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Tandy Leather Factory Reports Q2 2012 Financial Results

FORT WORTH, Texas, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) today reported financial results for the second quarter of 2012. Consolidated net income for the quarter ended June 30, 2012 was $1,540,000 compared to consolidated net income of $1,076,000 for the second quarter of 2011, an increase of 43%. Fully diluted earnings per share for the quarter were $0.15, compared to $0.11 in the second quarter of last year. Total sales for the quarter ended June 30, 2012 were $16.9 million, up 6% from $15.9 million in the second quarter last year.

Consolidated sales for the six months ended June 30, 2012 were $35.1 million, up 10% from the 2011 first half sales of $31.8 million. Consolidated net income for the first half of 2012 was up 40% to $3.1 million or $0.30 per fully-diluted share versus $2.2 million or $0.22 per fully-diluted share in the comparable period last year.       

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $929,000 in the second quarter, a 10% improvement over last year's second quarter. Seventy-seven stores comprised Tandy Leather's operations on June 30, 2012. For the first six months of 2012, Retail Leathercraft's sales increased $2.6 million, or 14%, over the first six months of 2011. Second quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory stores and national account group, were down 3% or $188,000 from the same quarter last year. For the first six months of 2012, Wholesale Leathercraft's sales were up $244,000, or 2%, from the same period in 2011. International Leathercraft, consisting of three stores located in the United Kingdom, Spain and Australia, reported a sales increase of 43%, or $229,000, compared to the second quarter of 2011. For the year, International Leathercraft's sales were up 44%, or $462,000, over the same period last year. 

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