This Day On The Street
Continue to site right-arrow
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 2013 Third Quarter Earnings Results And Provides Update On Current Events

Stocks in this article: TBAC

  • Announces third quarter fiscal 2013 results
  • Updates on potential new credit facility

DALLAS, May 14, 2013 (GLOBE NEWSWIRE) -- Tandy Brands Accessories, Inc. (Nasdaq:TBAC) today reported financial results for its fiscal third quarter and nine-month periods ended March 31, 2013 and provided an update on current events.

Third Quarter Results

Net sales for the third quarter were $19.6 million, which was down $4.3 million compared to the prior year third quarter. Net sales in the accessories segment were $18.3 million for the third quarter, a decline of $3.9 million from fiscal 2012. The decline reported in the accessories segment net sales was a result of lower levels of replenishment orders from the Company's largest customer in the current year. Gifts segment net sales decreased by $0.4 million to $1.3 million due to longer times to process and re-sell holiday season returns.

"Our third quarter net sales were impacted by abnormally low levels of replenishment sales to the largest customer in our accessories segment," said Rod McGeachy, President and Chief Executive Officer of Tandy Brands. "This decline was driven by their decision to delay new spring roll-outs early in the quarter and does not represent any material change in our market share."

Third quarter fiscal 2013 gross margin as a percentage of net sales was 26.7 percent, compared to 31.7 percent in the third quarter of fiscal 2012. Accessories segment gross margin was 30.6 percent, compared to 34.0 percent in the comparable prior year period. This decline was primarily due to higher sales to close-out customers in the current year in connection with the previously announced restructuring plan, and lower customer deductions in the prior year. Gifts segment gross margin was (28.3) percent, compared to 2.4 percent in the comparable prior year period, primarily due to an increased mix of sales of returned holiday products to close-out customers.

1 of 4

Select the service that is right for you!

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!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • 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