FORT WORTH, Texas, March 7, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) today reported financial results for the fourth quarter and year ended December 31, 2010. A conference call will be conducted by Jon Thompson, CEO, Shannon Greene, CFO, and Mark Angus, Senior Vice President, at 2:00 p.m. Eastern Time today. Dial-in details have been provided previously.
Consolidated net income for the quarter was $1.6 million compared to consolidated net income of $1.3 million for the fourth quarter of 2009. Fully diluted earnings per share for the quarter were $0.15, compared to $0.13 for the same quarter of the previous year. Total sales for the quarter ended December 31, 2010 increased 11% to $17.3 million from $15.6 million for the fourth quarter of 2009. Consolidated sales for the year ended December 31, 2010 were $59.9 million, up 10% from 2009 sales of $54.5 million. Consolidated net income for 2010 was $4.2 million or $0.41 per fully-diluted share versus $3.3 million or $0.31 per fully-diluted share for 2009.
Sales in the Retail Leathercraft division for the fourth quarter of 2010 increased $1.4 million over the previous year's fourth quarter, representing a 16% improvement. Same stores sales increased 15% over the fourth quarter of 2009. Seventy-six Tandy Leather retail stores comprised Retail Leathercraft's operations on December 31, 2010, compared to seventy-five retail stores a year earlier. For the year, Retail Leathercraft's sales increased $4.2 million, or 15%, over 2009. Same store sales for the year increased 13% compared to 2009.Fourth quarter sales for the Wholesale Leathercraft division increased $240,000 over the same quarter of 2009, a 3% improvement. Same store sales increased 7% while national account sales were down 13% for the quarter. Twenty-nine Leather Factory wholesale stores comprised Wholesale Leathercraft's operations on December 31, 2010, compared to 30 wholesale stores a year earlier. One wholesale store operating as Mid-Continent Leather Sales was closed in the fourth quarter. For the year, Wholesale Leathercraft's sales were up $813,000 million, or 3%. 2010 same store sales increased 6% while sales to national accounts were down 8%.
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