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Tandy Brands announces 4 cents per share dividend
15
Feb '08
Tandy Brands Accessories Inc announced financial results for the second fiscal quarter ended December 31, 2007.

For the second quarter of fiscal 2008, net sales were $49.6 million compared to $64.3 million in the second quarter of fiscal 2007. This decline was due primarily to a challenging holiday retail environment. The Company reported a net loss for the quarter of $40.7 million, or $5.94 per diluted share.

The net loss was primarily attributable to noncash asset impairment charges of $36.5 million and restructuring expense of $438,000 which accounted for 98.3% of the pretax loss for the quarter. For the second quarter of fiscal 2007, pretax income was $5.6 million and net income was $3.4 million, or $0.50 per diluted share.

As the result of the Company's strategic review process and due to the overall negative retail environment and general economic conditions, the Company began a comprehensive review of its inventory management policies during the second quarter of fiscal 2008.

The Company concluded there was a need to reduce the amount of inventory the Company warehoused and to focus on reducing total inventory levels within a shorter time frame than had been the Company's prior practice. Consequently, the Company marked down out-of-program and slow-moving inventory in order to accelerate its liquidation and significantly reduce total inventory levels over the next six to twelve months.

The noncash charges included revisingthe value of out-of-program and slow-moving inventory downward by $18.7 million. The Company also recorded a noncash goodwill impairment charge relating to past acquisitions of $16.5 million because an assessment of its implied fair value in light of changing business conditions and reduced sales indicated it was impaired. A noncash intangible impairment charge of $1.3 million related to a customer list acquired with its gift business in 2004 also was recorded in the second quarter.


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