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Tandy Leather Factory Reports Q3 2010 Earnings Up 7% Year Over Year

FORT WORTH, Texas, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) today reported financial results for the third quarter of 2010. Consolidated net income for the quarter ended September 30, 2010 was $594,000 compared to consolidated net income of $553,000 for the third quarter of 2009, an increase of 7%. Fully diluted earnings per share for the quarter were $0.06, compared to $0.05 in the third quarter of last year. Total sales for the quarter ended September 30, 2010 were $13.6 million, up 8% from $12.7 million in the third quarter last year.

Consolidated sales for the nine months ended September 30, 2010 were $42.6 million, up 9% from the 2009 first nine month sales of $38.9 million. Consolidated net income for the first three quarters of 2010 was up 29% at $2.6 million or $0.25 per fully-diluted share versus $2.0 million or $0.19 per fully-diluted share in the comparable period last year.   

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $768,000 in the third quarter, a 12% improvement over last year's third quarter. Seventy-six stores comprised Tandy Leather's retail operations on September 30, 2010, compared to seventy-five retail stores a year ago. For the first nine months of 2010, Retail Leathercraft's sales increased $2.9 million, or 15%, over the first nine months of 2009. Second quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory wholesale stores and national account group, were up 2% or $136,000 from the same quarter last year. For the first nine months of 2010, Wholesale Leathercraft's sales were up $573,000, or 3%, from the same period in 2009. International Leathercraft reported a sales increase of 21%, or $73,000, compared to the third quarter of 2009. For the year, International Leathercraft's sales were up 27%, or $252,000, over the same period last year. 

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