Tandy pleased with income statement
07/11/2008
Specialist leather retailer Tandy Leather Factory has reported financial results for the third quarter of 2008. Net income for the quarter ended September 30, 2008 was $421,000 compared to $172,000 for the third quarter of 2007. Sales for the nine months ended September 30, 2008 were $39.4 million, down 3% from the 2007 comparable period sales of $40.7 million.
Ron Morgan, chief executive officer, commented: “While we certainly wish our quarterly sales had been stronger, we are pleased with our third quarter earnings. Once you get past the revenue line, our income statement looks good—improvement in gross profit and the reduction in operating expenses result in a significant improvement in operating income. I suspect there are a lot of companies that would be very happy with a 600% improvement in operating income and 145% improvement in net income for the quarter. As I said last quarter, we are demonstrating our ability to make the decisions necessary to keep the company headed in the right direction and get our expenses under control. That will continue to be a priority for us as we negotiate our way through this very difficult business environment.”
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