Tandy Leather Factory Files 2019 and Restated Financial Information
FORT WORTH, Texas, June 22, 2021 -- Tandy Leather Factory, Inc. (Pink: TLFA) today announced that it has filed with the Securities and Exchange Commission the Company's 2019 Annual Report on Form 10-K and Quarterly Reports for the second and third quarters of 2019. These reports include the restatement of information the Company had previously filed in its 2018 Annual Report (Form 10-K) and Quarterly Reports (Forms 10-Q) for the second and third quarters of 2018 and the first quarter of 2019. The Company continues to work diligently on completing as soon as possible its quarterly and annual reports for 2020, as well as the first quarter of 2021.
Janet Carr, Chief Executive Officer of the Company, said, "We are happy to be filing our restated and 2019 financial reports, marking the end of a long hard road to complete this financial restatement. In so many ways, it feels like today we are living in a completely different world from the one when we began this process. We are also a very different Tandy Leather today, a company that has adapted tremendously to the changing business climate and the new ways needed to meet our customers' needs. We emerge much better positioned for the future as a result of these efforts. Our business transformation has also included an enormous investment in new systems, processes and people, to ensure that we will never need to go through an ordeal like this restatement again. We are proud of the excellent work our team has done to make this happen.
"We and our auditors will continue the push to complete our 2020 and 2021-to-date financials, so that we are fully current as soon as possible," Ms. Carr added. Once the Company is current in its financial reporting, it intends to apply for relisting on the Nasdaq Stock Market.
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line, including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 105 North American stores located in 40 US states and six Canadian provinces, and one store located in Spain. Its common stock trades over-the-counter "pink sheets" with the symbol "TLFA". To be included on Tandy Leather Factory's email distribution list, go to: http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
Contact: Janet Carr, Tandy Leather Factory, Inc. (817) 872-3200 or janet.carr@tandyleather.com
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
