UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported:)
December 20, 2021

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Tandy Leather Factory, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of Incorporation

1-12368
 
75-2543540
(Commission File Number)
 
(IRS Employer Identification Number)

1900 Southeast Loop 820, Fort Worth, Texas
 
76140
(Address of Principal Executive Offices)
 
(Zip Code)

(817) 872-3200
(Registrant's Telephone Number, Including Area Code)

 
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.0024
TLFA
Over-the-counter “pink sheets”
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02.
Results of Operations and Financial Condition

On December 20, 2021, Tandy Leather Factory, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the filing of its Quarterly Report on Form 10-Q for its third fiscal quarter, ended September 30, 2021.  A copy of the Press Release is attached as Exhibit 99.1.

The information furnished pursuant to Item 2.02 of this report and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”, or otherwise subject to liabilities under that section, nor shall they be deemed incorporated by reference in any filing of the Company with the Securities and Exchange Commission under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits

No.
Exhibit
Press Release dated December 20, 2021

Forward Looking Statements

Certain statements contained in this report and other materials the Company files with the SEC, as well as information included in oral statements or other written statements made or to be made by the Company, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “may,” “will,” “could,” “should,” “anticipate,” “believe,” “budgeted,” “expect,” “intend,” “plan,” “project,” “potential,” “estimate,” “continue,” “outlook,” “forecast” or “future,” variations thereof or other similar statements. Please refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for additional information concerning these and other uncertainties that could negatively impact the Company. The Company assumes no obligation to update or otherwise revise its forward-looking statements, except as required by law.


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TANDY LEATHER FACTORY, INC.
   
Date:  December 20, 2021
By: /s/ Michael Galvan
 

Michael Galvan, Chief Financial Officer




Exhibit 99.1


FOR IMMEDIATE RELEASE
December 20, 2021

Tandy Leather Factory Files Financial Information for Third Quarter 2021

FORT WORTH, TEXAS – December 20, 2021 (GLOBE NEWSWIRE) – Tandy Leather Factory, Inc. (OTC: TLFA) today announced that it has filed with the Securities and Exchange Commission the Company’s Quarterly Report on Form 10-Q for the third quarter of 2021.

The Company’s third quarter sales were $19.3 million in 2021, up from $16.0 million in 2020.  Operating expenses were $11.1 million compared to $10.5 million in 2020.  Net income for the quarter was $16 thousand compared to a net loss of $1.0 million for the third quarter of 2020.  As of September 30, 2021, the Company held $6.1 million of cash and cash equivalents, versus $10.3 million at December 31, 2020.  The Company incurred net loss in the quarter of less than $0.01 per diluted share, versus net losses of $0.11 per diluted share in the third quarter of 2020 and $0.19 per diluted share in the third quarter of 2019.
 
Janet Carr, Chief Executive Officer of the Company, said, “With the filing of our Form 10-Q for the third quarter, we are at last current again in our public financial reporting.  Regular trading in our stock can now resume, and we are already applying for relisting on Nasdaq.  Having current financial information also unlocks the door to us resuming strategic repurchases of our common stock on the open market (we just completed an off-market repurchase of 212,690 shares at $5.00 per share) and obtaining new lines of credit for working capital.  This has been a long road for Tandy and our shareholders, and we are thrilled to be able to make this announcement.”
 
Ms. Carr continued, “As we previously reported, our strong third quarter results reflect the traction that our strategic initiatives are gaining with consumers across all of our channels – retail, web and commercial.  Despite the unforeseen obstacles of restatement and COVID-19, we have improved the quality, assortment and value of product offering, we’ve significantly increased our service levels and product knowledge, we’ve significantly grown our commercial business, and we’ve made big gains in ecommerce and digital marketing.  Barring other major unexpected challenges, we are optimistic that we have a clear path to profitable growth over the next several years.”
 
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer 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 105 North American stores located in 40 US states and six Canadian provinces, and one store located in Spain.  Its common stock currently trades over the counter with the symbol “TLFA”.  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.

Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes


Contact:  Janet Carr, Tandy Leather Factory, Inc.  (817) 872-3200 or [email protected]
 
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.

Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes