Radioshack Corp – ‘10-Q’ for 6/30/94

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        10Q for Perioded Ended 6/30/94                        20±    92K 
 3: EX-4.(C)    Exhibit 4C - Facility A                               83±   319K 
 4: EX-4.(C)    Exhibit 4C - Facility B                               80±   307K 
 2: EX-11       Exhibits 11 & 12                                       2     19K 

10-Q   —   10Q for Perioded Ended 6/30/94
Document Table of Contents

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION        
Washington, D.C. 20549    

FORM 10-Q     

   X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----                                                                 
EXCHANGE ACT OF 1934                                        

For the quarterly period ended June 30, 1994                

OR    

       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----                                                                 
EXCHANGE ACT OF 1934                                        

For the transition period from __________ to _________      

Commission File No.1-5571   

TANDY CORPORATION   
(Exact name of registrant as specified in its charter)  

Delaware                           75-1047710   
(State or other jurisdiction of            (I.R.S. Employer           
incorporation or organization)            Identification No.)         

1800 One Tandy Center, Fort Worth, Texas         76102                
(Address of principal executive offices)       (Zip Code)             

Registrant's telephone number, including area code:                   
(817) 390-3700                                                

N/A   
(Former name, former address and former fiscal year,    
if changed since last report.)  

 Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.             
Yes __X__   No  ____                                            

The number of shares outstanding of the issuer's Common Stock, $1 par 
value, on July 31, 1994 was 63,259,777.                               

Index to Exhibits is on Sequential Page No. 14.                       
Total pages 213.                                                      

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PART I - FINANCIAL INFORMATION                                        

ITEM 1.  FINANCIAL STATEMENTS                                         

                                                             [Enlarge/Download Table]
                               TANDY CORPORATION AND SUBSIDIARIES                                            
                                 Consolidated Statements of Income (Unaudited)                               

<CAPTIONS>                                                                                                   
(In thousands, except per share amounts)                                                                     
                                                  Three Months Ended                  Six Months Ended       
                                                        June 30,                           June 30,          
                                             -----------------------------      ---------------------------- 
                                                 1994              1993             1994             1993    
                                             -----------       -----------      -----------      ----------- 
                                                                                                             
Net sales and operating revenues             $ 1,009,277       $   843,111      $ 2,001,412      $ 1,707,823 
Cost of products sold                            602,103           474,245        1,186,884          949,237 
                                             -----------       -----------      -----------      ----------- 
Gross Profit                                     407,174           368,866          814,528          758,586 
                                             -----------       -----------      -----------      ----------- 
Expenses:                                                                                                    
Selling, general and administrative              346,131           306,654          678,051          619,844 
Depreciation and amortization                     21,052            20,438           41,796           40,403 
Net interest income                              (15,742)           (8,211)         (28,736)         (15,699)
                                             -----------       -----------      -----------      ----------- 
                                                 351,441           318,881          691,111          644,548 
                                             -----------       -----------      -----------      ----------- 
Income before income taxes, discontinued                                                                     
  operations and cumulative effect of                                                                        
  change in accounting principle                  55,733            49,985          123,417          114,038 

Provision for income taxes                        21,318            18,244           47,207           41,624 
                                             -----------       -----------      -----------      ----------- 
Income from continuing operations                 34,415            31,741           76,210           72,414 
Loss from discontinued operations:                                                                           
  Operating loss, net of tax                          --           (39,077)              --          (57,619)
  Loss on disposal, net of tax                        --           (70,000)              --          (70,000)
                                             -----------       -----------      -----------      ----------- 
                                                      --          (109,077)              --         (127,619)
Income (loss) before cumulative effect of                                                                    
  change in accounting principle                  34,415           (77,336)          76,210          (55,205)
Cumulative effect on prior years of change                                                                   
  in accounting principle                             --                --               --           13,014 
                                             -----------       -----------      -----------      ----------- 
Net income (loss)                            $    34,415       $   (77,336)     $    76,210      $   (42,191)
                                             ===========       ===========      ===========      =========== 

Net income (loss) per average common and                                                                     
  common equivalent share:                                                                                   
Income from continuing operations            $      0.42       $      0.38      $      0.92      $      0.88 
Loss from discontinued operations                     --             (1.39)              --            (1.63)
                                             -----------       -----------      -----------      ----------- 
Income (loss) before cumulative effect of                                                                    
  change in accounting principle                    0.42             (1.01)            0.92            (0.75)

Cumulative effect on prior years of change                                                                   
  in accounting principle                             --                --               --             0.17 
                                             -----------       -----------      -----------      ----------- 
Net income (loss) per average common                                                                         
  and common equivalent share                $      0.42       $     (1.01)     $      0.92      $     (0.58)
                                             ===========       ===========      ===========      =========== 
Average common and common equivalent                                                                         
  shares outstanding                              78,601            78,571           78,796           78,419 
                                             ===========       ===========      ===========      =========== 
Dividends declared per common share          $      0.15       $      0.15      $      0.30      $      0.30 
                                             ===========       ===========      ===========      =========== 

The accompanying notes are an integral part of these financial statements.                                   
                                                                           
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                                  TANDY CORPORATION AND SUBSIDIARIES                                     
                                        Consolidated Balance Sheets (Unaudited)                          

<CAPTIONS>                                                                                               
(In thousands)                                                                                           
                                                        June 30,               Dec. 31,       June 30,   
                                                          1994                   1993           1993     
                                                       ------------          ------------   -----------  
                                                                                                         
Assets                                                                                                   
Current assets:                                                                                          
  Cash and short-term investments                      $    278,271          $    213,235   $    120,001 
  Accounts and notes receivable, less                                                                    
    allowance for doubtful accounts                         508,612               582,443        488,039 
  Inventories, at lower of cost or market                 1,212,099             1,276,302      1,162,527 
  Other current assets                                      118,821                88,005        141,636 
                                                       ------------          ------------   ------------ 
    Total current assets                                  2,117,803             2,159,985      1,912,203 

Property, plant and equipment, at cost,                                                                  
  less accumulated depreciation                             489,163               463,738        437,357 

Investment in discontinued operations                        18,314               405,664        568,651 

Other assets, net of accumulated amortization               194,253               189,712         87,659 
                                                       ------------          ------------   ------------ 
                                                       $  2,819,533          $  3,219,099   $  3,005,870 
                                                       ============          ============   ============ 

Liabilities and Stockholders' Equity                                                                     
Current liabilities:                                                                                     
  Notes payable                                        $     85,972          $    346,164   $    337,696 
  Subordinated debentures, net of                                                                        
    unamortized bond discount                                    --                31,739         31,140 
  Current portion of TESOP guarantee                          9,800                10,050         10,550 
  Accounts payable                                          252,271               279,942        227,316 
  Accrued expenses                                          294,362               349,057        265,791 
  Income taxes payable                                       25,566                14,690          1,161 
                                                       ------------          ------------   ------------ 
    Total current liabilities                               667,971             1,031,642        873,654 
                                                       ------------          ------------   ------------ 
Notes payable, due after one year                            81,718               127,708        163,863 
Guarantee of TESOP indebtedness                              54,030                58,930         63,830 
Deferred income taxes                                            --                    --         30,713 
Other non-current liabilities                                47,959                50,069         49,485 
                                                       ------------          ------------   ------------ 
  Total other liabilities                                   183,707               236,707        307,891 
                                                       ------------          ------------   ------------ 

Stockholders' Equity:                                                                                    
  Preferred stock, no par value, 1,000,000 shares authorized                                             
    Series A junior participating, 100,000 shares                                                        
      authorized and none issued                                 --                    --             -- 
    Series B convertible, 100,000 shares                                                                 
      authorized and issued                                 429,982               429,982        429,982 
    Series C PERCS, 150,000 shares                                                                       
      authorized and issued                                 100,000               100,000        100,000 
  Common stock, $1 par value, 250,000,000 shares                                                         
    authorized with 85,645,000 shares issued                 85,645                85,645         85,645 
  Additional paid-in-capital                                 89,645                85,752         83,095 
  Retained earnings                                       2,066,932             2,028,041      1,926,487 
  Foreign currency translation effects                        1,288                 1,003        (11,460)
  Stock held in treasury, at cost 22,221,000,                                                            
    21,689,000 and 21,932,000 common                                                                     
    shares, respectively                                   (738,706)             (707,331)      (710,537)
  Unearned deferred compensation related to TESOP           (66,931)              (72,342)       (78,887)
                                                       ------------          ------------   ------------ 
    Total stockholders' equity                            1,967,855             1,950,750      1,824,325 
Commitments and contingent liabilities                                                                   
                                                       ------------          ------------   ------------ 
                                                       $  2,819,533          $  3,219,099   $  3,005,870 
                                                       ============          ============   ============ 

The accompanying notes are an integral part of these financial statements.                               
                                                                           
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                                  TANDY CORPORATION AND SUBSIDIARIES                                           
                                               Consolidated Statements of Cash Flows (Unaudited)               

<CAPTIONS>                                                                                                     
(In thousands)                                                                                                 

                                                                                        Six Months Ended       
                                                                                            June 30,           
                                                                               ------------------------------- 
                                                                                   1994               1993     
                                                                               ------------       ------------ 
                                                                                                               
Cash flows from operating activities:                                                                          
Net income (loss)                                                              $     76,210       $    (42,191)
Adjustments to reconcile net income to net cash                                                                
  provided by operating activities:                                                                            
    Cumulative effect on prior years of change in accounting principle                   --            (13,014)
    Loss reserve on disposal of discontinued operations                                  --             70,000 
    Depreciation and amortization                                                    41,796             51,376 
    Provision for credit losses and bad debts                                        13,049             25,892 
    Other items                                                                       6,454              4,036 

Changes in operating assets and liabilities                                                                    
  Receivables                                                                       103,433            112,510 
  Inventories                                                                        64,766             50,372 
  Other current assets                                                               (2,199)           (22,392)
  Accounts payable, accrued expenses and income taxes                               (97,839)           (86,655)
                                                                               ------------       ------------ 
  Net cash provided by operating activities                                         205,670            149,934 
                                                                               ------------       ------------ 
Investing activities:                                                                                          
  Additions to property, plant and equipment, net of retirements                    (67,858)           (35,717)
  Proceeds from sale of divested operations                                         351,250                 -- 
  Other investing activities                                                           (651)            (2,709)
                                                                               ------------       ------------ 
  Net cash provided (used) by investing activities                                  282,741            (38,426)
                                                                               ------------       ------------ 
Financing activities:                                                                                          
  Purchase of treasury stock                                                        (50,208)           (11,818)
  Sale of treasury stock to employee stock purchase program                          22,752             24,642 
  Dividends paid                                                                    (37,399)           (37,423)
  Redemption of subordinated debentures                                             (32,431)                -- 
  Changes in short-term borrowings, net                                            (274,420)           (60,818)
  Changes in long-term borrowings, net                                              (51,669)           (18,716)
                                                                               ------------       ------------ 
  Net cash used by financing activities                                            (423,375)          (104,133)
                                                                               ------------       ------------ 

Increase in cash and short-term investments                                          65,036              7,375 
Cash and short-term investments, beginning of period                                213,235            112,626 
                                                                               ------------       ------------ 
Cash and short-term investments, end of period                                 $    278,271       $    120,001 
                                                                               ============       ============ 

The accompanying notes are an integral part of these financial statements.                                     
                                                                           
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)  

NOTE 1-BASIS OF FINANCIAL STATEMENTS                                  

The accompanying unaudited consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and do not  
include all of the information and footnotes required by generally    
   accepted accounting principles for complete financial statements.  In the
opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been      
included.  Operating results for the three months and six months ended
 June 30, 1994 are not necessarily indicative of the results that may be
   expected for the year ending December 31, 1994.  For further information,
refer to the consolidated financial statements and management's       
  discussion and analysis of results of operations and financial condition
  included in Tandy Corporation's ("Tandy" or the "Company") Form 10-K for
the year ended December 31, 1993.                                     

NOTE 2-RELATIONS WITH INTERTAN                                        

As of June 30, 1994, InterTAN owed Tandy an aggregate of $56,884,000. 
The current portion of the InterTAN obligation approximates $5,023,000
   and the non-current portion approximates $51,861,000.  During the quarter
 ended June 30, 1994, Tandy recognized approximately $2,906,000 of sales
   to and commission income from InterTAN and interest income of $2,041,000.
   During the six months ended June 30, 1994, Tandy recognized approximately
  $14,043,000 of sales to and commission income from InterTAN and interest
income of $4,014,000.  Sales to InterTAN approximated $19,416,000 and 
$33,660,000, respectively, for the three- and six-month periods ending
June 30, 1993.                                                        

InterTAN has increased its bank revolving credit facility to Canadian 
  $60,000,000.  In the case of InterTAN's default on the bank credit line,
 Tandy will, at the option of InterTAN's new banking syndicate, purchase
  InterTAN's inventory and related accounts receivable at 50% of their net
   book value, up to the amount of outstanding bank loans, but not to exceed
  Canadian $60,000,000.  In that event, Tandy could foreclose on its first
priority lien on InterTAN's assets.  If Tandy fails to purchase the   
inventory and related accounts receivable of InterTAN from the banking
   syndicate, the syndicate upon notice to Tandy and expiration of time, can
foreclose on InterTAN's assets in Canada and the U.K. ahead of Tandy. 
 The inventory repurchase agreement between InterTAN's banking syndicate
and Tandy has been amended and restated to reflect the foregoing.  As 
   required by an agreement with Tandy, InterTAN has registered the warrants
received by Tandy as part of the consideration for the debt           
 restructuring, under the Securities Act of 1933.  These warrants have a
  five-year term and are exercisable for approximately 1,450,000 shares of
InterTAN common stock at a price of $6.62 per share.                  

A&A International will continue as the exclusive purchasing agent for 
   InterTAN in the Far East on a commission basis. Commencing in March 1994,
only the purchasing agent commission and sales by Tandy manufacturing 
   plants to InterTAN were recorded as sales.  InterTAN purchases from third
parties through A&A International are no longer recorded as sales,    
reflecting the arrangement under the new merchandise agreement.       
  Accordingly, management expects that reported sales by Tandy to InterTAN
 in 1994 will be considerably lower than sales disclosed in prior years;
however, the earned income relating thereto will not be materially    
different.                                                            

NOTE 3-DISCONTINUED OPERATIONS                                        

 On June 25, 1993, the Board of Directors of Tandy adopted a formal plan
 of divestiture under which it would sell its computer manufacturing and
marketing businesses, the O'Sullivan Industries, Inc. ("O'Sullivan")  
   ready-to-assemble furniture manufacturing and related marketing business,
   the Memtek Products division and the Lika printed circuit board business.
 As of June 30, 1994, all manufacturing operations except Lika have been
divested.                                                             

 O'Sullivan Industries.  On January 27, 1994, the Company announced that
   it had reached an agreement with the underwriters to sell common stock of
 O'Sullivan Industries Holdings, Inc., the parent company of O'Sullivan,
to the public at $22 per share.  The net proceeds realized by Tandy in
the initial public offering, together with a $40,000,000 cash dividend
 from O'Sullivan, approximated $350,000,000. The initial public offering
closed on February 2, 1994.                                           

Tandy has accrued approximately $1,893,000 and $3,155,000 during the  
 quarter and six months ended June 30, 1994, pursuant to the Tax Sharing
and Tax Benefit Reimbursement Agreement between Tandy and O'Sullivan  
   Industries Holdings, Inc. in which the Company will receive payments from
   O'Sullivan resulting from the increased tax basis of O'Sullivan's assets,
   thereby increasing tax deductions and, accordingly, reducing income taxes
payable by O'Sullivan.  The amount to be received by the Company each 
year will approximate the federal tax benefit expected to be realized 
with respect to the increased tax basis.  These payments will be made 
 over a 15-year period.  The Company has recognized and will continue to
   recognize these payments as additional sale proceeds and gain in the year
in which the payments become due and payable to the Company.          

Lika.  On August 4, 1994, Tandy signed an agreement to sell its Lika  
printed circuit board division to Viktron Limited Partnership, an     
Illinois limited partnership.  This transaction is expected to close, 
subject to the completion of due diligence, in September 1994.        

NOTE 4-REVOLVING CREDIT AGREEMENT                                     

The backup facility to Tandy's commercial paper program was renewed in
   May 1994.  This agreement is to be used only if maturing commercial paper
   cannot be repaid due to an inability to sell new paper.  The agreement is
   composed of two facilities--one for $200,000,000 expiring in May 1995 and
another $200,000,000 facility expiring in May 1997.  Annual commitment
   fees for the facilities are 2/25 of 1% per annum and 1/8 of 1% per annum,
respectively, whether used or unused.  At June 30, 1994, there were no
amounts outstanding in the facility.                                  

NOTE 5-SHARE REPURCHASE PROGRAM                                       

On August 1, 1994, the Company announced that its Board of Directors  
authorized management to purchase up to 7,500,000 shares of its common
  stock in addition to shares required for employee plans.  Purchases will
be made from time to time in the open market, and it is expected that 
  funding of the program will come from existing cash and short-term debt.

NOTE 6-RETIREMENT OF DEBT                                             

  The Company's issue of 10% subordinated debentures due June 30, 1994 was
called by the Company on February 23, 1994 for redemption on April 1, 
 1994.  The redemption was at a price equal to 100% of face value of the
subordinated debentures for a total of $32,431,000.                   

 ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION                           

Net Sales and Operating Revenues                                      

Net sales and operating revenues for the periods ended June 30 were:  
     
                                                        [Enlarge/Download Table]
                                                                                                                       

<CAPTIONS>                                                                                                             
(In thousands)                                                                                                         
                                     Three Months Ended         % Increase          Six Months Ended         % Increase
                                 --------------------------     ----------     --------------------------    ----------
                                     1994           1993                           1994           1993                 
                                 -----------    -----------                    -----------    -----------              
                                                                                                                       
Radio Shack                      $   595,375    $   569,799         4.5%       $ 1,198,094    $ 1,155,446        3.7%  
Tandy Name Brand                      93,561         94,511        (1.0)           194,408        222,166 *    (12.5)  
Incredible Universe                   59,196         23,033       157.0            110,189         44,897      145.4   
Computer City                        241,693        126,223        91.5            453,480        231,182       96.2   
                                 -----------    -----------                    -----------    -----------              
                                     989,825        813,566        21.7          1,956,171      1,653,691       18.3   
Import/Export and Other Sales         19,452         29,545       (34.2)            45,241         54,132      (16.4)  
                                 -----------    -----------                    -----------    -----------              
                                 $ 1,009,277    $   843,111        19.7%       $ 2,001,412    $ 1,707,823       17.2%  
                                 ===========    ===========                    ===========    ===========              

*  Includes 110 McDuff/VideoConcepts stores closed during the March 1993 quarter.                                      
                                                                           
  Sales of retail operations increased in virtually all areas except Tandy
Name Brand, which closed 110 stores in the March quarter of 1993.     
 Excluding the closed stores, retail operations had a 22% sales gain for
the quarter ended June 30, 1994 and a 21% sales gain for the six-month
  period.  Radio Shack's new promotional programs which began this quarter
had favorable sales results for June with 7% comparable store sales   
 gains.  The opening of new Incredible Universe and Computer City stores
 in the latter part of 1993 and the first two quarters of 1994 increased
  sales for those divisions.  Since June 30, 1993, 25 Computer City stores
   and three Incredible Universe stores have opened.  On a same-store basis,
U.S. retail sales increased 4.4% for the quarter and 4.5% for the     
six-month period.  Commencing in March 1994, InterTAN purchases from  
  third parties through A&A International are no longer recorded as sales;
  therefore, sales by the Import/Export group have decreased approximately
$18,400,000 for the quarter and $22,300,000 for the six-month period. 
Increases in repair and other income from support operations have     
partially offset this decline by $5,500,000 for the quarter and       
$8,800,000 for the six-month period.                                  

Gross Profit                                                          

   Gross profit as a percent of net sales declined to 40.3% during the three
months ended June 30, 1994 from 43.8% during the corresponding 1993   
period.  For the six months ended June 30, 1994 and 1993, the gross   
   profit percentages were 40.7% and 44.4%, respectively.  This trend toward
lower gross margins is expected to continue as additional sales are   
   contributed by Computer City and Incredible Universe stores which operate
on lower margins.  In the second quarter of fiscal 1994, Computer City
 and Incredible Universe accounted for approximately 30% of consolidated
  sales compared to 18% in the second quarter of 1993.  For the six months
ended June 30, 1994 and 1993, Computer City and Incredible Universe   
accounted for approximately 28% and 16% of consolidated sales,        
respectively.  As computer sales at Radio Shack decrease and sales of 
   higher-margin items increase, gross profit at Radio Shack may continue to
increase slightly.                                                    

Selling, General and Administrative Expenses                          

Selling, general and administrative expenses as a percent of sales and
  operating revenues declined 2.1 percentage points in comparison with the
 second quarter of 1993 and declined 2.4 percentage points in comparison
with the six months ended June 30, 1993.  Most expense categories,    
  including rent, payroll and bad debt expense, were lower as a percent of
sales during the three and six months ended June 30, 1994 as compared 
with the same prior year periods.  The improved quality of credit card
receivables resulted in a reduction of bad debt expense of $10,695,000
   for the six months ended June 30, 1994, in comparison with the six months
ended June 30, 1993.  The lower rent and payroll costs as a percent of
sales reflects the lower relative costs associated with the Company's 
newer retail formats.  Advertising costs increased this quarter as a  
result of Radio Shack's new promotional programs.  The Company expects
SG&A expenses as a percent of sales to continue to decrease as more   
Computer City and Incredible Universe stores are opened.              

Net Interest Income                                                   

Interest income and expense for the periods ended June 30 were:       

       Three Months Ended       Six Months Ended
         June 30,               June 30,
         -------------------    --------------------
(In thousands)      1994       1993        1994       1993            
        --------   --------    --------   --------
Interest income   $ 22,114   $ 16,111    $ 45,101   $ 32,810          
Interest expense    (6,372)    (7,900)    (16,365)   (17,111)         
        --------   --------    --------   --------
        $ 15,742   $  8,211    $ 28,736   $ 15,699
        ========   ========    ========   ========

 Proceeds from divestitures resulted in increased short-term investments
   and decreased short-term borrowings and thus impacted interest income and
   interest expense.  The increase in interest income is also due in part to
  interest earned on notes receivable from AST Research Inc. and InterTAN.
The accretion of discount included in interest income from InterTAN   
 approximated $933,000 and $1,784,000 for the three and six months ended
  June 30, 1994, respectively.  Tandy also received $4,391,000 in interest
 income from the IRS reflecting the settlement of outstanding tax issues
during the quarter and $8,846,000 for the six-month period.  Interest 
  income earned by Tandy Credit Corporation decreased $3,895,000 from that
  earned in the June 30, 1993 quarter due to lower outstanding credit card
   receivable balances and increased use of credit promotions.  A $2,000,000
IRS interest accrual was recorded during the March 31, 1994 quarter;  
excluding this accrual, interest expense was 16% lower than in the six
  months ended June 30, 1993.  Interest expense in the current quarter was
  19% lower than during the second quarter of 1993, primarily due to lower
debt levels.                                                          

Provision for Income Taxes                                            

Provision for income taxes for each quarterly period is based on the  
estimate of the annual effective tax rate for the fiscal year as      
 evaluated at the end of each quarter.  The effective tax rates for each
of the first two quarters of 1994 and 1993 were 38.25%  and 36.50%,   
respectively.  The increase is primarily due to federal tax rate      
   legislation enacted during 1993 whereby the corporate income tax rate was
increased to 35% from 34%.                                            

Earnings Per Share                                                    

Earnings per share is calculated by dividing net income less Series B 
preferred stock dividends paid or payable by average common and common
share equivalents outstanding during the respective periods.  For the 
 three months ended June 30, 1994 and 1993, preferred dividends amounted
   to $1,607,000 and $1,782,000, respectively.  Preferred dividends amounted
 to $3,413,000 and $3,614,000 for the six months ended June 30, 1994 and
1993, respectively.  Earnings per share from continuing operations for
  the three and six months ended June 30, 1994 increased from that for the
same periods of 1993.  However, the Company recorded losses from      
  discontinued operations of $127,619,000 or $1.63 per share for the first
  six months of fiscal 1993, partially offset by a benefit of $13,014,000,
or $0.17 per share, for cumulative effect on prior years of change in 
accounting principle.  The loss from discontinued operations for the  
second quarter of 1993 was $109,077,000 or $1.39 per share, which     
included a loss on disposal of $70,000,000.                           

Cash Flow and Financial Condition                                     

Tandy's cash flow and financial condition, in management's opinion,   
remains strong.  Cash flow from operating activities increased in the 
three- and six-month periods ended June 30, 1994 as compared with the 
same periods of the prior year.   This increase relates primarily to  
   increased operating income in 1994 as losses from discontinued operations
 decreased cash flow in 1993.  Cash provided by investing activities for
  the six-month period ended June 30, 1994 includes cash received from the
divestiture of discontinued operations.  Property, plant and equipment
   additions have increased in comparison with that of the prior year due to
additional fixtures required for the Radio Shack Gift Express (SM)    
program, new Radio Shack (R) stores and the Company's expansion of its
   Computer City (R) and Incredible Universe (R) store concepts.  Management
   anticipates capital expenditure requirements to continue to increase over
   1993 levels while Computer City and Incredible Universe retail chains are
expanding.  Cash used for financing activities increased for the      
 six-month period ended June 30, 1994 due to the reduction of debt.  The
Company's issue of 10% subordinated debentures due June 30, 1994 was  
called by the Company on February 23, 1994 for redemption on April 1, 
1994.  The redemption was at 100% of face value or $32,431,000.       

Cash and short-term investments at June 30, 1994 were $278,271,000 as 
   compared to $120,001,000 at June 30, 1993.  Total debt as a percentage of
total capitalization was 10.5% at June 30, 1994, compared to 22.8% at 
December 31, 1993 and 23.0% at June 30, 1993.  Total debt has been    
   reduced as proceeds from divested manufacturing operations and cash flows
   from operating activities have been used to pay off debt.  Long-term debt
as a percentage of total capitalization was 6.2% at June 30, 1994     
compared to 7.4% at December 31, 1993 and 9.4% at June 30, 1993.      

  The revolving credit backup facility to Tandy's commercial paper program
 was renewed in May 1994.  This agreement is to be used only if maturing
  commercial paper cannot be repaid due to an inability to sell new paper.
The agreement is composed of two facilities--one for $200,000,000     
expiring in May 1995 and another $200,000,000 facility expiring in May
   1997.  Annual commitment fees for the facilities are 2/25 of 1% per annum
and 1/8 of 1% per annum, respectively, whether used or unused.        

On August 1, 1994, the Company announced that its Board of Directors  
authorized management to purchase up to 7,500,000 shares of its common
  stock in addition to shares required for employee plans.  Purchases will
be made from time to time in the open market, and it is expected that 
  funding of the program will come from existing cash and short-term debt.

Inventory                                                             

Compared to June 30, 1993, total inventories at June 30, 1994 have    
  increased $49,572,000 or 4%.  The increase in total inventory levels was
primarily attributable to inventory increases necessary to support new
 store openings of Computer City and Incredible Universe store concepts.
Partially offsetting this increase was decreased inventory levels at  
Radio Shack and Tandy Name Brand due to efficiencies achieved in the  
 replenishment system and the carrying levels of computer-related items.
Inventory levels have been reduced from the amounts maintained at     
December 31, 1993 due to seasonal fluctuations in inventory levels of 
Radio Shack and Tandy Name Brand and improvements in the replenishment
  system.  This decrease since December was partially offset by a combined
increase in inventory levels to support new Incredible Universe and   
Computer City stores, resulting in a net decrease of 5% in inventory  
levels since December 31, 1993.  Inventory is primarily comprised of  
finished goods.                                                       

Changes in Stockholders' Equity                                       

(in thousands)                    Outstanding                         
                      Common Shares      Dollars
                       -------------    ----------
Balance at December 31, 1993         63,956       $1,950,750          
Foreign currency translation                                          
adjustments, net of deferred                                      
taxes                                  --              285        
Sale of treasury stock to                                             
employee plans                        573           22,752        
Purchase of treasury stock           (1,176)         (49,543)         
Exercise of stock options                71            2,268          
Repurchase of preferred stock            --           (2,959)         
Preferred stock dividends,                                            
net of tax                             --           (2,218)       
PERCS dividend                           --          (16,050)         
TESOP deferred compensation earned       --            5,411          
Common stock dividends                   --          (19,051)         
Net income                               --           76,210          
                       -------------    ----------
Balance at June 30, 1994             63,424       $1,967,855          
                       =============    ==========

Discontinued Operations                                               

 On June 25, 1993, the Board of Directors of Tandy adopted a formal plan
 of divestiture under which it would sell its computer manufacturing and
marketing businesses, the O'Sullivan Industries, Inc. ("O'Sullivan")  
   ready-to-assemble furniture manufacturing and related marketing business,
   the Memtek Products division and the Lika printed circuit board business.
 As of June 30, 1994, all manufacturing operations except Lika have been
divested.                                                             

 O'Sullivan Industries.  On January 27, 1994, the Company announced that
   it had reached an agreement with the underwriters to sell common stock of
 O'Sullivan Industries Holdings, Inc., the parent company of O'Sullivan,
to the public at $22 per share.  The net proceeds realized by Tandy in
the initial public offering, together with a $40,000,000 cash dividend
  from O'Sullivan, approximated $350,000,000.  The initial public offering
closed on February 2, 1994.                                           

Tandy has accrued approximately $1,893,000 and $3,155,000 during the  
 quarter and six months ended June 30, 1994, pursuant to the Tax Sharing
and Tax Benefit Reimbursement Agreement between Tandy and O'Sullivan  
   Industries Holdings, Inc. in which the Company will receive payments from
   O'Sullivan resulting from the increased tax basis of O'Sullivan's assets,
   thereby increasing tax deductions and, accordingly, reducing income taxes
payable by O'Sullivan.  The amount to be received by the Company each 
year will approximate the federal tax benefit expected to be realized 
with respect to the increased tax basis.  These payments will be made 
 over a 15-year period.  The Company has recognized and will continue to
   recognize these payments as additional sale proceeds and gain in the year
in which the payments become due and payable to the Company.          

Lika.  On August 4, 1994, Tandy signed an agreement to sell its Lika  
printed circuit board division to Viktron Limited Partnership, an     
Illinois limited partnership.  This transaction is expected to close, 
subject to the completion of due diligence, in September 1994.        

InterTAN Update                                                       

As of June 30, 1994, InterTAN owed Tandy an aggregate of $56,884,000. 
The current portion of the InterTAN obligation approximates $5,023,000
   and the non-current portion approximates $51,861,000.  During the quarter
 ended June 30, 1994, Tandy recognized approximately $2,906,000 of sales
   to and commission income from InterTAN and interest income of $2,041,000.
   During the six months ended June 30, 1994, Tandy recognized approximately
  $14,043,000 of sales to and commission income from InterTAN and interest
income of $4,014,000.  Sales to InterTAN approximated $19,416,000 and 
$33,660,000, respectively, for the three- and six-month periods ending
June 30, 1993.                                                        

InterTAN has increased its bank revolving credit facility to Canadian 
  $60,000,000.  In the case of InterTAN's default on the bank credit line,
 Tandy will, at the option of InterTAN's new banking syndicate, purchase
  InterTAN's inventory and related accounts receivable at 50% of their net
   book value, up to the amount of outstanding bank loans, but not to exceed
  Canadian $60,000,000.  In that event, Tandy could foreclose on its first
priority lien on InterTAN's assets.  If Tandy fails to purchase the   
inventory and related accounts receivable of InterTAN from the banking
   syndicate, the syndicate upon notice to Tandy and expiration of time, can
foreclose on InterTAN's assets in Canada and the U.K. ahead of Tandy. 
 The inventory repurchase agreement between InterTAN's banking syndicate
and Tandy has been amended and restated to reflect the foregoing.  As 
   required by an agreement with Tandy, InterTAN has registered the warrants
received by Tandy as part of the consideration for the debt           
 restructuring, under the Securities Act of 1933.  These warrants have a
  five-year term and are exercisable for approximately 1,450,000 shares of
InterTAN common stock at a price of $6.62 per share.                  

A&A International will continue as the exclusive purchasing agent for 
InterTAN in the Far East on a commission basis.  Commencing in March  
1994, only the purchasing agent commission and sales by Tandy         
manufacturing plants to InterTAN were recorded as sales.  InterTAN    
purchases from third parties through A&A International are no longer  
 recorded as sales, reflecting the arrangement under the new merchandise
  agreement.  Accordingly, management expects that reported sales by Tandy
to InterTAN in 1994 will be considerably lower than sales disclosed in
prior years; however, the earned income relating thereto will not be  
materially different.                                                 

Credit Card Subsidiary                                                

  Tandy National Bank ("the Bank"), a limited purpose nationally chartered
credit card bank, was established on May 11, 1994.  The Bank, a wholly
owned subsidiary of Tandy Corporation, was created to operate the     
   consumer credit card programs for Tandy.  All new accounts approved after
May 12, 1994 will be originated and owned by the Bank.  Existing Tandy
Credit Corporation ("TCC") cardholders who wish to utilize Tandy's    
 consumer credit card program in the future may open an account with the
Bank simply by making a purchase with their existing credit card.  If 
   this occurs, the Bank will open an account for the cardholder and pay off
the existing balance with TCC.  TCC will now purchase receivables from
   the Bank instead of Tandy.  The Bank will act as servicer of the accounts
and will receive a servicing fee from TCC.                            

PART II - OTHER INFORMATION                                           

ITEM 1.  LEGAL PROCEEDINGS.                                           

Tandy has various claims, lawsuits, disputes with third parties,      
 investigations and pending actions involving allegations of negligence,
product defects, discrimination, infringement of intellectual property
rights, securities matters, tax deficiencies, violations of permits or
licenses, and breach of contract and other matters against the Company
and its subsidiaries incident to the operation of its business.  The  
  liability, if any, associated with these matters was not determinable at
June 30, 1994.  While certain of these matters involve substantial    
 amounts, and although occasional adverse settlements or resolutions may
   occur and negatively impact earnings in the year of settlement, it is the
opinion of management that their ultimate resolution will not have a  
materially adverse effect on the Company's financial position.        

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.         

 At the Annual Meeting of Stockholders held on May 19, 1994, the Company
  elected directors to serve for the ensuing year and voted to approve the
   Compensation Plan for the Chief Executive Officer.  Out of the 78,906,184
eligible votes, 68,559,225 votes were cast at the meeting either by   
  proxies solicited in accordance with Schedule 14A or by security holders
voting in person.  There were 5,530,940 broker non-votes which are not
   included in the following table as they were not treated as being present
at the meeting.  In the case of directors, abstentions are treated as 
votes withheld and are included in the table.  The tabulation of votes
  for each nominee is set forth below under Item No. 1 and the vote on the
   Compensation Plan for the Chief Executive Officer is set forth under Item
No. 2 below:                                                          

Item No. 1                                                            
-----------                                                           

Nominees for Directors                                                
----------------------                                                
                            VOTES        VOTES
DIRECTORS                             FOR        WITHHELD       
---------------                      -----------    --------          
James I. Cash, Jr.                    67,726,059     833,166          
Caroline R. Hunt                      67,643,596     915,629          
Lewis R. Kornfeld, Jr.                67,505,106   1,054,119          
Jack L. Messman                       67,696,773     862,452          
William G. Morton, Jr.                67,474,555   1,084,670          
Thomas G. Plaskett                    67,412,721   1,146,504          
John V. Roach                         67,230,932   1,328,293          
William T. Smith                      67,603,265     955,960          
Alfred J. Stein                       67,562,979     996,246          
William E. Tucker                     67,283,335   1,275,890          
Jesse L. Upchurch                     67,857,030     702,195          
John A. Wilson                        67,752,648     806,577          

Item No. 2                                                            
-----------                                                           

Compensation Plan for the Chief Executive Officer                     
-------------------------------------------------                     

FOR       AGAINST     ABSTAIN             
---       -------     -------             
62,488,025   5,220,232    850,968                 

ITEM 5.  OTHER INFORMATION                                            

On August 1, 1994, the Company announced that its Board of Directors  
authorized management to purchase up to 7,500,000 shares of its common
  stock in addition to shares required for employee plans.  Purchases will
be made from time to time in the open market, and it is expected that 
  funding of the program will come from existing cash and short-term debt.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.                            

a)  Exhibits Required by Item 601 of Regulation S-K.                  

   A list of the exhibits required by Item 601 of Regulation S-K and
    filed as part of this report is set forth in the Index to Exhibits
on page 14, which immediately precedes such exhibits.         

b)  Reports on Form 8-K.                                              

No reports on Form 8-K were filed for the quarter ended       
June 30, 1994.                                                

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SIGNATURES    

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.                                

               Tandy Corporation
                (Registrant)

Date:  August 12, 1994      By   /s/   Richard L. Ramsey              
                        ----------------------------
                         Richard L. Ramsey
                           Vice President and Controller
                        (Authorized Officer)

Date:  August 12, 1994           /s/  William C. Bousquette           
                        ----------------------------
                           William C. Bousquette
                        Executive Vice President and
                         Chief Financial Officer
                         (Principal Financial Officer)

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TANDY CORPORATION     
INDEX TO EXHIBITS     

Exhibit                                            Sequential         
Number      Description                             Page No.          

2a          Agreement for Purchase and Sale of Assets                 
dated as of June 30,1993 between AST          
Research, Inc., as Purchaser and Tandy        
Corporation, TE Electronics Inc., and         
GRiD Systems Corporation, as Sellers          
(without exhibits) (filed as Exhibit 2        
to Tandy's July 13, 1993 Form 8-K filed       
on July 27, 1993, Accession No.               
0000096289-93-000004 and incorporated         
herein be reference).                         

2b          Amended and Restated Stock Exchange                       
Agreement dated February 1, 1994 by and       
among O'Sullivan Industries Holdings,         
Inc., and TE Electronics Inc. (filed as       
Exhibit 2b to Tandy's Form 10-K filed on      
March 30, 1994, Accession No. 0000096289-     
94-000029 and incorporated herein by          
reference).                                   

2c          U.S. Purchase Agreement dated January                     
26, 1994 by and among O'Sullivan              
Industries Holdings, Inc., TE Electronics     
Inc. and the U.S. Underwriters which          
included Merrill Lynch & Co., Wheat           
First Butcher & Singer, The Chicago           
Dearborn Company and Rauscher Pierce          
Refsnes, Inc. (filed as Exhibit 2c to         
Tandy's Form 10-K filed on March 30,          
1994, Accession No. 0000096289-94-000029      
and incorporated herein by reference).        

2d          International Purchase Agreement dated                    
January 26, 1994 by and among O'Sullivan      
Industries Holdings, Inc., TE Electronics     
Inc. and the U.S. Underwriters which          
included Merrill Lynch International          
Limited and UBS Limited (filed as Exhibit     
2d to Tandy's Form 10-K filed on March        
30, 1994, Accession  No.0000096289-94-        
000029 and incorporated herein by reference). 

3a(i)       Restated Certificate of Incorporation of                  
Tandy dated December 10, 1982 (filed as       
Exhibit 4A to Tandy's 1993 Form S-8 for       
the Tandy Corporation Incentive Stock         
Plan, Reg. No. 33-51603, filed on November    
12, 1993, Accession No.0000096289-93-         
000017 and incorporated herein by reference). 

3a(ii)      Certificate of Amendment of Certificate                   
of Incorporation of Tandy Corporation         
dated November 13, 1986 (filed as Exhibit     
4A to Tandy's 1993 Form S-8 for the Tandy     
Corporation Incentive Stock Plan, Reg.        
No. 33-51603, filed on November 12, 1993,     
Accession No. 0000096289-93-000017 and        
incorporated herein by reference).            

3a(iii)     Certificate of Amendment of Certificate                   
of Incorporation, amending and restating      
the Certificate of Designation, Preferences   
and Rights of Series A Junior Participating   
Preferred Stock dated June 22, 1990 (filed    
as Exhibit 4A to Tandy's 1993 Form S-8        
for the Tandy Corporation Incentive           
Stock Plan, Reg. No. 33-51603, filed on       
November 12, 1993, Accession No. 0000096289-  
93-000017 and incorporated herein by          
reference).                                   

3a(iv)      Certificate of Designations of Series B                   
TESOP Convertible Preferred dated June        
29, 1990 (filed as Exhibit 4A to Tandy's      
1993 Form  S-8 for the Tandy Corporation      
Incentive Stock Plan, Reg. No. 33-51603,      
filed on November 12, 1993, Accession         
No. 0000096289-93-000017 and incorporated     
herein by reference).                         

3a(v)       Certificate of Designation, Series C                      
Conversion Preferred Stock dated February     
13, 1992 (filed as Exhibit 4A to Tandy's      
1993 Form S-8 for the Tandy Corporation       
Incentive Stock Plan, Reg. No. 33-51603,      
filed on November 12, 1993, Accession         
No. 0000096289-93-000017 and incorporated     
herein by reference).                         

3b          Tandy  Corporation Bylaws, restated as                    
of August 4, 1993 (filed as Exhibit 4B        
to Tandy's Form S-8 for the Tandy             
Corporation Incentive Stock Plan, Reg.        
No. 33-51603, filed on November 12, 1993,     
Accession No. 0000096289-93-000017 and        
incorporated herein by reference).            

4a          Indenture, dated June 30, 1974, for 10%                   
Subordinated Debentures due 1994 (filed       
as Exhibit 4a to Tandy's Form 10-K filed      
on March 30, 1994, Accession No.0000096289-   
94-000029 and incorporated herein by          
reference).                                   

4b          Amended and restated Rights Agreement                     
with the First National Bank of Boston        
dated June 22, 1990 for Preferred Share       
Purchase Rights (filed as Exhibit 4b to       
Tandy's Form 10-K filed on March 30, 1994,    
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

4c          Revolving Credit Agreement between Tandy                  
Corporation and Texas Commerce Bank,          
individually and as Agent for sixteen         
other banks, dated as of May 27, 1994         
    (without exhibits).                             17

4d          Continuing Guaranty dated as of June 18,                  
1991 by Tandy Corporation in favor of         
holders of indebtedness issued by Tandy       
Credit Corporation that is or may be          
publicly traded and is rated by at least      
one nationally recognized rating agency       
(filed as Exhibit 4e to Tandy's Form 10-K     
filed on March 30, 1994, Accession No.        
0000096289-94-000029 and incorporated         
herein by reference).                         

10a*        Salary Continuation Plan for Executive                    
Employees of Tandy Corporation and            
Subsidiaries including amendment dated        
June 14, 1984 with respect to participation   
by certain executive employees, as restated   
October 4, 1990 (filed as Exhibit 10a to      
Tandy's Form 10-K filed on March 30, 1994,    
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

10b*        Form of Executive Pay Plan Letters (filed                 
as Exhibit 10b to Tandy's Form 10-K filed     
on March 30, 1994, Accession No.0000096289-   
94-000029 and incorporated herein by          
reference).                                   

10c*        Post Retirement Death Benefit Plan for                    
Selected Executive Employees of Tandy         
Corporation and Subsidiaries as restated      
June 10, 1991 (filed as Exhibit 10c to        
Tandy's Form 10-K filed on March 30, 1994,    
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

10d*        Tandy Corporation Officers Deferred                       
Compensation Plan as restated July 10,        
1992 (filed as Exhibit 10d to Tandy's         
Form 10-K filed on March 30, 1994,            
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

10e*        Special Compensation Plan No. 1 for Tandy                 
Corporation Executive Officers, adopted       
in 1993 (filed as Exhibit 10e to Tandy's      
Form 10-K filed on March 30, 1994,            
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

10f*        Special Compensation Plan No. 2 for Tandy                 
Corporation Executive Officers, adopted       
in 1993 (filed as Exhibit 10f to Tandy's      
Form 10-K filed on March 30, 1994,            
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

10g*        Special Compensation Plan for Directors                   
of Tandy Corporation dated November 13,       
1986 (filed as Exhibit 10g to Tandy's         
Form 10-K filed on March 30, 1994,            
Accession No. 0000096289-94-000029 and        
incorporated herein by reference).            

10h*        Director Fee Resolution (filed as Exhibit                 
10h to Tandy's Form 10-K filed on March       
30, 1994, Accession No. 0000096289-94-        
000029 and incorporated herein by reference). 

10i*        Tandy Corporation 1985 Stock Option Plan                  
as restated effective August 1990 (filed      
as  Exhibit 10i to Tandy's Form 10-K          
filed on March 30, 1994, Accession No.        
0000096289-94-000029 and incorporated         
herein by reference).                         

10j*        Tandy Corporation 1993 Incentive Stock                    
Plan as restated October 14, 1993 (filed      
as Exhibit 4B to Tandy's Form S-8 for         
Tandy Corporation Incentive Stock Plan,       
Reg. No. 33-51603, filed on November 12,      
1993, Accession No. 0000096289-93-000017      
and incorporated herein by reference).        

10k*        Tandy Corporation Officers Life Insurance                 
Plan as amended and restated effective        
August 22, 1990 (filed as Exhibit 10k to      
Tandy's Form 10-K filed on March 30,          
1994, Accession No. 0000096289-94-000029      
and incorporated herein by reference).        

10l*        Restated Trust Agreement Tandy Employees                  
Supplemental Stock Program through            
Amendment No. III dated March 29, 1993        
(filed as Exhibit 10H to Tandy's Form         
10-K/A-4 filed on September 3, 1993,          
Accession No. 0000096289-93-000011 and        
incorporated herein by reference).            

10m*        Forms  of Termination Protection Agreements               
for (i) Corporate Executives, (ii) Division   
Executives, and (iii) Subsidiary Executives   
(filed as Exhibit 10m to Tandy's Form         
10-K filed on March 30, 1994, Accession       
No. 0000096289-94-000029 and incorporated     
herein by reference).                         

10n*        Tandy Corporation Termination Protection                  
Plans for Executive Employees of Tandy        
Corporation and its Subsidiaries (i) the      
Level I and (ii) Level II Plans (filed        
as Exhibit 10n to Tandy's Form 10-K filed     
on March 30, 1994, Accession No.              
0000096289-94-000029 and incorporated         
herein by reference).                         

10o*        Forms of Bonus Guarantee Letter Agreements                
with certain Executive Employees of Tandy     
Corporation and its Subsidiaries i)           
Formula, ii) Discretionary, and iii) Pay      
Plan (filed as Exhibit 10o to Tandy's         
Form 10-K filed on March 30, 1994, Accession  
No. 0000096289-94-000029 and incorporated     
herein by reference).                         

10p*        Form of Indemnity Agreement with Directors,               
Corporate Officers and two Division           
Officers of Tandy Corporation (filed as       
Exhibit 10p to Tandy's Form 10-K filed        
on March 30, 1994, Accession No.              
0000096289-94-000029 and incorporated         
herein by reference).                         

11          Statement of Computation of Earnings per                  
    Share                                          212

12          Statement of Computation of Ratios of                     
    Earnings to Fixed Charges                      213

_______________________                                             

*  Each  of these exhibits is a "management contract or               
compensatory plan, contract, or arrangement".                   

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
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For Period End:		6/30/94		1		5			11-K
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		6/25/93		5
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		2/13/92		7
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