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FIRST UNION BOARD APPOINTS NEW COMMITTEE CHAIRMEN

 GREENVILLE, S.C., April 29 /PRNewswire/ -- The board of directors of First Union National Bank of South Carolina have selected new chairmen for the Executive, Audit and Trust committees of the board.
 I.S. Leevy Johnson, a partner with the Columbia law firm of Johnson, Toal & Battiste, P.A., has been named chairman of the Executive Committee, succeeding F. Creighton McMaster. Johnson has served on First Union's South Carolina state board of directors since 1986. He was elected president of the South Carolina Bar Association in 1985. The Richland County Bar Association honored Johnson with the John W. Williams Award in 1992.
 Johnson graduated from Benedict College in 1965, and received his law degree from the University of South Carolina School of Law in 1986. In 1970, he became one of the first three blacks elected to the South Carolina General Assembly since Reconstruction. He was awarded an honorary Doctor of Laws degree from Benedict College in 1988.
 Rex L. Carter, a director since 1978, was named chairman of the Audit Committee, succeeding Wilkins Norwood, who retired from First Union's South Carolina board in February. Carter is an attorney with the Greenville law firm of Carter, Smith, Merriam, Rogers & Traxler, P.A. He was also a member of and former speaker of the S.C. House of Representatives.
 Carter is a native of Honea Path. He graduated from Erskine College and received his law degree from the University of South Carolina Law School. He has received honorary doctor of laws degrees from Erskine College, The Citadel and the University of South Carolina.
 Dr. Harry M. Lightsey Jr., an attorney with the McNair Law Firm, has been selected to chair the Trust Committee, succeeding Louis A. Batson. Lightsey is a native of Columbia, where he practiced law until 1980. He taught law at the University of South Carolina School of Law from 1962 until 1977, and served as Dean of USC's School of Law from 1980 until 1986. He is past president of the College of Charleston.
 An honors graduate of Clemson University, Dr. Lightsey also holds a doctorate of veterinary medicine from the University of Georgia. He is also a summa cum laude graduate of USC's School of Law. He is an executive committee member of the Southern Regional Education Board, and served as a member of President Reagan's Commission on the Bicentennial of the United States Constitution. He joined First Union's board of directors in 1990.
 The board members all serve on one of the three committees, with rotation of the committee chairmen every two to four years. First Union's South Carolina bank board of directors is comprised of 13 external members, and four directors who are employees of First Union. The other external board members are John R. Folsom, James F. Kane, Patrick W. McKinney, Ralph L. Ogden, John D. Orr, William L. Otis Jr., Joseph P. Riley Jr., and Alfred B. Robinson. The internal board members are Sidney B. Tate and Cecelia S. Gardner of First Union Corporation of South Carolina, and Edward E. Crutchfield Jr. and John R. Georgius of First Union Corporation (NYSE: FTU FTUpr).
 First Union National Bank of South Carolina is based in Greenville, with assets of $3 billion and 65 branch offices across the state.
 -0- 4/29/93
 /CONTACT: (Media) Donna Stockton of First Union Corporation, 704-374-6999/
 (FTU)


CO: First Union National Bank of South Carolina;
 First Union Corporation ST: South Carolina IN: FIN SU: PER


MM -- CH007 -- 2638 04/29/93 11:59 EDT

Tandy Corporation ("Tandy") (NYSE-TAN) last week announced the filing of its Form 10-K for the fiscal six-month period ended Dec. 31, 1992 which represents the transition period for changing Tandy's year end from June 30 to December 31. This change in fiscal year will enable Tandy to report on a basis more in line with other retailers. Financial statements and other information relating to the proposed spin-off of TE Electronics Inc., the manufacturing and non-retail marketing operations of Tandy, are included in this document. Later this week Tandy expects to file its preliminary proxy statement for its annual meeting of stockholders, which will be held later this summer on a date to be announced. The proposed transaction is scheduled for completion in summer of 1993. Tandy is continuing to seek a ruling from the IRS that the proposed spin-off will be tax-free to Tandy stockholders.

Tandy also reported sales of its U.S. retail operations for the calendar month of March 1993 were $274.9 million, a 13 percent increase, compared to $243.4 million last year. Stores open for more than one year increased 4 percent from the prior year. Closed stores, previously announced in January 1993, are not included in the above sales results.

In addition, Tandy reported that for the six months ended Dec. 31, 1992 net sales and operating revenues were $2,228 million compared to $2,117 million in the corresponding prior year period. For the three months ended Dec. 31, 1992 net sales and operating revenues were $1,323 million compared to $1,244 million the prior year. The three and six months results ending Dec. 31, 1992 include a previously announced pre-tax charge for business restructuring totaling $87.5 million of which $48 million is attributable to Tandy and $39.5 million is included in TE Electronics. Net income after the restructuring charges of the combined companies for the six months ended Dec. 31, 1992 was $3.8 million or $0.02 per share compared to $120.6 million or $1.51 per share last year. Results for the quarter ended Dec. 31, 1992 were a net loss of $28.3 million or $0.38 per share compared to net income of $78.8 million or $1.00 per share last year. In addition to the business restructuring charge, Tandy recorded pre-tax charges totaling approximately $10 million relating to special charges associated with the spin-off and legal fees. All amounts have been restated to reflect equity accounting for the proposed spin-off of TE Electronics. Below is a table showing the effects of the restructuring charges to the three and six months ended Dec. 31, 1992.
 3 Mos. Ended 6 Mos. Ended
 Dec. 31, 1992 Dec. 31, 1992
 ------------- -------------
(in thousands)
 Sales and operating revenue (excluding
 TE Electronics) $1,322,574 $2,228,426
 ========== ==========
 Earnings before special charges, income
 taxes and TE Electronics $ 94,800 $ 144,323
 Charge for restructuring retail operations (48,000) (48,000)
 Special charges (10,000) (10,000)
 Income taxes (12,614) (29,551)
 ---------- ----------
Tandy Retail Operations 24,186 56,772
 Loss in TE Electronics to be spun off
 (includes operations, restructuring and
 special charges and income taxes) (52,523) (52,966)
 Net Income (Loss) $ (28,337) $ 3,806
 ========== ==========
John V. Roach, chairman and chief executive officer remarked, "The
proposed spin-off activity is proceeding and will enable Tandy to focus on
its primary business of consumer electronics retailing. Sales of our
retail companies were encouraging in spite of the significant weather
impact during March."
 TANDY CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 Restated for proposed spin-off
 (In thousands, except per share amounts)
 Three Months Ended
 December 31,
 ----------------------------
 (unaudited) (unaudited)
 1992 1991
 ---------- ----------
Net sales and operating
 revenues $1,322,574 $1,244,303
Cost of products sold 792,018 691,641
 ---------- ----------
Gross profit 530,556 552,662
 ---------- ----------
Expenses:
Selling, general and
 administrative 430,934 410,112
Depreciation and
 amortization 18,497 16,635
Net interest income (3,675) (1,075)
Provision for restructuring
 costs 48,000 --
 ------- -------
 493,756 425,672
 ------- -------
Income before income taxes
 and equity in operations
 to be spun off 36,800 126,990
Provision for income taxes 12,614 45,970
 ------- -------
Income before equity in
 operations to be spun off 24,186 81,020
Equity in loss of operations
 to be spun off (52,523) (2,210)
 -------- -------
Net income (loss) $(28,337) $78,810
 ======== =======
Net income (loss) per
 average common and common
 equivalent share $ (.38) $ 1.00
 ======== =======
Average common and common
 equivalent shares
 outstanding 78,154 77,863
 ======== =======
Dividends declared per
 common share $ .15 $ .15
 ======== =======
 Six Months Ended
 December 31,
 ----------------------------
 (unaudited)
 1992 1991
 ---------- ----------
Net sales and operating
 revenues $2,228,426 $2,117,237
Cost of products sold 1,312,118 1,173,349
 ---------- ----------
Gross profit 916,308 943,888
 ---------- ----------
Expenses:
Selling, general and
 administrative 752,952 720,792
Depreciation and
 amortization 36,697 33,186
Net interest income (7,664) (1,491)
Provision for restructuring
 costs 48,000 --
 ------- -------
 829,985 752,487
 ------- -------
Income before income taxes
 and equity in operations
 to be spun off 86,323 191,401
Provision for income taxes 29,551 69,287
 ------- -------
Income before equity in
 operations to be spun off 56,772 122,114
Equity in loss of operations
 to be spun off (52,966) (1,471)
 -------- --------
Net income (loss) $ 3,806 $120,643
 ======== =======
Net income (loss) per
 average common and common
 equivalent share $ .02 $ 1.51
 ======== =======
Average common and common
 equivalent shares
 outstanding 78,102 78,149
 ======== =======
Dividends declared per
 common share $ .30 $ .30
 ======== =======
 Twelve Months Ended
 December 31,
 ----------------------------
 (unaudited) (unaudited)
 1992 1991
 ---------- ----------
Net sales and operating
 revenues $3,933,855 $3,701,580
Cost of products sold 2,273,406 2,020,443
 ---------- ----------
Gross profit 1,660,449 1,681,137
 ---------- ----------
Expenses:
Selling, general and
 administrative 1,353,680 1,343,544
Depreciation and
 amortization 71,902 65,620
Net interest income (21,481) (22,149)
Provision for restructuring
 costs 48,000 8,531
 --------- ---------
 1,452,101 1,395,546
 --------- ---------
Income before income taxes
 and equity in operations
 to be spun off 208,348 285,591
Provision for income taxes 73,769 103,198
 ------- -------
Income before equity in
 operations to be spun off 134,579 182,393
Equity in loss of operations
 to be spun off (67,569) (6,194)
 -------- --------
Net income (loss) $ 67,010 $176,199
 ======== =======
Net income (loss) per
 average common and common
 equivalent share $ .78 $ 2.19
 ======== =======
Average common and common
 equivalent shares
 outstanding 79,850 78,166
 ======== =======
Dividends declared per
 common share $ .60 $ .60
 ======== =======


An overwhelming majority of readers responding to a Nation's Business poll said the Clinton administration should take a close look at the impact that new federal regulations will have on business. Respondents to the Where I Stand poll also strongly supported a measure requiring that economic-impact studies accompany legislative and regulatory proposals.

Results of the poll are sent to top officials in the White House and Congress.

Respondents indicated that they want the new administration to continue the policy of scrutinizing federal rules, which was begun in the Bush administration's final year.

Ninety-four percent of the respondents said the Clinton administration should limit the number of new regulations imposed until it determines the overall impact of a backlog of pending rules, which were put on hold through a nearly yearlong moratorium issued by President Bush in late January 1992.

The Bush moratorium called on federal agencies to weigh the expected benefits of new rules against their projected costs, and 97 percent of the survey respondents said the new administration should continue such a practice.

Eighty-two percent of the respondents want legislation requiring economic-impact studies for legislative and regulatory proposals. Only 8 percent opposed such a requirement.

Such a proposal was introduced by Reps. Richard Baker, R-La., and James Hayes, D-La., and Sens. Don Nickles, R-Okla., and Harry Reid, D-Nev., in this session of Congress. Similar legislation was introduced last year, but no action was taken on it.

Nickles also recently created the Senate Regulatory Reform Council, as part of the Senate Republican Policy Committee, to "stop or change federal rules and regulations that could waste money and cost jobs."

If respondents had to choose between greater federal-agency oversight of business to help it comply with regulations and increased penalties for noncompliance with regulations, nearly two-thirds said they would prefer increased oversight; one-third would prefer increased penalties.

In recent actions that could indicate how the Clinton administration may view regulations, the White House abolished the Council on Competitiveness, an organization within the Bush administration that considered the impact of federal rules. The White House also abolished the Council on Environmental Quality and replaced it with a White House Office on Environmental Policy, a move expected to give Vice President AI Gore more control over environmental initiatives.

Readers said they expect to see the most regulatory activity under the Clinton administration in the area of employee benefits (35 percent), with the environment a close second (34 percent). Twenty percent of respondents believe workplace health and safety will see the greatest activity.

Federal regulations cost the economy more than $400 billion a year, according to a study by Thomas D. Hopkins, a professor of economics at the Rochester Institute of Technology, in Rochester, N.Y.
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