Home / Knowledge / News / Fashion / Tandy Brands announces 4 cents per share dividend
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.


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search