EX-99.1 2 pressrelease.htm RADIOSHACK CORPORATION FORM 8-K MAY 2, 2015 EXHIBIT 99.1 pressrelease.htm
Exhibit 99.1
 
 
 
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
 
         
         
In re RADIOSHACK CORP., et al.
  
:
  
Case No, 15-10197 (BLS)
Debtors.
        
 
MONTHLY OPERATING REPORT
RADIOSHACK CORPORATION, ET AL.
 

 
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
 
         
       
Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    
         
   
 
2
     
3
     
4
         
SCHEDULES
    
     
5
     
8
     
11
     
13
     
14
     
15
     
16
     
17
     
18
     
20

 
I do declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
 
         
         
Signature of Debtor
      
Date
         
         
Signature of Joint Debtor
      
Date
     
/s/ William R. Russum
      
6/1/15
Signature of Authorized Individual*
      
Date
     
William R. Russum
      
Vice President – Corporate Controller
Printed Name of Authorized Individual
      
Title of Authorized Individual
 
*
Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.



 
1
 


RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Balance Sheets (unaudited)
*includes Mexico and Asia
 
(In millions)
  
May 2, 2015
  
       
Assets
      
Current assets:
      
Cash and cash equivalent
   $ 54.3  
Accounts and notes receivable, net
     90.3  
Inventories
     35.8  
Other current assets
     67.5  
     Total current assets
     247.9  
         
Property, plant and equipment, net
     72.2  
Other assets, net
     23.7  
Total assets
   $ 343.8  
         
Liabilities and Stockholders' Deficit
        
Current liabilities:
        
Current maturities of long-term debt
   $ -  
Accounts payable
     22.0  
Accrued expenses and other current liabilities
     18.9  
     Total current liabilities
     40.9  
         
Long-term debt, excluding current maturities
     -  
Other non-current liabilities
     -  
     Total liabilities not subject to compromise
     40.9  
         
Liabilities subject to compromise (note)
     896.1  
         
     Total liabilities
     937.0  
         
Preferred stock
     -  
Common stock
     146.0  
Additional paid-in capital
     150.7  
Retained earnings
     116.6  
Treasury stock, at cost
     (998.8 )
Accumulated other comprehensive income
     (7.7 )
     Total stockholders' deficit
     (593.2 )
         
Total liabilities and stockholders' deficit
   $ 343.8  
  
Note: Liabilities subject to compromise reflect management’s estimates and may be subject to revision in future reports.
 

 
2
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Statements of Income (unaudited)
*includes Mexico, Asia
 
   
For the Period
  
   
Ended
  
(In millions)
  
May 2, 2015
  
Net sales and operating revenues
   $ 54.7  
Cost of products sold
     66.7  
Gross profit
     (12.0 )
         
Operating expenses:
        
Compensation
     9.6  
Rent & occupancy
     7.1  
Advertising
     (0.6 )
Taxes
     3.7  
Utilities
     2.9  
Insurance
     4.4  
Credit card fees
     0.4  
Professional fees
     3.1  
Repairs/maintenance
     0.7  
Store support
     0.1  
Licenses
     1.3  
Postage & copy & office
     0.2  
Other SG&A
     (3.6 )
Other outside (inc)/exp
     (11.2 )
  Selling, general & administrative expenses
     18.1  
  Depreciation and amortization
     2.4  
  Impairment of long-lived assets
     -  
Total operating expenses
     20.5  
         
Operating loss
     (32.5 )
         
Interest expense, net
     (0.1 )
Other loss, net
     (63.9 )
         
Loss before income taxes
     (96.5 )
         
Income tax expense
     0.1  
         
Net loss
   $ (96.6 )

 
 
3
 


 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Statements of Cash Flows (unaudited)
*includes Mexico, Asia
 
   
For the Period
  
   
Ended
  
(In millions)
  
May 2, 2015
  
Cash flows from operating activities:
      
Net cash provided by operating activities
   $ 65.9  
         
Cash flows from investing activities:
        
   Capital expenditures
     -  
   Proceeds from sale of assets
     17.8  
   Changes in restricted cash
     (18.2 )
      (0.4 )
         
Cash flows used by financing activities:
        
   Repayments of long-term debt
     (48.2 )
   Changes in cash overdrafts
     (7.9 )
      (56.1 )
         
Net increase in cash and cash equivalents
     9.4  
Cash and cash equivalents, beginning of period
     44.9  
Cash and cash equivalents, end of period
   $ 54.3  
         

 
 
4
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions)

 
                     
May 2, 2015
                    
   
RadioShack Corporation
    
Tandy Finance Corporation
    
Merchandising Support Services, Inc.
    
Ignition L.P.
    
ITC Services, Inc.
    
TRS Quality, Inc.
    
RS Ig Holdings Incorporated
  
Assets
                                          
Current assets:
                                          
Cash and cash equivalent
   $ 44.4       0.1       -       -       -       -       -  
Accounts and notes receivable, net
     87.1       -       -       -       -       -       -  
Inventories
     17.5       -       -       -       -       -       -  
Other current assets
     59.5       -       -       -       -       -       -  
     Total current assets
     208.5       0.1       -       -       -       -       -  
                                                         
Property, plant and equipment, net
     66.1       -       -       -       -       -       -  
Intercompany receivables and investments
     424.9       1,717.4       29.7       260.9       -       39.2       -  
Other assets, net
     21.7       -       -       -       -       -       -  
Total assets
   $ 721.2       1,717.5       29.7       260.9       -       39.2       -  
                                                         
Liabilities and Stockholders' (Deficit) Equity
                                                        
Current liabilities:
                                                        
Current maturities of long-term debt
   $ -       -       -       -       -       -       -  
Accounts payable
     7.8       -       -       -       -       -       -  
Accrued expenses and other current liabilities
     10.4       -       -       -       -       -       -  
     Total current liabilities
     18.2       -       -       -       -       -       -  
                                                         
Long-term debt, excluding current maturities
     -       -       -       -       -       -       -  
Other non-current liabilities
     -       -       -       -       -       -       -  
     Total liabilities not subject to compromise
     18.2       -       -       -       -       -       -  
                                                         
Liabilities subject to compromise (note)
     3,148.5       29.2       0.1       64.1       5.3       0.5       1.3  
                                                         
     Total liabilities
     3,166.7       29.2       0.1       64.1       5.3       0.5       1.3  
                                                         
Preferred stock
     -       -       -       -       -       -       -  
Common stock
     146.0       0.1       -       -       -       -       -  
Additional paid-in capital
     150.9       182.8       29.7       0.6       11.7       -       0.2  
Retained earnings
     (1,744.6 )     1,505.4       (0.1 )     196.2       (17.0 )     38.7       (1.5 )
Treasury stock, at cost
     (998.8 )     -       -       -       -       -       -  
Accumulated other comprehensive income
     1.0       -       -       -       -       -       -  
     Total stockholders' (deficit) equity
     (2,445.5 )     1,688.3       29.6       196.8       (5.3 )     38.7       (1.3 )
                                                         
Total liabilities and stockholders' (deficit) equity
   $ 721.2       1,717.5       29.7       260.9       -       39.2       -  
 
 
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
 


 
5
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions) – continued

 
                     
May 2, 2015
                    
   
RadioShack Global Sourcing Limited Partnership
    
RadioShack Global Sourcing Corporation
    
Tandy Holdings, Inc.
    
RadioShack Global Sourcing, Inc.
    
Atlantic Retail Ventures, Inc.
    
Tandy International Corporation
    
SCK, Inc.
  
Assets
                                          
Current assets:
                                          
Cash and cash equivalent
   $ -       0.1       -       0.6       -       -       -  
Accounts and notes receivable, net
     (0.6 )     -       -       -       -       -       1.1  
Inventories
     -       -       -       -       -       -       -  
Other current assets
     -       -       -       -       -       -       0.1  
     Total current assets
     (0.6 )     0.1       -       0.6       -       -       1.2  
                                                         
Property, plant and equipment, net
     -       -       -       -       -       -       -  
Intercompany receivables and investments
     130.6       11.5       28.6       0.2       0.3       67.9       2.4  
Other assets, net
     -       -       -       -       -       -       -  
Total assets
   $ 130.0       11.6       28.6       0.8       0.3       67.9       3.6  
                                                         
Liabilities and Stockholders' (Deficit) Equity
                                                        
Current liabilities:
                                                        
Current maturities of long-term debt
   $ -       -       -       -       -       -       -  
Accounts payable
     -       -       -       -       -       -       -  
Accrued expenses and other current liabilities
     -       -       -       -       -       -       -  
     Total current liabilities
     -       -       -       -       -       -       -  
                                                         
Long-term debt, excluding current maturities
     -       -       -       -       -       -       -  
Other non-current liabilities
     -       -       -       -       -       -       -  
     Total liabilities not subject to compromise
     -       -       -       -       -       -       -  
                                                         
Liabilities subject to compromise
     23.8       4.8       -       0.2       -       71.3       29.5  
                                                         
     Total liabilities
     23.8       4.8       -       0.2       -       71.3       29.5  
                                                         
Preferred stock
     -       -       -       -       -       -       -  
Common stock
     -       -       -       -       -       -       -  
Additional paid-in capital
     26.4       -       3.8       -       -       -       -  
Retained earnings
     79.8       6.8       24.8       0.6       0.3       (3.4 )     (25.9 )
Treasury stock, at cost
     -       -       -       -       -       -       -  
Accumulated other comprehensive income
     -       -       -       -       -       -       -  
     Total stockholders' (deficit) equity
     106.2       6.8       28.6       0.6       0.3       (3.4 )     (25.9 )
                                                         
Total liabilities and stockholders' (deficit) equity
   $ 130.0       11.6       28.6       0.8       0.3       67.9       3.6  

 
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
 

 
6
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions) – continued

 
               
May 2, 2015
              
   
TE Electronics LP
    
RadioShack Customer Service LLC
    
Trade and Save LLC
    
RS Ignite LLC
    
Total Debtors*
  
Assets
                              
Current assets:
                              
Cash and cash equivalent
   $ -       -       -       -     $ 45.2  
Accounts and notes receivable, net
     -       -       -       -       87.6  
Inventories
     -       -       -       -       17.5  
Other current assets
     0.5       -       -       -       60.1  
     Total current assets
     0.5       -       -       -       210.4  
                                         
Property, plant and equipment, net
     0.1       -       -       -       66.2  
Intercompany receivables and investments
     96.8       48.1       -       -       2,858.5  
Other assets, net
     -       -       -       -       21.7  
Total assets
   $ 97.4       48.1       -       -     $ 3,156.8  
                                         
Liabilities and Stockholders' (Deficit) Equity
                                        
Current liabilities:
                                        
Current maturities of long-term debt
   $ -       -       -       -     $ -  
Accounts payable
     -       -       -       -       7.8  
Accrued expenses and other current liabilities
     0.1       -       -       -       10.5  
     Total current liabilities
     0.1       -       -       -       18.3  
                                         
Long-term debt, excluding current maturities
     -       -       -       -       -  
Other non-current liabilities
     -       -       -       -       -  
     Total liabilities not subject to compromise
     0.1       -       -       -       18.3  
                                         
Liabilities subject to compromise
     1.1       17.8       -       -       3,397.5  
                                         
     Total liabilities
     1.2       17.8       -       -       3,415.8  
                                         
Preferred stock
     -       -       -       -       -  
Common stock
     -       -       -       -       146.1  
Additional paid-in capital
     2.9       5.8       -       -       414.8  
Retained earnings
     93.3       24.5       -       -       177.9  
Treasury stock, at cost
     -       -       -       -       (998.8 )
Accumulated other comprehensive income
     -       -       -       -       1.0  
     Total stockholders' (deficit) equity
     96.2       30.3       -       -       (259.0 )
                                         
Total liabilities and stockholders' (deficit) equity
   $ 97.4       48.1       -       -     $ 3,156.8  
                                         
* Does not include eliminations
                                        

Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
 
 
 
7
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions)

   
For the Period Ended May 2, 2015
  
   
RadioShack Corporation
    
Tandy Finance Corporation
    
Merchandising Support Services, Inc.
    
Ignition L.P.
    
ITC Services, Inc.
    
TRS Quality, Inc.
    
RS Ig Holdings Incorporated
  
Net sales and operating revenues
   $ 49.0       -       -       -       -       -       -  
Cost of products sold
     65.2       -       -       0.8       -       -       -  
Gross profit
     (16.2 )     -       -       (0.8 )     -       -       -  
                                                         
Operating expenses:
                                                        
Compensation
     8.0       -       -       0.3       -       -       -  
Rent & occupancy
     6.2       -       -       -       -       -       -  
Advertising
     (0.7 )     -       -       -       -       -       -  
Taxes
     3.5       -       -       -       -       -       -  
Utilities
     2.8       -       -       -       -       -       -  
Insurance
     4.4       -       -       -       -       -       -  
Credit card fees
     0.3       -       -       -       -       -       -  
Professional fees
     2.8       -       -       -       -       -       -  
Repairs/maintenance
     0.6       -       -       -       -       -       -  
Store support
     0.1       -       -       -       -       -       -  
Licenses
     1.3       -       -       -       -       -       -  
Postage & copy & office
     0.1       -       -       -       -       -       -  
Other SG&A
     (3.9 )     -       -       -       -       -       -  
Other outside (inc)/exp
     (10.9 )     -       -       -       -       -       -  
  Selling, general & administrative expenses
     14.6       -       -       0.3       -       -       -  
  Depreciation and amortization
     2.2       -       -       -       -       -       -  
  Impairment of long-lived assets
     -       -       -       -       -       -       -  
Total operating expenses
     16.8       -       -       0.3       -       -       -  
                                                         
Operating loss
     (33.0 )     -       -       (1.1 )     -       -       -  
                                                         
Interest expense, net
     (0.1 )     -       -       -       -       -       -  
Other loss, net
     (64.9 )     1.1       -       -       -       -       -  
                                                         
Loss before income taxes
     (98.0 )     1.1       -       (1.1 )     -       -       -  
                                                         
Income tax expense
     0.1       -       -       -       -       -       -  
                                                         
Net loss
   $ (98.1 )     1.1       -       (1.1 )     -       -       -  
 
 
 
8
 


RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions) – continued

 
   
For the Period Ended May 2, 2015
  
   
RadioShack Global Sourcing Limited Partnership
    
RadioShack Global Sourcing Corporation
    
Tandy Holdings, Inc.
    
RadioShack Global Sourcing, Inc.
    
Atlantic Retail Ventures, Inc.
    
Tandy International Corporation
    
SCK, Inc.
  
Net sales and operating revenues
   $ -       -       -       -       -       -       0.8  
Cost of products sold
     (0.1 )     -       -       -       -       -       0.7  
Gross profit
     0.1       -       -       -       -       -       0.1  
                                                         
Operating expenses:
                                                        
Compensation
     -       -       -       0.1       -       -       -  
Rent & occupancy
     -       -       -       -       -       -       -  
Advertising
     -       -       -       -       -       -       -  
Taxes
     -       -       -       -       -       -       -  
Utilities
     -       -       -       -       -       -       -  
Insurance
     -       -       -       -       -       -       -  
Credit card fees
     -       -       -       -       -       -       -  
Professional fees
     -       -       -       -       -       -       0.3  
Repairs/maintenance
     -       -       -       -       -       -       -  
Store support
     -       -       -       -       -       -       -  
Licenses
     -       -       -       -       -       -       -  
Postage & copy & office
     -       -       -       -       -       -       -  
Other SG&A
     0.7       -       -       (0.1 )     -       -       0.1  
Other outside (inc)/exp
     -       -       -       -       -       -       -  
  Selling, general & administrative expenses
     0.7       -       -       -       -       -       0.4  
  Depreciation and amortization
     -       -       -       -       -       -       -  
  Impairment of long-lived assets
     -       -       -       -       -       -       -  
Total operating expenses
     0.7       -       -       -       -       -       0.4  
                                                         
Operating loss
     (0.6 )     -       -       -       -       -       (0.3 )
                                                         
Interest expense, net
     -       -       -       -       -       -       -  
Other loss, net
     -       -       -       -       -       -       -  
                                                         
Loss before income taxes
     (0.6 )     -       -       -       -       -       (0.3 )
                                                         
Income tax expense
     -       -       -       -       -       -       -  
                                                         
Net loss
   $ (0.6 )     -       -       -       -       -       (0.3 )

 
 
9
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited) – continued

 
   
For the Period Ended May 2, 2015
  
   
TE Electronics LP
    
RadioShack Customer Service LLC
    
Trade and Save LLC
    
RS Ignite LLC
    
Total Debtors*
  
Net sales and operating revenues
   $ 0.1       -       -       -     $ 49.9  
Cost of products sold
     -       -       -       -       66.6  
Gross profit
     0.1       -       -       -       (16.7 )
                                         
Operating expenses:
                                        
Compensation
     -       -       -       -       8.4  
Rent & occupancy
     -       -       -       -       6.2  
Advertising
     -       -       -       -       (0.7 )
Taxes
     -       -       -       -       3.5  
Utilities
     -       -       -       -       2.8  
Insurance
     -       -       -       -       4.4  
Credit card fees
     -       -       -       -       0.3  
Professional fees
     -       -       -       -       3.1  
Repairs/maintenance
     -       -       -       -       0.6  
Store support
     -       -       -       -       0.1  
Licenses
     -       -       -       -       1.3  
Postage & copy & office
     -       -       -       -       0.1  
Other SG&A
     -       -       -       -       (3.2 )
Other outside (inc)/exp
     (0.3 )     -       -       -       (11.2 )
  Selling, general & administrative expenses
     (0.3 )     -       -       -       15.7  
  Depreciation and amortization
     -       -       -       -       2.2  
  Impairment of long-lived assets
     -       -       -       -       -  
Total operating expenses
     (0.3 )     -       -       -       17.9  
                                         
Operating loss
     0.4       -       -       -       (34.6 )
                                         
Interest expense, net
     -       -       -       -       (0.1 )
Other loss, net
     -       -       -       -       (63.8 )
                                         
Loss before income taxes
     0.4       -       -       -       (98.5 )
                                         
Income tax expense
     -       -       -       -       0.1  
                                         
Net loss
   $ 0.4       -       -       -     $ (98.6 )
                                         
* Does not include eliminations
                                        

 
 
10
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Cash Flows (unaudited, in millions)

 
   
For the Period Ended May 2, 2015
  
   
RadioShack Corporation
    
Tandy Finance Corporation
    
Merchandising Support Services, Inc.
    
Ignition L.P.
    
ITC Services, Inc.
    
TRS Quality, Inc.
    
RS Ig Holdings Inc.
  
                                           
Net cash provided (used) by operating activities
   $ 69.0       1.1       -       (0.7 )     -       -       -  
                                                         
Cash flows from investing activities:
                                                        
   Capital expenditures
     -       -       -       -       -       -       -  
   Proceeds from sale of assets
     14.6       -       -       -       -       -       -  
   Changes in restricted cash
     (18.2 )     -       -       -       -       -       -  
      (3.6 )     -       -       -       -       -       -  
                                                         
Cash flows provided (used) by financing activities:
                                                        
   Repayments of long-term debt
     (48.2 )     -       -       -       -       -       -  
   Changes in cash overdrafts
     (7.9 )     -       -       -       -       -       -  
   Change in intercompany receivable/payable
     1.9       (1.1 )     -       0.7       -       -       -  
      (54.2 )     (1.1 )     -       0.7       -       -       -  
                                                         
Net increase (decrease) in cash and equivalents
     11.2       -       -       -       -       -       -  
Cash and equivalents, beginning of period
     33.2       0.1       -       -       -       -       -  
Cash and equivalents, end of period
   $ 44.4       0.1       -       -       -       -       -  
                                                         
                                                         
                                                         
   
For the Period Ended May 2, 2015
  
   
RadioShack Global Sourcing Limited Partnership
    
RadioShack Global Sourcing Corporation
    
Tandy Holdings, Inc.
    
RadioShack Global Sourcing, Inc.
    
Atlantic Retail Ventures, Inc.
    
Tandy Int’l Corp.
    
SCK, Inc.
  
                                                         
Net cash provided (used) by operating activities
   $ (1.4 )     -       -       0.1       -       -       0.3  
                                                         
Cash flows from investing activities:
                                                        
   Capital expenditures
     -       -       -       -       -       -       -  
   Proceeds from sale of assets
     -       -       -       -       -       -       -  
   Changes in restricted cash
     -       -       -       -       -       -       -  
      -       -       -       -       -       -       -  
                                                         
Cash flows provided (used) by financing activities:
                                                        
   Repayments of long-term debt
     -       -       -       -       -       -       -  
   Changes in cash overdrafts
     -       -       -       -       -       -       -  
   Change in intercompany receivable/payable
     1.4       -       -       -       -       -       (0.3 )
      1.4       -       -       -       -       -       (0.3 )
                                                         
Net increase (decrease) in cash and equivalents
     -       -       -       0.1       -       -       -  
Cash and equivalents, beginning of period
     -       0.1       -       0.5       -       -       -  
Cash and equivalents, end of period
   $ -       0.1       -       0.6       -       -       -  

 
 
11
 


RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Cash Flows (unaudited, in millions) – continued

 
   
For the Period Ended May 2, 2015
  
   
TE Electronics LP
    
RadioShack Customer Service LLC
    
Trade and Save LLC
    
RS Ignite LLC
    
Total Debtors*
  
                               
Net cash provided (used) by operating activities
   $ 2.5       -       -       -     $ 70.9  
                                         
Cash flows from investing activities:
                                        
   Capital expenditures
     -       -       -       -       -  
   Proceeds from sale of assets
     0.7       -       -       -       15.3  
   Changes in restricted cash
     -       -       -       -       (18.2 )
      0.7       -       -       -       (2.9 )
                                         
Cash flows provided (used) by financing activities:
                                        
   Repayments of long-term debt
     -       -       -       -       (48.2 )
   Changes in cash overdrafts
     -       -       -       -       (7.9 )
   Change in intercompany receivable/payable
     (3.2 )     -       -       -       (0.6 )
      (3.2 )     -       -       -       (56.7 )
                                         
Net increase (decrease) in cash and equivalents
     -       -       -       -       11.3  
Cash and equivalents, beginning of period
     -       -       -       -       33.9  
Cash and equivalents, end of period
   $ -       -       -       -     $ 45.2  
                                         
* Does not include eliminations
                                        

 
 
12
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements By Filed Legal Entity (unaudited, in millions)

 
For the Period Ended May 2, 2015
               
Legal Entity
    
Case Number
  
Disbursements
               
RadioShack Corporation
    
15-10197
    
 $            213.0
  
               
Tandy Finance Corporation
    
15-10211
        
               
Merchandising Support Services Inc
    
15-10202
        
               
Ignition LP
    
15-10200
    
 $                0.1
  
               
ITC Services, Inc
    
15-10201
        
               
TRS Quality Inc
    
15-10217
        
               
RS Ig Holdings Inc
    
15-10208
        
               
Radioshack Global Sourcing LP
    
15-10206
    
 $                0.3
  
               
Radioshack Global Sourcing Corp
    
15-10204
        
               
Tandy Holdings, Inc
    
15-10212
        
               
Radioshack Global Sourcing Inc
    
15-10207
        
               
Atlantic Retail Ventures, Inc
    
15-10199
        
               
Tandy International Corporation
    
15-10213
        
               
SCK Inc
    
15-10210
    
 $                0.1
  
               
TE Electronics LP
    
15-10214
    
 $                0.2
  
               
RS Customer Service LLC
    
15-10203
        
               
Trade and Save LLC
    
15-10215
        
               
RS Ignite LLC
    
15-10209
        

 
 
13
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Schedule of Federal, State and Local Taxes Collected, Received, Due or Withheld (unaudited, in millions)


For the Period Ended May 2, 2015
  
       
       
       
Payroll Taxes
      
Payroll taxes withheld employee
   $ 4.2  
Payroll taxes withheld employer
     1.9  
Total payroll taxes withheld
   $ 6.1  
Amount of payroll tax remitted to tax authorities (1) (2)
   $ 9.2  
Date(s) remitted to tax authorities
  
Various
  
         
         
Sales & Use Taxes
        
Sales & use tax collected and incurred
   $ 2.2  
Amount of sales & use tax remitted to tax authorities (3)
   $ 3.8  
Date(s) remitted to tax authorities
  
Various
  
         
         
Property taxes paid  (4)
   $ 0.6  
         
(1) Excludes Puerto Rico income tax withholding that is not remitted due to a settlement with the Puerto Rico Treasury.
  
(2) Payroll taxes remitted does not equal taxes withheld because of tax entity payment timing requirements and note (1).
  
(3)  Tax is remitted one month in arrears of collection month.
        
(4)  Payments include pre-petition liabilities.
        
 

 
14
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements to Retained Professionals (unaudited, in millions)

 

For the Period Ended May 2, 2015
               
               
               
Retained Professionals
    
Approved Amounts
    
Disbursements
               
               
FTI Consulting
Bankruptcy Services
          
 $                    2.6
               
Prime Clerk
Claims Noticing Agent
          
 $                    0.1
               
Lazard Freras & Co.
Bankruptcy Services
          
 $                    2.6
               
Cooley LLP
Legal Services
          
 $                    0.4
               
Quinn Emanuel Urquhart & Sullivan, LLP
Legal Services
          
$                    2.2
               
Whiteford, Taylor & Preston LLC
Legal Services
          
 $                    0.3
               
Pepper Hamilton LLP
Legal Services
          
 $                    0.4
               
               
*    Disbursements represent payments by the Debtors into the professional fee escrow fund maintained by Pepper Hamilton LLP and direct
       payments made to professionals, and do not represent actual remittances made to professionals during the month.
  
               
*    Approved Amounts represent the amounts approved by Court orders.
            
 
 
 
15
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Accounts Receivable Aging (unaudited, in millions)


May 2, 2015
               
                                                                Accounts Receivable Aging
    
            Amount
  
               
0-30
          
 $                     30.7
  
               
30-60
          
                          8.8
  
               
60-90
          
                          6.6
  
               
91+
          
                         46.1
  
               
Total Accounts Receivable
          
                         92.2
  
               
Amount Considered Uncollectible
          
                           (1.9)
  
               
Accounts Receivable, Net
          
 $                       90.3
  
               
 
 
 
16
 

 
RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Summary of Unpaid Post-Petition Debts (unaudited, in millions)

 
               
May 2, 2015
               
                                                      Accounts Payable Aging
    
Amount
  
               
0-30
          
 $                5.2
  
               
30-60
          
                       2.6
  
               
60-90
              
               
91+
              
               
Total Accounts Payable*
          
 $                7.8
  
               
* Represents total post-petition trade accounts payable
        

 
 
17
 

RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Bank Reconciliations (unaudited)
 
 
                   
 Bank
  
 Ledger
      
Reconciled
  
G/L Acct
  
Account Name
  
Bank Acct #
  
Debtor
  
Description
  
 Balance $
  
 Balance $
  
As of Date
  
5/2/2015
100700
  
BANK OF TEXAS - CASHIER CHECK
  
XXXXX3264
  
 RadioShack Corporation
  
 Disbursement
  
                  -
  
                  -
  
5/2/2015
  
Yes
  
100000
  
PAYCARD
  
XXXXXXXXXXXX0015
  
 RadioShack Corporation
  
 Disbursement
  
7,028
  
7,028
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERICA
  
XXXXXX8593
  
 Tandy Finance Corporation
  
 Disbursement
  
50,000
  
50,000
  
5/2/2015
  
Yes
  
100000
  
CITIBANK
  
XXXX4989
  
 RadioShack Corporation
  
 Disbursement
  
0
  
(877)
  
5/2/2015
  
In process
  
100000
  
WACHOVIA - DTC
  
XXXXXXXXX0466
  
 RadioShack Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERICA - A/R LOCKBOX
  
XXXXXX4945
  
 RadioShack Corporation
  
 Disbursement
  
5,000
  
5,000
  
5/2/2015
  
Yes
  
100000
  
WELLS FARGO BANK -P CARD
  
XXXXXX6839
  
 RadioShack Corporation
  
 Disbursement
  
2,117
  
129
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERICA -  UHC-MEDICAL
  
XXXXXXXX2301
  
 RadioShack Corporation
  
 Disbursement
  
1,169,446
  
0
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERCIA -  UHC-FSA
  
XXXXXXXX2291
  
 RadioShack Corporation
  
 Disbursement
  
24,263
  
0
  
5/2/2015
  
Yes
  
100000
  
WELLS FARGO BANK FUNDING
  
XXXXXX3027
  
 RadioShack Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
100000
  
WELLS FARGO BANK P/R
  
XXXXXX0674
  
 RadioShack Corporation
  
 Payroll Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
100000
  
WELLS FARGO BANK A/P
  
XXXXXX0689
  
 RadioShack Corporation
  
 APAY Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERICA - RS MASTER DEPOSITORY
XXXXXX5688
  
 RadioShack Corporation
  
 Depository Account
  
0
  
27,600
  
5/2/2015
  
Yes
  
100000
  
CITIZENS - ACCOUNTS PAYABLE
  
XXXXXX0970
  
 RadioShack Corporation
  
 APAY Disbursement
  
205,737
  
(1,661,256)
  
5/2/2015
  
Yes
  
100000
  
CITIZENS - PAYROLL
  
XXXXXX0962
  
 RadioShack Corporation
  
 Payroll Disbursement
  
200,568
  
68,808
  
5/2/2015
  
Yes
  
100000
  
Bank of America - RS.COM
  
XXXXXX7003
  
 RadioShack Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERICA - RS CENTRAL FRANCHISE
  
XXXXXX4765
  
 RadioShack Corporation
  
 Disbursement
  
0
  
10,348
  
5/2/2015
  
Yes
  
100000
  
BANK OF AMERICA - RS FRANCHISE INTER.
  
XXXXXX2881
  
 RadioShack Corporation
  
 Disbursement
  
0
  
(602,252)
  
5/2/2015
  
Yes
  
101000
  
BANK OF AMERICA - A&A LA OFFICE
  
XXXXXX2696
  
 RadioShack Global Sourcing LP
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
101100
  
CITIZENS - TANDY FINANCE INVESTMENT
  
XXXX1041
  
 Tandy Finance Corporation
  
 Disbursement
          
5/2/2015
  
Yes
  
101300
  
BANK OF AMERICA - TANDY CORP
  
XXXXXX6508
  
 RadioShack Corporation
  
 Disbursement
  
24,451,959
  
22,179,687
  
5/2/2015
  
Yes
  
101400
  
BANK OF AMERICA - A&A INTERNATIONAL
  
XXXXXX2572
  
 RadioShack Global Sourcing LP
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
101700
  
BANK OF AMERICA - RS SALUS RESIDUAL
  
XXXXXX5933
  
 RadioShack Corporation
  
 Disbursement
  
50,000
  
50,000
  
5/2/2015
  
Yes
  
101800
  
BANK OF AMERICA - RS SUB-OPERATING ACCT
XXXXXX6398
  
 RadioShack Corporation
  
 Disbursement
  
9,521,908
  
11,794,180
  
5/2/2015
  
Yes
  
102000
  
CITIZENS - OPERATIN ACCOUNT
  
XXXX0991
  
 RadioShack Corporation
  
 Disbursement
  
806,127
  
848,113
  
5/2/2015
  
Yes
  
102100
  
CITIZENS - SUB-OPERATING ACCOUNT
  
XXXX1025
  
 RadioShack Corporation
  
 Not Active Account
          
5/2/2015
  
Yes
  
104000
  
CITIZENS - ACH TAX
  
XXXX1017
  
 RadioShack Corporation
  
 Disbursement
  
94,668
  
(477,641)
  
5/2/2015
  
Yes
  
105200
  
BANK OF AMERICA
  
XXXXXX8427
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
105201
  
BANK OF FINANCE
  
XXXXXX7280
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
105202
  
TCF BANK
  
XXXXXX9498
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
105203
  
BBT BANK
  
XXXXXXXX8535
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
  
105204
  
SOVEREIGN BANK
  
XXXXXXX0260
  
 Tandy Finance Corporation
  
 Disbursement
  
48
  
48
  
5/2/2015
  
Yes
  
 
 
 
18
 
 
RADIO SHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Bank Reconciliations (unaudited)

 
G/L Acct
  
Account Name
  
Bank Acct #
  
Debtor
  
Description
  
 Bank
Balance $
  
 Ledger Balance $
  
As of Date
  
Reconciled 5/2/2015
105205
  
KEY BANK
  
XXXXXXXX8617
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
105206
  
JP MORGAN CHASE
  
XXXXX0554
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
105207
  
DEUTSCHE BANK
  
XXXX5788
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
105208
  
STONECASTLE BANK
  
XXXXXXXX1495
  
 Tandy Finance Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
107000
  
WACHOVIA - A&A
  
XXXXXXXXX1076
  
 RadioShack Global Sourcing LP
  
 Disbursement
  
16,937
  
16,937
  
5/2/2015
  
Yes
143800
  
BANK OF AMERICA - RS LOC
  
XXXXXX3724
  
 RadioShack Corporation
  
 Disbursement
  
0
  
0
  
5/2/2015
  
Yes
103200
  
RS Professional Fees
  
XXXXXX9022
  
 RadioShack Corporation
  
Escrow
  
6,000,000
  
6,000,000
  
5/2/2015
  
Yes
103300
  
BANK OF AMERICA
  
XXXXXX9006
  
 RadioShack Corporation
  
Escrow
  
1,940,268
  
1,940,268
  
5/2/2015
  
Yes
103400
  
BANK OF AMERICA
  
XXXXXX9187
  
 RadioShack Corporation
  
Escrow
  
103,152
  
103,152
  
5/2/2015
  
Yes
103600
  
BANK OF AMERICA
  
XXXXXX9909
  
 RadioShack Corporation
  
Escrow
  
7,456,487
  
7,456,487
  
5/2/2015
  
Yes
103700
  
BANK OF AMERICA
  
XXXXXX9899
  
 RadioShack Corporation
  
Escrow
  
1,870,946
  
1,870,946
  
5/2/2015
  
Yes
102600
  
CITIZENS
  
XXXX1068
  
 RadioShack Corporation
  
Dormant
  
0
  
0
  
5/2/2015
  
Yes
100000
  
CAPTIAL ONE
  
XXXX6047
  
 RadioShack Corporation
  
Acct of 1st Deposit
  
102,547
  
103,840
  
5/2/2015
  
Yes
103100
  
BANK OF AMERICA
  
XXXXXX9019
  
 RadioShack Corporation
  
Escrow
  
0
  
0
  
5/2/2015
  
Yes
103500
  
BANK OF AMERICA
  
XXXXXX9611
  
 RadioShack Corporation
  
Escrow
  
5,000,000
  
5,000,000
  
5/2/2015
  
Yes
103800
  
BANK OF AMERICA
  
XXXXXX2129
  
 RadioShack Corporation
  
Escrow
  
14,351,423
  
14,351,423
  
5/2/2015
  
Yes
103900
  
BANK OF AMERICA
  
XXXXXX4240
  
 RadioShack Corporation
  
Escrow
  
1,026,522
  
1,026,522
  
5/2/2015
  
           Yes
*(does not reflect retail location accounts)
                            
 
 
 
19
 


RADIOSHACK CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Questionnaire

 
 
Yes
No
1.  Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below.
 
Lease termination agreements with original owners approved by the bankruptcy court
Store liquidations in compliance with bankruptcy court orders
X
  
     
2.  Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
  
X
     
3.  Have all post-petition tax returns been timely filed? If no, provide an explanation below.
X
  
     
4.  Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
X
  
     
     
5.  Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
X
  
     
     
     
Account Name
Purpose
Business Unit
Account Number
Bank Name
Date Opened
Lease Cure
Segregated Account – payment of landlord cure amounts
01-0121
XXXXXX4240
 Bank of America
 4/17/2015

 
 
20