This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tandy Brands Reports Fiscal 2012 Fourth Quarter And Year-End Earnings Results

Stocks in this article: TBAC

  • Year to date adjusted EBITDA improved $5.6 million to $1.8 million
  • Fiscal 2012 net sales of $117.6 million, down 5% due to planned exit of unprofitable categories
  • Fiscal 2012 gifts segment sales increased by 40%
  • Year to date SG&A reduced by $7.6 million
  • Fiscal 2012 cash flow from operations up $15.3 million

DALLAS, Sept. 4, 2012 (GLOBE NEWSWIRE) -- Tandy Brands Accessories, Inc. (Nasdaq:TBAC) today reported financial results for its fourth quarter and fiscal year ended June 30, 2012.

Fourth Quarter Results

Net sales for the fiscal 2012 fourth quarter were $21.6 million, a 7 percent decrease over net sales of $23.2 million in the same period last year. The sales decline was primarily attributable to lower sales in exited product categories and timing of replenishment orders to a significant customer.

Fourth quarter fiscal 2012 gross margin as a percentage of net sales improved to 30.2 percent, compared to 12.8 percent in the fourth quarter of fiscal 2011. The increase in gross margin percentage over the prior year period was driven by the $3.7 million inventory write-off associated with exited product lines in the prior year and improvements in sales mix.

Total selling, general and administrative (SG&A) expense for the fourth quarter of fiscal 2012 improved by $1.4 million over the prior year period to $7.9 million. The 15 percent improvement was due to savings initiatives in labor, facilities and distribution costs. Fourth quarter fiscal 2012 SG&A as a percentage of net sales improved to 36.6 percent, compared to 40.1 percent in the prior year period.

For the fourth quarter, the Company reported a net loss of $2.2 million, or ($0.32) per diluted share, compared to net loss of $8.4 million, or ($1.21) per diluted share, in the prior year period. Adjusted net loss improved $1.1 million to $2.3 million compared to an adjusted net loss of $3.4 million in the prior year fourth quarter.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs