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News and Information Article
FORT WORTH, Texas, Jan. 8 /-FirstCall/ -- RadioShack
Corporation (NYSE: RSH) today announced it expects fourth quarter 2006 net
income to increase versus prior year fourth quarter net income of $51
million. The increased profitability is expected to be driven in part by
improved margin and inventory management combined with reduced SG&A
expenses.
RadioShack projects fourth quarter 2006 comparable store sales to
decrease by approximately 7.8%. An income statement reclassification
relating to the sale of prepaid wireless airtime, due primarily to contract
changes, negatively impacted comparable store sales by approximately 230
basis points but did not impact operating profit. Adjusted comparable store
sales, excluding the impact of the reclassification, decreased by
approximately 5.5%.
"We continued making important achievements in Q4 towards improving our
core operations," said Julian Day, chairman and chief executive officer.
"During the quarter, we achieved a sequential monthly improvement in same-
store sales compared to prior trends. More specifically, during the 5-week
period between Thanksgiving and New Year, our adjusted comparable store
sales only decreased by approximately 2.5%.
"Operationally, I am pleased with the progress made to date but would
note that we anticipate sales challenges in the first part of 2007. The
company was highly promotional during the first quarter of 2006 with the
introduction of Cingular wireless service and discounting of excess
seasonal toy inventory. It is not our intention to chase unprofitable
business; therefore, we expect a negative impact to same-store sales in the
first part of 2007."
RadioShack estimates that its cash balance was approximately $450
million at December 31, 2006, an improvement of approximately $225 million
versus prior year. The improved cash position was primarily driven in the
fourth quarter by favorable margins, SG&A expense control and working
capital improvements including a reduction in inventory and capital
expenditures.
"We are pleased with the progress we have made in driving free cash
flow over the past few months," stated Jim Gooch, chief financial officer.
"We look forward to 2007 with a continued focus on improving our core
operations and strengthening our balance sheet."
The results contained in this release are based on preliminary
estimates. The company is in the process of its normal year-end close and
audit process; therefore, these numbers may change depending on the outcome
of these processes. It is anticipated that the final audited results for
the fourth quarter and full year will be released on or about February 27,
2007. Management intends to hold a conference call in connection with the
release of 2006 final results. Additional details about this call will be
released prior to the call.
Forward-looking statements
This press release contains forward-looking statements, as referenced
in the Private Securities Litigation Reform Act of 1995 ("the Act"). These
forward-looking statements are indicated by words such as "anticipate,"
"intention," "expect" and other similar words or phrases. These
forward-looking statements reflect managements current views and
projections regarding economic conditions, retail industry environments and
company performance. Factors, which could significantly change results
include, but are not limited to, sales performance, economic conditions,
product demand, expense levels, competitive activity, interest rates,
changes in the companys financial condition, availability of products, the
regulatory environment and factors affecting the retail category in
general. Additional information regarding these and other factors are
described in the companys filings with the SEC, including its most recent
annual report on Form 10-K and quarterly report on Form 10-Q.
About RadioShack Corporation
Fort Worth, Texas-based RadioShack Corporation (NYSE: RSH) is one of
the nations most trusted consumer electronics specialty retailers and a
provider of retail support services. The company operates a vast network of
sales channels, including more than 6,000 company and dealer stores, more
than 100 RadioShack locations in Mexico and nearly 800 wireless kiosks.
RadioShacks knowledgeable and helpful sales associates deliver convenient
product and service solutions within minutes of where almost all Americans
either live or work. For more information on RadioShack Corporation, visit
http://www.RadioShackCorporation.com. To learn more about RadioShack
products and services or to purchase items online, visit
http://www.RadioShack.com.
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