TANDY LEATHER FACTORY INC

For the period ended Mar 31, 2025. Filed May 12, 2025.

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, 2025 · Filed May 12, 2025

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.	Consolidated Financial Statements

Consolidated Balance Sheets

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

	March 31,	December 31,
	2025	2024
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$23,594	$13,271
Accounts receivable-trade, net of allowance for credit losses of $49 at March 31, 2025 and December 31, 2024	301	331
Inventory	34,350	35,556
Income tax receivable	385	384
Prepaid expenses	704	898
Other current assets	95	96
Total current assets	59,429	50,536
Property and equipment, at cost	21,490	31,655
Less accumulated depreciation	(15,239)	(19,320)
Property and equipment, net	6,251	12,335
Operating lease assets	10,531	10,323
Deferred income taxes	1,041	1,213
Other assets	664	517
TOTAL ASSETS	$77,916	$74,924
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable-trade	$3,407	$3,110
Accrued expenses and other liabilities	2,692	3,571
Income taxes payable	3,884	-
Current portion of operating lease liabilities	3,205	3,205
Total current liabilities	13,188	9,886
Uncertain tax positions	248	248
Other non-current liabilities	77	76
Operating lease liabilities, non-current	7,514	7,561
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS’ EQUITY:
Common stock, $0.0024 par value; 25,000,000 shares authorized; 9,936,930 and 9,920,957 shares issued at March 31, 2025 and December 31, 2024, respectively; 8,512,554 and 8,496,581 shares outstanding at March 31, 2025 and December 31, 2024, respectively	23	23
Paid-in capital	4,622	4,529
Retained earnings	64,417	64,486
Treasury stock at cost (1,424,376 shares at March 31, 2025 and December 31, 2024)	(9,773)	(9,773)
Accumulated other comprehensive loss, net of tax	(2,400)	(2,112)
Total stockholders’ equity	56,889	57,153
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$77,916	$74,924

Consolidated Statements of Operations and Comprehensive Income

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

	Three Months Ended March 31,
	2025	2024
Net sales	$19,036	$19,275
Cost of sales	8,318	8,355
Gross profit	10,718	10,920
Operating expenses	10,456	10,271
Income from operations	262	649
Other income (expense):
Interest income	190	84
Gain on disposal of Headquarter (see footnote 8)	17,676	-
Other, net (see footnote 8)	(1,273)	(26)
Total other income	16,593	58
Income before income taxes	16,855	707
Income tax provision	4,179	182
Net income	$12,676	$525
Foreign currency translation adjustments, net of tax	(288)	170
Comprehensive income	$12,388	$695
Net income per common share:
Basic	$1.49	$0.06
Diluted	$1.47	$0.06
Weighted average number of shares outstanding:
Basic	8,501,204	8,400,354
Diluted	8,595,320	8,500,354

Consolidated Statements of Cash Flows

(amounts in thousands)

	For the Three Months Ended March 31,
	2025	2024
Cash flows from operating activities:
Net income	$12,676	$525
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	181	321
Operating lease asset amortization	1,105	919
Gain on disposal of assets	(17,676)	-
Stock-based compensation	93	197
Deferred income taxes	173	-
Changes in operating assets and liabilities:
Accounts receivable-trade	31	(158)
Inventory	1,227	1,184
Prepaid expenses	195	72
Other current assets	-	14
Accounts payable-trade	(35)	(115)
Accrued expenses and other liabilities	(879)	(1,142)
Income taxes, net	3,884	163
Other assets	(150)	(2)
Operating lease liabilities	(1,361)	(892)
Total adjustments	(13,212)	561
Net cash used in operating activities	(536)	1,086
Cash flows used investing activities:
Purchase of property and equipment	(1,331)	(1,227)
Proceeds from Sale of property and equipment. net	24,897	-
Net cash provided from (used in) investing activities	23,566	(1,227)
Cash flows from financing activities:
Payment of finance lease obligations	-	(1)
Dividend Paid	(12,745)	-
Net cash used in financing activities	(12,745)	(1)
Effect of exchange rate changes on cash and cash equivalents	38	298
Net increase in cash and cash equivalents	10,323	156
Cash and cash equivalents, beginning of period	13,271	12,159
Cash and cash equivalents, end of period	$23,594	$12,315

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, 2024	8,496,581	$23	$4,529	$(9,773)	$64,486	$(2,112)	$57,153
Stock-based compensation expense	-	-	93	-	-	-	93
Vesting of restricted stock units	15,973	-	-	-	-	-	-
Net income	-	-	-	-	12,676	-	12,676
Dividend Paid	-	-	-	-	(12,745)	-	(12,745)
Foreign currency translation adjustments, net of tax	-	-	-	-	-	(288)	(288)
Balance, March 31, 2025	8,512,554	$23	$4,622	$(9,773)	$64,417	$(2,400)	$56,889
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	-	-	-	-	-	-
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

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.