Tandy Leather Factory Inc 8-K, filed Aug 8, 2024
Tandy Leather Factory Inc (TLF)
8-K
2024-08-08
For: 2024-08-07
View Original
Added on
April 08, 2026
About this 8-K
Tandy Leather Factory Inc filed this 8-K on August 8, 2024, reporting on events of August 7, 2024.
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 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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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
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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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| Item 2.02. |
Results of Operations and Financial Condition
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On August 7, 2024, Tandy Leather Factory, Inc. (the “Company”) issued a press release (the “Press Release”) and filed its Quartterly Report on Form
10-Q announcing its financial results for the second quarter of fiscal year 2024. 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.
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(d) Exhibits
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No.
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Exhibit
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Press Release dated August 7, 2024
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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, 2023 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: August 7, 2024
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By: |
/s/ Janet Carr
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Janet Carr, Chief Executive Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
August 7, 2024
Tandy Leather Factory Reports Second Quarter 2024 Results
FORT WORTH, TEXAS – August 7, 2024 (GLOBE NEWSWIRE) – Tandy Leather Factory, Inc. (Nasdaq: TLF) today announced the Company’s financial results for the second fiscal quarter of 2024.
Highlights from Second Quarter 2024:
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Revenues were $17.3 million, down 1.1% from 2023
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Generated operating income of $63,000
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Net income of $0.1 million, down from $0.5 million in 2023
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Gross margins of 58.0%, down from 62.5% in 2023
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Operating expenses $10.0 million, down 1.7% from 2023
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Adjusted EBITDA* of $0.8 million
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Ended quarter with $11.5 million of cash and cash equivalents
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Tandy Leather Factory’s second quarter sales were $17.3 million in 2024, down from $17.5 million in 2023. Second quarter 2024 gross profit was $10.0 million, down
from $10.9 million in 2023. Second quarter operating income was $63,000, down from $0.8 million in 2023. As of June 30, 2024, the Company held $11.5 million of cash and cash equivalents, up from $10.0 million a year earlier. The Company held
inventory of $37.1 million, down from $38.0 million as of December 31, 2023. The Company had basic and diluted net income in the quarter of $0.01 per share, versus $0.06 in the prior year.
Janet Carr, Chief Executive Officer of the Company, said, “Our second quarter sales declined by about 1%, an improvement in trend over Q1, but continuing to reflect
our customers’ lower discretionary income and sluggish spending overall. Gross margin rate declined from 2023, driven by both the accounting adjustments made in Q2 2023 that increased the margin rate and by the increased promotional activity this
year. Operating expenses fell nearly 2%, as we managed costs to compensate for a decline in sales and gross margin rate. Importantly, cash remains strong, up to this time last year, even with some additional capital expenditures.”
Investors are encouraged to send their questions to the Company’s investor relations hotline at investorrelations@tandyleather.com.
* Adjusted EBITDA is a non-GAAP financial measure that the Company believes helps investors to compare its operating
performance to that of other companies. The following is a reconciliation of the Company’s net income to Adjusted EBITDA (in millions):
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Three months ended
June 30, 2024
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Net income
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$
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0.1
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Add back:
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Depreciation and amortization
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0.3
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Interest income
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(0.1
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Income tax provision
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0.1
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Stock-based compensation
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0.4
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Adjusted EBITDA
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$
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0.8
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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 100 North American stores located in 40 US states and six Canadian provinces, and one store located in Spain. Its common stock
trades on the Nasdaq Capital Market under 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.
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.