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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 |
|
Delaware
|
75-2543540
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Class
|
Shares outstanding as of November 1, 2017
|
Common Stock, par value $0.0024 per share
|
9,270,862
|
PAGE NO.
|
|
PART I. FINANCIAL INFORMATION
|
|
3 | |
3 | |
4 | |
5 | |
6 | |
7 | |
12 | |
16 | |
16 | |
PART II. OTHER INFORMATION
|
|
17 | |
17 | |
18 | |
19 | |
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
2,780,411
|
$
|
4,342,262
|
||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,466,534
|
1,273,078
|
||||||
Loss / (gain) on disposal or abandonment of assets
|
10,484
|
(6,306
|
)
|
|||||
Non-cash stock-based compensation
|
205,380
|
156,586
|
||||||
Deferred income taxes
|
(214,092
|
)
|
18,211
|
|||||
Foreign currency translation
|
961,860
|
236,139
|
||||||
Net changes in assets and liabilities:
|
||||||||
Accounts receivable-trade
|
31,606
|
39,615
|
||||||
Inventory
|
(7,970,520
|
)
|
(3,537,758
|
)
|
||||
Prepaid expenses
|
(43,507
|
)
|
(492,234
|
)
|
||||
Other current assets
|
(212,527
|
)
|
53,936
|
|||||
Accounts payable-trade
|
947,132
|
(1,497
|
)
|
|||||
Accrued expenses and other liabilities
|
(1,323,785
|
)
|
482,975
|
|||||
Income taxes payable
|
16,816
|
(688,029
|
)
|
|||||
Total adjustments
|
(6,124,619
|
)
|
(2,465,284
|
)
|
||||
Net cash (used in) provided by operating activities
|
(3,344,208
|
)
|
1,876,978
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(1,530,547
|
)
|
(1,385,431
|
)
|
||||
Proceeds from sale of assets
|
699
|
26,703
|
||||||
Decrease in other assets
|
(32,268
|
)
|
(10,368
|
)
|
||||
Net cash used in investing activities
|
(1,562,116
|
)
|
(1,369,096
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from notes payable and long term debt
|
-
|
3,660,505
|
||||||
Payments on capital lease obligations
|
-
|
(6,710
|
)
|
|||||
Repurchase of common stock (treasury stock)
|
-
|
(3,675,654
|
)
|
|||||
Proceeds from exercise of stock options
|
223,404
|
-
|
||||||
Net cash provided by (used in) financing activities
|
223,404
|
(21,859
|
)
|
|||||
NET (DECREASE) INCREASE IN CASH
|
(4,682,920
|
)
|
486,023
|
|||||
CASH, beginning of period
|
16,862,304
|
10,962,615
|
||||||
CASH, end of period
|
$
|
12,179,384
|
$
|
11,448,638
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Interest paid during the period
|
$
|
143,165
|
$
|
108,949
|
||||
Income tax paid during the period, net of refunds
|
$
|
1,218,410
|
$
|
3,005,523
|
Number of Shares
|
Par
Value
|
Paid-in Capital
|
Treasury
Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Total
|
||||||||||||||||||||||
BALANCE, December 31, 2015
|
9,753,293
|
$
|
27,062
|
$
|
6,168,489
|
$
|
(6,602,930
|
)
|
$
|
53,067,234
|
$
|
(1,687,679
|
)
|
$
|
50,972,176
|
|||||||||||||
Purchase of treasury stock
|
(520,482
|
)
|
-
|
-
|
(3,675,654
|
)
|
-
|
-
|
(3,675,654
|
)
|
||||||||||||||||||
Stock-based compensation
|
33,685
|
80
|
156,506
|
-
|
-
|
-
|
156,586
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
4,342,262
|
-
|
4,342,262
|
|||||||||||||||||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
222,187
|
222,187
|
|||||||||||||||||||||
BALANCE, September 30, 2016
|
9,266,496
|
$
|
27,142
|
$
|
6,324,995
|
$
|
(10,278,584
|
)
|
$
|
57,409,496
|
$
|
(1,465,492
|
)
|
$
|
52,017,557
|
|||||||||||||
Number of Shares
|
Par
Value
|
Paid-in Capital
|
Treasury
Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Total
|
||||||||||||||||||||||
BALANCE, December 31, 2016
|
9,193,162
|
$
|
26,966
|
$
|
6,368,455
|
$
|
(10,278,584
|
)
|
$
|
59,469,493
|
$
|
(1,893,129
|
)
|
$
|
53,693,201
|
|||||||||||||
Exercise of stock options
|
44,400
|
107
|
223,297.
|
-
|
-
|
-
|
223,404
|
|||||||||||||||||||||
Stock-based compensation
|
33,300
|
80
|
205,300
|
-
|
-
|
-
|
205,380
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
2,780,411
|
-
|
2,780,411
|
|||||||||||||||||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
1,028,599
|
1,028,599
|
|||||||||||||||||||||
BALANCE, September 30, 2017
|
9,270,862
|
$
|
27,153
|
$
|
6,797,052
|
$
|
(10,278,584
|
)
|
$
|
62,249,904
|
$
|
(864,530
|
)
|
$
|
57,930,995
|
1.
|
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES
|
September 30, 2017
|
December 31, 2016
|
|||||||
Inventory on hand:
|
||||||||
Finished goods held for sale
|
$
|
38,789,949
|
$
|
30,684,026
|
||||
Raw materials and work in process
|
1,616,499
|
1,034,041
|
||||||
Inventory in transit
|
741,611
|
1,459,472
|
||||||
$
|
41,148,059
|
$
|
33,177,539
|
September 30, 2017
|
December 31, 2016
|
|||||||||||||||||||||||
Gross
|
Accumulated
Amortization
|
Net
|
Gross
|
Accumulated
Amortization
|
Net
|
|||||||||||||||||||
Trademarks, Copyrights
|
$
|
554,369
|
$
|
545,860
|
$
|
8,509
|
$
|
554,369
|
$
|
545,279
|
$
|
9,090
|
||||||||||||
Non-Compete Agreements
|
175,316
|
164,316
|
11,000
|
175,316
|
163,566
|
11,750
|
||||||||||||||||||
$
|
729,685
|
$
|
710,176
|
$
|
19,509
|
$
|
729,685
|
$
|
708,845
|
$
|
20,840
|
2017
|
426
|
|||
2018
|
1,417
|
|||
2019
|
666
|
|||
2020
|
666
|
|||
2021
|
666
|
|||
Thereafter
|
$
|
5,668
|
2.
|
NOTES PAYABLE AND LONG-TERM DEBT
|
9/30/2017
|
12/31/2016
|
|||||||
Line of Credit, as amended, up to $15,000,000 with features as more fully described above –matures September 18, 2022
|
$
|
7,371,730
|
$
|
7,371,730
|
||||
Line of Credit, as amended, up to $6,000,000 with features as more fully described above – matures September 18, 2019
|
-
|
-
|
||||||
$
|
7,371,730
|
$
|
7,371,730
|
|||||
Less current maturities
|
153,578
|
614,311
|
||||||
$
|
7,218,152
|
$
|
6,757,419
|
Weighted Average Exercise
Price
|
#
of
shares
|
Weighted Average Remaining Contractual Term (in years)
|
Aggregate Intrinsic Value
|
|||||||||||||
Outstanding, January 1, 2017
|
$
|
5.14
|
56,400
|
|||||||||||||
Granted
|
-
|
-
|
||||||||||||||
Cancelled
|
5.14
|
(12,000
|
)
|
|||||||||||||
Exercised
|
5.14
|
(44,400
|
)
|
3.99
|
$
|
155,606
|
||||||||||
Outstanding, Sept 30, 2017
|
$
|
-
|
-
|
-
|
$
|
-
|
||||||||||
Exercisable, Sept 30, 2017
|
$
|
-
|
-
|
-
|
$
|
-
|
||||||||||
Outstanding, January 1, 2016
|
$
|
5.17
|
68,400
|
|||||||||||||
Granted
|
-
|
-
|
||||||||||||||
Cancelled
|
(5.30
|
)
|
(12,000
|
)
|
||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Outstanding, Sept 30, 2016
|
$
|
6.27
|
56,400
|
4.47
|
$
|
70,545
|
||||||||||
Exercisable, Sept 30, 2016
|
$
|
6.27
|
56,400
|
4.47
|
$
|
70,545
|
Shares
|
Award
Fair Value
|
|||||||
Balance, January 1, 2017
|
62,046
|
$
|
8.24
|
|||||
Granted
|
9,005
|
8.05
|
||||||
Forfeited
|
(5,403
|
)
|
8.05
|
|||||
Vested
|
(28,847
|
)
|
7.84
|
|||||
Unvested Balance, September 30, 2017
|
36,801
|
$
|
7.93
|
|||||
Balance, January 1, 2016
|
60,433
|
$
|
8.97
|
|||||
Granted
|
33,685
|
7.14
|
||||||
Forfeited
|
(8,187
|
)
|
8.97
|
|||||
Vested
|
(20,784
|
)
|
8.97
|
|||||
Unvested Balance, September 30, 2016
|
65,147
|
$
|
8.03
|
2017
|
$
|
34,219
|
||
2018
|
100,127
|
|||
2019
|
58,126
|
|||
2020
|
14,853
|
|||
2021
|
1,208
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net income
|
$
|
521,414
|
$
|
1,000,350
|
$
|
2,780,411
|
$
|
4,342,262
|
||||||||
Numerator for basic and diluted earnings per share
|
521,414
|
1,000,350
|
2,780,411
|
4,342,262
|
||||||||||||
Denominator for basic EPS: weighted-average shares
|
9,270,862
|
9,188,483
|
9,232,397
|
9,341,364
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Stock options
|
-
|
16,933
|
9,810
|
17,279
|
||||||||||||
Restricted stock
|
3,088
|
966
|
3,859
|
762
|
||||||||||||
Dilutive potential common shares
|
3,088
|
17,899
|
13,669
|
18,041
|
||||||||||||
Denominator for diluted EPS-weighted-average shares
|
9,273,950
|
9,206,382
|
9,246,066
|
9,359,405
|
||||||||||||
Basic earnings per share
|
$
|
0.06
|
$
|
0.11
|
$
|
0.30
|
$
|
0.46
|
||||||||
Diluted earnings per share
|
$
|
0.06
|
$
|
0.11
|
$
|
0.30
|
$
|
0.46
|
Prior Reporting Structure
|
New Reporting Structure
|
1.
Wholesale
–
chain of wholesale stores operating under the name, The Leather Factory, located in North America
|
1.
North America
– chain of stores located in North America (combined prior Wholesale and Retail)
|
2.
Retail
–
chain of retail stores operating under the name, Tandy Leather Company, located in North America
|
2.
International
– no change
|
3.
International
–
four stores, 2 located in UK, 1 in Spain and 1 in Australia
|
North America
|
International
|
Total
|
||||||||||
For the quarter ended September 30, 2017
|
||||||||||||
Net sales
|
$
|
17,421,013
|
$
|
967,368
|
$
|
18,388,381
|
||||||
Gross profit
|
11,037,486
|
597,845
|
11,635,331
|
|||||||||
Operating income (loss)
|
649,797
|
478
|
650,275
|
|||||||||
Interest (expense)
|
(53,141
|
)
|
-
|
(53,141
|
)
|
|||||||
Other income (expense), net
|
94,196
|
1,740
|
95,936
|
|||||||||
Income (loss) before income taxes
|
690,852
|
2,218
|
693,070
|
|||||||||
Depreciation and amortization
|
513,250
|
23,876
|
537,126
|
|||||||||
Fixed asset additions
|
523,546
|
2,095
|
525,641
|
|||||||||
Total assets
|
$
|
70,083,363
|
$
|
4,288,478
|
$
|
74,371,841
|
||||||
For the quarter ended September 30, 2016
|
||||||||||||
Net sales
|
$
|
17,745,130
|
$
|
883,232
|
$
|
18,628,362
|
||||||
Gross profit
|
11,124,269
|
520,602
|
11,644,871
|
|||||||||
Operating income (loss)
|
1,589,071
|
(49,012
|
)
|
1,540,059
|
||||||||
Interest (expense)
|
(43,493
|
)
|
-
|
(43,493
|
)
|
|||||||
Other income (expense), net
|
7,052
|
(3,482
|
)
|
3,570
|
||||||||
Income (loss) before income taxes
|
1,552,630
|
(52,494
|
)
|
1,500,136
|
||||||||
Depreciation and amortization
|
419,091
|
22,194
|
441,285
|
|||||||||
Fixed asset additions
|
485,347
|
2,077
|
487,424
|
|||||||||
Total assets
|
$
|
65,960,965
|
$
|
3,837,798
|
$
|
69,798,763
|
North America
|
International
|
Total
|
||||||||||
For the nine months ended September 30, 2017
|
||||||||||||
Net sales
|
$
|
55,080,152
|
$
|
2,738,844
|
$
|
57,818,996
|
||||||
Gross profit
|
35,239,645
|
1,577,265
|
36,816,910
|
|||||||||
Operating income (loss)
|
4,276,247
|
(233,044
|
)
|
4,043,203
|
||||||||
Interest (expense)
|
(143,165
|
)
|
-
|
(143,165
|
)
|
|||||||
Other income (expense), net
|
127,045
|
(11,446
|
)
|
115,599
|
||||||||
Income (loss) before income taxes
|
4,260,127
|
(244,490
|
)
|
4,015,637
|
||||||||
Depreciation and amortization
|
1,398,319
|
68,215
|
1,466,534
|
|||||||||
Fixed asset additions
|
1,508,426
|
22,121
|
1,530,547
|
|||||||||
Total assets
|
$
|
70,083,363
|
$
|
4,288,478
|
$
|
74,371,841
|
||||||
For the nine months ended September 30, 2016
|
||||||||||||
Net sales
|
$
|
56,043,559
|
$
|
2,779,935
|
$
|
58,823,494
|
||||||
Gross profit
|
35,364,389
|
1,829,018
|
37,193,407
|
|||||||||
Operating income
|
6,644,592
|
97,148
|
6,741,740
|
|||||||||
Interest (expense)
|
(108,949
|
)
|
-
|
(108,949
|
)
|
|||||||
Other income (expense), net
|
21,784
|
5,181
|
26,965
|
|||||||||
Income before income taxes
|
6,557,427
|
102,329
|
6,659,756
|
|||||||||
Depreciation and amortization
|
1,186,990
|
86,088
|
1,273,078
|
|||||||||
Fixed asset additions
|
1,330,446
|
54,985
|
1,385,431
|
|||||||||
Total assets
|
$
|
65,960,965
|
$
|
3,837,798
|
$
|
69,798,763
|
Three months ended September 30,
|
2017
|
2016
|
||||||
United States
|
$
|
15,551,725
|
$
|
15,955,084
|
||||
Canada
|
1,653,051
|
1,597,652
|
||||||
All other countries
|
1,183,605
|
1,075,626
|
||||||
$
|
18,388,381
|
$
|
18,628,362
|
|||||
Nine months ended September 30,
|
2017
|
2016
|
||||||
United States
|
$
|
49,380,463
|
$
|
50,293,346
|
||||
Canada
|
5,072,785
|
5,085,955
|
||||||
All other countries
|
3,365,748
|
3,444,193
|
||||||
$
|
57,818,996
|
$
|
58,823,494
|
Ø
|
General economic conditions in the United States and abroad;
|
Ø
|
Increased pressure on margins;
|
Ø
|
Increases in the cost of the products we sell or a reduction in availability of those products;
|
Ø
|
Challenges in implementing our planned expansion and district restructuring;
|
Ø
|
Failure to hire and train qualified personnel to operate new and existing stores;
|
Ø
|
Failure to protect our trademarks and other proprietary intellectual property rights;
|
Ø
|
Negative impact of foreign currency fluctuations on our financial condition and results of operations;
|
Ø
|
Information technology system failures or network disruptions;
|
Ø
|
Significant data security or privacy breach of our information systems;
|
Ø
|
Loss or prolonged disruption in the operation of our centralized distribution center; and
|
Ø
|
Damage to our brand.
|
Quarter Ended Sept 30, 2017
|
Quarter Ended Sept 30, 2016
|
|||||||||||||||
Net Sales
|
Income from Operations
|
Net Sales
|
Income from Operations
|
|||||||||||||
North America
|
$
|
17,421,013
|
$
|
649,797
|
$
|
17,745,130
|
$
|
1,589,071
|
||||||||
International
|
967,368
|
478
|
883,232
|
(49,012
|
)
|
|||||||||||
Total
|
$
|
18,388,381
|
$
|
650,275
|
$
|
18,628,362
|
$
|
1,540,059
|
2017
|
2016
|
% change
|
||||||||||
Net income
|
$
|
521,414
|
$
|
1,000,350
|
(47.9
|
%)
|
# Stores
|
Qtr Ended
09/30/17
|
#
Stores
|
Qtr Ended
09/30/16
|
$
Change
|
% Change
|
|||||||||||||||||||
Same stores
|
108
|
$
|
16,786,811
|
108
|
$
|
17,745,130
|
$
|
(958,319
|
)
|
(5.4
|
%)
|
|||||||||||||
New stores
|
6
|
518,777
|
-
|
518,777
|
N/A
|
|||||||||||||||||||
Temp closed store
|
1
|
115,425
|
1
|
-
|
115,425
|
N/A
|
||||||||||||||||||
Total net sales
|
115
|
$
|
17,421,013
|
109
|
$
|
17,745,130
|
$
|
(324,117
|
)
|
(1.8
|
)%
|
Customer Group
|
2017
|
2016
|
|
RETAIL
(end users, consumers, individuals)
|
58%
|
55%
|
|
INSTITUTION
(prisons, prisoners, hospitals, schools, youth organizations, etc.)
|
3%
|
3%
|
|
WHOLESALE
(resellers & distributors, saddle & tack shops, authorized dealers, etc.)
|
35%
|
37%
|
|
MANUFACTURERS
|
4%
|
5%
|
|
100%
|
100%
|
Nine Months Ended Sept 30, 2017
|
Nine Months Ended Sept 30, 2016
|
|||||||||||||||
Net Sales
|
Income from Operations
|
Net Sales
|
Income from Operations
|
|||||||||||||
North America
|
$
|
55,080,152
|
$
|
4,276,247
|
$
|
56,043,559
|
$
|
6,644,592
|
||||||||
International
|
2,738,844
|
(233,044
|
)
|
2,779,935
|
97,148
|
|||||||||||
Total
|
$
|
57,818,996
|
$
|
4,043,203
|
$
|
58,823,494
|
$
|
6,741,740
|
2017
|
2016
|
% change
|
||||||||||
Net income
|
$
|
2,780,411
|
$
|
4,342,262
|
(36.0
|
%)
|
# Stores
|
Nine Months Ended
09/30/17
|
#
Stores
|
Nine Months Ended
09/30/16
|
$
Change
|
% Change
|
|||||||||||||||||||
Same stores
|
107
|
$
|
53,196,638
|
107
|
$
|
54,863,405
|
$
|
(1,666,767
|
)
|
(3.0
|
%)
|
|||||||||||||
New stores
|
7
|
1,562,619
|
1
|
622,336
|
940,283
|
151.1
|
%
|
|||||||||||||||||
Closed/temp closed stores
|
3
|
320,895
|
3
|
557,818
|
(236,923
|
)
|
(42.5
|
%)
|
||||||||||||||||
Total net sales
|
115
|
$
|
55,080,152
|
109
|
$
|
56,043,559
|
$
|
(963,407
|
)
|
(1.7
|
)%
|
Customer Group
|
2017
|
2016
|
|
RETAIL
(end users, consumers, individuals)
|
58%
|
55%
|
|
INSTITUTION
(prisons, prisoners, hospitals, schools, youth organizations, etc.)
|
3%
|
3%
|
|
WHOLESALE
(resellers & distributors, saddle & tack shops, authorized dealers, etc.)
|
35%
|
37%
|
|
MANUFACTURERS
|
4%
|
5%
|
|
100%
|
100%
|
TANDY LEATHER FACTORY, INC.
|
|
(Registrant)
|
|
Date: November 2, 2017
|
By:
/s/ Shannon L. Greene
|
Shannon L. Greene
|
|
Chief Executive Officer
|
|
Date: November 2, 2017
|
By:
/s/ Tina L. Castillo
|
Tina L. Castillo
|
|
Chief Financial Officer
|
1 Year Tandy Leather Factory Chart |
1 Month Tandy Leather Factory Chart |
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