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Tandy Leather Factory Reports 3rd Quarter EPS Up 400%

FORT WORTH, Texas, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) today reported financial results for the third quarter of 2013. Consolidated net income for the quarter ended September 30, 2013 was $1.6 million compared to consolidated net income of $281,000 for the third quarter of 2012, an increase of 456%. Fully diluted earnings per share for the quarter were $0.15, compared to $0.03 in the third quarter of last year. Total sales for the quarter ended September 30, 2013 were $18.5 million, up 9% from $17.0 million in the third quarter last year.

Consolidated sales for the nine months ended September 30, 2013 were $56.7 million, up 9% from 2012's first three quarters' sales of $52.1 million. Consolidated net income for the first nine months of 2013 was up 41% to $4.8 million or $0.47 per fully-diluted share versus $3.4 million or $0.33 per fully-diluted share in the comparable period last year.      

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $1.2 million in the third quarter, a 12% improvement over last year's third quarter. Seventy-eight stores comprised Tandy Leather's operations on September 30, 2013. For the first nine months of 2013, Retail Leathercraft's sales increased $3.8 million, or 13%, over the first nine months of 2012. Third quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory stores and national account group, were up 4%, or $234,000, from the same quarter last year. For the first nine months of 2013, Wholesale Leathercraft's sales were up $257,000, or 1%, compared to the same period in 2012. International Leathercraft, consisting of three stores located outside of North America, reported a sales increase of 13%, or $109,000, compared to the third quarter of 2012. For the year, International Leathercraft's sales were up 24%, or $560,000, over the same period last year. 

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