Radioshack Corpor(RSH)

Figures in Millions except per share values

Company Overview

ValuationCurrent Price 3.79$ Margin of SafetyNCAV 3.88$

Total Net Reprod. Cost 25.08$

Earnings Power Value (EPV) (5.69)$

Discounted Cash Flow (DCF) 6.97$

Ben Graham Formula 2.78$

Key Statistics Valuation RatiosMkt Cap ($M) 376.83$ P/E(TTM) 14.7

52 Wk High 16.25$ P/S(TTM) 0.1

52 Wk Low 3.67$ EV/EBITDA(TTM) 2.3

% off 52Wk Low 3.3% P/Tang BV(MRQ) 0.6

FCF/EV (TTM) 1.8%

Cash Flows P/FCF(TTM) 3.4

Owner Earnings FCF Earnings Yld (TTM) 0.0%

5 yr FCF Growth 15.4% Piotroski (TTM) 6

10 yr FCF Growth 0.0% Altman (MRQ) 2.4

Beneish (TTM) -3.1 Balance Sheet

Effectiveness Cash and Equiv 566.40$

CROIC Margins & Profitability Short-Term Investments -$

Avg 37.0% Gross Accts Rec 236.60$

FCF/S Gross Margin Inventory 730.20$

Avg 7.3% Operating Total Current Assets 1,664.50$

ROA Operating Margin Net PP&E 260.50$

Avg 8.4% Net Profit Intangibles -$

ROE Net Margin Total Assets 2,018.00$

Avg 23.5%

Financial Strength (MRQ) Total Current Liabilities 516.90$

Efficiency Quick Ratio(MRQ) 1.8 Long-Term Debt 674.90$

Rec Turnover(TTM) 18.0 Current Ratio(MRQ) 3.2 Total Liabilities 1,278.30$

Inv Turnover(TTM) 3.6 LTD/Eq(MRQ) 91.2

Asset Turnover(TTM) 2.3 Tot D/Eq(MRQ) 91.2

RadioShack Corporation (RadioShack), incorporated in 1967, is engaged in the retail

sale of consumer electronics goods and services through its RadioShack store chain.

The Company has two segments: U.S. RadioShack company-operated stores and

others. During the year ended December 31, 2011, the Company discontinued its

kiosks segment.

U.S. RadioShack company-operated stores

As of December 31, 2011, the Company operated 4,476 U.S. company-operated

stores under the RadioShack brand located throughout the United States, as well as

in Puerto Rico and the U.S. Virgin Islands. RadioShack’s product lines are into three

platforms. Its mobility platform includes postpaid and prepaid wireless handsets,

commissions and residual income, prepaid wireless airtime, tablet devices, and e-

readers. Its signature platform includes home entertainment, wireless, computer and

July 19, 2012

0

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5Low Risk

High Growth

Under Valued

Well Managed

Good Financials

Strong Moat

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35

11/7/2005 11/7/2007 11/7/2009 11/7/2011

5 Yr Price vs Intrinsic Value

Historical Price Intrinsic Value Buy Price

Radioshack Corpor

(RSH) Figures in Millions except per share values

1000000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 TTM Next Year Est

Income Statement 9 8 7 6 5 4 3 2 1 0 3 3 2 1 0Revenue 4,577.2$ 4,649.3$ 4,841.2$ 5,081.7$ 4,777.5$ 4,251.7$ 4,224.5$ 4,276.0$ 4,472.7$ 4,378.0$ 1,063.3$ 941.9$ 1,031.8$ 1,386.9$ 1,008.3$ 4,368.9$

% change from prev year 1.6% 4.1% 5.0% -6.0% -11.0% -0.6% 1.2% 4.6% -2.1% -11.4% 9.5% 34.4% -27.3% -0.2%

Cost of Revenues 2,338.9$ 2,333.6$ 2,406.7$ 2,706.3$ 2,544.4$ 2,225.9$ 2,301.8$ 2,313.5$ 2,462.1$ 2,567.2$ 587.3$ 509.8$ 589.9$ 904.5$ 613.8$ 2,618.0$

COGS (%) 51.1% 50.2% 49.7% 53.3% 53.3% 52.4% 54.5% 54.1% 55.0% 58.6% 55.2% 54.1% 57.2% 65.2% 60.9% 59.9%

Gross Profit 2,238.3$ 2,315.7$ 2,434.5$ 2,375.4$ 2,233.1$ 2,025.8$ 1,922.7$ 1,962.5$ 2,010.6$ 1,810.8$ 476.0$ 432.1$ 441.9$ 482.4$ 394.5$ 1,750.9$

Gross Income (%) 48.9% 49.8% 50.3% 46.7% 46.7% 47.6% 45.5% 45.9% 45.0% 41.4% 44.8% 45.9% 42.8% 34.8% 39.1% 40.1%

Operating Expenses

Selling, General & Admin. Expenses 1,728.6$ 1,740.0$ 1,774.8$ 1,901.7$ 1,903.7$ 1,538.5$ 1,509.8$ 1,507.9$ 1,554.7$ 1,577.4$ 386.0$ 364.3$ 411.4$ 431.1$ 373.3$ 1,580.1$

SG&A (%) 37.8% 37.4% 36.7% 37.4% 39.8% 36.2% 35.7% 35.3% 34.8% 36.0% 36.3% 38.7% 39.9% 31.1% 37.0% 36.2%

Research & Development -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

R&D (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

EBITDA -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

EBITDA (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Other Special Charges 10.4$ -$ -$ -$ (44.3)$ (2.7)$ (2.8)$ (1.5)$ (4.0)$ (3.1)$ (0.4)$ (0.6)$ (0.7)$ (1.4)$ (0.5)$ (3.2)$

Depreciation & Amortization 94.7$ 92.0$ 101.4$ 123.8$ 128.2$ 112.7$ 99.3$ 106.7$ 99.2$ 99.4$ 24.1$ 24.4$ 25.4$ 25.5$ 25.2$ 100.5$

D&A (%) 2.1% 2.0% 2.1% 2.4% 2.7% 2.7% 2.4% 2.5% 2.2% 2.3% 2.3% 2.6% 2.5% 1.8% 2.5% 2.3%

Operating Income 425.4$ 483.7$ 558.3$ 349.9$ 156.9$ 381.9$ 322.0$ 369.4$ 375.4$ 155.1$ 71.1$ 48.9$ 10.6$ 30.5$ 1.8$ 91.8$

Operating Income (%) 9.3% 10.4% 11.5% 6.9% 3.3% 9.0% 7.6% 8.6% 8.4% 3.5% 6.7% 5.2% 1.0% 2.2% 0.2% 2.1%

Other Income and Expense

Interest Expense 43.4$ 35.7$ 29.6$ 44.5$ 44.3$ 38.8$ 29.9$ 44.1$ 41.9$ 46.8$ 9.7$ 10.9$ 12.6$ 13.6$ 13.1$ 50.2$

Interest Income 9.0$ 12.8$ 11.4$ 5.9$ 7.4$ 22.6$ 14.6$ 4.8$ 2.6$ 3.1$ 0.3$ 0.5$ 1.4$ 0.9$ 0.5$ 3.3$

Other Income 33.9$ 12.0$ 2.0$ 10.2$ (8.6)$ 0.9$ (2.4)$ (1.6)$ -$ (4.1)$ (4.1)$ -$ -$ -$ -$ -$

Total Other Income 42.9$ 24.8$ 13.4$ 16.1$ (1.2)$ 23.5$ 12.2$ 3.2$ 2.6$ (1.0)$ (3.8)$ 0.5$ 1.4$ 0.9$ 0.5$ 3.3$

Income Before Taxes 424.9$ 472.8$ 542.1$ 321.5$ 111.4$ 366.6$ 304.3$ 328.5$ 336.1$ 107.3$ 57.6$ 38.5$ (0.6)$ 17.8$ (10.8)$ 44.9$

Income Taxes/(Credit) 161.5$ 174.3$ 204.9$ 51.6$ 38.0$ 129.8$ 111.9$ 123.5$ 130.0$ 40.2$ 22.5$ 15.0$ (0.9)$ 5.9$ (2.8)$ 17.2$

Tax Rate % 38.0% 36.9% 37.8% 16.0% 34.1% 35.4% 36.8% 37.6% 38.7% 37.5% 39.1% 39.0% 150.0% 33.1% 25.9% 38.3%

Earnings After Taxes 263.4$ 298.5$ 337.2$ 269.9$ 73.4$ 236.8$ 192.4$ 205.0$ 206.1$ 67.1$ 35.1$ 23.5$ 0.3$ 11.9$ (8.0)$ 27.7$

Minority Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Net Income From Continuing Operations 263.4$ 298.5$ 337.2$ 269.9$ 73.4$ 236.8$ 192.4$ 205.0$ 206.1$ 67.1$ 35.1$ 23.5$ 0.3$ 11.9$ (8.0)$ 27.7$

Net Income From Discontinued Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ 5,100,000.0$ -$ 1,400,000.0$ -$ -$ -$ 1,400,000.0$

Net Income From Total Operations 263.4$ 298.5$ 337.2$ 267.0$ 73.4$ 236.8$ 192.4$ 205.0$ 206.1$ 72.2$ 35.1$ 24.9$ 0.3$ 11.9$ (8.0)$ 29.1$

Net Income (%) 5.8% 6.4% 7.0% 5.3% 1.5% 5.6% 4.6% 4.8% 4.6% 1.6% 3.3% 2.6% 0.0% 0.9% -0.8% 0.7%

Shares and EPS

Total Basic EPS 1.50$ 1.78$ 2.09$ 1.80$ 0.54$ 1.76$ 1.49$ 1.63$ 1.71$ 0.70$ 0.33$ 0.24$ -$ 0.12$ (0.08)$ 0.28$

Fully Diluted EPS 1.45$ 1.77$ 2.08$ 1.79$ 0.54$ 1.74$ 1.49$ 1.63$ 1.68$ 0.70$ 0.33$ 0.24$ -$ 0.12$ (0.08)$ 0.28$

Basic Shares Outstanding 173.0 167.7 161.0 148.1 136.2 134.6 129.0 125.4 120.5 102.5 106.2 103.7 100.2 102.5 99.8 99.4

Diluted Shares Outstanding 179.3 168.9 162.5 148.8 136.2 135.9 129.1 126.1 122.7 103.3 107.4 104.6 100.7 103.3 99.8 99.8

User Defined Shares Outstanding

Balance Sheet MRQAssets

Cash and Equiv 446.5$ 634.7$ 437.9$ 224.0$ 472.0$ 509.7$ 814.8$ 908.2$ 569.4$ 591.7$ 326.2$ 552.2$ 667.7$ 591.7$ 566.4$ 566.4$

Short-Term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Net Receivables 206.1$ 182.4$ 241.0$ 309.4$ 247.9$ 256.0$ 241.9$ 322.5$ 377.5$ 360.6$ 249.3$ 278.4$ 250.3$ 360.6$ 236.6$ 236.6$

% change from prev year -11.5% 32.1% 28.4% -19.9% 3.3% -5.5% 33.3% 17.1% -4.5% -34.0% -22.8% -10.1% 44.1% -34.4% -34.4%

Inventories, raw materials -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories, work in progress -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories, purchased components -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories, finished goods -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories, other 971.2$ 766.5$ 1,003.7$ 964.9$ 752.1$ 705.4$ 636.3$ 670.6$ 723.7$ 744.4$ 737.9$ 727.2$ 790.6$ 744.4$ 730.2$ 730.2$

Inventories 971.2$ 766.5$ 1,003.7$ 964.9$ 752.1$ 705.4$ 636.3$ 670.6$ 723.7$ 744.4$ 737.9$ 727.2$ 790.6$ 744.4$ 730.2$ 730.2$

% change from prev year -21.1% 30.9% -3.9% -22.1% -6.2% -9.8% 5.4% 7.9% 2.9% 2.0% -2.3% 8.7% -5.8% -1.9% -1.9%

Prepaid Expenses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Current Deferred Income Taxes -$ -$ -$ -$ 93.5$ 75.4$ 63.9$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Current Assets 83.1$ 83.0$ 92.5$ 129.0$ 34.1$ 20.3$ 35.1$ 114.4$ 108.1$ 116.1$ 102.4$ 104.4$ 106.3$ 116.1$ 131.3$ 131.3$

Total Current Assets 1,706.9$ 1,666.6$ 1,775.1$ 1,627.3$ 1,599.6$ 1,566.8$ 1,792.0$ 2,015.7$ 1,778.7$ 1,812.8$ 1,415.8$ 1,662.2$ 1,814.9$ 1,812.8$ 1,664.5$ 1,664.5$

Land and Improvements 35.0$ 35.0$ 35.1$ 18.1$ 10.6$ 10.6$ 2.7$ 2.4$ 2.4$ 2.5$ -$ -$ -$ 2.5$ -$ -$

Building and Improvements 435.5$ 514.9$ 645.2$ 474.0$ 424.5$ 422.7$ 413.6$ 416.1$ 418.5$ 423.3$ -$ -$ -$ 423.3$ -$ -$

Machinery, Furniture & Equipment 586.9$ 631.8$ 704.1$ 748.8$ 751.7$ 682.4$ 679.6$ 663.2$ 673.5$ 663.0$ -$ -$ -$ 663.0$ -$ -$

Construction in Progress -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Fixed Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 267.4$ 274.5$ 273.4$ -$ 260.5$ 260.5$

Total Fixed Assets 1,057.4$ 1,181.7$ 1,384.4$ 1,240.9$ 1,186.8$ 1,115.7$ 1,095.9$ 1,081.7$ 1,094.4$ 1,088.8$ 267.4$ 274.5$ 273.4$ 1,088.8$ 260.5$ 260.5$

Net Fixed Assets 421.6$ 513.1$ 652.0$ 476.2$ 386.3$ 317.1$ 306.4$ 282.3$ 274.3$ 270.2$ 267.4$ 274.5$ 273.4$ 270.2$ 260.5$ 260.5$

Intangible Assets -$ -$ -$ -$ 5.0$ 2.2$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Goodwill -$ -$ -$ -$ 2.5$ 2.9$ 36.7$ 38.9$ 41.2$ 37.0$ 42.7$ 43.3$ 37.4$ 37.0$ 40.3$ 40.3$

Non Current Deferred Income Taxes -$ -$ -$ -$ 36.3$ 59.7$ 94.6$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Long-Term Assets 99.4$ 64.2$ 89.6$ 101.6$ 40.3$ 40.9$ 53.8$ 92.4$ 81.2$ 55.1$ 81.5$ 84.3$ 82.3$ 55.1$ 52.7$ 52.7$

Total Long-Term Assets 521.0$ 577.3$ 741.6$ 577.8$ 470.4$ 422.8$ 491.5$ 413.6$ 396.7$ 362.3$ 391.6$ 402.1$ 393.1$ 362.3$ 353.5$ 353.5$

Total Assets 2,227.9$ 2,243.9$ 2,516.7$ 2,205.1$ 2,070.0$ 1,989.6$ 2,283.5$ 2,429.3$ 2,175.4$ 2,175.1$ 1,807.4$ 2,064.3$ 2,208.0$ 2,175.1$ 2,018.0$ 2,018.0$

Liabilities & Stockholders' Equity

Accounts payable 312.6$ 300.2$ 442.2$ 490.9$ 254.5$ 257.6$ 206.4$ 223.0$ 272.4$ 348.2$ 221.9$ 225.4$ 344.6$ 348.2$ 252.6$ 252.6$

Short-Term Debt 36.0$ 77.4$ 55.6$ 40.9$ 194.9$ 61.2$ 39.3$ 41.6$ 308.0$ -$ -$ -$ -$ -$ -$ -$

Taxes Payable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Accrued Expenses 318.7$ 343.0$ 342.1$ 379.5$ 319.6$ 310.1$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Accrued Liabilities -$ -$ -$ -$ -$ -$ 367.3$ 359.0$ 318.0$ 315.4$ 261.0$ 265.4$ 290.8$ 315.4$ 264.3$ 264.3$

Deferred Revenues -$ -$ -$ -$ 22.5$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Current Deferred Income Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Current Liabilities 160.9$ 137.5$ 117.5$ 75.0$ 192.7$ 119.1$ 24.2$ 30.9$ 9.7$ -$ 17.9$ 9.4$ 8.7$ -$ -$ -$

Total Current Liabilities 828.2$ 858.1$ 957.4$ 986.3$ 984.2$ 748.0$ 637.2$ 654.5$ 908.1$ 663.6$ 500.8$ 500.2$ 644.1$ 663.6$ 516.9$ 516.9$

Long-Term Debt 591.3$ 541.3$ 506.9$ 494.9$ 345.8$ 348.2$ 732.5$ 627.8$ 331.8$ 670.6$ 335.7$ 662.2$ 666.4$ 670.6$ 674.9$ 674.9$

Other Liabilities 80.3$ 75.2$ 130.3$ 135.1$ 86.2$ 123.7$ 50.4$ 98.7$ 93.0$ 87.6$ 89.0$ 93.9$ 98.0$ 87.6$ 86.5$ 86.5$

Deferred Income Taxes -$ -$ -$ -$ -$ -$ 46.1$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Long-Term Liabilities 80.3$ 75.2$ 130.3$ 135.1$ 86.2$ 123.7$ 50.4$ 98.7$ 93.0$ 87.6$ 89.0$ 93.9$ 98.0$ 87.6$ 86.5$ 86.5$

Total Long-Term Liabilities 671.6$ 616.5$ 637.2$ 630.0$ 432.0$ 471.9$ 829.0$ 726.5$ 424.8$ 758.2$ 424.7$ 756.1$ 764.4$ 758.2$ 761.4$ 761.4$

Total Liabilities 1,499.8$ 1,474.6$ 1,594.6$ 1,616.3$ 1,416.2$ 1,219.9$ 1,466.2$ 1,381.0$ 1,332.9$ 1,421.8$ 925.5$ 1,256.3$ 1,408.5$ 1,421.8$ 1,278.3$ 1,278.3$

Retained Earnings 2,002.5$ 1,210.6$ 1,508.1$ 1,741.4$ 1,780.9$ 1,992.1$ 2,153.2$ 2,323.9$ 1,502.5$ 1,525.1$ 1,537.6$ 1,562.5$ 1,562.8$ 1,525.1$ 1,504.7$ 1,504.7$

Preferred Equity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Total Equity 728.1$ 769.3$ 922.1$ 588.8$ 653.8$ 769.7$ 817.3$ 1,048.3$ 842.5$ 753.3$ 881.9$ 808.0$ 799.5$ 753.3$ 739.7$ 739.7$

Total Liabilities & Equity 2,227.9$ 2,243.9$ 2,516.7$ 2,205.1$ 2,070.0$ 1,989.6$ 2,283.5$ 2,429.3$ 2,175.4$ 2,175.1$ 1,807.4$ 2,064.3$ 2,208.0$ 2,175.1$ 2,018.0$ 2,018.0$

Cash Flows Statement TTM

Cash Flows From Operating ActivitiesNet Income 263.4$ 298.5$ 337.2$ 267.0$ 73.4$ 236.8$ 192.4$ 205.0$ 206.1$ 72.2$ 35.1$ 60.0$ 60.3$ 72.2$ (8.0)$ 29.1$

Depreciation & Amortization 94.7$ 92.0$ 101.4$ 123.8$ 128.2$ 112.7$ 99.3$ 92.9$ 84.2$ 83.1$ 20.2$ 40.6$ 61.7$ 83.1$ 20.9$ 83.8$

Deferred Income Taxes 30.6$ 51.7$ 50.2$ (76.9)$ (27.6)$ 16.5$ 13.6$ 7.6$ 12.0$ 35.2$ -$ -$ -$ 35.2$ -$ 35.2$

Operating Gains 12.8$ 0.4$ (0.3)$ 4.8$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Extraordinary Gains -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

(Incr) Decr. in Receivables 68.2$ 17.2$ (53.0)$ (68.2)$ 61.8$ (0.7)$ 15.2$ (79.6)$ (39.9)$ 15.6$ 132.0$ 99.5$ 126.9$ 15.6$ 124.8$ 8.4$

(Incr) Decr. in Inventories (21.4)$ 202.3$ (234.2)$ 38.8$ 212.8$ 46.8$ 93.6$ (34.7)$ (60.4)$ (24.1)$ (3.9)$ (2.1)$ (69.4)$ (24.1)$ 16.8$ (3.4)$

(Incr) Decr. in Prepaid Expenses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

(Incr) Decr. in Other Current Assets 1.9$ (5.2)$ (7.5)$ 28.5$ 2.5$ 5.3$ (8.7)$ (2.8)$ (3.6)$ (11.4)$ 7.4$ 6.3$ 5.7$ (11.4)$ 13.4$ (5.4)$

Decr. (Incr) in payables 71.4$ (5.0)$ 158.7$ 45.1$ (193.0)$ (31.3)$ (165.0)$ 29.2$ (85.0)$ 18.6$ (136.7)$ (120.3)$ 52.5$ 18.6$ (75.5)$ 79.8$

Decr. (Incr) in Other Current Liabilities -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (52.8)$ (52.8)$

Decr. (Incr) in Other Working Capital -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Non Cash Items -$ -$ -$ -$ 56.7$ (7.1)$ 34.2$ 14.4$ 26.6$ 12.4$ 2.8$ 9.6$ 13.1$ 12.4$ 4.6$ 14.2$

Net Cash From Operating Activities 521.6$ 651.9$ 352.5$ 362.9$ 314.8$ 379.0$ 274.6$ 245.8$ 155.0$ 217.9$ 60.8$ 101.5$ 263.0$ 217.9$ 48.5$ 205.6$

Cash Flows From Investing Activities

Sale of Long-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Sale of Short-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Capital Expenditures (106.8)$ (189.6)$ (229.4)$ (170.7)$ (91.0)$ (45.3)$ (85.6)$ (81.0)$ (80.1)$ (82.1)$ (14.5)$ (41.5)$ (62.9)$ (82.1)$ (11.2)$ (78.8)$

Acquisitions -$ -$ (59.1)$ -$ -$ -$ (42.0)$ (0.2)$ -$ -$ -$ -$ -$ -$ -$ -$

Sale of Assets 8.6$ 6.7$ 2.5$ 226.0$ 11.1$ 1.5$ 0.9$ 0.4$ -$ -$ -$ -$ 0.1$ -$ -$ -$

Purchase of Long-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Purchase of Short-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other Investing Changes, Net (0.8)$ (6.0)$ (4.2)$ (16.0)$ 0.6$ -$ 2.4$ -$ 0.1$ 2.0$ -$ -$ -$ 2.0$ (28.0)$ (26.0)$

Net Cash From Investing Activities (99.0)$ (188.9)$ (290.2)$ 39.3$ (79.3)$ (42.0)$ (124.3)$ (80.8)$ (80.0)$ (80.1)$ (14.5)$ (41.5)$ (62.8)$ (80.1)$ (39.2)$ (104.8)$

Cash Flows From Financing ActivitiesIssuance of Capital Stock 49.6$ 51.5$ 85.8$ 47.5$ 12.2$ 81.3$ 39.9$ 0.7$ 4.0$ 6.0$ 0.6$ 2.1$ 2.6$ 6.0$ -$ 5.4$

Repurchase of Capital Stock (329.9)$ (286.2)$ (251.1)$ -$ -$ (208.5)$ (111.3)$ -$ (398.8)$ (113.3)$ -$ (101.4)$ -$ (113.3)$ -$ (113.3)$

Net Issuance of Stock (280.3)$ (234.7)$ (165.3)$ 47.5$ 12.2$ (127.2)$ (71.4)$ 0.7$ (394.8)$ (107.3)$ 0.6$ (99.3)$ 2.6$ (107.3)$ -$ (107.9)$

Issuance of Debt -$ 20.7$ -$ -$ 42.2$ 10.7$ 375.0$ 2.2$ -$ 322.5$ -$ 322.5$ 322.5$ 322.5$ -$ 322.5$

Repayment of Debt (89.7)$ (20.0)$ (54.1)$ (629.9)$ (8.0)$ (150.0)$ (31.2)$ (43.2)$ -$ (306.8)$ (306.8)$ (306.8)$ (306.8)$ (306.8)$ -$ -$

Net Issuance of Debt (89.7)$ 0.7$ (54.1)$ (629.9)$ 34.2$ (139.3)$ 343.8$ (41.0)$ -$ 15.7$ (306.8)$ 15.7$ 15.7$ 15.7$ -$ 322.5$

Dividends Paid (39.8)$ (40.8)$ (39.7)$ (33.7)$ (33.9)$ (32.8)$ (31.3)$ (31.3)$ (26.5)$ (49.6)$ -$ -$ -$ (49.6)$ (12.4)$ (62.0)$

Cash from Financing (377.5)$ (274.8)$ (259.1)$ (616.1)$ 12.5$ (299.3)$ 154.8$ (71.6)$ (413.8)$ (115.5)$ (289.5)$ (77.2)$ (101.9)$ (115.5)$ (34.6)$ 139.4$

Cash at Beginning of the Period 401.4$ 446.5$ 634.7$ 437.9$ 224.0$ 472.0$ 509.7$ 814.8$ 908.2$ 569.4$ 569.4$ 569.4$ 569.4$ 569.4$ 591.7$ 591.7$

Cash at End of the Period 446.5$ 634.7$ 437.9$ 224.0$ 472.0$ 509.7$ 814.8$ 908.2$ 569.4$ 591.7$ 326.2$ 552.2$ 667.7$ 591.7$ 566.4$ 831.9$ Change in Cash 45.1$ 188.2$ (196.8)$ (213.9)$ 248.0$ 37.7$ 305.1$ 93.4$ (338.8)$ 22.3$ (243.2)$ (17.2)$ 98.3$ 22.3$ (25.3)$ 240.2$

Free Cash FlowCash from Operations 521.6$ 651.9$ 352.5$ 362.9$ 314.8$ 379.0$ 274.6$ 245.8$ 155.0$ 217.9$ 60.8$ 101.5$ 263.0$ 217.9$ 48.5$ 205.6$

Cap Ex 106.8$ 189.6$ 229.4$ 170.7$ 91.0$ 45.3$ 85.6$ 81.0$ 80.1$ 82.1$ 14.5$ 41.5$ 62.9$ 82.1$ 11.2$ 78.8$

Free Cash Flow 414.8$ 462.3$ 123.1$ 192.2$ 223.8$ 333.7$ 189.0$ 164.8$ 74.9$ 135.8$ 46.3$ 60.0$ 200.1$ 135.8$ 37.3$ 126.8$

Owner Earnings FCF 120.8$ (8.4)$ 345.2$ 175.9$ 127.5$ 279.7$ 308.0$ 320.7$ 429.7$ 90.0$ 45.2$ 85.9$ (42.8)$ 88.3$ (19.9)$ 24.9$

User Defined

7/19/2012

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Radioshack Corpor

(RSH) Color Coding

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

Financial Statistics & Ratios

Profitability Ratios

P/E 10.63 14.38 13.22 9.97 26.65 8.43 7.15 10.82 10.08 13.17 13.54

P/E (cash adjusted) 8.92 12.26 11.92 9.13 20.23 6.27 2.91 6.40 7.32 4.99 -6.73

P/S 0.60 0.92 0.92 0.52 0.41 0.47 0.33 0.52 0.46 0.22 0.09

P/BV 3.80 5.59 4.84 4.51 3.00 2.59 1.68 2.12 2.47 1.26 0.51

P/Tang BV 3.80 5.59 4.84 4.51 3.02 2.60 1.68 2.12 2.47 1.26 0.51

P/CF 6.36 7.94 7.25 4.12 5.02 4.76 3.62 5.53 5.30 3.64 1.74

P/FCF 22.89 -511.93 12.94 15.10 15.37 7.12 4.46 6.93 4.84 10.58 15.19

ROE 36.2% 38.8% 36.6% 45.3% 11.2% 30.8% 23.5% 19.6% 24.5% 9.6% 3.9%

ROA 11.8% 13.3% 13.4% 12.1% 3.5% 11.9% 8.4% 8.4% 9.5% 3.3% 1.4%

ROIC 18.8% 22.0% 22.3% 24.1% 9.5% 19.9% 12.4% 13.0% 18.2% 6.4% 3.8%

CROIC 8.6% -0.6% 22.1% 14.4% 11.7% 22.5% 18.7% 18.1% 33.9% 6.0% 1.7%

GPA (Gross Profitability to Assets) 100.5% 103.2% 96.7% 107.7% 107.9% 101.8% 84.2% 80.8% 92.4% 83.3% 86.8%

Book to Market 26.3% 17.9% 20.6% 22.2% 33.4% 38.6% 59.4% 47.2% 40.5% 79.1% 195.6%

Solvency

Quick Ratio 0.89 1.05 0.81 0.67 0.86 1.15 1.81 2.06 1.16 1.61 1.81

Current Ratio 2.06 1.94 1.85 1.65 1.63 2.09 2.81 3.08 1.96 2.73 3.22

Total Debt/Equity Ratio 2.06 1.92 1.73 2.75 2.17 1.58 1.79 1.32 1.58 1.89 1.73

Long Term Debt/Equity Ratio 0.81 0.70 0.55 0.84 0.53 0.45 0.90 0.60 0.39 0.89 0.91

Short Term Debt/Equity Ratio 0.05 0.10 0.06 0.07 0.30 0.08 0.05 0.04 0.37 0.00 0.00

Efficiency Ratios

Asset Turnover 2.05 2.07 1.92 2.30 2.31 2.14 1.85 1.76 2.06 2.01 2.16

Cash % of Revenue 9.8% 13.7% 9.0% 4.4% 9.9% 12.0% 19.3% 21.2% 12.7% 13.5% 13.0%

Receivables % of Revenue 4.5% 3.9% 5.0% 6.1% 5.2% 6.0% 5.7% 7.5% 8.4% 8.2% 5.4%

SG&A % of Revenue 37.8% 37.4% 36.7% 37.4% 39.8% 36.2% 35.7% 35.3% 34.8% 36.0% 36.2%

R&D % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Liquidity Ratios

Receivables Turnover 1.28 1.54 1.59 0.97 0.26 0.94 0.77 0.73 0.59 0.20 0.12

Days Sales Outstanding 16.4 14.3 18.2 22.2 18.9 22.0 20.9 27.5 30.8 30.1 19.8

Days Payable Outstanding 48.78 46.95 67.06 66.21 36.51 42.24 32.73 35.18 40.38 49.51 35.22

Inventory Turnover 2.41 2.69 2.72 2.75 2.96 3.05 3.43 3.54 3.53 3.50 3.59

Average Age of Inventory (Days) 151.56 135.90 134.23 132.75 123.15 119.50 106.38 103.09 103.35 104.37 101.80

Intangibles % of Book Value 0.0% 0.0% 0.0% 0.0% 0.8% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0%

Inventory % of Revenue 21.2% 16.5% 20.7% 19.0% 15.7% 16.6% 15.1% 15.7% 16.2% 17.0% 16.7%

Capital Structure Ratios

LT-Debt as % of Invested Capital 42.2% 39.1% 32.5% 40.6% 31.8% 28.0% 44.5% 35.4% 26.2% 44.4% 45.0%

ST-Debt as % of Invested Capital 2.6% 5.6% 3.6% 3.4% 17.9% 4.9% 2.4% 2.3% 24.3% 0.0% 0.0%

LT-Debt as % of Total Debt 39.4% 36.7% 31.8% 30.6% 24.4% 28.5% 50.0% 45.5% 24.9% 47.2% 52.8%

ST-Debt as % of Total Debt 2.4% 5.2% 3.5% 2.5% 13.8% 5.0% 2.7% 3.0% 23.1% 0.0% 0.0%

Total Debt % of Total Assets 67.3% 65.7% 63.4% 73.3% 68.4% 61.3% 64.2% 56.8% 61.3% 65.4% 63.3%

Working Capital % of Price 31.8% 18.8% 18.3% 24.1% 31.4% 41.1% 84.0% 61.2% 41.9% 120.7% 303.4%

7/19/2012

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Radioshack Corpor Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2011 FCF

(RSH) 99.43 99.43 -5.0% 15.0%

7/19/2012 Select input with

each list or enter

your own value

-5.0%

Current Price Fair Value Buy Under Actual M.O.S 52 Wk High 52 Wk Low

$3.79 $6.97 $3.49 46% $0.00 $0.00

Fiscal Year Trend 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

Cash Flow Data

Cash from Operations $521.6 $651.9 $352.5 $362.9 $314.8 $379.0 $274.6 $245.8 $155.0 $217.9 $205.6

Capex ($106.8) ($189.6) ($229.4) ($170.7) ($91.0) ($45.3) ($85.6) ($81.0) ($80.1) ($82.1) ($78.8)

Cash Flow $434.4 $541.3 $616.1 $644.9 $390.7 $418.6 $379.7 $401.8 $392.0 $261.4 $218.0

Owner Earnings FCF $120.8 ($8.4) $345.2 $175.9 $127.5 $279.7 $308.0 $320.7 $429.7 $25.0 $24.9

YOY% Change -107.0% -4209.5% -49.0% -27.5% 119.4% 10.1% 4.1% 34.0% -94.2% -0.4%

Margins

Gross Margin 48.9% 49.8% 50.3% 46.7% 46.7% 47.6% 45.5% 45.9% 45.0% 41.4% 40.1%

Operating Margin 9.3% 10.4% 11.5% 6.9% 3.3% 9.0% 7.6% 8.6% 8.4% 3.5% 2.1%

Net Margin 5.8% 6.4% 7.0% 5.3% 1.5% 5.6% 4.6% 4.8% 4.6% 1.6% 0.7%

EPS & Tax

Diluted EPS $1.45 $1.77 $2.08 $1.79 $0.54 $1.74 $1.49 $1.63 $1.68 $0.70 $0.28

Tax Rate 38.0% 36.9% 37.8% 16.0% 34.1% 35.4% 36.8% 37.6% 38.7% 37.5% 38.3%

Efficiency & Profitability

CROIC 12.7% -1.1% 30.8% 17.7% 20.8% 38.2% 37.0% 37.0% 61.6% 9.8% 2.7%

FCF/Sales 2.6% -0.2% 7.1% 3.5% 2.7% 6.6% 7.3% 7.5% 9.6% 2.1% 0.6%

Inventory Turnover 2.4 2.7 2.7 2.7 3.0 3.1 3.4 3.5 3.5 3.5 3.6

Return On Assets (ROA) 11.8% 13.3% 13.4% 12.1% 3.5% 11.9% 8.4% 8.4% 9.5% 3.3% 1.4%

Retun On Equity (ROE) 36.2% 38.8% 36.6% 45.3% 11.2% 30.8% 23.5% 19.6% 24.5% 9.6% 3.9%

Debt Related

Debt to Equity 206.0% 191.7% 172.9% 274.5% 216.6% 158.5% 179.4% 131.7% 158.2% 188.7% 172.8%

Capitalization Ratio 44.8% 41.3% 35.5% 45.7% 34.6% 31.1% 47.3% 37.5% 28.3% 47.1% 47.7%

FCF to Total Debt 8.1% -0.6% 21.6% 10.9% 9.0% 22.9% 21.0% 23.2% 32.2% 6.3% 1.9%

FCF to Short Term Debt 335.6% -10.9% 620.9% 430.1% 65.4% 457.0% 783.7% 770.9% 139.5%

FCF to Long Term Debt 20.4% -1.6% 68.1% 35.5% 36.9% 80.3% 42.0% 51.1% 129.5% 13.4% 3.7%

2006-2010 2007-2011 2006-2009 2007-2010 2008-2011 2006-2008 2007-2009 2008-2010 2009-2011 Median

Tang Shareholder Equity 6.7% -0.5% 17.3% 3.2% -2.7% 12.2% 16.9% 1.5% -15.2% 3.2%

Owner Earnings FCF 35.5% -24.7% 36.0% 15.4% -33.6% 55.4% 7.1% 18.1% -47.0% 15.4%

CROIC 37.0% 37.0% 37.0% 37.6% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0%

FCF/Sales 7.3% 7.3% 6.9% 7.4% 7.4% 6.6% 7.3% 7.5% 7.5% 7.3%

ROA 8.4% 8.4% 8.4% 9.0% 8.4% 8.4% 8.4% 8.4% 8.4% 8.4%

ROE 23.5% 23.5% 21.5% 24.0% 21.5% 23.5% 23.5% 23.5% 19.6% 23.5%

Gross Margin 45.9% 45.5% 46.3% 45.7% 45.2% 46.7% 45.9% 45.5% 45.0% 45.7%

Operating Margin 8.4% 8.4% 8.1% 8.5% 8.0% 7.6% 8.6% 8.4% 8.4% 8.4%

Net Margin 4.6% 4.6% 4.7% 4.7% 4.6% 4.6% 4.8% 4.6% 4.6% 4.6%

Revenue Growth -1.6% 0.7% -3.6% 1.7% 1.2% -6.0% 0.3% 2.9% 1.2% 0.7%

Earnings Growth 32.8% -20.4% 44.5% -1.2% -22.3% 66.1% -3.2% 6.2% -34.5% -1.2%

Cash from Ops Growth -16.2% -12.9% -7.9% -25.8% -7.4% -6.6% -19.5% -24.9% -5.8% -12.9%

10 Year Multi-Year Performance2002-2009 2003-2010 2004-2011 2002-2007 2003-2008 2004-2009 2005-2010 2006-2011 2002-2011 Median

Tang Shareholder Equity 5.3% 1.3% -2.8% 1.1% 1.2% 2.6% 7.4% 3.0% 0.4% 1.3%

Owner Earnings FCF 15.0% 0.0% -17.5% 18.3% 0.0% -1.5% 19.6% -6.7% -3.2% 0.0%

CROIC 25.8% 33.9% 33.9% 19.2% 25.8% 33.9% 37.0% 37.0% 37.0% 33.9%

FCF/Sales 5.0% 6.9% 6.9% 3.1% 5.0% 6.9% 6.9% 6.9% 5.0% 6.9%

ROA 11.9% 10.7% 9.0% 12.0% 12.0% 10.2% 9.0% 8.4% 10.6% 10.6%

ROE 33.5% 27.6% 24.0% 36.4% 33.7% 27.2% 24.0% 21.5% 27.6% 27.6%

Gross Margin 47.2% 46.7% 46.3% 48.3% 47.2% 46.7% 46.3% 45.7% 46.7% 46.7%

Operating Margin 8.8% 8.5% 8.0% 9.1% 8.3% 8.1% 8.0% 8.0% 8.5% 8.3%

Net Margin 5.4% 5.0% 4.7% 5.7% 5.4% 5.0% 4.7% 4.6% 5.0% 5.0%

Revenue Growth -1.0% -0.6% -1.4% -1.5% -1.9% -2.5% -2.5% -1.7% -0.5% -1.5%

Earnings Growth 1.7% -0.7% -14.4% 3.7% -3.4% -4.8% -1.3% 5.3% -7.8% -1.3%

Cash from Ops Growth -10.2% -18.6% -6.6% -6.2% -15.9% -7.0% -15.6% -7.1% -9.2% -9.2%

Projection of future Free Cash Flow2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Yearly Growth Input Field

-5% $23.75 $22.56 $21.43 $20.79 $19.86 $18.97 $18.11 $17.96 $17.23 $16.53

Terminal Growth 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

3% 17.03$ 17.54$ 18.07$ 18.61$ 19.17$ 19.74$ 20.34$ 20.95$ 21.57$ 22.22$

-5.0% -5.0% -3.0% -4.5% -4.5% -4.5% -0.8% -4.0% -4.1%

Calculation Sensitivity Matrix: Growth vs Discount RateTotal Cash

MAX(0,Current Liabilities-Current Assets) 13% 14% 15% 16% 17%

Excess Cash -9% 6.87$ 6.81$ 6.76$ 6.71$ 6.66$

Adding some Intangibles -7% 6.99$ 6.92$ 6.86$ 6.80$ 6.75$

Present Value -5% 7.12$ 7.04$ 6.97$ 6.91$ 6.85$

Shares Outstanding -3% 7.27$ 7.18$ 7.10$ 7.03$ 6.96$

Per Share Value -1% 7.43$ 7.33$ 7.24$ 7.16$ 7.08$

Desired Margin of Safety

Purchase Price Sensitivity Matrix: Margin of Safety %Current Price

Margin of Safety 13% 14% 15% 16% 17%

-9% 44.8% 44.4% 43.9% 43.5% 43.1%

Variable Fields -7% 45.8% 45.2% 44.7% 44.3% 43.9%

Intangibles% add to DCF -5% 46.8% 46.2% 45.6% 45.1% 44.7%

Decay Rate (Yr4E-Yr7E) -3% 47.9% 47.2% 46.6% 46.1% 45.5%

Extra Decay (Yr8E-Yr10E) -1% 49.0% 48.3% 47.6% 47.0% 46.5%

5 Year Multi-Year Performance

-$

0%

Discount Rates

Growth Rates

566.40$

10%

Discount Rates

Growth Rates

99.43

6.97$

693.26$

10%

46%

$25.03%50%

50%

3.49$

3.79$

Owner Earnings

566.40$

-$

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Help

Shares Out. M.O.S Growth Projection EPS Corp Bond

(RSH) 99.43 -1.3% $0.38 3.43

7/19/2012 -1.3% $0.38

Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low

$3.79 $2.78 $0.94 0% $0.00 $0.00

2006-2010 2007-2011 2006-2009 2007-2010 2008-2011 2006-2008 2007-2009 2008-2010 2009-2011 Median

5 Yr EPS Growth 32.8% -20.4% 44.5% -1.2% -22.3% 66.1% -3.2% 6.2% -34.5% -1.2%

2002-2009 2003-2010 2004-2011 2002-2007 2003-2008 2004-2009 2005-2010 2006-2011

10 Yr EPS Growth 1.7% -0.7% -14.4% 3.7% -3.4% -4.8% -1.3% 5.3%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

Diltued EPS 1.45$ 1.77$ 2.08$ 1.79$ 0.54$ 1.74$ 1.49$ 1.63$ 1.68$ 0.70$ 0.28$

2012E 2013E

Forecast Method 1.18$ 1.16$

Linear Regression Method 1.55$ 1.53$

Analyst Estimate 0.29$ 0.38$

Normal Earnings 0.38$

Growth Rate -1.30%

Corp Bond Rate 3.43

Per Share Value 2.78$

MOS 66%

Purchase Price 0.94$

Current Price $3.79

Actual Discount 0%

Growth Sensitivity Increment 10%

EPS Sensivity Increments 10%

Graham's Sensitivity Matrix

Median

-1.3%

Graham Value Calculation

66%99.43Analyst

Estimate

Radioshack Corpor

Enter Ticker Refresh CLEAR

$1.45 $1.77

$2.08 $1.79

$0.54

$1.74 $1.49

$1.63 $1.68

$0.70 $0.38 $0.38

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Help

0.30$ 0.34$ 0.38$ 0.42$ 0.46$

-1.0% 2.32$ 2.61$ 2.91$ 3.20$ 3.49$

-1.2% 2.27$ 2.56$ 2.84$ 3.13$ 3.41$

-1.3% 2.22$ 2.50$ 2.78$ 3.06$ 3.33$

-1.4% 2.17$ 2.44$ 2.72$ 2.99$ 3.26$

-1.7% 2.06$ 2.32$ 2.58$ 2.83$ 3.09$

EPS

Gro

wth

Radioshack Corpor Shares Out. Source Normalized Income Discount Rate R&D Years SG&A %

(RSH)99.43

99.43 $25.00 25%

7/19/2012 $25.00

Figures in Millions except per share values

Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low

$3.79 ($5.69) $25.08 0.0% $2.56 $0.00 $0.00

Asset Valuation Section EPV Valuation Section

Data: Asset ValuationShares Outstanding 99.4 TTM Owner Earnings FCF 24.9$

Balance Sheet Assets 2,018.0$ Avg Normalized Income 437.7$

Adjusted Assets 2,018.0$ Med Normalized Income 457.0$

Total Liabilities 1,278.3$ Avg Adj. Income 5 yrs 463.7$

Total Equity 739.7$ TTM Adjusted Income 211.7$

Average SGA % 35.6%

Marketing/Brand Value 1,558.4$ Data: EPV

R&D Value -$ Cost of Capital 9.0%

Cash Needed for Business 43.7$ Normalized Adjusted Income 25.0$

Interest Bearing Debt 674.9$ Average Maintenance Capex 62.2$

Non Interest Bearing Debt 603.4$ Interest Bearing Debt 674.9$

Excess Cash 478.8$ 1% of sales 43.7$

Cash & Equiv 566.4$

Calculation: Asset Valuation Cash - Debt (152.2)$

Total Per Share Shares 99.43

Tangible BV 699$ 7.03$

Adjusted BV 740$ 7.44$ Calculation: EPVNCAV 255$ 2.56$ Cost of Capital Rates EPV Per Share + Cash - Debt Per Share

Reprod. Cost of Assets 3,576$ 35.97$ 5% (743.8)$ (7.48)$ (896.0)$ (9.01)$

Reprod. Cost of Assets BV 2,298$ 23.11$ 7% (531.3)$ (5.34)$ (683.5)$ (6.87)$ Total Net Reprod. Cost 2,494$ 25.08$ 9% (413.2)$ (4.16)$ (565.4)$ (5.69)$

11% (338.1)$ (3.40)$ (490.3)$ (4.93)$

13% (286.1)$ (2.88)$ (438.3)$ (4.41)$

Quarterly numbers based on: Q1Adjustments:

Assets Book Value Fixed BV Multiplier

Reproduction

Asset Value

Cash & Equivalents 566.4$ 566.4$

Marketable Securities -$ -$

Adjustments:

Liabilities & Equity Book Value Fixed BV Multiplier

Reproduction

Liability Value

Accounts Receivable - Gross 236.6$ 236.6$ Accounts Payable 252.6$ 252.6$

Other Receivable -$ -$ Accrued Expenses -$ -$

Receivables 236.6$ 236.6$ Accrued Liabilities 264.3$ 264.3$

Inventories: Raw Materials -$ Notes Payable/Short Term Debt -$ -$

Inventories: Work in Progress -$

Current Port. of LT Debt/Capital

Leases -$ -$

Inventories: Purchased Components -$ Other Current Liabilities -$ -$

Inventories: Finished Goods -$ Total Current Liabilities 516.9$ 516.9$

Inventories: Other 730.2$ Long-Term Debt 674.9$ 674.9$

Inventories -- Total 730.2$ 730.2$ Capital Lease Obligations -$ -$

Prepaid Expenses -$ -$ Deferred Income Taxes -$ -$

Current Defered Income Taxes -$ -$ Total Other Liabilities 86.5$ 86.5$

Other Current Assets 131.3$ 131.3$ Total Liabilities 1,278.3$ 1,278.3$

Total Current Assets 1,664.5$ 1,664.5$ Common Stock Equity 739.7$ 739.7$

Goodwill, Net 40.3$ 40.3$ Retained Earnings 1,504.7$ 1,504.7$

Intangibles, Net -$ -$ Total Capitalization 1,414.6$ 1,414.6$

Intangibles 40.3$ 40.3$ Total Equity 739.7$ 739.7$ Property/Plant/Equipment - Net 260.5$ 260.5$ Total Liabilities & Equity 2,018.0$ 2,018.0$

Other Long Term Assets, Total 52.7$ 52.7$ Total Assets 2,018.0$ 2,018.0$

9% 3Statements

Values for Normalized Income

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(RSH)7/19/2012 Current Price NNWC NNWC % NCAV NCAV % Data

$3.79 -$1.70 0.0% $3.88 2.4% Statements

Figures in Millions except per share values BV

BV

Multiplier Net Net Value

Cash & Equivalents 566.40$ 100% 566.40$

Marketable Securities -$

Accounts Receivable 236.60$ 75%

Other Receivable -$

Receivables 236.60$ 177.45$

Inventories: Raw Materials -$ 50%

Inventories: Work in Progress -$

Inventories: Purchased Components -$

Inventories: Finished Goods -$

Inventories: Other 730.20$

Inventories -- Total 730.20$ 365.10$

Current Assets - Total 1,664.50$ 1,664.50$

Total Liabilities 1,278.30$ 1,278.30$ Shares Outstanding 99.43 99.43

Total ($m) Per Share

Total Current Assets 1,664.50$ 16.74$

Market Cap & Share Price 376.83$ 3.79$

Net Net Working Capital (169.35)$ (1.70)$

Discount to NNWC 0%

Net Current Asset Value 386.20$ 3.88$

Discount to NCAV 2%

Radioshack Corpor

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Radioshack Corpor

(RSH)7/19/2012

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

Piotroski F Scores 6 8 7 5 6 7 5 8 6 5 6

Piotroski 1: Net Income 1 1 1 1 1 1 1 1 1 1 1

Piotroski 2: Operating Cash Flow 1 1 1 1 1 1 1 1 1 1 1

Piotroski 3: Return on Assets 1 1 1 0 0 1 0 1 1 0 0

Piotroski 4: Quality of Earnings 1 1 1 1 1 1 1 1 0 1 1

Piotroski 5: LT Debt vs Assets 1 1 1 0 1 0 0 1 1 0 0

Piotroski 6: Current Ratio 1 0 0 0 0 1 1 1 0 1 1

Piotroski 7: Shares Outstanding 0 1 1 1 1 1 1 1 1 1 1

Piotroski 8: Gross Margin 0 1 1 0 0 1 0 1 0 0 0Piotroski 9: Asset Turnover 0 1 0 1 1 0 0 0 1 0 1

MRQ

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1

Working Capital 878.7$ 808.5$ 817.7$ 641.0$ 615.4$ 818.8$ 1,154.8$ 1,361.2$ 870.6$ 1,149.2$ 1,147.6$

Total Assets 2,227.9$ 2,243.9$ 2,516.7$ 2,205.1$ 2,070.0$ 1,989.6$ 2,283.5$ 2,429.3$ 2,175.4$ 2,175.1$ 2,018.0$

Total Liabilities 1,499.8$ 1,474.6$ 1,594.6$ 1,616.3$ 1,416.2$ 1,219.9$ 1,466.2$ 1,381.0$ 1,332.9$ 1,421.8$ 1,278.3$

Retained Earnings 2,002.5$ 1,210.6$ 1,508.1$ 1,741.4$ 1,780.9$ 1,992.1$ 2,153.2$ 2,323.9$ 1,502.5$ 1,525.1$ 1,504.7$

EBITDA 468.3$ 508.5$ 571.7$ 366.0$ 155.7$ 405.4$ 334.2$ 372.6$ 378.0$ 154.1$ 2.3$

Market Value of Equity 2,647.6$ 4,139.8$ 4,348.9$ 2,409.8$ 1,954.2$ 1,921.9$ 1,332.3$ 2,207.3$ 1,792.3$ 376.8$ 376.8$

Net Sales 4,577.2$ 4,649.3$ 4,841.2$ 5,081.7$ 4,777.5$ 4,251.7$ 4,224.5$ 4,276.0$ 4,472.7$ 4,378.0$ 1,008.3$

Normal Altman Z Score 5.54 5.69 5.54 5.20 4.94 5.65 4.80 5.24 4.88 4.02 2.41

Revised Altman Z Score 8.78 8.59 8.48 7.16 6.71 8.99 8.33 9.50 7.46 6.51 6.48

X1 0.53 0.57

X2 0.70 0.75

X3 0.07 0.00

X4 0.27 0.29

X5 2.01 0.50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

M Score - 5 Variable - -3.22 -2.52 -2.49 -3.17 -2.71 -2.60 -2.86 -2.74 -3.02 -3.12

M Score - 8 Variable - -3.44 -2.09 -2.36 -3.28 -2.59 -2.48 -2.35 -2.21 -2.93 -3.15

DSRI 0.87 1.27 1.22 0.85 1.16 0.95 1.32 1.12 0.98 0.66 0.00

GMI 0.98 0.99 1.08 1.00 0.98 1.05 0.99 1.02 1.09 1.03 0.00

AQI 0.64 1.24 1.29 0.88 1.31 1.53 0.67 1.04 0.75 1.09 0.00

SGI 1.02 1.04 1.05 0.94 0.89 0.99 1.01 1.05 0.98 1.00 0.00

DEPI 1.21 1.13 0.65 0.83 0.95 1.07 0.99 1.05 1.00 0.97 0.00

SGAI 0.99 0.98 1.02 1.06 0.91 0.99 0.99 0.99 1.04 1.00 0.00

TATA -0.16 -0.01 -0.04 -0.12 -0.07 -0.04 -0.02 0.02 -0.07 -0.09 0.00

LVGI 0.98 0.93 1.15 0.96 0.86 1.09 0.88 1.08 1.08 0.96 0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM/MRQ

Balance Sheet Accrual Ratio - -18.7% 32.6% -15.0% -21.9% -7.6% 14.5% 4.4% 12.0% -9.2% 1.9%

Cash Flow Accrual Ratio - -19.8% 30.5% -13.9% -20.0% -14.4% 5.8% 5.1% 15.2% -7.5% -8.5%

Sloan Accrual Ratio -7.1% -7.3% 10.9% -6.1% -7.8% -5.0% 1.8% 1.6% 6.0% -3.0% -3.6%

Earnings 1.45$ 1.77$ 2.08$ 1.79$ 0.54$ 1.74$ 1.49$ 1.63$ 1.68$ 0.70$ 0.28$

Stock Price 15.4$ 25.5$ 27.5$ 17.9$ 14.4$ 14.7$ 10.7$ 17.6$ 16.9$ 9.2$ 3.8$

Total Assets 2,227.9$ 2,243.9$ 2,516.7$ 2,205.1$ 2,070.0$ 1,989.6$ 2,283.5$ 2,429.3$ 2,175.4$ 2,175.1$ 2,018.0$

Cash & Equivalent 446.5$ 634.7$ 437.9$ 224.0$ 472.0$ 509.7$ 814.8$ 908.2$ 569.4$ 591.7$ 566.4$

Total Liabilities 1,499.8$ 1,474.6$ 1,594.6$ 1,616.3$ 1,416.2$ 1,219.9$ 1,466.2$ 1,381.0$ 1,332.9$ 1,421.8$ 1,278.3$

Short Term Debt 36.0$ 77.4$ 55.6$ 40.9$ 194.9$ 61.2$ 39.3$ 41.6$ 308.0$ -$ -$

Long Term Debt 591.3$ 541.3$ 506.9$ 494.9$ 345.8$ 348.2$ 732.5$ 627.8$ 331.8$ 670.6$ 674.9$

Net Operating Assets (NOA) 908.9$ 753.3$ 1,046.7$ 900.6$ 722.5$ 669.4$ 774.3$ 809.5$ 912.9$ 832.2$ 848.2$

Net Income 263.4$ 298.5$ 337.2$ 267.0$ 73.4$ 236.8$ 192.4$ 205.0$ 206.1$ 72.2$ 29.1$

CFO 521.6$ 651.9$ 352.5$ 362.9$ 314.8$ 379.0$ 274.6$ 245.8$ 155.0$ 217.9$ 205.6$

CFI (99.0)$ (188.9)$ (290.2)$ 39.3$ (79.3)$ (42.0)$ (124.3)$ (80.8)$ (80.0)$ (80.1)$ (104.8)$

Balance Sheet Aggregate Accrual -$ (155.6)$ 293.4$ (146.1)$ (178.1)$ (53.1)$ 104.9$ 35.2$ 103.4$ (80.7)$ 16.0$

Cash Flow Aggregate Accrual -$ (164.5)$ 274.9$ (135.2)$ (162.1)$ (100.2)$ 42.1$ 40.0$ 131.1$ (65.6)$ (71.7)$

The Beneish Model - M Score Variables

Altman Z Score

Altman Z Score

Quality Check with Accrual Analysis

MRQ

Piotroski Score

Annual MRQ

6.51 6.48

MRQ EditAnnual

4.02 2.41

Revised Altman Z Score

Annual

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Radioshack Corpor

(RSH)7/19/2012

RSH BBY CONN

Sorted Data CONN RSH BBY

Stock Price $ 16.15 $ 3.79 $ 18.85 $ 0.00 $ 0.00 $ 0.00

Mkt Cap ($M) $ - $ 376.83 $ - $ 0.00 $ 0.00 $ 0.00

EV $ 815.81 $ 485.33 $ 7,050.00 $ 0.00 $ 0.00 $ 0.00

52 Wk High $ 19.83 $ 16.25 $ 29.79 $ 0.00 $ 0.00 $ 0.00

52 Wk Low $ 4.97 $ 3.67 $ 17.53 $ 0.00 $ 0.00 $ 0.00

% off 52Wk Low 224.9% 3.3% 7.5% 0.0% 0.0% 0.0%

MultiplesP/E(TTM) 175.7 14.7 0.0 0.0 0.0 0.0

P/S(TTM) 0.7 0.1 0.1 0.0 0.0 0.0

P/Tang BV(MRQ) 1.4 0.6 3.2 0.0 0.0 0.0

P/CF 36.3 3.5 4.9 0.0 0.0 0.0

P/FCF(TTM) 12.4 3.4 3.8 0.0 0.0 0.0

EV/EBITDA(TTM) 20.6 2.3 2.1 0.0 0.0 0.0

DividendsDiv Yld 0.0% 12.8% 3.6% 0.0% 0.0% 0.0%

Div Yld - 5yr avg 0.0% 2.0% 1.7% 0.0% 0.0% 0.0%

Div 5yr Grth 0.0% 14.9% 11.5% 0.0% 0.0% 0.0%

Payout Ratio(TTM) 0.0% 223.8% 0.0% 0.0% 0.0% 0.0%

Growth RatesSales(MRQ) v 1yr ago 4.6% -0.9% 6.1% 0.0% 0.0% 0.0%

Sales(TTM) v 1yr ago 0.7% 0.1% 0.1% 0.0% 0.0% 0.0%

Sales 5yr Grth 0.8% -1.7% 7.1% 0.0% 0.0% 0.0%

EPS(MRQ) v 1yr ago 153.5% -127.4% 36.2% 0.0% 0.0% 0.0%

EPS(TTM) v 1yr ago 177.1% -82.3% -189.8% 0.0% 0.0% 0.0%

EPS 5yr Grth 0.0% 3.8% 0.0% 0.0% 0.0% 0.0%

Balance SheetQuick Ratio(MRQ) 1.8 1.8 0.5 0.0 0.0 0.0

Current Ratio(MRQ) 2.1 3.2 1.2 0.0 0.0 0.0

LTD/Eq(MRQ) 52.8 91.2 45.7 0.0 0.0 0.0

Tot D/Eq(MRQ) 80.9 91.2 55.2 0.0 0.0 0.0

MarginsGross %(TTM) 30.1% 40.1% 24.8% 0.0% 0.0% 0.0%

Gross % 5yr 28.3% 45.0% 24.6% 0.0% 0.0% 0.0%

Op %(TTM) 3.2% 2.1% 2.1% 0.0% 0.0% 0.0%

Op % 5yr avg 5.8% 7.4% 4.2% 0.0% 0.0% 0.0%

Net %(TTM) 0.4% 0.6% 0.7% 0.0% 0.0% 0.0%

Net % 5yr avg 1.8% 4.2% 2.5% 0.0% 0.0% 0.0%

ReturnsROA(TTM) 0.4% 1.5% 1.9% 0.0% 0.0% 0.0%

ROA 5yr avg 2.4% 8.0% 7.3% 0.0% 0.0% 0.0%

ROE(TTM) 0.9% 3.4% -20.7% 0.0% 0.0% 0.0%

ROE 5yr avg 4.7% 20.8% 15.5% 0.0% 0.0% 0.0%

EfficiencyRec Turnover(TTM) 2.1 18.0 28.6 0.0 0.0 0.0

Inv Turnover(TTM) 6.0 3.6 6.2 0.0 0.0 0.0

Asset Turnover(TTM) 1.0 2.3 3.0 0.0 0.0 0.0

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Radioshack Corpor

Figures in Millions except per share values

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

$414.8 $462.3 $123.1 $192.2 $223.8 $333.7 $189.0 $164.8 $74.9 $135.8 $126.8 $120.8 -$8.4 $345.2 $175.9 $127.5 $279.7 $308.0 $320.7 $429.7 $90.0 $24.9

% Change 11.5% -73.4% 56.1% 16.4% 49.1% -43.4% -12.8% -54.6% 81.3% -6.6% % Change -107.0% 4209.5% -49.0% -27.5% 119.4% 10.1% 4.1% 34.0% -79.1% -72.3%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

$15.4 $25.5 $27.5 $17.9 $14.4 $14.7 $10.7 $17.6 $16.9 $9.2 $3.8 $1.45 $1.77 $2.08 $1.79 $0.54 $1.74 $1.49 $1.63 $1.68 $0.70 $0.24

% Change 65.1% 8.0% -35.1% -19.4% 1.9% -27.4% 65.5% -3.9% -45.6% -58.9% % Change 22.1% 17.5% -13.9% -69.8% 222.2% -14.4% 9.4% 3.1% -58.3% -65.7%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

2.6% -0.2% 7.1% 3.5% 2.7% 6.6% 7.3% 7.5% 9.6% 2.1% 0.6% 6.7 9.3 36.3 13.8 8.8 6.0 7.3 13.5 27.8 7.0 3.0

% Change -106.8% 4046.6% -51.5% -22.9% 146.5% 10.8% 2.9% 28.1% -78.6% -72.3% % Change 39.6% 290.1% -61.9% -36.6% -31.8% 21.8% 85.4% 105.7% -74.7% -57.5%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

12.7% -1.1% 30.8% 17.7% 20.8% 38.2% 37.0% 37.0% 61.6% 9.8% 2.7% 15.0% 10.8% 2.8% 7.2% 11.4% 16.7% 13.7% 7.4% 3.6% 14.3% 33.5%

% Change -108.8% 2852.5% -42.6% 17.5% 84.0% -3.1% -0.1% 66.4% -84.1% -72.8% % Change -28.3% -74.4% 162.6% 57.8% 46.7% -17.9% -46.1% -51.4% 295.7% 135.1%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 36.0% 38.5% 38.9% 32.8% 15.5% 35.7% 22.9% 22.7% 33.0% 10.9% 6.8%

% Change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! % Change 6.8% 1.1% -15.8% -52.6% 129.6% -35.9% -0.9% 45.6% -67.1% -37.8%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

48.9% 49.8% 50.3% 46.7% 46.7% 47.6% 45.5% 45.9% 45.0% 41.4% 40.1% 5.8% 6.4% 7.0% 5.3% 1.5% 5.6% 4.6% 4.8% 4.6% 1.6% 0.7%

% Change 1.9% 1.0% -7.0% 0.0% 1.9% -4.5% 0.8% -2.1% -8.0% -3.1% % Change 11.6% 8.5% -24.6% -70.8% 262.5% -18.2% 5.3% -3.9% -64.2% -59.6%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

6.0 8.0 7.0 5.0 6.0 7.0 5.0 8.0 6.0 5.0 6.0 5.5 5.7 5.5 5.2 4.9 5.6 4.8 5.2 4.9 4.0 2.4

% Change 33.3% -12.5% -28.6% 20.0% 16.7% -28.6% 60.0% -25.0% -16.7% 20.0% % Change 2.8% -2.7% -6.1% -4.9% 14.3% -15.0% 9.0% -6.8% -17.7% -40.1%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

-3.4 -2.1 -2.4 -3.3 -2.6 -2.5 -2.4 -2.2 -2.9 -3.1 38.0% 36.9% 37.8% 16.0% 34.1% 35.4% 36.8% 37.6% 38.7% 37.5% 38.3%

% Change #DIV/0! 39.3% -13.1% -38.8% 20.9% 4.4% 5.1% 6.2% -32.7% -7.4% % Change -3.0% 2.5% -57.5% 112.5% 3.8% 3.9% 2.2% 2.9% -3.1% 2.2%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

206.0% 191.7% 172.9% 274.5% 216.6% 158.5% 179.4% 131.7% 158.2% 188.7% 172.8% 8.1% -0.6% 21.6% 10.9% 9.0% 22.9% 21.0% 23.2% 32.2% 6.3% 1.9%

% Change -6.9% -9.8% 58.7% -21.1% -26.8% 13.2% -26.6% 20.1% 19.3% -8.4% % Change -107.1% 3900.3% -49.7% -17.3% 154.7% -8.4% 10.5% 38.8% -80.4% -69.2%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM

335.6% -10.9% 620.9% 430.1% 65.4% 457.0% 783.7% 770.9% 139.5% 20.4% -1.6% 68.1% 35.5% 36.9% 80.3% 42.0% 51.1% 129.5% 13.4% 3.7%

% Change -103.2% 5820.8% -30.7% -84.8% 598.6% 71.5% -1.6% -81.9% #VALUE! #VALUE! % Change -107.6% 4488.4% -47.8% 3.7% 117.9% -47.7% 21.5% 153.5% -89.6% -72.5%

(RSH)7/19/2012

Diluted EPS

FCF / Sales Price / FCF

Free Cash Flow

Stock Price

FCF to Short Term Debt FCF to Long Term Debt

Gross Margin Net Profit Margin

Piotroski F score Original Altman Z Score

Beneish M Score - 8 Variable Version Tax Rate

Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital

Owner Earnings

Debt to Equity FCF to Total Debt

Cash Return on Invested Capital (CROIC) FCF Yield

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