TANDY LEATHER FACTORY INC

For the period ended Sep 30, 2024. Filed Nov 12, 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.

Sep 30, 2024 · Filed Nov 12, 2024

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

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Contents

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)

	September 30,	December 31,
	2024	2023
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$10,055	$12,159
Accounts receivable-trade, net of allowance for credit losses of $31 at September 30, 2024 and December 31, 2023	351	264
Inventory	38,149	37,993
Income tax receivable	949	248
Prepaid expenses	808	475
Other current assets	80	113
Total current assets	50,392	51,252
Property and equipment, at cost	30,985	28,678
Less accumulated depreciation	(19,053)	(18,131)
Property and equipment, net	11,932	10,547
Operating lease assets	9,566	8,995
Financing lease assets	-	23
Deferred income taxes	659	880
Other assets	488	438
TOTAL ASSETS	$73,037	$72,135
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable-trade	$2,319	$2,333
Accrued expenses and other liabilities	2,483	3,140
Income taxes payable	-	288
Current portion of operating lease liabilities	3,080	3,172
Total current liabilities	7,882	8,933
Deferred income taxes	9	9
Uncertain tax positions	388	388
Other non-current liabilities	228	205
Operating lease liabilities, non-current	6,912	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 September 30, 2024 and December 31, 2023, respectively; 8,422,514 and 8,399,245 shares outstanding at September 30, 2024 and December 31, 2023, respectively	23	23
Paid-in capital	4,515	3,981
Retained earnings	64,153	63,659
Treasury stock at cost (1,424,156 shares at September 30, 2024 and December 31, 2023)	(9,773)	(9,773)
Accumulated other comprehensive loss, net of tax	(1,300)	(1,544)
Total stockholders’ equity	57,618	56,346
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$73,037	$72,135

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net sales	$17,351	$17,542	$53,913	$55,384
Cost of sales	7,329	6,604	22,953	21,707
Gross profit	10,022	10,938	30,960	33,677
Operating expenses	10,289	10,058	30,515	31,027
Income (loss) from operations	(267)	880	445	2,650
Other income (expense):
Interest income	85	-	266	-
Other, net	(1)	(43)	(38)	(80)
Total other income (expense)	84	(43)	228	(80)
Income (loss) before income taxes	(183)	837	673	2,570
Income tax provision (benefit)	(51)	201	178	739
Net income (loss)	$(132)	$636	$495	$1,831
Foreign currency translation adjustments, net of tax	34	(185)	244	(294)
Comprehensive income (loss)	$(98)	$451	$739	$1,537
Net income (loss) per common share:
Basic	$(0.02)	$0.08	$0.06	$0.22
Diluted	$(0.02)	$0.08	$0.06	$0.22
Weighted average number of shares outstanding:
Basic	8,422,514	8,329,676	8,412,923	8,318,257
Diluted	8,514,153	8,404,741	8,511,899	8,353,447

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

	For the Nine Months Ended September 30,
	2024	2023
Cash flows from operating activities:
Net income	$495	$1,831
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	927	889
Operating lease asset amortization	2,669	2,547
Stock-based compensation	534	656
Deferred income taxes	221	(30)
Changes in operating assets and liabilities:
Accounts receivable-trade	(88)	74
Inventory	(91)	(444)
Prepaid expenses	(340)	67
Other current assets	33	30
Accounts payable-trade	(13)	(1,668)
Accrued expenses and other liabilities	(629)	(59)
Income taxes, net	(981)	73
Other assets	(50)	(66)
Operating lease liabilities	(2,650)	(2,696)
Total adjustments	(458)	(627)
Net cash provided by operating activities	37	1,204
Cash flows from investing activities:
Purchase of property and equipment	(2,315)	(334)
Net cash used in investing activities	(2,315)	(334)
Cash flows from financing activities:
Payment of finance lease obligations	(1)	(12)
Repurchase of common stock	-	(11)
Net cash used in financing activities	(1)	(23)
Effect of exchange rate changes on cash and cash equivalents	175	(199)
Net increase (decrease) in cash and cash equivalents	(2,104)	648
Cash and cash equivalents, beginning of period	12,159	7,975
Cash and cash equivalents, end of period	$10,055	$8,623

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
Stock-based compensation expense	-	-	180	-	-	-	180
Vesting of restricted stock units	-	-	-	-	-	-	-
Repurchase of common stock	(32)	-	-	-	-	-	-
Net income (loss)	-	-	-	-	(132)	-	(132)
Foreign currency translation adjustments, net of tax	-	-	-	-	-	34	34
Balance,September 30, 2024	8,422,514	23	4,515	(9,773)	64,153	(1,300)	57,618
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	-	-	-	-	-	-
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
Stock-based compensation expense	-	-	209	-	-	-	209
Vesting of restricted stock units	-	-	-	-	-	-	-
Repurchase of common stock	(2,701)	-	(11)	-	-	-	(11)
Net income	-	-	-	-	636	-	636
Foreign currency translation adjustments, net of tax	-	-	-	-	-	(185)	(185)
Balance, September 30, 2023	8,329,647	23	3,867	(9,773)	61,722	(2,194)	53,645

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.