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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tandy Leather Factory Inc | NASDAQ:TLF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0125 | 0.27% | 4.72 | 4.15 | 5.25 | 4.80 | 4.53 | 4.77 | 21,640 | 21:30:00 |
Commission File Number 1-12368
|
Tandy Leather Factory, Inc.
|
||
(Exact name of registrant as specified in its charter)
|
||
Delaware
|
75-2543540
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1900 Southeast Loop 820, Fort Worth, TX 76140
|
817/872-3200
|
|
(Address of Principal Executive Offices and Zip Code)
|
(Registrant’s telephone number, including area code)
|
|
Title of each class
|
Name of each exchange on which registered
|
|
Common Stock, par value $0.0024
|
NASDAQ Global Market
|
|
Preferred Share Purchase Rights
|
NASDAQ Global Market
|
Item
|
Page
|
|
Part 1
|
||
1
|
1 | |
1A
|
4 | |
1B
|
5 | |
2
|
5 | |
3
|
6 | |
4
|
6 | |
Part II
|
||
5
|
6 | |
6
|
6 | |
7
|
6 | |
7A
|
11 | |
8
|
12 | |
9
|
26 | |
9A
|
26 | |
9B
|
||
Part III
|
||
10
|
26 | |
11
|
26 | |
12
|
26 | |
13
|
26 | |
14
|
26 | |
Part IV
|
26 | |
15
|
Segment
|
|
Wholesale Leathercraft
|
24 US stores and 3 Canadian stores
|
Retail Leathercraft
|
77 US stores and 7 Canadian stores
|
International Leathercraft
|
2 UK stores, 1 Australian store and 1 Spanish store
|
Wholesale Leathercraft
|
Retail Leathercraft
|
International Leathercraft
|
|||||||||
Year Ended
|
Opened
|
Closed
|
Total
|
Opened
|
Closed
|
Total
|
Opened
|
Closed
|
Total
|
||
2012
|
-
|
-
|
29
|
1
|
-
|
78
|
1
|
-
|
3
|
||
2013
|
-
|
-
|
29
|
3
|
2
|
79
|
-
|
-
|
3
|
||
2014
|
-
|
1
|
28
|
3
|
-
|
82
|
-
|
-
|
3
|
||
2015
|
-
|
-
|
28
|
-
|
-
|
82
|
1
|
-
|
4
|
||
2016
|
-
|
1*
|
27
|
4
|
2
|
84
|
-
|
-
|
4
|
Product Category
|
2016 Sales Mix
|
2015 Sales Mix
|
2014 Sales Mix
|
||
Belts strips and straps
|
4%
|
4%
|
4%
|
||
Books, patterns, videos
|
1%
|
2%
|
2%
|
||
Buckles
|
3%
|
3%
|
3%
|
||
Conchos^
|
2%
|
2%
|
3%
|
||
Craft supplies
|
2%
|
2%
|
2%
|
||
Dyes, finishes, glues
|
7%
|
7%
|
7%
|
||
Hand tools
|
18%
|
16%
|
17%
|
||
Hardware
|
8%
|
8%
|
8%
|
||
Kits
|
6%
|
6%
|
6%
|
||
Lace
|
3%
|
3%
|
3%
|
||
Leather
|
41%
|
42%
|
40%
|
||
Stamping tools
|
5%
|
5%
|
5%
|
||
100%
|
100%
|
100%
|
Name and Age
|
Position
|
Served as Executive Officer Since
|
Shannon L. Greene, 51
|
Chief Executive Officer
|
2000
|
Mark J. Angus, 56
|
President
|
2008
|
Tina L. Castillo, 46
|
Chief Financial Officer and Treasurer
|
2017
|
William M. Warren, 73
|
Secretary and Corporate Counsel
|
1993
|
State
|
Wholesale Leathercraft
|
Retail Leathercraft
|
International
|
Alabama
|
-
|
1
|
n/a
|
Alaska
|
-
|
1
|
n/a
|
Arizona
|
2
|
3
|
n/a
|
Arkansas
|
-
|
1
|
n/a
|
California
|
3
|
8
|
n/a
|
Colorado
|
1
|
3
|
n/a
|
Connecticut
|
-
|
1
|
n/a
|
Florida
|
1
|
3
|
n/a
|
Georgia
|
-
|
1
|
n/a
|
Idaho
|
-
|
1
|
n/a
|
Illinois
|
1
|
1
|
n/a
|
Indiana
|
-
|
2
|
n/a
|
Iowa
|
1
|
-
|
n/a
|
Kansas
|
1
|
-
|
n/a
|
Kentucky
|
-
|
1
|
n/a
|
Louisiana
|
1
|
1
|
n/a
|
Maryland
|
-
|
1
|
n/a
|
Massachusetts
|
-
|
1
|
n/a
|
Michigan
|
1
|
1
|
n/a
|
Minnesota
|
-
|
2
|
n/a
|
Missouri
|
1
|
2
|
n/a
|
Montana
|
1
|
-
|
n/a
|
Nebraska
|
-
|
1
|
n/a
|
Nevada
|
-
|
2
|
n/a
|
New Mexico
|
1
|
1
|
n/a
|
New York
|
-
|
2
|
n/a
|
New Jersey
|
-
|
1
|
n/a
|
North Carolina
|
-
|
2
|
n/a
|
Ohio
|
1
|
2
|
n/a
|
Oklahoma
|
-
|
2
|
n/a
|
Oregon
|
1
|
2
|
n/a
|
Pennsylvania
|
-
|
3
|
n/a
|
Rhode Island
|
-
|
1
|
n/a
|
South Carolina
|
-
|
1
|
n/a
|
South Dakota
|
-
|
1
|
n/a
|
Tennessee
|
-
|
3
|
n/a
|
Texas
|
5
|
12
|
n/a
|
Utah
|
1
|
3
|
n/a
|
Virginia
|
-
|
1
|
n/a
|
Washington
|
1
|
2
|
n/a
|
Wisconsin
|
-
|
1
|
n/a
|
Wyoming
|
-
|
1
|
n/a
|
Canadian locations:
|
|||
Alberta
|
1
|
1
|
n/a
|
British Columbia
|
-
|
1
|
n/a
|
Manitoba
|
1
|
-
|
n/a
|
Nova Scotia
|
-
|
1
|
n/a
|
Ontario
|
1
|
2
|
n/a
|
Quebec
|
-
|
1
|
n/a
|
Saskatchewan
|
-
|
1
|
n/a
|
2016
|
High
|
Low
|
2015
|
High
|
Low
|
|
4
th
quarter
|
$8.25
|
$6.85
|
4
th
quarter
|
$7.88
|
$6.85
|
|
3
rd
quarter
|
$7.90
|
$6.96
|
3
rd
quarter
|
$8.63
|
$6.76
|
|
2
nd
quarter
|
$7.69
|
$6.73
|
2
nd
quarter
|
$8.90
|
$8.39
|
|
1
st
quarter
|
$7.75
|
$6.75
|
1
st
quarter
|
$9.03
|
$7.89
|
Income Statement Data,
Years ended December 31,
|
2016
|
2015
|
2014
|
2013
|
2012
|
||||
Net sales
|
$82,923,992
|
$84,161,200
|
$83,430,912
|
$78,284,585
|
$72,720,624
|
||||
Gross profit
|
51,713,242
|
52,071,060
|
52,124,757
|
49,328,024
|
45,905,674
|
||||
Income from operations
|
10,300,731
|
10,474,700
|
11,958,029
|
11,266,790
|
9,144,005
|
||||
Net income
|
$6,402,259
|
$6,402,405
|
$7,706,921
|
$7,265,717
|
$5,596,070
|
||||
Net income per share
|
|||||||||
Basic
|
$0.69
|
$0.64
|
$0.76
|
$0.71
|
$0.55
|
||||
Diluted
|
$0.69
|
$0.63
|
$0.75
|
$0.71
|
$0.55
|
||||
Weighted average common shares outstanding for:
|
|||||||||
Basic EPS
|
9,301,867
|
10,077,506
|
10,203,063
|
10,176,492
|
10,157,395
|
||||
Diluted EPS
|
9,321,558
|
10,102,760
|
10,241,121
|
10,216,438
|
10,175,346
|
||||
Cash dividend declared per common share
|
-
|
-
|
$0.25
|
-
|
$0.25
|
||||
Balance Sheet Data, as of December 31,
|
2016
|
2015
|
2014
|
2013
|
2012
|
||||
Cash and certificates of deposit
|
$16,862,304
|
$10,962,615
|
$10,636,530
|
$11,082,679
|
$7,705,182
|
||||
Total assets
|
70,652,720
|
64,611,076
|
62,873,874
|
56,398,566
|
49,087,672
|
||||
Long-term debt, including current portion
|
7,444,416
|
3,863,307
|
5,643,125
|
2,598,750
|
3,105,000
|
||||
Total Stockholders’ Equity
|
$53,693,201
|
$50,972,176
|
$49,123,012
|
$44,621,542
|
$37,521,017
|
Year
|
Wholesale Leathercraft
|
Retail Leathercraft
|
International
Leathercraft
|
Total
Company
|
(Decr) Incr from
Prior Year
|
2016
|
$25,371,580
|
$53,670,340
|
$3,882,072
|
$82,923,992
|
(1.5%)
|
2015
|
$26,754,165
|
$53,714,432
|
$3,692,603
|
$84,161,200
|
0.9%
|
2014
|
$27,285,884
|
$51,805,944
|
$4,339,084
|
$83,430,912
|
6.6%
|
Year
|
Wholesale Leathercraft
|
Retail
Leathercraft
|
International
Leathercraft
|
Total
Company
|
2016
|
71.3%
|
58.2%
|
61.8%
|
62.4%
|
2015
|
69.5%
|
58.2%
|
60.5%
|
61.9%
|
2014
|
67.4%
|
59.6%
|
65.7%
|
62.5%
|
Expense
|
2016 amount
|
(Decr) Incr over 2015
|
Employee compensation and benefits
|
$19.9 million
|
($254,000)
|
Advertising and marketing
|
$5.7 million
|
($80,000)
|
Rent and utilities
|
$6.0 million
|
$253,000
|
Depreciation
|
$1.7 million
|
$197,000
|
Store move, travel and other outside services
|
$0.8 million
|
($533,000)
|
Expense
|
2015 amount
|
Incr (Decr) over 2014
|
Employee compensation and benefits
|
$20.1 million
|
$216,000
|
Advertising and marketing
|
$5.8 million
|
$660,000
|
Rent and utilities
|
$5.7 million
|
$181,000
|
Legal, professional and other outside fees
|
$1.1 million
|
156,000
|
Depreciation
|
$1.5 million
|
130,000
|
Year
|
Net Sales
Decrease from
Prior Year
|
Operating
Income
|
Operating Income
Increase (Decrease)
from Prior Year
|
Operating Income as a Percentage
of Sales
|
2016
|
(5.2)%
|
$5,254,228
|
12.7%
|
20.7%
|
2015
|
(2.0)%
|
$4,663,590
|
(12.0)%
|
17.4%
|
2014
|
(0.4)%
|
$5,300,413
|
9.5%
|
19.4%
|
Customer Group
|
2016
|
2015
|
2014
|
Retail
|
48%
|
47%
|
45%
|
Institution
|
3%
|
3%
|
4%
|
Wholesale
|
43%
|
43%
|
42%
|
National Accounts
|
-
|
-
|
3%
|
Manufacturers
|
6%
|
7%
|
6%
|
100%
|
100%
|
100%
|
Year
|
Net Sales
Increase (Decrease)
From Prior Yr
|
Operating
Income
|
Operating Income
Increase (Decrease)
from Prior Year
|
Operating Income as a Percentage
of Sales
|
2016
|
(0.1%)
|
$4,970,546
|
(12.6)%
|
9.3%
|
2015
|
3.7%
|
$5,689,814
|
(6.4)%
|
10.6%
|
2014
|
10.2%
|
$6,077,345
|
1.0%
|
11.7%
|
Customer Group
|
2016
|
2015
|
2014
|
Retail
|
60%
|
59%
|
60%
|
Institution
|
3%
|
3%
|
3%
|
Wholesale
|
35%
|
35%
|
34%
|
Manufacturers
|
2%
|
3%
|
3%
|
100%
|
100%
|
100%
|
Year
|
Net Sales
Increase (Decrease)
from Prior Yr
|
Operating
Income
|
Operating Income
Increase (Decrease)
from Prior Year
|
Operating Income as a Percentage
of Sales
|
2016
|
5.1%
|
$75,958
|
(37.4)%
|
2.0%
|
2015
|
(14.9)%
|
$121,296
|
(79.1)%
|
3.3%
|
2014
|
11.1%
|
$580,271
|
45.2%
|
13.4%
|
2016
|
2015
|
2014
|
||
Solvency Ratios:
|
||||
Quick Ratio
|
(Cash+Accts Rec)/Total Current Liabilities
|
2.11
|
1.38
|
1.09
|
Current Ratio
|
Total Current Assets/Total Current Liabilities
|
6.47
|
5.67
|
4.48
|
Current Liabilities to Net Worth
|
Total Current Liabilities/Net Worth
|
0.15
|
0.16
|
0.21
|
Current Liabilities to Inventory
|
Total Current Liabilities/Inventory
|
0.25
|
0.25
|
0.32
|
Total Liabilities to Net Worth
|
Total Liabilities/Net Worth
|
0.32
|
0.27
|
0.28
|
Fixed Assets to Net Worth
|
Fixed Assets/Net Worth
|
0.29
|
0.31
|
0.31
|
Efficiency Ratios:
|
||||
Inventory Turnover
|
Sales/Average Inventory
|
2.48
|
2.53
|
2.82
|
Assets to Sales
|
Total Assets/Sales
|
0.85
|
0.77
|
0.75
|
Sales to Net Working Capital
|
Sales/Current Assets - Current Liabilities
|
1.84
|
2.15
|
2.32
|
Profitability Ratios:
|
||||
Return on Sales (Profit Margin)
|
Net Profit After Taxes/Sales
|
0.08
|
0.08
|
0.09
|
Return on Assets
|
Net Profit After Taxes/Total Assets
|
0.09
|
0.10
|
0.12
|
Return on Net Worth (Return on Equity)
|
Net Profit After Taxes/Net Worth
|
0.12
|
0.13
|
0.16
|
Segment
|
2016
|
2015
|
2014
|
Wholesale Leathercraft
|
1.29
|
1.66
|
1.85
|
Retail Leathercraft
|
4.32
|
3.75
|
4.27
|
International Leathercraft
|
3.03
|
3.00
|
4.27
|
Wholesale Leathercraft stores only
|
4.42
|
4.04
|
4.52
|
Payments Due by Periods
|
|||||
Contractual Obligations
|
Total
|
Less than
1 Year
|
1 – 3
Years
|
3 -5
Years
|
More than
5 Years
|
Long-Term Debt(1)
|
$7,371,729
|
$614,311
|
$5,528,797
|
$1,228,621
|
$ -
|
Revolving Line of Credit(2)
|
-
|
-
|
-
|
-
|
-
|
Capital Lease Obligation(3)
|
72,686
|
72,686
|
-
|
-
|
-
|
Operating Leases(4)
|
13,353,335
|
3,914,550
|
6,957,349
|
2,047,610
|
433,826
|
Total Contractual Obligations
|
$20,797,750
|
$4,601,547
|
$12,486,146
|
$3,276,231
|
$433,826
|
(1)
|
Our stock purchase loan from Bank of Texas matures September 2021.
|
(2)
|
Our line of credit from Bank of Texas matures September 2018.
|
(3)
|
Our capital lease obligation with Cisco Systems Capital Corporation matures January 2018.
|
(4)
|
These are our leased store facilities.
|
2016
|
2015
|
2014
|
||||
NET SALES
|
$82,923,992
|
$84,161,200
|
$83,430,912
|
|||
COST OF SALES
|
31,210,750
|
32,090,140
|
31,306,155
|
|||
Gross Profit
|
51,713,242
|
52,071,060
|
52,124,757
|
|||
OPERATING EXPENSES
|
41,412,511
|
41,596,360
|
40,166,728
|
|||
INCOME FROM OPERATIONS
|
10,300,731
|
10,474,700
|
11,958,029
|
|||
OTHER (INCOME) EXPENSE:
|
||||||
Interest expense
|
155,189
|
330,004
|
225,584
|
|||
Other, net
|
(57,287)
|
(74,357)
|
(75,165)
|
|||
Total other expense
|
97,902
|
255,647
|
150,419
|
|||
INCOME BEFORE NCOME TAXES
|
10,202,829
|
10,219,053
|
11,807,610
|
|||
PROVISION FOR INCOME TAXES
|
3,800,570
|
3,816,648
|
4,100,689
|
|||
NET INCOME
|
$6,402,259
|
$6,402,405
|
$7,706,921
|
|||
Foreign currency translation adjustments
|
(205,450)
|
(999,621)
|
(776,307)
|
|||
COMPREHENSIVE INCOME
|
$6,196,809
|
$5,402,784
|
$6,930,614
|
|||
NET INCOME PER COMMON SHARE:
|
||||||
BASIC
|
$0.69
|
$0.64
|
$0.76
|
|||
DILUTED
|
$0.69
|
$0.63
|
$0.75
|
|||
Weighted Average Number of Shares Outstanding:
|
||||||
Basic
|
9,301,867
|
10,077,506
|
10,203,063
|
|||
Diluted
|
9,321,558
|
10,102,760
|
10,241,121
|
Number
of Shares
|
Par
Value
|
Paid-in
Capital
|
Treasury
Stock
|
Retained
Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
|||||||
BALANCE, January 1, 2014
|
10,198,733
|
$6,862
|
$,892,907
|
$2,894,068)
|
$1,507,592
|
$8,249
|
$4,621,542
|
||||||
Shares issued - stock options exercised
|
12,200
|
29
|
52,693
|
-
|
-
|
-
|
52,722
|
||||||
Share-based compensation
|
34,601
|
93
|
67,725
|
-
|
-
|
-
|
67,818
|
||||||
Net income
|
-
|
-
|
-
|
-
|
7,706,921
|
-
|
7,706,921
|
||||||
Cash dividend paid
|
-
|
-
|
-
|
-
|
(2,549,684)
|
-
|
(2,549,684)
|
||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(776,307)
|
(776,307)
|
||||||
BALANCE, December 31, 2014
|
10,245,534
|
26,984
|
6,013,325
|
(2,894,068)
|
46,664,829
|
(688,058)
|
49,123,012
|
||||||
Shares issued - stock options exercised | 2,000 | 5 | 9,915 | - | - | - | 9,920 | ||||||
Share-based compensation
|
34,484
|
73
|
145,249
|
-
|
-
|
-
|
145,322
|
||||||
Net income
|
-
|
-
|
-
|
-
|
6,402,405
|
-
|
6,402,405
|
||||||
Purchase of Treasury stock
|
(528,725)
|
-
|
-
|
(3,708,862)
|
-
|
-
|
(3,708,862)
|
||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(999,621)
|
(999,621)
|
||||||
BALANCE, December 31, 2015
|
9,753,293
|
$27,062
|
$6,168,489
|
($6,602,930)
|
$53,067,234
|
$(1,687,679)
|
$50,972,176
|
||||||
Share-based compensation | 33,685 | 80 | 199,790 | - | - | - | 199,870 | ||||||
Net income
|
-
|
-
|
-
|
-
|
6,402,259
|
-
|
6,402,259
|
||||||
Purchase of Treasury stock
|
(520,482)
|
-
|
-
|
(3,675,654)
|
-
|
-
|
(3,675,654)
|
||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(205,450)
|
(205,450)
|
||||||
BALANCE, December 31, 2016
|
9,266,496
|
$27,142
|
$6,368,279
|
($10,278,584)
|
$59,469,493
|
$(1,893,129)
|
$53,693,201
|
·
|
Management estimates and reporting
|
·
|
Principles of consolidation
|
·
|
Foreign currency translation and transactions
|
·
|
Revenue recognition
|
·
|
Discounts
|
·
|
Expense categories
|
·
|
Property and equipment, net of accumulated depreciation and amortization
|
·
|
Inventory
|
·
|
Impairment of long-lived assets
|
·
|
Earnings per share
|
BASIC
|
2016
|
2015
|
2014
|
||
Net income
|
$6,402,259
|
$6,402,405
|
$7,706,921
|
||
Weighted average common shares outstanding
|
9,301,867
|
10,077,506
|
10,203,063
|
||
Earnings per share – basic
|
$0.69
|
$0.64
|
$0.76
|
||
DILUTED
|
|||||
Net income
|
$6,402,259
|
$6,402,405
|
$7,706,921
|
||
Weighted average common shares outstanding
|
9,301,867
|
10,077,506
|
10,203,063
|
||
Effect of restricted stock awards and assumed exercise of stock options
|
19,691
|
25,254
|
38,058
|
||
Weighted average common shares outstanding, assuming dilution
|
9,321,558
|
10,102,760
|
10,241,121
|
||
Earnings per share - diluted
|
$0.69
|
$0.63
|
$0.75
|
||
Outstanding options and restricted stock awards excluded as anti-dilutive
|
31,477
|
60,433
|
-
|
·
|
Goodwill and other intangibles
|
Leather Factory
|
Tandy Leather
|
Total
|
|||
Balance, January 1, 2015
|
$588,380
|
$383,406
|
$971,786
|
||
Foreign exchange gain/loss
|
(18,430)
|
-
|
(18,430)
|
||
Balance, December 31, 2015
|
$569,950
|
$383,406
|
$953,356
|
||
Foreign exchange gain/loss
|
2,845
|
-
|
2,845
|
||
Balance, December 31, 2016
|
$572,795
|
$383,406
|
$956,201
|
As of December 31, 2016
|
|||||
Gross
|
Accumulated
Amortization
|
Net
|
|||
Trademarks, Copyrights
|
$554,369
|
$545,279
|
$9,090
|
||
Non-Compete Agreements
|
175,316
|
163,566
|
11,750
|
||
$729,685
|
$708,845
|
$20,840
|
As of December 31, 2015
|
|||||
Gross
|
Accumulated
Amortization
|
Net
|
|||
Trademarks, Copyrights
|
$554,369
|
$544,504
|
$9,865
|
||
Non-Compete Agreements
|
174,665
|
157,248
|
17,417
|
||
$729,034
|
$701,752
|
$27,282
|
Leather Factory
|
Tandy Leather
|
Total
|
|
2017
|
90
|
1,667
|
1,757
|
2018
|
-
|
1,417
|
1,417
|
2019
|
-
|
666
|
666
|
2020
|
-
|
666
|
666
|
2021
|
-
|
666
|
666
|
Thereafter
|
-
|
5,668
|
5,668
|
·
|
Fair value of financial Instruments
|
·
|
Income taxes
|
·
|
Share-based compensation
|
·
|
Comprehensive income
|
·
|
Shipping and handling costs
|
·
|
Advertising
|
·
|
Cash flows presentation
|
·
|
Reclassifications
|
·
|
Allowance for uncollectible accounts
|
·
|
Sales returns and defective merchandise
|
·
|
Slow-moving and obsolete inventory
|
December 31, 2016
|
December 31, 2015
|
||
INVENTORY
|
|||
On hand:
|
|||
Finished goods held for sale
|
$30,684,026
|
$30,487,764
|
|
Raw materials and work in process
|
1,034,041
|
1,284,567
|
|
Inventory in transit
|
1,459,472
|
1,812,208
|
|
TOTAL
|
$33,177,539
|
$33,584,539
|
PROPERTY AND EQUIPMENT
|
|||
Building
|
$9,105,286
|
$9,232,066
|
|
Land
|
1,451,132
|
1,451,132
|
|
Leasehold improvements
|
1,350,916
|
1,192,761
|
|
Equipment and machinery
|
5,991,343
|
5,086,770
|
|
Furniture and fixtures
|
7,342,642
|
6,889,642
|
|
Vehicles
|
295,033
|
139,837
|
|
25,536,352
|
23,992,208
|
||
Less: accumulated depreciation
|
(9,884,559)
|
(8,297,155)
|
|
TOTAL
|
$15,651,793
|
$15,695,053
|
|
ACCRUED EXPENSES AND OTHER LIABILITIES
|
|
|
|
Accrued bonuses
|
$2,123,942
|
$2,631,971
|
|
Accrued payroll
|
689,150
|
255,058
|
|
Deferred revenue
|
909,297
|
902,236
|
|
Sales and payroll taxes payable
|
494,720
|
383,657
|
|
Inventory in transit
|
1,432,590
|
1,542,352
|
|
Other
|
287,488
|
330,278
|
|
TOTAL
|
$5,937,187
|
$6,045,552
|
Year ended December 31
|
Wholesale
|
Retail
|
International
|
Total
|
2016
|
$13,706
|
$3,993
|
($ 714)
|
$ 16,985
|
2015
|
10,361
|
9,222
|
11,481
|
31,064
|
2014
|
7,681
|
11,089
|
47
|
18,820
|
2017
|
$614,311
|
2018
|
1,842,932
|
2019
|
1,842,932
|
2020
|
1,842,932
|
2021
|
1,228,622
|
$7,371,729
|
2016
|
2015
|
|
Capital Lease secured by certain telecommunication equipment – total annual principal payments of $72,686, 1.8% interest, maturing January 2018
|
$73,994
|
$156,271
|
Less amount representing interest
|
1,308
|
4,189
|
Total obligation under capital lease
|
72,686
|
152,082
|
Less - Current maturities
|
72,686
|
72,686
|
Long term obligation under capital lease
|
$ -
|
$79,396
|
Year Ended December 31,
|
Maximum Matching
Contribution per Participant*
|
Total Matching
Contribution
|
2016
|
$10,600
|
$277,753
|
2015
|
$10,600
|
$290,388
|
2014
|
$10,400
|
$286,224
|
2016
|
2015
|
2014
|
||||
Current provision:
|
||||||
Federal
|
$3,108,894
|
$3,045,292
|
$3,368,974
|
|||
State
|
486,565
|
482,186
|
548,225
|
|||
3,595,459
|
3,527,478
|
3,917,199
|
||||
Deferred provision (benefit):
|
||||||
Federal
|
183,520
|
212,563
|
210,343
|
|||
State
|
21,591
|
76,607
|
(26,853)
|
|||
205,111
|
289,170
|
183,490
|
||||
$3,800,570
|
$3,816,648
|
$4,100,689
|
2016
|
2015
|
2014
|
|||
United States
|
$9,070,894
|
$9,272,854
|
$10,339,632
|
||
United Kingdom
|
(81,987)
|
(43,567)
|
557,776
|
||
Canada
|
1,034,027
|
813,824
|
874,571
|
||
Australia
|
82,622
|
48,633
|
102,922
|
||
Spain
|
97,273
|
127,309
|
(67,291)
|
||
$10,202,829
|
$10,219,053
|
$11,807,610
|
2016
|
2015
|
||
Deferred income tax assets:
|
|||
Capitalized inventory costs
|
$265,454
|
$260,385
|
|
Warrants and share-based compensation
|
44,151
|
44,151
|
|
Accrued expenses, reserves, and other
|
65,631
|
66,444
|
|
Total deferred income tax assets
|
$375,236
|
$370,980
|
|
Deferred income tax liabilities:
|
|||
Property and equipment depreciation
|
$1,728,265
|
$1,529,397
|
|
Goodwill and other intangible assets amortization
|
227,767
|
217,268
|
|
Total deferred income tax liabilities
|
$1,956,032
|
$1,746,665
|
a)
|
Stock Option Plan
|
2016
|
2015
|
2014
|
|||||||||
Weighted
|
Weighted
|
Weighted
|
|||||||||
Average
|
Average
|
Average
|
|||||||||
Option
|
Exercise
|
Option
|
Exercise
|
Option
|
Exercise
|
||||||
Shares
|
Price
|
Shares
|
Price
|
Shares
|
Price
|
||||||
Outstanding at January 1
|
68,400
|
$5.17
|
72,400
|
$5.16
|
84,600
|
$5.04
|
|||||
Granted
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||
Forfeited or expired
|
(12,000)
|
5.30
|
(2,000)
|
4.96
|
-
|
-
|
|||||
Exchanged
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||
Exercised
|
-
|
-
|
(2,000)
|
|
4.96
|
(12,200)
|
|
4.32
|
|||
Outstanding at December 31
|
56,400
|
$5.14
|
68,400
|
$5.17
|
72,400
|
$5.16
|
|||||
Exercisable at end of year
|
56,400
|
$5.14
|
68,400
|
$5.17
|
72,400
|
$5.16
|
|||||
Weighted-average fair value of
|
|||||||||||
options granted during year
|
n/a
|
n/a
|
n/a
|
Options Outstanding & Exercisable
|
||||||
Weighted
|
Weighted
|
|||||
Average
|
Average
|
|||||
Option
|
Exercise
|
Maturity
|
||||
Exercise Price Range
|
Shares
|
Price
|
(Years)
|
|||
$4.41
|
20,400
|
$4.41
|
3.77
|
|||
$4.80
|
9,000
|
4.80
|
4.22
|
|||
$5.30 to $6.87
|
27,000
|
5.81
|
4.95
|
|||
56,400
|
$5.14
|
4.41
|
2016
|
2015
|
2014
|
|
Weighted average grant-date fair value of stock options granted
|
n/a
|
n/a
|
n/a
|
Total fair value of stock options vested
|
n/a
|
n/a
|
n/a
|
Total intrinsic value of stock options exercised
|
$ -
|
$2,953
|
$14,816
|
Shares
|
Grant Fair Value
|
|
Balance, January 1, 2015
|
34,601
|
$8.96
|
Granted
|
34,484
|
8.99
|
Forfeited
|
-
|
-
|
Vested
|
(8,652)
|
8.96
|
Balance, December 31, 2015
|
60,433
|
$8.97
|
Balance, January 1, 2016
|
60,433
|
$8.97
|
Granted
|
33,685
|
7.14
|
Forfeited
|
(8,187)
|
8.97
|
Vested
|
(20,784)
|
8.97
|
Balance, December 31, 2016
|
65,147
|
$8.03
|
b)
|
Cash Dividend
|
c)
|
Stockholder Rights Plan
|
d)
|
Share Repurchase Program
|
a.
|
Wholesale Leathercraft
, which consists of a chain of wholesale stores operating under the name,
The Leather Factory
, located in North America;
|
b.
|
Retail Leathercraft
, which consists of a chain of retail stores operating under the name,
Tandy Leather Company
, located in North America;
|
c.
|
International Leathercraft
, which sells to both wholesale and retail customers. We have four stores. One store is located in each of Northampton, United Kingdom; Sydney, Australia; Jerez, Spain; and Manchester, United Kingdom which opened in October 2015.
|
Wholesale Leathercraft
|
Retail Leathercraft
|
International
Leathercraft
|
Total
|
|
For the year ended December 31, 2016
|
||||
Net Sales
|
$25,371,580
|
$53,670,340
|
$3,882,072
|
$82,923,992
|
Gross Profit
|
18,097,205
|
31,217,798
|
2,398,239
|
51,713,242
|
Operating earnings
|
5,254,227
|
4,970,546
|
75,958
|
10,300,731
|
Interest expense
|
155,189
|
-
|
-
|
155,189
|
Other expense, net
|
(35,290)
|
-
|
(21,997)
|
(57,287)
|
Income before income taxes
|
5,134,328
|
4,970,546
|
97,955
|
10,202,829
|
Depreciation and amortization
|
969,202
|
662,332
|
87,620
|
1,719,154
|
Fixed asset additions
|
869,250
|
740,578
|
87,875
|
1,697,704
|
Total assets
|
$50,067,046
|
$16,435,386
|
$4,150,288
|
$70,652,720
|
For the year ended December 31, 2015
|
||||
Net Sales
|
$26,754,165
|
$53,714,432
|
$3,692,603
|
$84,161,200
|
Gross Profit
|
18,579,494
|
31,258,961
|
2,232,605
|
52,071,060
|
Operating earnings
|
4,663,590
|
5,689,814
|
121,296
|
10,474,700
|
Interest expense
|
330,004
|
-
|
-
|
330,004
|
Other expense, net
|
(63,230)
|
-
|
(11,127)
|
(74,357)
|
Income before income taxes
|
4,396,816
|
5,689,814
|
132,423
|
10,219,053
|
Depreciation and amortization
|
950,174
|
559,418
|
57,580
|
1,567,172
|
Fixed asset additions
|
945,998
|
932,231
|
285,811
|
2,164,040
|
Total assets
|
$42,141,174
|
$17,753,324
|
$4,716,578
|
$64,611,076
|
For the year ended December 31, 2014
|
||||
Net Sales
|
$27,285,884
|
$51,805,944
|
$4,339,084
|
$83,430,912
|
Gross Profit
|
18,393,969
|
30,880,718
|
2,850,070
|
52,124,757
|
Operating earnings
|
5,300,413
|
6,077,345
|
580,271
|
11,958,029
|
Interest expense
|
225,584
|
-
|
-
|
225,584
|
Other expense, net
|
(61,984)
|
-
|
(13,181)
|
(75,165)
|
Income before income taxes
|
5,136,813
|
6,077,345
|
593,452
|
11,807,610
|
Depreciation and amortization
|
911,327
|
460,534
|
64,763
|
1,436,624
|
Fixed asset additions
|
909,260
|
1,243,123
|
51,807
|
2,204,190
|
Total assets
|
$43,000,030
|
$16,608,386
|
$3,265,458
|
$62,873,874
|
2016
|
2015
|
2014
|
|
United States
|
$70,886,401
|
$72,061,009
|
$69,791,099
|
Canada
|
7,199,155
|
7,543,468
|
8,342,896
|
All other countries
|
4,838,436
|
4,556,723
|
5,296,917
|
$82,923,992
|
$84,161,200
|
$83,430,912
|
First
|
Second
|
Third
|
Fourth
|
||
2016
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
Net sales
|
$20,672,227
|
$19,552,905
|
$18,628,362
|
$24,100,498
|
|
Gross profit
|
12,652,746
|
12,895,790
|
11,644,871
|
14,519,835
|
|
Net income
|
1,520,997
|
1,820,915
|
1,000,350
|
2,059,997
|
|
Net income per common share:
|
|||||
Basic
|
$0.16
|
$0.19
|
$0.11
|
$0.23
|
|
Diluted
|
$0.16
|
$0.19
|
$0.11
|
$0.23
|
|
Weighted average number of common shares outstanding:
|
|||||
Basic
|
9,698,951
|
9,209,446
|
9,188,483
|
9,188,483
|
|
Diluted
|
9,718,453
|
9,227,941
|
9,206,382
|
9,301,867
|
|
First
|
Second
|
Third
|
Fourth
|
||
2015
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
Net sales
|
$20,788,764
|
$19,773,528
|
$19,355,937
|
$24,292,971
|
|
Gross profit
|
12,582,927
|
12,814,382
|
11,832,697
|
14,841,054
|
|
Net income
|
1,444,407
|
1,507,896
|
1,111,344
|
2,338,758
|
|
Net income per common share:
|
|||||
Basic
|
$0.14
|
$0.15
|
$0.11
|
$0.24
|
|
Diluted
|
$0.14
|
$0.15
|
$0.11
|
$0.24
|
|
Weighted average number of common shares outstanding:
|
|||||
Basic
|
10,211,333
|
10,212,933
|
10,175,650
|
9,692,860
|
|
Diluted
|
10,241,096
|
10,241,164
|
10,199,092
|
9,712,571
|
·
|
Consolidated Balance Sheets at December 31, 2016 and 2015
|
·
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015, and 2014
|
·
|
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015, and 2014
|
·
|
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2016, 2015, and 2014
|
By:
|
/s/ Shannon L. Greene
|
|
Shannon L. Greene
|
||
Chief Executive Officer
|
||
Signature
|
Title
|
Date
|
/s/ Joseph R. Mannes
|
Chairman of the Board
|
March 27, 2017
|
Joseph R. Mannes
|
||
/s/ Shannon L. Greene
|
Chief Executive Officer, Director
|
March 27, 2017
|
Shannon L. Greene
|
(principal executive officer)
|
|
/s/ Mark J. Angus
|
President, Assistant Secretary, and Director
|
March 27, 2017
|
Mark J. Angus
|
||
/s/ Tina L. Castillo
|
Chief Financial Officer and Treasurer
|
March 27, 2017
|
Tina L. Castillo
|
(principal financial officer and principal accounting officer)
|
|
/s/ William M. Warren
|
Secretary, General Counsel, and Director
|
March 27, 2017
|
William M. Warren
|
||
/s/ Jefferson Gramm
|
Director
|
March 27, 2017
|
Jefferson Gramm
|
||
/s/ T. Field Lange
|
Director
|
March 27, 2017
|
T. Field Lange
|
||
/s/ L. Edward Martin III
|
Director
|
March 27, 2017
|
L. Edward Martin III
|
||
/s/ James Pappas
|
Director
|
March 27, 2017
|
James Pappas
|
1 Year Tandy Leather Factory Chart |
1 Month Tandy Leather Factory Chart |
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