Tandy Leather Factory Reports Certain 3rd Quarter Operating Results and Related Information
November 13 2020 - 4:25PM
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.
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