TANDY LEATHER FACTORY INC

For the period ended Mar 31, 2024. Filed May 10, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 10, 2024

TLF$2.08-1.9%Stored close · as of Nov 10, 2026

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Contents

Item 1. Condensed Consolidated Financial Statements

Item 1.	Condensed Consolidated Financial Statements.

Condensed Consolidated Balance Sheets

(amounts in thousands, except share data and per share data)

	March 31,	December 31,
	2024	2023
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$12,315	$12,159
Accounts receivable-trade, net of allowance of $31 at March 31, 2024 and December 31, 2023, respectively	420	264
Inventory	36,675	37,993
Income tax receivable	248	248
Prepaid expenses	403	475
Other current assets	99	113
Total current assets	50,160	51,252
Property and equipment, at cost	29,875	28,678
Less accumulated depreciation	(18,426)	(18,131)
Property and equipment, net	11,449	10,547
Operating lease assets	9,503	8,995
Financing lease assets	-	23
Deferred income taxes	880	880
Other assets	440	438
TOTAL ASSETS	$72,432	$72,135
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable-trade	$2,215	$2,333
Accrued expenses and other liabilities	1,986	3,140
Income taxes payable	449	288
Current portion of operating lease liabilities	3,194	3,172
Total current liabilities	7,844	8,933
Deferred income taxes	9	9
Uncertain tax positions	388	388
Other non-current liabilities	210	205
Operating lease liabilities, non-current	6,743	6,253
Finance lease liabilities, non-current	-	1
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS’ EQUITY:
Common stock, $0.0024 par value; 25,000,000 shares authorized; 9,826,348 and 9,823,621 shares issued at March 31, 2024 and December 31, 2023, respectively; 8,401,972 and 8,399,245 shares outstanding at March 31, 2024 and December 31, 2023, respectively	23	23
Paid-in capital	4,178	3,981
Retained earnings	64,184	63,659
Treasury stock at cost (1,424,376 shares at March 31, 2024 and December 31, 2023 respectively)	(9,773)	(9,773)
Accumulated other comprehensive loss, net of tax	(1,374)	(1,544)
Total stockholders’ equity	57,238	56,346
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$72,432	$72,135

Condensed Consolidated Statements of Operations and Comprehensive Income

(amounts in thousands, except share and per share data)

	Three Months Ended March 31,
	2024	2023
Net sales	$19,275	$20,360
Cost of sales	8,355	8,541
Gross profit	10,920	11,819
Operating expenses	10,271	10,838
Income from operations	649	981
Other (income) expense:
Interest income	(84)	-
Other, net	26	39
Total other (income) expense	(58)	39
Income before income taxes	707	942
Income tax provision	182	278
Net income	$525	$664
Foreign currency translation adjustments, net of tax	170	(39)
Comprehensive income	$695	$625
Net income per common share:
Basic	$0.06	$0.08
Diluted	$0.06	$0.08
Weighted average number of shares outstanding:
Basic	8,400,354	8,303,117
Diluted	8,500,354	8,350,166

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

	For the Three Months Ended March 31,
	2024	2023
Cash flows from operating activities:
Net income	$525	$664
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	321	285
Operating lease asset amortization	919	834
Loss on disposal of assets	-	27
Stock-based compensation	197	228
Changes in operating assets and liabilities
Accounts receivable-trade	(158)	(104)
Inventory	1,184	2,356
Prepaid expenses	72	(130)
Other current assets	14	(13)
Accounts payable-trade	(115)	(2,053)
Accrued expenses and other liabilities	(1,142)	(694)
Income taxes, net	163	278
Other assets	(2)	(30)
Operating lease liabilities	(892)	(851)
Total adjustments	561	133
Net cash provided by operating activities	1,086	797
Cash flows from investing activities:
Purchase of property and equipment	(1,227)	(87)
Net cash used in investing activities	(1,227)	(87)
Cash flows from financing activities:
Payment of finance lease obligations	(1)	-
Net cash used in financing activities	(1)	-
Effect of exchange rate changes on cash and cash equivalents	298	(39)
Net increase in cash and cash equivalents	156	671
Cash and cash equivalents, beginning of period	12,159	7,975
Cash and cash equivalents, end of period	$12,315	$8,646

Condensed Consolidated Statements of Stockholders’ Equity

(amounts in thousands, except share data)

	Number of Shares Common Stock Outstanding	Par Value	Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance, December 31, 2023	8,399,245	$23	$3,981	$(9,773)	$63,659	$(1,544)	$56,346
Stock-based compensation expense	-	-	197	-	-	-	197
Vesting of restricted stock units	2,727	-	-	-	-	-	-
Repurchase of common stock	-	-	-	-	-	-	-
Net income	-	-	-	-	525	-	525
Foreign currency translation adjustments, net of tax	-	-	-	-	-	170	170
Balance, March 31, 2024	8,401,972	$23	$4,178	$(9,773)	$64,184	$(1,374)	$57,238
Balance, December 31, 2022	8,293,149	$23	$3,222	$(9,773)	$59,891	$(1,900)	$51,463
Stock-based compensation expense	-	-	228	-	-	-	228
Vesting of restricted stock units	17,518	-	-	-	-	-	-
Net income	-	-	-	-	664	-	664
Foreign currency translation adjustments, net of tax	-	-	-	-	-	(39)	(39)
Balance, March 31, 2023	8,310,667	$23	$3,450	$(9,773)	$60,555	$(1,939)	$52,316

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.