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Earnings Expand Over 20% In '00 For RadioShack

2/26/2001 02:00:00 AM Eastern

FORT WORTH, TEXAS -Claiming 2000 as its best year in the history of the company in terms of profitability, RadioShack said adjusted net income for the 12 months ended Dec. 31, excluding restricted stock charges, climbed 21 percent to $367.4 million, compared with the $303.8 million recorded for 1999.

Net income in 2000 was $368 million, a 23 percent gain, compared with $297.9 million the previous year.

In the fourth quarter, RadioShack reported adjusted net income of $145.8 million, a 13 percent rise, excluding restricted stock charges, compared with the $129.6 million recorded in the year-ago fourth quarter. Net income in the three months was $145.8 million, a 21 percent gain over the $120.6 million reported in the same period in 1999.

"We achieved every one of our targets-consistent top-line sales growth, increased earnings per share north of 20 percent, increased recurring revenue and enhanced operating margin," said chairman/CEO Len Roberts.

Sales for the fourth quarter jumped 14 percent to $1.6 billion, compared with $1.4 billion in the same quarter in 1999. Annual sales increased 16 percent to $4.8 billion, compared with $4.1 billion in 1999. Recurring residual revenue from subscription services totaled $104 million in 2000, up from $63 million the previous year.