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Tandy Brands Accessories Q2 net income falls 57.5%

Jan '06
Manufacturer and marketer of Fashion accessories Tandy Brands Accessories Inc announced financial results for the second quarter ended December 31, 2005.

For the second quarter of fiscal 2006, net sales were $73.9 million compared to $74.0 million for the same period last year.

Net income was $2.0 million, or $0.30 per diluted share, compared to net income of $4.3 million, or $0.65 per diluted share, in the prior year's second quarter.

These results are in line with the preliminary results announced on January 19th.

During the second quarter, the Company recorded a non-cash charge of approximately $0.14 per diluted share for impairment of goodwill associated with the women's mass merchant business.

Operating results were negatively impacted by lowering of margins on women's merchandise to reduce excess inventory, slower than expected replenishment sales of men's accessories at several large customers and $900,000 in unplanned freight charges and hurricane related delays.

"They are disappointed in the quarter's results and are working aggressively to improve profitability in all operating divisions," said J.S.B. Jenkins, President and Chief Executive Officer.

"Most of their men's businesses are performing quite well, including an 18.7 percent sales growth in their gift accessories category for the quarter.

However, they continue to be disappointed in certain women's lines and are carefully evaluating the contribution and prospects for each product line.

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