- 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.
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