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Tandy Leather Factory Q2 EPS up 42%

02 Aug '06

3 min read

Leather manufacturer Tandy Leather Factory Inc has reported financial results for the second quarter of 2006.

Consolidated net income for the quarter ended June 30, 2006 was $1,132,000 compared to consolidated net income of $787,000 for the second quarter of 2005.

Fully diluted earnings per share for the quarter was $0.10, compared to $0.07 in the second quarter of last year. Total sales for the quarter ended June 30, 2006 increased 10% to $13.4 million from $12.1 million for the same quarter last year.

Consolidated sales for the six months ended June 30, 2006 were $27.8 million, an increase of 12% over 2005 first half total sales of $24.9 million. Consolidated net income for the first half of 2006 was $2.5 million or $0.22 per fully-diluted share versus $1.8 million or $0.17 per fully-diluted share in the comparable period last year.

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $1.1 million in the second quarter, a 27% improvement over last year's second quarter. Sixty-one stores comprised the Tandy Leather's retail operations on June 30, 2006, compared to forty-six retail stores a year ago. Five stores were added in the second quarter of 2006 bringing the total number of new stores added in 2006 to eleven as of the end of the quarter.

For the first six months of 2006, Tandy Leather sales increased $2.3 million, or 28%, over the first six months of 2005.

Second quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory wholesale centers and national account group, increased $83,000 over the same quarter last year, a 1% increase. For the first six months of 2006, Wholesale Leathercraft's sales were up $558,000, or 4%, over the same period in 2005.

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