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Tandy Brands Accessories reports Q1 2007 results

25 Oct '06

2 min read

Tandy Brands Accessories Inc announced financial results for the first quarter ended September 30, 2006.

For the first quarter of fiscal 2007, net sales decreased 6.2 percent to $57.2 million compared to $60.9 million for the same period last year.

The Company reported an increase in net income to $2.8 million, or $0.41 per diluted share, compared to net income of $1.5 million, or $0.22 per diluted share, in the prior year's first quarter.

The decrease in net sales was a result of the Company's exit from several lower-margin women's categories, which resulted in a 350 basis point improvement in first quarter fiscal 2007 gross margins to 36.8 percent compared to 33.3 percent in the prior year period.

Selling, general and administrative expenses decreased $1.4 million, or 8.4 percent, to $14.8 million, compared to $16.2 million for the prior year period, primarily due to the Company's restructuring efforts.

The Company anticipates full year fiscal 2007 sales to be in the range of $177 to $182 million and fiscal 2007 earnings per share to be in the range of $0.67 to $0.72 per diluted share.

The Company also reported that the Board of Directors approved a quarterly dividend of $0.0275 per common share that will be payable January 19, 2007, to shareholders of record at the close of business on December 29, 2006.

Conference Call Information
Investors and interested parties will have the opportunity to listen to management's discussion of Tandy Brands' first quarter results in a conference call to be held today, Wednesday, October 25, 2006, at 10:00 a.m. ET.

Tandy Brands Accessories Inc

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