan Years beginning on or after April 1, 1989 and ending on or
before March 31, 1994, $200,000 (as adjusted by the Secretary of
the Treasury) and (b) for Plan Years beginning on or after April 1,
1994, "$150,000 (as adjusted by the Secretary of the
Treasury)."
IN WITNESS WHEREOF, Company and Trustee have caused this
Amendment to be executed by their duly appointed officers and
their corporate seals to be hereunto affixed.
Attest: (SEAL) TANDY CORPORATION
/S/ JANA FREUNDLICH /S/ RICHARD L. RAMSEY
________________________ ________________________
Assistant Secretary Vice President and
Controller
Attest: (SEAL) BANK ONE, TEXAS, NA
/S/ GM MCGRATH /S/ JC WHITE
_________________________ ________________________
Vice President & Vice President &
Trust Officer Trust Officer
tip.a
ADDITIONAL INFORMATION
-16-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
ADDITIONAL INFORMATION
JUNE 30, 1995
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<CAPTIONS>
Description Current
Issuer of Investment Cost Value
______ _____________ ____ _____
*Tandy Corporation Common Stock $ 1,094,454.41 $23,129,454.38
_____________ _____________
AIM Short-Term Short-Term
Investments Co. Money Market
Fund - Fluc-
tuating rate
of interest $ 2,462.36 $ 2,462.36
_____________ _____________
*Party-in-Interest to Plan.
-17-
TANDY EMPLOYEES INVESTMENT PLAN
FORT WORTH, TEXAS
ADDITIONAL INFORMATION
YEAR ENDED JUNE 30, 1995
ITEM 27e - SCHEDULE OF NON-EXEMPT TRANSACTIONS
<CAPTIONS>
Identity
of Party Relationship Purchase Selling Lease
Involved to Plan Price Price Rental
________ ____________ ________ _______ ______
Tandy 401(k) Plan $232,060.59 $4,666,225.00 $ 0
Employees Sponsored
Deferred by Tandy
Salary & Corporation
Investment
Plan
<CAPTIONS>
Current
Expenses Value of
Incurred Cost Asset on Gain or
with of Transaction <Loss> on
Transaction Asset Date Transaction
___________ _____ ___________ ___________
$ 0 $232,060.59 $4,666,225.00 $4,434,164.41
-18-
SIGNATURES
The Plan: Pursuant to the requirements of the Securities Exchange
Act of 1934, the Administrative Committee has duly caused this
annual report to be signed by the undersigned hereunto duly
authorized.
By /S/ M. MOAD
_______________________________
M. Moad
Administrative Committee Member
By /S/ C. LEU
_______________________________
C. Leu
Administrative Committee Member
Date 10/19/95
______________
-19-
Index to Exhibits
Exhibit Description Page
Number of Exhibit Number
_______ ___________ ______
23 Consent of 21
Independent
Accountant
-20-
MEMBER CURTIS B. MORRISON MAILING ADDRESS:
AMERICAN INSTITUTE CERTIFIED PUBLIC ACCOUNTANT P.O. BOX 26868
OF CERTIFIED 1515 8TH AVENUE FORT WORTH, TEXAS
PUBLIC ACCOUNTANTS FORT WORTH, TEXAS 76104 76126
817/926-8066
EXHIBIT
23
CONSENT OF INDEPENDENT ACCOUNTANT
________________________________
I consent to the incorporation of my report dated June 30, 1995,
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 Investment Plan.
/S/ CURTIS B. MORRISON, C.P.A.
CURTIS B. MORRISON, CPA
Fort Worth, Texas
September 19, 1995
-21-
EXHIBIT B
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
REPORT OF EXAMINATION
JUNE 30, 1995
C O N T E N T S
_______________
Page
____
CERTIFIED PUBLIC ACCOUNTANT'S REPORT . . . . . . . . . 3
STATEMENT OF FINANCIAL CONDITION . . . . . . . . . . . 4
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY . . . . 5
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . 6-11
ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . 12-13
MEMBER CURTIS B. MORRISON MAILING ADDRESS:
AMERICAN INSTITUTE CERTIFIED PUBLIC ACCOUNTANT P.O. BOX 26868
OF CERTIFIED 1515 8TH AVENUE FORT WORTH, TEXAS
PUBLIC ACCOUNTANTS FORT WORTH, TEXAS 76104 76126
817/926-8066
The Administrative Committee and Participants of
Tandy Employees Investment Plan (Special Account)
Fort Worth, Texas
INDEPENDENT AUDITOR'S REPORT
____________________________
I have audited the accompanying statement of financial condition of
the Tandy Employees Investment Plan (Special Account) as of June 30, 1995
and 1994, and the related statement of income and changes in
the plan equity for the years ended June 30, 1995, 1994 and 1993.
These financial statements are the responsibility of the Plan'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 status of the
Tandy Employees Investment Plan (Special Account) as of June 30, 1995
and 1994, and results of its changes therein for the years ended June 30,
1995, 1994 and 1993, 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
the purpose of additional analysis and is not a required part of
the basic financial statements but is supplementary information
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. 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, CPA
Fort Worth, Texas
September 19, 1995
-3-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
STATEMENT OF FINANCIAL CONDITION
JUNE 30, 1995 AND 1994
PLAN ASSETS
___________
<CAPTIONS>
1995 1994
___________ ___________
Investment in Securities of
Participating Employer (Note B):
Common Stock (Cost $5,222.33 in
1995 and $5,222.33 in 1994) $261,242.50 $172,483.00
___________ ___________
Investments in Securities of
Unaffiliated Issuers (Note B):
Marketable Securities -
Common Stock (Cost $8,168.59 in
1995 and $8,168.59 in 1994) $ 25,998.50 $ 37,700.50
Other Securities - Short Term
Money Market Fund (Cost $97,507.44
in 1995 and $89,279.11 in 1994) 97,507.44 89,279.11
___________ ___________
$123,505.94 $126,979.61
___________ ___________
Accrued Receivables:
Interest $ 480.47 $ 312.37
___________ ___________
$385,228.91 $299,774.98
=========== ===========
LIABILITIES AND PLAN EQUITY
Liabilities $ 0 $ 0
Plan Equity:
Participant's Interest in Tandy
Employees Investment Plan
(Special Account) 385,228.91 299,774.98
___________ ___________
$385,228.91 $299,774.98
=========== ===========
The accompanying notes are an integral part of these financial statements.
-4-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
<CAPTIONS>
1995 1994 1993
___________ ___________ ___________
Investment Income:
Interest-Employer $ 0 $ 225.00 $ 300.00
Interest-Other 5,072.67 2,835.56 2,505.81
Dividends-Employer 3,323.76 3,021.60 3,021.60
___________ ___________ ___________
$ 8,396.43 $ 6,082.16 $ 5,827.41
Less: Interest Expense 0 0 0
___________ ___________ ___________
$ 8,396.43 $ 6,082.16 $ 5,827.41
___________ ___________ ___________
Realized Gain (Loss) on
Securities (Note C):
Employer Securities $ 0 $ 930.00 $ 0
Other Securities 0 0 0
___________ ___________ ___________
$ 0 $ 930.00 $ 0
___________ ___________ ___________
Increase (Decrease) in
Unrealized Appreciation
of Investments (Note E) $ 77,057.50 $ 6,550.62 $ 52,067.38
___________ ___________ ___________
Contributions (Note A) $ 0 $ 0 $ 0
___________ ___________ ___________
Other Additions:
Appreciation in
Value over Cost
Distributed in
Withdrawals $ 0 $ 0 $ 0
___________ ___________ ___________
TOTAL $ 85,453.93 $ 13,562.78 $ 57,894.79
Less:
Withdrawals of
Participants' Interest 0 0 0
___________ ___________ ___________
Net Increase (Decrease)
in Plan for the Years
Ending 6-30-95/94/93 $ 85,453.93 $ 13,562.78 $ 57,894.79
Plan Equity at Beginning
of Year 7-1-94/93/92 299,774.98 286,212.20 228,317.41
___________ ___________ ___________
Plan Equity at End of
Year 6-30-95/94/93 $385,228.91 $299,774.98 $286,212.20
=========== =========== ===========
The accompanying notes are an integral part of these financial
statements.
-5-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE A - DESCRIPTION OF THE PLAN
General
_______
This Special Account was funded in 1978 from securities and cash
received by two employees of Tandy Corporation that were former
employees of Tandycrafts, Inc., and were involved in the spin-off
of the two corporations. This Special Account has accepted no
employee or employer contributions at any time.
Participants' Accounts
______________________
Participants' accounts are valued as of the last day of each
March, June, September and December. Each participant is mailed
a quarterly statement showing his contributions to date, Company
contributions to date, total contributions to date and the market
value of his account. Each participant is also mailed a copy of
the Tandy Corporation annual report, and the summary annual
report for the Plan.
Vesting
_______
The participants' accounts are fully vested at the end of each
calendar quarter, except for amounts credited to the account
because of fraud or mistake of fact.
Payments Of Benefits
____________________
Payroll deductions made for a participant's Qualifying or Voluntary
Contributions to the Plan were a part of his current compensation
and, as such, were subject to withholding for federal income tax
purposes.
A participant is not subject to federal income tax on Company
contributions to the Plan, or other accumulations, until he makes
a withdrawal from the Plan. A withdrawal is generally taxed only
to the extent it exceeds the participant's aggregate contributions.
The taxable portion of a "lump-sum distribution" and certain
"partial distributions" may not be subject to tax upon receipt by
a participant if the distribution is rolled over into an IRA or
another qualified plan within the prescribed time period. If a
lump-sum distribution is not rolled over, a special 5-year
averaging tax (ntended to minimize the tax burden) may be
available for some participants with respect to the taxable
portion of such distribution. As a general rule, only one lump-sum
-6-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE A - DESCRIPTION OF THE PLAN (continued)
distribution which is received after attaining age 59-1/2 is
eligible for the special 5-year averaging (computed under the tax
rates contained in the Tax Reform Act of 1986) or the 10-year
averaging (computed under prior law tax rates).
If a lump-sum distribution consists in part of securities of Tandy
Corporation, Tandycrafts, Inc. and InterTAN Inc., the portion of
such distribution which represents net unrealized appreciation of
such securities will not be currently taxable to the recipient
for federal income tax purposes (although a participant may elect
to include such appreciation in income, if desired). Upon a
subsequent disposition of such securities, gain or loss will be
determined generally by reference to their basis when they were
acquired by the Plan. An additional 10% income tax is imposed on
certain early distributions included in gross income prior to
attaining age 59-1/2, death or disability. The value of a
participant's interest in the Plan is includable in his gross
estate upon his death.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Valuation Of Securities
_______________________
All securities are valued at the closing price according to the
respective stock exchanges.
All other securities are valued at cost.
SCHEDULE OF INVESTMENTS IN SECURITIES OF
________________________________________
PARTICIPATING EMPLOYER
______________________
<CAPTIONS>
NO. OF VALUE
SHARES COST 6-30-95
______ ___________ ___________
COMMON STOCK
____________
Industrial
__________
Tandy Corporation
Common Stock 5,036 $ 5,222.33 $261,242.50
========== ==========
-7-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE A - DESCRIPTION OF THE PLAN (continued)
SCHEDULE OF INVESTMENTS IN SECURITIES OF
________________________________________
UNAFFILIATED ISSUERS
____________________
MARKETABLE SECURITIES
_____________________
<CAPTIONS>
NO. OF VALUE
SHARES COST 6-30-95
______ ___________ ___________
COMMON STOCK
____________
Industrial
__________
InterTAN Inc.
Common Stock 1,003 $ 7,215.77 $ 7,522.50*
Tandycrafts, Inc. 2,384 952.82 $ 18,476.00*
___________ ___________
TOTAL COMMON STOCKS $ 8,168.59 $ 25,998.50
=========== ===========
_____________________
*Non-Income Producing.
VALUE
COST 6-30-95
____________ _____________
OTHER SECURITIES
Money Market Fund
Short-Term Money Market Fund
AIM Short-Term Investments Co. $ 97,507.44 $ 97,507.44
============= ===========
-8-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Tax Status
_________________
The Plan is a qualified plan under Section 401 of the Internal
Revenue Code and is exempt from federal income taxes under Section 501.
NOTE C - REALIZED GAIN ON SECURITIES
The realized gain or loss from the sale of securities was as
follows:
<CAPTIONS>
1995 1994 1993
___________ ___________ ___________
Participating Employer
Securities:
Sales Price $ 0 $ 0 $ 0
Less Cost (Average Cost) 0 0 0
___________ ___________ ___________
Net Realized Gain (Loss) $ 0 $ 0 $ 0
=========== =========== ===========
Unaffiliated Issuers'
Securities:
Sales Price $ 0 $ 0 $ 0
Less Cost (Average Cost) 0 0 0
___________ ___________ ___________
Net Realized Gain (Loss) $ 0 $ 0 $ 0
=========== =========== ===========
NOTE D - UNIT VALUE
<CAPTIONS>
Net Asset
Quarter Ending Number of Units Valuation per
Unit
______________ _______________
__________________
June 30, 1994 595.0900 $503.7472987
September 30, 1994 595.0900 574.9816918
December 31, 1994 595.0900 635.1310138
March 31, 1995 595.0900 609.0181317
June 30, 1995 595.0900 647.3456214
-9-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE E - UNREALIZED APPRECIATION
The following reflects the increase (decrease) in unrealized
appreciation:
<CAPTIONS>
1995 1994 1993
___________ ___________ ___________
Unrealized
Appreciation
6-30-95/94/93 $273,850.08 $196,792.58 $190,241.96
Unrealized
Appreciation
7-1-94/93/92 196,792.58 190,241.96 138,174.58
__________ __________ __________
Change in
Unrealized
Appreciation
6-30-95/94/93 $ 77,057.50 $ 6,550.62 $ 52,067.38
=========== ========== ==========
The unrealized appreciation or depreciation of securities held for
investment for financial statement reporting is prepared in
conformity with generally accepted accounting principles which
differ from the principles 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.
-10-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEARS ENDED JUNE 30, 1995, 1994 AND 1993
NOTE F - CHANGES IN PLAN
No amendments were made to the Plan during 1994.
NOTE G - ADMINISTRATION OF PLAN ASSETS
The Plan's assets are held by the Trustee of the Plan.
The Trustee invests cash received from interest and dividend
income and makes distributions to the participants.
Certain administrative functions are performed by employees of
the Company with no compensation from the Plan. Administrative
expenses and Trustee fees are paid directly by the Company.
-11-
ADDITIONAL INFORMATION
-12-
TANDY EMPLOYEES INVESTMENT PLAN (SPECIAL ACCOUNT)
FORT WORTH, TEXAS
ADDITIONAL INFORMATION
JUNE 30, 1995
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<CAPTIONS>
Description Current
Issuer of Investment Cost Value
______ _____________ ____ _____
*Tandy Corporation Common Stock $ 5,222.33 $261,242.50
_________ __________
InterTAN Inc. Common Stock $ 7,215.77 $ 7,522.50
_________ __________
Tandycrafts, Inc. Common Stock $ 952.82 $ 18,476.00
_________ __________
AIM Short-Term Short-Term
Investments Co. Money Market
Fund - Fluc-
tuating rate
of interest $ 97,507.44 $ 97,507.44
__________ __________
*Party-in-Interest to Plan.
-13-