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1900 Southeast Loop 820
Fort Worth, TX 76140
Phone: 817-872-3200
Website: http://www.tandyleatherfactory.com

Tandy Leather Factory, Inc. (TLF), together with its subsidiaries, operates as a retailer and wholesale distributor of leather and related products in the United States, Canada, and the United Kingdom. It offers leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits, as well as involves in the manufacture of leather lacing and do-it-yourself kits. The company operates in three segments: Wholesale Leathercraft, Retail Leathercraft, and International Leathercraft. The Wholesale Leathercraft segment operates a chain of warehouse distribution units in North America. As of December 31, 2009, it operated 30 wholesale stores comprising 29 under the Leather Factory name and 1 under the Mid-Continent Leather Sales name. The Retail Leathercraft segment operates a chain of retail stores under the Tandy Leather Company name in North America. As of March 1, 2010, this segment operated 76 Tandy Leather retail stores. The International Leathercraft segment operates combination wholesale and retail stores outside of North America. As of December 31, 2009, it operated one store under the Tandy Leather Factory name located in Northampton, the United Kingdom. Tandy Leather Factory, Inc. serves individuals, wholesale distributors, tack and saddle shops, institutions, western stores, craft stores, youth groups, summer camps, schools, equine-related shops, cobblers, and dealers, as well as other large volume purchasers, manufacturers, and retailers. The company was formerly known as The Leather Factory, Inc. and changed its name to Tandy Leather Factory, Inc. in 2005. Tandy Leather Factory, Inc. was founded in 1980 and is based in Fort Worth, Texas.

 Shares Outstanding: 10.14M
% Held by Insiders: 24.16%
% Held by Institutions: 35.00%


Latest News:

Tandy Leather Factory Reports 1st Quarter 2010 Earnings up 36%

Tandy Leather Factory, Inc. (AMEX: TLF) today reported financial results for the first quarter of 2010. Net income for the quarter ended March 31, 2010 was $948,000, up from net income of $698,000 in the first quarter of 2009, an increase of 36%. Fully-diluted earnings per share for the quarter were $0.09 in the current quarter, compared to $0.06 in last year's first quarter. Total sales for the first quarter were $14.6 million, an increase of 10.7% compared to 2009's first quarter sales of $13.2 million.

Sales from the Retail Leathercraft division, consisting of the Tandy Leather retail store chain, increased $1 million in the first quarter, up 15% from last year's first quarter sales. The store chain consisted of seventy-six stores as of March 31, 2010, compared to seventy-four retail stores a year ago. First quarter sales for the Wholesale Leathercraft division, consisting of the Leather Factory wholesale stores and the National Account group, increased $301,000, or 5% from the same quarter last year. International Leathercraft, consisting of one store located in the United Kingdom, added sales of $384,000 for the quarter, a 31% increase over last year's first quarter sales of $293,000.

Consolidated gross profit margin increased from 58.7% in the first quarter of 2009 to 61.5% in the first quarter of 2010, a significant improvement. Operating expenses increased $697,000 in the first quarter of 2010 to $7.4 million compared to $6.8 million in the first quarter of 2009, decreasing slightly as a percentage of revenue from 51.2% in 2009 to 51.0% in 2010.

Jon Thompson, Chief Executive Officer and President, commented, 'Overall, it was a good quarter. I am especially pleased with the improvement in our gross profit margin. All three divisions achieved sales gains and were solidly profitable. Our goal as we move through the year is to continue our solid sales growth and keep our expenses under control.'

Shannon L. Greene, Chief Financial Officer, added, 'This quarter makes our fifth consecutive quarter of higher earnings than in the prior year's comparable quarter. We have maintained a good trend there as we have worked our way through the economic turmoil of this past year. While I don't think profitability is in question for the year, we will continue to watch our operating expenses in order to maximize our earnings.'

Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 76 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma. Its common stock trades on the NYSE Amex with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.

This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission.These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

           

 

TANDY LEATHER FACTORY, INC.

CONSOLIDATED BALANCE SHEETS

           
    03/31/2010

(unaudited)

    12/31/2009

(audited)

ASSETS          
CURRENT ASSETS:          
Cash   $ 5,976,396       $ 7,891,962  
Short-term investments, including certificates of deposit     6,995,598         5,017,000  
Accounts receivable-trade, net of allowance for doubtful accounts of $174,000 and $136,000 in 2010 and 2009, respectively          
    1,459,075         1,202,811  
Inventory     17,538,853         16,865,826  
Deferred income taxes     289,556         271,481  
Other current assets     1,499,080         791,884  

Total current assets

    33,758,558         32,040,964  
           
PROPERTY AND EQUIPMENT, at cost     14,513,146         15,111,497  
Less accumulated depreciation and amortization     (4,953,970 )       (5,431,776 )
      9,559,176         9,679,721  
           
GOODWILL     987,812         983,823  
OTHER INTANGIBLES, net of accumulated amortization of $433,000 and $418,000 in 2010 and 2009, respectively          
    293,401         307,802  
OTHER assets     318,218         314,921  
    $ 44,917,165       $ 43,327,231  
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
CURRENT LIABILITIES:          
Accounts payable-trade   $ 1,613,639       $ 1,185,032  
Accrued expenses and other liabilities     4,116,620         3,988,144  
Income taxes payable     434,827         399,536  
Current maturities of long-term debt     202,500         202,500  
Total current liabilities     6,367,586         5,775,212  
           
DEFERRED INCOME TAXES     706,222         682,364  
           
LONG-TERM DEBT, net of current maturities     3,459,375         3,510,000  
           
COMMITMENTS AND CONTINGENCIES          
           
STOCKHOLDERS' EQUITY:          
Preferred stock, $0.10 par value; 20,000,000 shares authorized; none issued or outstanding; attributes to be determined on issuance          
    -         -  
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,034,845 and 11,021,951 shares issued at 2010 and 2009; 10,141,222 and 10,130,628 shares outstanding at 2010 and 2009          
         
    26,484         26,453  
Paid-in capital     5,491,705         5,491,736  
Retained earnings     30,908,023         29,959,910  
Treasury stock (893,623 shares at cost)     (2,461,068 )       (2,452,649 )
Accumulated other comprehensive income     418,838         334,205  
Total stockholders' equity     34,383,982         33,359,655  
    $ 44,917,165       $ 43,327,231  
           
           

TANDY LEATHER FACTORY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2010 and 2009

           
      2010         2009  
NET SALES   $ 14,588,538       $ 13,183,095  
COST OF SALES     5,611,942         5,442,649  
Gross profit     8,976,596         7,740,446  
           
OPERATING EXPENSES     7,440,228         6,742,915  
INCOME FROM OPERATIONS     1,536,368         997,531  
           
OTHER (INCOME) EXPENSE:          
Interest expense     65,604         77,409  
Other, net     (1,467 )       (77,272 )
Total other (income) expense     64,137         137  
           
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES     1,472,231         997,394  
           
PROVISION FOR INCOME TAXES     524,654         324,336  
           
NET INCOME FROM CONTINUING OPERATIONS     947,577         673,058  
           
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX     536         24,859  
           
NET INCOME   $ 948,113       $ 697,917  
           
NET INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE:          
BASIC   $ 0.09       $ 0.06  
DILUTED   $ 0.09       $ 0.06  
           
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX PER COMMON SHARE:          
BASIC   $ 0.00       $ 0.00  
DILUTED   $ 0.00       $ 0.00  
           
NET INCOME PER COMMON SHARE:          
BASIC   $ 0.09       $ 0.06  
DILUTED   $ 0.09       $ 0.06  
           
Weighted Average Number of Shares Outstanding:          
Basic     10,137,715         10,670,111  
Diluted     10,213,677         10,721,954  
                   
           

TANDY LEATHER FACTORY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009

           
      2010         2009  
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income   $ 948,113       $ 697,917  
Income from discontinued operations     536         24,859  
      947,577         673,058  
           
Adjustments to reconcile net income to net cash provided by operating activites-          
Depreciation and amortization     234,026         279,290  
(Gain) loss on disposal or abandonment of assets     246         -  
Non-cash stock-based compensation     -         2,540  
Deferred income taxes     5,113         40,555  
Other     80,343         (70,127 )
Net changes in assets and liabilities, net of effect of business acquisitions:          
Accounts receivable-trade, net     (262,172 )       (344,850 )
Inventory     (513,681 )       388,805  
Income taxes     35,575         (382,586 )
Other current assets     (707,195 )       (672,852 )
Accounts payable-trade     428,607         1,188,804  
Accrued expenses and other liabilities     (30,870 )       30,609  
Total adjustments     (730,008 )       460,188  
Net cash provided by continuing operating activities     217,569         1,133,246  
Cash provided from discontinued operations     6,831         35,540  
Net cash provided by operating activities     224,400         1,168,786  
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment     (99,117 )       (278,224 )
Purchases of certificates of deposit     (2,572,598 )       (4,048,000 )
Proceeds from maturities of certificates of deposit     594,000         1,081,000  
Proceeds from sale of assets     90         -  
Decrease (increase) in other assets     (3,297 )       1,198  
Net cash used in investing activities     (2,080,922 )       (3,244,026 )
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Payments on capital lease obligations     -         (64,880 )
Payments on notes payable and long-term debt     (50,625 )       (50,625 )
Repurchase of common stock ( treasury stock)     (8,419 )       -  
Proceeds from exercise of stock options     -         23,437  
Net cash provided by financing activities     (59,044 )       (92,068 )
           
NET INCREASE (DECREASE) IN CASH     (1,915,566 )       (2,167,308 )
           
CASH, beginning of period     7,891,962         7,810,298  
           
CASH, end of period   $ 5,976,396       $ 5,642,990  
           
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Interest paid during the period   $ 65,604       $ 77,409  
Income tax paid during the period, net of (refunds)     477,177         369,180  
                   
           

Selected financial data:

           
      Quarter Ended 03/31/10   Quarter Ended 03/31/09
     

Sales

    Operating

Income

 

Sales

    Operating

Income

Wholesale Leathercraft     $ 6,587,804     $ 534,196   $ 6,286,701     $ 366,247
Retail Leathercraft       7,616,296       922,738     6,603,522       550,168
International       384,438       79,434     292,872       81,116
Total Operations     $ 14,588,538     $ 1,536,368   $ 13,183,095     $ 997,531
           
           
Wholesale Leathercraft     Quarter Ended 03/31/10   Quarter Ended 03/31/09
      # of stores     Sales   # of stores     Sales
Distribution centers       30     $ 5,783,176     30     $ 5,414,997
National account group             804,628           871,704
Total Sales – Wholesale Leathercraft       30     $ 6,587,804     30     $ 6,286,701
           
           
Retail Leathercraft     Quarter Ended 03/31/10   Quarter Ended 03/31/09
      # of stores     Sales   # of stores     Sales
Same store sales       74     $ 7,527,635     74     $ 6,603,522
New store sales       2       88,661     -       -
Total Sales – Retail Leathercraft       76     $ 7,616,296     74     $ 6,603,522
                       

Tandy Leather Factory, Inc.
Shannon L. Greene, 817-872-3200
sgreene@tandyleather.com
or
Magellan Fin, LLC
Mark Gilbert, 317-867-2839
MGilbert@MagellanFin.com


 

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