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Tandy Brands announces 4 cents per share dividend

May '08
Tandy Brands Accessories Inc announced financial results for the third fiscal quarter ended March 31, 2008 and the board of directors approval of a $0.04 per common share quarterly dividend payable July 18, 2008 to stockholders of record at the close of business on June 30, 2008.

For the third quarter of fiscal 2008, net sales were $30.1 million compared to $37.9 million in the third quarter of fiscal 2007. The decline was due primarily to a retail environment which continues to be challenging. The Company reported a net loss for the quarter of $2.2 million, or $0.32 per diluted share.

The loss was primarily attributable to not realizing economies of scale and leverage with the sales decline. For the third quarter of fiscal 2007, the Company had a net loss of $1.4 million, or $0.21 per diluted share.

During the quarter, the Company continued to implement changes to its operations as part of its strategic review process aimed at offsetting the impact of the challenging retail environment and general economic conditions. The Company's cost reduction strategies were successful in reducing selling, general and administrative costs for the quarter by $2.6 million compared to the same period last year.

The Company also noted that sales of inventory written down in the second quarter at prices greater than had been estimated to be realizable resulted in improved gross margins for each of its businesses in the third quarter. The Company has closed its West Bend, Wisconsin distribution facility and listed the property for sale.

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