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Tandy Leather Factory Reports Q2 2013 Financial Results

FORT WORTH, Texas, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) today reported financial results for the second quarter of 2013. Consolidated net income for the quarter ended June 30, 2013 was $1.6 million compared to consolidated net income of $1.5 million for the second quarter of 2012, an increase of 6%. Fully diluted earnings per share for the quarter were $0.16, compared to $0.15 in the second quarter of last year. Total sales for the quarter ended June 30, 2013 were $19.0 million, up 12% from $16.9 million in the second quarter last year.  

Consolidated sales for the six months ended June 30, 2013 were $38.2 million, up 9% from 2012's first half sales of $35.1 million. Consolidated net income for the first half of 2013 was up 3% to $3.2 million or $0.32 per fully-diluted share versus $3.1 million or $0.30 per fully-diluted share in the comparable period last year.       

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $1.4 million in the second quarter, a 14% improvement over last year's second quarter. Seventy-eight stores comprised Tandy Leather's operations on June 30, 2013. For the first six months of 2013, Retail Leathercraft's sales increased $2.7 million, or 13%, over the first six months of 2012. Second quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory stores and national account group, were up 7%, or $446,000, from the same quarter last year. For the first six months of 2013, Wholesale Leathercraft's sales were up $23,000, or 0.2%, compared to the same period in 2012. International Leathercraft, consisting of three stores located in the United Kingdom, Spain and Australia, reported a sales increase of 32%, or $244,000, compared to the second quarter of 2012. For the year, International Leathercraft's sales were up 30%, or $451,000, over the same period last year. 

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