TLF 8-K
Tandy Leather Factory Inc (TLF)
8-K
2025-08-12
For: 2025-08-11
View Original
Added on
April 08, 2026
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 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
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On August 11, 2025, Tandy Leather Factory, Inc. (the “Company”) issued a press release (the “Press Release”) and filed its Quarterly Report on Form 10-Q
announcing its financial results for the second quarter of fiscal year 2025. 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 11, 2025
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104
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Cover page interactive data file (embedded within the Inline XBRL document)
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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, 2024 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 11, 2025
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By: /s/ Johan Hedberg
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Johan Hedberg, Chief Executive Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
August 11, 2025
Tandy Leather Factory Reports Second Quarter 2025 Results
FORT WORTH, TEXAS – August 11, 2025 (GLOBE NEWSWIRE) – Tandy Leather Factory, Inc. (Nasdaq: TLF) today announced the Company’s financial results for the second fiscal quarter of 2025.
Highlights from second quarter 2025:
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Revenues were $17.8 million, up 2.8% from 2024
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Generated operating income of $0.1 million
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Net loss of $0.2 million versus income of $0.1 million in 2024
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Gross margins of 59.5%, up from 58.0% in 2024
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Operating expenses $10.5 million, up 5.5% from 2024
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Adjusted EBITDA* (from operations) of $0.3 million
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Ended quarter with $16.4 million of cash and cash equivalents
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Tandy Leather Factory’s second quarter sales were $17.8 million in 2025, up from $17.3 million in 2024. Second quarter 2025 gross profit was $10.6 million, up from
$10.0 million in 2024. As of June 30, 2025, the Company held $16.4 million of cash and cash equivalents, up from $13.3 million a year earlier; this increase reflects the net proceeds from the sale of the Company’s corporate headquarters in January
2025 (the “HQ Sale”), offset by the payment of a special dividend to stockholders in the first quarter of approximately $12.7 million. The Company held inventory of $36.2 million, up from $35.6 million as of December 31, 2024. The Company had basic
and diluted net losses in the quarter of $0.02 per share, versus $0.01 basic and diluted net income per share in the prior year.
Johan Hedberg, Chief Executive Officer of the Company, said, “We were pleased to have grown our sales and margin dollars in the second quarter, despite the challenging
environment and economic uncertainty. These gains were driven primarily by increased sales productivity in our U.S. retail stores. Our operating expenses increased as expected, driven largely by the shift to leasing our headquarters and
distribution center spaces (which we owned during 2024) and other costs related to our now-in-progress move of those facilities in the third quarter; we still expect those costs to lead to operating losses for full year 2025. We hope to continue our
sales momentum through the third quarter, while noting that newly-announced tariffs—which did not meaningfully affect our product costs in the second quarter—may impact our sales and profits going forward.”
Investors are encouraged to send their questions to the Company’s investor relations hotline at [email protected].
* Adjusted EBITDA is a non-GAAP financial measure that the Company believes helps investors to compare its
operating performance to that of other companies. The following is a reconciliation of the Company’s net income to Adjusted EBITDA (in millions):
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Quarter ended
June 30, 2025
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Net income
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$
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(0.2
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Adjustment to net income (1)
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0.4
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Adjusted net income (2)
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0.2
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Add back:
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Depreciation and amortization
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0.2
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Interest income
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(0.2
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Income tax provision
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-
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Stock-based compensation
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0.1
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Adjusted EBITDA (from operations)
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$
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0.3
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This adjustment to net income removes the net proceeds from the sale of our corporate headquarters, related one-time relocation expenses, and tax related tax provision due to the sale.
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Adjusted net income represents income from operations plus interest income.
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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 101 stores located in 40 US states and six Canadian provinces, including 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: Johan Hedberg, 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.