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Tandy Brands Accessories posts Q2 results
05 Feb '09
4 min read
Borrowing availability under the company's credit facility was $24.4 million, and outstanding borrowings were $8.4 million at quarter's end. The company expects that cash flows from operations will enable the company to pay down the borrowings in early calendar 2009. As of December 31, 2008, the company had working capital of $51.2 million.
“We have strengthened our financial position compared to December 31, 2007 by reducing inventory levels and operating expenses. Our selling, general and administrative expenses were reduced $2.3 million over the second quarter of fiscal 2008 and $4.4 million over the six-month period last year. These achievements have positioned us well for the remainder of fiscal 2009 and beyond,” said Mr. McGeachy.
“In light of the ongoing decline in economic conditions and in order to invest in our key growth initiatives, in December 2008 we suspended the payment of quarterly dividends in an effort to preserve capital and enhance our financial flexibility,” said Mr. McGeachy.
“We expect that our actions will maintain our strong liquidity position and provide us with a stable platform to weather this storm and then take advantage of profitable opportunities when they become available,” continued Mr. McGeachy.
“We have strengthened our financial position compared to December 31, 2007 by reducing inventory levels and operating expenses. Our selling, general and administrative expenses were reduced $2.3 million over the second quarter of fiscal 2008 and $4.4 million over the six-month period last year. These achievements have positioned us well for the remainder of fiscal 2009 and beyond,” said Mr. McGeachy.
“In light of the ongoing decline in economic conditions and in order to invest in our key growth initiatives, in December 2008 we suspended the payment of quarterly dividends in an effort to preserve capital and enhance our financial flexibility,” said Mr. McGeachy.
“We expect that our actions will maintain our strong liquidity position and provide us with a stable platform to weather this storm and then take advantage of profitable opportunities when they become available,” continued Mr. McGeachy.
Tandy Brands Accessories
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