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Tandy Brands reports Q1 fiscal 2009 results

Nov '08
Tandy Brands Accessories reported results for the first quarter of fiscal 2009.

For the first quarter of fiscal 2009 ended September 30, 2008, the company reported a net loss of $1.3 million, or $0.18 per share, on net sales of $34.6 million, versus a net loss of $1.7 million, or $0.25 per share, on net sales of $39.5 million for the quarter ended September 30, 2007. Although net sales in the quarter declined $4.9 million from the first quarter in fiscal 2008, the company was able to reduce its pretax loss by $1.8 million due in large part to reductions in selling, general and administrative expenses of $2 million.

Balance Sheet
The company's financial position remains strong. As of September 30, 2008, the company had working capital of $50.9 million. Outstanding borrowings were $15.4 million at quarter's end, and credit facility borrowing availability was $12.2 million. The company expects that cash flow from operations will enable the company to pay down the line in early calendar 2009.

Sales Growth Initiatives
During the first quarter, the company added a new ladies belt line at a major customer. Looking forward, the company continues to expand its totes(R) gifts distribution at mass merchants and department stores.

"The decline in net sales is a direct result of the current difficult retail environment as several customers continue to be very cautious in expanding inventories going into the holiday season," said J.S.B. Jenkins, chairman of Tandy Brands. "In addition, first quarter 2009 net sales were impacted by the timing of product shipments to certain customers that moved from the first quarter last year to the second quarter this year."

"We remain cautious and conservative in our approach to the market in this challenging environment," added Mr. Jenkins. "We feel that we have the financial strength and flexibility to support our customers."

New CEO and President Named
On October 1, 2008, the company announced that it had named N. Roderick (Rod) McGeachy, III, as its president and chief executive officer. Mr. McGeachy was named to the company's board of directors on October 30, 2008.

Tandy Brands Accessories Inc designs and markets fashion accessories for men, women and children.

Tandy Brands Accessories

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