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Tandy Brands Accessories Inc hopes restructuring will pay

05
Aug '05
Texas based fashion accessories marketer Tandy Brands Accessories Inc announced preliminary financial results for the fourth quarter ended June 30, 2005.

Total revenues for the fourth quarter are expected to be approximately $43 million, which is in line with the company's previous outlook of $41 to $44 million. The company expects to report a per share net loss for the fourth quarter ranging between $0.32 and $0.37 per diluted share, compared to its previous fourth quarter 2005 per share net loss guidance of $0.12 to $0.17 per diluted share. The fourth quarter net loss is anticipated to include a non-cash charge of $0.08 to $0.09 related to goodwill impairment associated with the women's department store business.

J. S. B. Jenkins, President and Chief Executive Officer, commented, "The greater than expected decline in profitability in the fourth quarter was a result of the continued repositioning in women's business. As we discussed in the prior quarter, they are in the process of restructuring and consolidating sales, merchandising, and administrative efforts related to the women's mass merchant and department store business units in order to improve their performance."

Jenkins continued, "While the expenses associated with this restructuring were greater than expected, they are making good progress in the women's business. In the fourth quarter, they evaluated specific areas of strength in our men's business in the areas of management, distribution, and infrastructure and applied these strengths to their women's division. As a result of these changes, they expect to show meaningful cost savings and improved operating results going forward in this consolidated business segment."


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