Tandy Leather Factory’s third quarter sales up 6.6%
01/11/2006
Third quarter 2006 financial results for Tandy Leather Factory, Inc. show a consolidated net income of $890,000 compared to $696,000 for the third quarter of 2005. Total sales for the quarter increased 6.6% to $12.6 million from $11.8 million for the same quarter last year. Consolidated sales for the period were $40.4 million, an increase of 10% on the same period of 2005, and consolidated net income was $3.4 million or $0.30 per fully diluted share compared to $2.5 million or $0.23 per fully diluted share.
Tandy Leather stores, which increased by 12 in 2006, saw a sales increase of 22% in the third quarter compared with the same quarter in 2005, and Tandy Leather sales increased by 26% over the first nine months of 2005. Third quarter sales for the Wholesale Leathercraft segment decreased by 2% to $144,000 compared to the same quarter last year, with sales during the first nine months of this year up 2% to $414,000, compared with 2005.
Wray Thompson, chairman and CEO, commented: “There are some bright spots in the quarter, even though our sales were not as strong as we would have liked. Our operating income for the quarter increased by 40% on a sales gain of 7%, and for the year, operating income is up 32% on a sales gain of 10%. As a result, we are tightening up our 2006 guidance to the high end of our original estimates, expecting to end the year with revenues of $55 to 56 million and 43 to 44 cents in fully-diluted earnings per share.”
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