Tandy Leather Factory Q1 revenues down 5.3% to $19.3M; net income down to $0.5M

TANDY LEATHER FACTORY INC

2024-Q1 EPS reported $0.06 revenue$19,275,000

Revenue $19.3M, down 5.3% YoY; gross margin 56.7% vs 58.1% due to promotional activity.
Net income $0.5M ($0.06 EPS), down from $0.7M ($0.08) in Q1 2023.
Adjusted EBITDA $1.1M; operating expenses down 5.2% to $10.3M.
Cash $12.3M vs $8.6M a year ago; inventory $36.7M vs $38.0M at year-end 2023.
CEO cites broader consumer environment and difficult comp for sales decline.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TANDY LEATHER FACTORY INC reported first fiscal quarter of 2024 results: revenue $19.3 million, net income $0.5 million, EPS $0.06 per share.

Period: first fiscal quarter of 2024
Revenue: $19.3 million
Net income: $0.5 million
EPS: $0.06 per share
Result: reported results

Exact text from the filing

Highlights from First Quarter 2024: • Revenues were $19.3 million, down 5.3% from 2023 • Generated operating income of $0.7 million • Net income of $0.5 million, down from $0.7 million in 2023 • Gross margins of 56.7%, down from 58.1% in 2023 • Operating expenses $10.3 million, down 5.2% from 2023 • Adjusted EBITDA* of $1.1 million • Ended quarter with $12.3 million of cash and cash equivalents Tandy Leather Factory’s first quarter sales were $19.3 million in 2024, down from $20.4 million in 2023. First quarter 2024 gross profit was $10.9 million, down from $11.8 million in 2023. First quarter operating income was $0.7 million, down from $1.0 million in 2023. As of March 31, 2024, the Company held $12.3 million of cash and cash equivalents, up from $8.6 million a year earlier. The Company held inventory of $36.7 million, down from $38.0 million as of December 31, 2023. The Company had basic and diluted net income in the quarter of $0.06 per share, versus $0.08 in the prior year.

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Source: SEC EDGAR

accession 0001140361-24-025477

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