Tandy Leather Factory Inc 8-K, filed Dec 3, 2021
Tandy Leather Factory Inc (TLF)
8-K
2021-12-03
For: 2021-12-03
View Original
Added on
April 08, 2026
About this 8-K
Tandy Leather Factory Inc filed this 8-K on December 3, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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
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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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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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
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Results of Operations and Financial Condition
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On December 3, 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 second fiscal quarter, ended June 30, 2021. A copy of the Press Release is attached as Exhibit 99.1. The Company is now focusing on completing its financial statements for the third quarter of 2021.
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.
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(d) Exhibits
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No.
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Exhibit
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Press Release dated December 3, 2021
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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.
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TANDY LEATHER FACTORY, INC.
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Date: December 3, 2021
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By:
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/s/ Michael Galvan
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Michael Galvan, Chief Financial Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
December 3, 2021
Tandy Leather Factory Files Financial Information for Second Quarter 2021; Announces Certain Third Quarter Results
FORT WORTH, TEXAS – December 3, 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 second quarter of 2021.
The Company’s second quarter sales were $18.6 million in 2021, up from $9.1 million in 2020. Operating expenses were $10.6 million compared to
$7.6 million in 2020, primarily reflecting the return to work of employees who were furloughed in 2020 during the COVID-19 shutdown. Net income for the quarter was $0.5 million compared to a net loss of $1.8 million for the second quarter of
2020. As of June 30, 2021, the Company held $5.7 million of cash and cash equivalents, versus $10.3 million at December 31, 2020. The Company generated net income in the quarter of $0.06 per diluted share, versus net losses of $0.20 per diluted
share in the second quarter of 2020 and $0.10 per diluted share in the second quarter of 2019.
The Company also announced certain preliminary financial information
for its third quarter ended September 30, 2021. Sales for the third quarter of 2021 are expected to be approximately $19.0 million, an increase of about 19% compared to the third quarter of 2020. As of September 30, 2021, the Company had
approximately $0.4 million of debt and $6.0 million of cash and cash equivalents. The Company continues to work diligently on completing its
quarterly report for the third quarter of 2021.
Janet Carr, Chief Executive Officer of the Company, said, “With the filing of our Form 10-Q for the second quarter, we are nearly current in our
public financial reporting. We are working to achieve this by filing our Form 10-Q for the third quarter 2021 as soon as possible.”
Ms. Carr continued, “Our second and third quarter results reflect continued healthy consumer demand across our businesses. In addition to the
strong rebound from 2020 (when our retail stores were largely closed by COVID-19 in Q2 and still significantly impacted in Q3), our second and third quarter sales also represented an 8% increase (in Q2) and a 17% increase (in Q3) from 2019 levels.
Despite COVID-19’s ongoing effect on both our work force and supply chain, we have continued to make significant progress on our consumer-facing initiatives, improving the quality, assortment and value of our product offering, investing in product
knowledge, service and leathercrafting training for our sales associates, and continuing big leaps forward in ecommerce and digital marketing.
Once the Company is current in its financial reporting, it intends to apply for relisting on the Nasdaq Stock Market.
Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes
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.
Contact: Janet Carr, Tandy Leather Factory, Inc. (817) 872-3200 or janet.carr@tandyleather.com
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