TANDY LEATHER FACTORY INC
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
View on SEC.govAbout 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.
Jun 30, 2024 · Filed Aug 7, 2024
TLF$2.08-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Financial Statements (Unaudited)
| Item 1. | Condensed Consolidated Financial Statements. |
|---|
Condensed Consolidated Balance Sheets
(amounts in thousands, except share data and per share data)
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $11,531 | $12,159 |
| Accounts receivable-trade, net of allowance for credit losses of $31 at June 30, 2024 and December 31, 2023. | 394 | 264 |
| Inventory | 37,191 | 37,993 |
| Income tax receivable | 682 | 248 |
| Prepaid expenses | 910 | 475 |
| Other current assets | 84 | 113 |
| Total current assets | 50,792 | 51,252 |
| Property and equipment, at cost | 30,069 | 28,678 |
| Less accumulated depreciation | (18,730) | (18,131) |
| Property and equipment, net | 11,339 | 10,547 |
| Operating lease assets | 9,453 | 8,995 |
| Financing lease assets | - | 23 |
| Deferred income taxes | 770 | 880 |
| Other assets | 440 | 438 |
| TOTAL ASSETS | $72,794 | $72,135 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable-trade | $2,397 | $2,333 |
| Accrued expenses and other liabilities | 2,388 | 3,140 |
| Income taxes payable | - | 288 |
| Current portion of operating lease liabilities | 3,132 | 3,172 |
| Total current liabilities | 7,917 | 8,933 |
| Deferred income taxes | 9 | 9 |
| Uncertain tax positions | 388 | 388 |
| Other non-current liabilities | 210 | 205 |
| Operating lease liabilities, non-current | 6,734 | 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; 9,846,670 and 9,823,621 shares issued at June 30, 2024 and December 31, 2023, respectively; 8,422,546 and 8,399,245 shares outstanding at June 30, 2024 and December 31, 2023, respectively | 23 | 23 |
| Paid-in capital | 4,335 | 3,981 |
| Retained earnings | 64,285 | 63,659 |
| Treasury stock at cost (1,424,376 shares at June 30, 2024 and December 31, 2023) | (9,773) | (9,773) |
| Accumulated other comprehensive loss, net of tax | (1,334) | (1,544) |
| Total stockholders’ equity | 57,536 | 56,346 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $72,794 | $72,135 |
Condensed Consolidated Statements of Operations and Comprehensive Income
(amounts in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $17,286 | $17,482 | $36,561 | $37,842 |
| Cost of sales | 7,268 | 6,561 | 15,623 | 15,102 |
| Gross profit | 10,018 | 10,921 | 20,938 | 22,740 |
| Operating expenses | 9,955 | 10,131 | 20,226 | 20,969 |
| Income from operations | 63 | 790 | 712 | 1,771 |
| Other (income) expense: | ||||
| Interest income | (97) | - | (181) | - |
| Other, net | 10 | (2) | 36 | 37 |
| Total other (income) expense | (87) | (2) | (145) | 37 |
| Income before income taxes | 150 | 792 | 857 | 1,734 |
| Income tax provision | 49 | 261 | 231 | 539 |
| Net income | $101 | $531 | $626 | $1,195 |
| Foreign currency translation adjustments, net of tax | 40 | (70) | 210 | (109) |
| Comprehensive income | $141 | $461 | $836 | $1,086 |
| Net income per common share: | ||||
| Basic | $0.01 | $0.06 | $0.07 | $0.14 |
| Diluted | $0.01 | $0.06 | $0.07 | $0.14 |
| Weighted average number of shares outstanding: | ||||
| Basic | 8,415,795 | 8,327,178 | 8,406,156 | 8,315,214 |
| Diluted | 8,505,068 | 8,366,904 | 8,467,156 | 8,329,969 |
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
| For the Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $626 | $1,195 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 631 | 590 |
| Operating lease asset amortization | 1,799 | 1,670 |
| Stock-based compensation | 354 | 447 |
| Deferred income taxes | 110 | (31) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable-trade | (133) | (51) |
| Inventory | 775 | 714 |
| Prepaid expenses | (435) | (103) |
| Other current assets | 29 | 33 |
| Accounts payable-trade | 68 | (747) |
| Accrued expenses and other liabilities | (738) | (22) |
| Income taxes, net | (718) | 414 |
| Other assets | (2) | (63) |
| Operating lease liabilities | (1,794) | (1,717) |
| Total adjustments | (54) | 1,134 |
| Net cash provided by operating activities | 572 | 2,329 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (1,428) | (174) |
| Net cash used in investing activities | (1,428) | (174) |
| Cash flows from financing activities: | ||
| Payment of finance lease obligations | (1) | (3) |
| Net cash used in financing activities | (1) | (3) |
| Effect of exchange rate changes on cash and cash equivalents | 229 | (94) |
| Net (decrease) increase in cash and cash equivalents | (628) | 2,058 |
| Cash and cash equivalents, beginning of period | 12,159 | 7,975 |
| Cash and cash equivalents, end of period | $11,531 | $10,033 |
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 |
| Stock-based compensation expense | - | - | 157 | - | - | - | 157 |
| Vesting of restricted stock units | 20,574 | - | - | - | - | - | - |
| Repurchase of common stock | - | - | - | - | - | - | - |
| Net income | - | - | - | - | 101 | - | 101 |
| Foreign currency translation adjustments, net of tax | - | - | - | - | - | 40 | 40 |
| Balance, June 30, 2024 | 8,422,546 | 23 | 4,335 | (9,773) | 64,285 | (1,334) | 57,536 |
| 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 |
| Stock-based compensation expense | - | - | 219 | - | - | - | 219 |
| Vesting of restricted stock units | 21,681 | - | - | - | - | - | - |
| Shares withheld for taxes and cancelled | - | - | - | - | - | - | - |
| Purchase of treasury stock | - | - | - | - | - | - | - |
| Net income | - | - | - | - | 531 | - | 531 |
| Foreign currency translation adjustments, net of tax | - | - | - | - | - | (70) | (70) |
| Balance, June 30, 2023 | 8,332,348 | 23 | 3,669 | (9,773) | 61,086 | (2,009) | 52,996 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.