Tandy Leather Factory Files Financial Information for First Quarter 2021
FORT WORTH, Texas, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Pink: TLFA) today announced that it has filed with the Securities and Exchange Commission the Company's Quarterly Report on Form 10-Q for the first quarter of 2021. The Company continues to work diligently on completing its quarterly report for the second quarter of.
The Company's first quarter sales were $21.4 million in 2021, up from $17.1 million in 2020. Operating expenses were $11.2 million compared to $11.1 million in 2020. Net income was $745,000 in 2021 compared to a net loss of $1.7 million in 2020. As of March 31, 2021, the Company held $10.8 million of cash and cash equivalents, versus $10.3 million at December 31, 2020.
Janet Carr, Chief Executive Officer of the Company, said, "With the filing of our Form 10-Q for the first quarter, we move one step closer to being fully current in our public financial reporting. We are working to achieve this as soon as possible, although it is likely to happen after the normal filing date for our third quarter Form 10-Q. Notably, with the filing of our first quarter, trading in our stock will not be affected when the amended SEC Rule 15c2-11 takes effect on September 28."
Ms. Carr continued, "Our first quarter results reflect the ongoing progress of our business strategies. We achieved sales growth of nearly 25% over 2020 and more than 20% over 2019. Despite the continued challenges of COVID-19 affecting both our work force and supply chain, we continued to significantly improve our product offering and level of service resulting in strong consumer demand. We also were pleased to deliver a return to profitability, even with about $700,000 in restatement-related expenses in the quarter."
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 firstname.lastname@example.org
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.
Tandy Leather was founded in 1919 with the dream of sharing leathercraft with the world. Today, we're proud to continue this legacy as trusted source of quality leather, tools, and teaching materials for leatherworkers everywhere.