Business
Tandy Leather Factory Reports Certain 3rd Quarter Operating Results and Related Information
FORT WORTH, Texas, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Pink: TLFA) today reported certain financial result information for its
About this update from Tandy Leather Factory, Inc.
[{"type":"text","content":"FORT WORTH, Texas, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Pink: TLFA) today reported certain financial result information for its third fiscal quarter, ended September 30, 2020. Sales are still preliminary but were approximately $15.8 million, a decrease of 3.1% compared to prior year's $16.3 million. As of September 30, 2020, the Company had $0.4 million of debt and $10.1 million of cash and cash equivalents.\n Commenting on these preliminary results, Janet Carr, Chief Executive Officer, said, “We were pleased with our third quarter sales performance following the shutdown of our entire store fleet from COVID-19 in Q2. In the third quarter, we were able to reopen substantially all of our remaining store fleet after the permanent closure of 8 stores. Strong web sales continued in Q3, even as stores have reopened. Total sales growth improved through the quarter with positive year-over-year growth in September and continuing through October. While the future remains hard to predict in the current economic climate and with COVID-19 case rates rising again, we have confidence in the overall trajectory of the business.” The Company continues to undergo a financial accounting restatement of the information presented in its Form 10-K for fiscal year 2018, and as a result is still completing its financial statement audits for fiscal year 2019 and the first three quarters of fiscal 2020. This includes the Company’s Quarterly Report on Form 10-Q for the third quarter, 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 confirmed that Nasdaq’s decision to de-list the Company’s common stock from the Nasdaq Global Market was upheld upon appeal; the Company intends to apply to re-list its common stock on Nasdaq following the filing of all of its outstanding reports with the SEC. Ms. Carr added, “We are looking forward to the completion of the audit of our restated financials, our re-listing on the Nasdaq, and a return to a regular, fulsome discussion of our financial results with investors. During this period, and despite the distraction and economic environment, we have made significant progress on our consumer-facing initiatives, implemented...