Tandy Leather Factory Inc 8-K, filed Nov 13, 2020
Tandy Leather Factory Inc (TLF)
8-K
2020-11-13
For: 2020-11-13
View Original
Added on
April 08, 2026
About this 8-K
Tandy Leather Factory Inc filed this 8-K on November 13, 2020.
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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Date of report (Date of earliest event reported:)
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November 13, 2020
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Tandy Leather Factory, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
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Delaware
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(State or Other Jurisdiction of Incorporation
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1-12368
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75-2543540
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(Commission File Number)
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(IRS Employer Identification Number)
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1900 Southeast Loop 820, Fort Worth, Texas
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76140
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(Address of Principal Executive Offices)
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(Zip Code)
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(817) 872-3200
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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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 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.0024
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TLFA
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Over-the-counter “pink sheets”
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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
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Results of Operations and Financial Condition
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On November 13, 2020, Tandy Leather Factory, Inc. (the “Company”) issued a press release announcing certain financial results as described in the next
paragraph. A copy of the press release is attached as Exhibit 99.1.
As previously reported, the Company is undertaking a restatement of prior financial
statements and is not currently reporting its regular financial results until the restatement has been completed. For this reason, the press release includes only certain limited financial results, primarily relating to sales, cash and strategic
initiatives, for three months ended September 30, 2020. The Company also announced that (1) the filing of its quarterly report on Form 10-Q for the third fiscal quarter of 2020 would be delayed, pending completion of the restatement, and (2)
Nasdaq had upheld on appeal its decision to de-list the Company’s common stock from the Nasdaq Global Market. The Company intends to apply to re-list its common stock on Nasdaq following the filing of all
of its outstanding reports with the SEC.
The information in this report and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall they be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933, 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 November 13, 2020
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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, 2018 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: November 13, 2020
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By: /s/ Steven Swank
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Steven Swank, Chief Financial Officer
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Exhibit 99.1
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FOR IMMEDIATE RELEASE
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November 13, 2020
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Tandy Leather Factory Reports Certain 3rd Quarter Operating Results and Related Information
FORT WORTH, TEXAS – November 13, 2020 (GLOBE NEWSWIRE) – Tandy Leather Factory, Inc. (Pink: TLFA) today reported
certain financial result information for its third fiscal quarter, ended September 30, 2020. Sales are still preliminary but were approximately $15.8 million, a decrease of 3.1% compared to prior year's $16.3 million. As of September 30, 2020,
the Company had $0.4 million of debt and $10.1 million of cash and cash equivalents.
Commenting on these preliminary results, Janet Carr, Chief Executive Officer, said, “We were pleased with our third quarter sales
performance following the shutdown of our entire store fleet from COVID-19 in Q2. In the third quarter, we were able to reopen substantially all of our remaining store fleet after the permanent closure of 8 stores. Strong web sales continued in
Q3, even as stores have reopened. Total sales growth improved through the quarter with positive year-over-year growth in September and continuing through October. While the future remains hard to predict in the current economic climate and with
COVID-19 case rates rising again, we have confidence in the overall trajectory of the business.”
The Company continues to undergo a financial accounting restatement of the information presented in its Form 10-K for fiscal year 2018,
and as a result is still completing its financial statement audits for fiscal year 2019 and the first three quarters of fiscal 2020. This includes the Company’s Quarterly Report on Form 10-Q for the third quarter, which the Company expects to file
together with its restated and other outstanding filings. Until then, the Company is not in a position to provide detailed financial information beyond its sales and cash balance. The Company also confirmed that Nasdaq’s decision to de-list the
Company’s common stock from the Nasdaq Global Market was upheld upon appeal; the Company intends to apply to re-list its common stock on Nasdaq following the filing of all of its outstanding reports with the SEC.
Ms. Carr added, “We are looking forward to the completion of the audit of our restated financials, our re-listing on the Nasdaq, and a
return to a regular, fulsome discussion of our financial results with investors. During this period, and despite the distraction and economic environment, we have made significant progress on our consumer-facing initiatives, implemented new,
comprehensive systems improvements, launched a new web platform and centralized ecommerce fulfillment capability and substantially increased digital marketing, and made other investments in building the foundation for our long-term growth.”
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 6 Canadian provinces, and one store located in Spain. Its common stock trades over-the-counter “pink sheets” 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: Steve Swank, Tandy Leather Factory, Inc. (817) 872-3200 or steve.swank@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