TANDY LEATHER FACTORY INC

For the period ended Mar 31, 2026. Filed May 11, 2026.

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, 2026 · Filed May 11, 2026

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)

	March 31,	December 31,
	2026	2025
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$10,103	$16,087
Accounts receivable-trade, net of credit losses of $51 at March 31, 2026 and December 31, 2025	313	425
Inventory	33,697	33,238
Prepaid expenses	691	721
Other current assets	96	111
Total current assets	44,900	50,582
Property and equipment, at cost	26,804	26,203
Less accumulated depreciation	(16,280)	(15,978)
Property and equipment, net	10,524	10,225
Operating lease assets	24,997	24,736
Deferred income taxes	393	380
Other assets	709	710
TOTAL ASSETS	$81,523	$86,633
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable-trade	$3,257	$2,154
Accrued expenses and other liabilities	3,031	3,704
Income taxes payable	641	428
Current portion of operating lease liabilities	3,684	3,512
Total current liabilities	10,613	9,798
Uncertain tax positions	227	227
Other non-current liabilities	148	149
Operating lease liabilities, non-current	24,033	23,868
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY:
Common stock, $0.0024 par value; 15,000,000 shares authorized; 9,567,945 and 9,497,251 shares issued at March 31, 2026 and December 31, 2025, respectively; 8,143,569 and 8,072,875 shares outstanding at March 31, 2026 and December 31, 2025, respectively	22	22
Paid-in capital	3,607	3,651
Retained earnings	55,010	60,843
Treasury stock at cost (1,424,376 shares at March 31, 2026 and December 31, 2025)	(9,773)	(9,773)
Accumulated other comprehensive loss, net of tax	(2,364)	(2,152)
Total stockholders' equity	46,502	52,591
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$81,523	$86,633

Condensed Consolidated Statements of Operations and Comprehensive Income

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

	Three Months Ended March 31,
	2026	2025
Net sales	$19,652	$19,036
Cost of sales	7,659	8,318
Gross profit	11,993	10,718
Operating expenses	11,628	10,456
Income from operations	365	262
Other income (expense):
Interest income	86	190
Gain on disposal of headquarter	-	16,583
Other, net	(83)	(1,273)
Total other income	3	15,500
Income before income taxes	368	15,762
Income tax provision	146	4,179
Net income	$222	$11,583
Foreign currency translation adjustments, net of tax	(212)	(288)
Comprehensive income	$10	$11,295
Net income per common share:
Basic	$0.03	$1.36
Diluted	$0.03	$1.35
Weighted average number of shares outstanding:
Basic	8,102,509	8,501,204
Diluted	8,102,831	8,595,320

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

	For the Three Months Ended March 31,
	2026	2025
Cash flows from operating activities:
Net income	$222	$11,583
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	286	181
Operating lease asset amortization	1,388	1,105
Gain on disposal of assets	-	(16,583)
Stock-based compensation	93	93
Deferred income taxes	(14)	173
Changes in operating assets and liabilities:
Accounts receivable-trade	110	31
Inventory	(557)	1,227
Prepaid expenses	30	195
Other current assets	15	-
Accounts payable-trade	1,104	(35)
Accrued expenses and other liabilities	(672)	(879)
Income taxes, net	213	3,884
Other assets	-	(150)
Operating lease liabilities	(1,312)	(1,361)
Total adjustments	684	(12,119)
Net cash provided by (used in) operating activities	906	(536)
Cash flows from investing activities:
Purchase of property and equipment	(587)	(1,331)
Proceeds from sales of Headquarter assets, net	-	24,897
Net cash (used in) provided by investing activities	(587)	23,566
Cash flows from financing activities:
Dividend Paid	(6,055)	(12,745)
Withholding of vested stock for employee tax	(137)	-
Net cash used in financing activities	(6,192)	(12,745)
Effect of exchange rate changes on cash and cash equivalents	(111)	38
Net (decrease) increase in cash and cash equivalents	(5,984)	10,323
Cash and cash equivalents, beginning of period	16,087	13,271
Cash and cash equivalents, end of period	$10,103	$23,594

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, 2025	8,072,875	$22	$3,651	$(9,773)	$60,843	$(2,152)	$52,591
Stock-based compensation expense	-	-	93	-	-	-	93
Vesting of restricted stock units	117,776	-	-	-	-	-	-
Net income	-	-	-	-	222	-	222
Dividend Paid	-	-	-	-	(6,055)	-	(6,055)
Withholding of vested stock for employee tax	(47,082)	-	(137)	-	-	-	(137)
Foreign currency translation adjustments, net of tax	-	-	-	-	-	(212)	(212)
Balance, March 31, 2026	8,143,569	$22	$3,607	$(9,773)	$55,010	$(2,364)	$46,502
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	-	-	-	-	11,583	-	11,583
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)	$63,324	$(2,400)	$55,796

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.