Tandy Leather Factory Reports Certain Fourth Quarter and Full Year Operating Results and Related Information; Michael Galvan ...
January 11 2021 - 4:30PM
Tandy Leather Factory, Inc. (Pink: TLFA) today reported certain
financial result information for its fourth quarter and full year
ended December 31, 2020. Sales for the fourth quarter of 2020 are
expected to range between $21.0 million and $21.5 million, an
increase ranging from 2.6% to 5.0% compared to prior year’s $20.5
million, resulting in full year preliminary sales ranging from
$63.1 million to $63.6 million as compared to $74.8 million in
2019. As of December 31, 2020, the Company had $0.4 million of
debt and $9.9 million of cash and cash equivalents.
Commenting on these preliminary results, Janet
Carr, Chief Executive Officer, said, “We were pleased with our
fourth quarter sales performance following the trend of improvement
that we saw throughout the third quarter with the reopening of
substantially all of our store fleet. Positive total year-over-year
sales growth in the fourth quarter including continued strong web
and wholesale sales, and even after the permanent closure of nine
stores this year, reflects the resonance of our strategic
initiatives with our consumers. We are deeply grateful to our
employees – their ingenuity, nimbleness, fortitude and focus
throughout this crisis – for delivering strong results.”
Ms. Carr added, “Throughout the fourth quarter
and continuing into January, a small percentage of stores have been
forced to again close or be limited to curbside delivery, as a
result of government orders or staffing shortages caused by
COVID-19. With COVID-19 case rates at all-time highs and continuing
to rise and with an uncertain economic environment ahead, future
trends remain hard to predict. Nevertheless, our fourth quarter
affirms our confidence that our customers remain enthusiastic to
shop with us in all our channels.”
The Company continues to undergo a financial
accounting restatement of the information presented in its Form
10-K for fiscal year 2018. The Company is working with its external
auditors to complete the financial statement audit for the year
ended 2019, as well as the review of interim quarters on Form 10-Q
for the second and third quarters of 2019 and for the first three
quarters of 2020, which the Company expects to file together with
its restated and other outstanding filings. Until then, the Company
is not in a position to provide detailed financial information
beyond its sales and cash balance.
The Company also announced today the appointment
of Michael Galvan as Chief Financial Officer, effective January 11,
2020. Mr. Galvan replaces Steve Swank, who informed us on January 6
that he was resigning for personal reasons as Chief Financial
Officer. Mr. Swank has agreed to remain with the Company for two
months to provide transition and assistance. Mr. Galvan, 52, first
joined the Company in May 2020, serving as Interim Chief Financial
Officer until Mr. Swank’s arrival in July 2020; he has remained
with the Company on a full-time consulting basis since then. Mr.
Galvan has retained primary responsibility for all aspects of
finalizing our restatement work throughout his tenure with Tandy,
in addition to providing critical leadership and guidance in all
areas of finance and accounting. He brings over 25 years of finance
and accounting experience to the Company, including executive
leadership roles serving as Interim Chief Financial Officer, Chief
Accounting Officer and Treasurer for a variety of publicly-traded
companies. Janet Carr said, “During his eight months with Tandy,
Mike has become a strong leader within the Finance and Accounting
teams, and we anticipate a seamless transition. His excellent track
record both within and prior to Tandy are proving invaluable to the
company. We thank Steve for his contributions during his time with
Tandy and wish him well in his future endeavors.”
Tandy Leather Factory, Inc.,
(http://www.tandyleather.com), headquartered in Fort Worth, Texas,
is a specialty retailer of a broad product line including leather,
leatherworking tools, buckles and adornments for belts, leather
dyes and finishes, saddle and tack hardware, and do-it-yourself
kits. The Company distributes its products through its 105 North
American stores located in 40 US states and six Canadian provinces,
and one store located in Spain. Its common stock trades
over-the-counter “pink sheets” with the symbol “TLFA”. To be
included on Tandy Leather Factory’s email distribution list, go to:
http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
Contact: Janet Carr, Tandy Leather Factory, Inc.
(817) 872-3200 or janet.carr@tandyleather.com
This news release may contain statements
regarding future events, occurrences, circumstances, activities,
performance, outcomes and results that are considered
“forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. Actual results and events may differ
from those projected as a result of certain risks and
uncertainties. These risks and uncertainties include but are not
limited to: changes in general economic conditions, negative trends
in general consumer-spending levels, failure to realize the
anticipated benefits of opening retail stores; availability of
hides and leathers and resultant price fluctuations; change in
customer preferences for our product, and other factors disclosed
in our filings with the Securities and Exchange Commission. These
forward-looking statements are made only as of the date hereof, and
except as required by law, we do not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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