Tandy Leather Factory Reports Q3 2016 Financial Results

FORT WORTH, Texas, Nov. 09, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ:TLF) today reported financial results for the third quarter of 2016.  Consolidated net income for the quarter ended September 30, 2016 was $1.0 million compared to $1.1 million for the third quarter of 2015, a decrease of 10%.  Fully diluted earnings per share of $0.11 for the third quarter of 2016 was equal to that reported for last year's third quarter.  Total sales for the quarter ended September 30, 2016 were $18.6 million, down 4% from $19.4 million in the third quarter last year.  

Consolidated sales for the nine months ended September 30, 2016 were $58.8 million, down 2% from 2015's comparable period sales of $59.9 million.  Consolidated net income for the first three quarters of 2016 increased 7% to $4.3 million or $0.46 per fully-diluted share versus $4.1 million or $0.40 per fully-diluted share in the comparable period last year.

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, decreased $209,000 in the third quarter, a 2% decline over last year's third quarter.  Eighty-one stores comprised Tandy Leather's operations on September 30, 2016 compared to eighty-two stores at September 30, 2015.  For the first nine months of 2016, Retail Leathercraft's sales decreased $114,000, or 0.3%, from the first nine months of 2015.  Third quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory stores, decreased 8% or $489,000, from the same quarter last year.  For the first nine months of 2016, Wholesale Leathercraft's sales were down $1,047,000, or 5%, compared to the same period in 2015.  International Leathercraft, consisting of four stores located outside of North America, reported a sales decrease of 3%, or $29,000, compared to the third quarter of 2015.  For the year to date, International Leathercraft's sales were up 3%, or $67,000, over the same period last year.

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