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Tandy Brands declares Q4 results 2005

22
Aug '05
Texas based Tandy Brands announced financial results for the fourth quarter ended June 30, 2005.

For the fourth quarter of fiscal 2005, net sales decreased 3.6% to $42.9 million compared to $44.5 million for the same period last year. The company reported a net loss for the fourth quarter of $2.1 million, or ($0.33) per diluted share compared to net income of $129,000 or $0.02 per share in the prior year's fourth quarter. These results are in-line with the financial results previously announced on August 12th. The fourth quarter net loss includes a non-cash charge net of tax of $0.08 per diluted share related to goodwill impairment associated with the women's department store business.

For the fiscal year ended June 30, 2005, net sales were $221.2 million compared to $215.4 million for the same period in the prior year. Net income for the twelve-month period totaled $4.0 million, or $0.61 per diluted share, compared to net income of $7.0 million, or $1.09 per diluted share, for the same period last year.

As a result of the Company's annual audit, an adjustment related to a deferred tax asset associated with our Canadian operations was identified that will require restatement of the fiscal 2004 and prior financial statements. This restatement will reduce 2004 reported earnings per diluted share by $0.01. Additionally, beginning stockholders' equity for fiscal 2004 will be reduced by approximately $866,000. This deferred tax adjustment had no impact on the Company's fiscal 2005 financial results.


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