FORT WORTH, Texas, March 12, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) today reported financial results for the fourth quarter and year ended December 31, 2012. A conference call will be conducted by senior management at 2:00 p.m. Eastern Time today. Dial-in details have been provided previously.
Consolidated net income for the quarter was $2.2 million compared to consolidated net income of $1.7 million for the fourth quarter of 2011. Fully diluted earnings per share for the quarter were $0.22, compared to $0.17 for the same quarter of the previous year. Total sales for the quarter ended December 31, 2012 increased 9% to $20.6 million from $18.9 million for the fourth quarter of 2011. Consolidated sales for the year ended December 31, 2012 were $72.7 million, up 10% from 2011 sales of $66.1 million. Consolidated net income for 2012 was $5.6 million or $0.55 per fully-diluted share versus $4.7 million or $0.47 per fully-diluted share for 2011.
Sales in the Retail Leathercraft division for the fourth quarter of 2012 increased $1.4 million over the previous year's fourth quarter, representing a 13% improvement. Same stores sales increased 12% over the fourth quarter of 2011. Seventy-eight Tandy Leather retail stores comprised Retail Leathercraft's operations on December 31, 2012, compared to seventy-seven retail stores a year earlier. For the year, Retail Leathercraft's sales increased $5.2 million, or 14%, over 2011. Same store sales for the year increased 13% compared to 2011.Fourth quarter sales for the Wholesale Leathercraft division decreased $27,000 over the same quarter of 2011, a 1/2% decline. Same store sales increased 8% while national account sales were down 71% for the quarter. Twenty-nine Leather Factory wholesale stores comprised Wholesale Leathercraft's operations on December 31, 2012, the same as that as of December 31, 2011. For the year, Wholesale Leathercraft's sales were up $309,000, or 1%. 2012 same store sales increased 7% while sales to national accounts were down 44%. National Account sales represented 6% of the division's sales in 2012, and only 2% of total company sales.