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Tandy Brands declares preliminary Q1 2006 results

Oct '05
Texas based Tandy Brands announced preliminary financial results for the first quarter ended September 30, 2005.

Total revenues for the first quarter are expected to be approximately $60 million, at the low end of the company's previous guidance range. The company expects to report net earnings per share for the first quarter ranging between $0.17 to $0.22 per diluted share, compared to its previous first quarter net earnings per share guidance of $0.37 to $0.41 per diluted share issued on August 22, 2005.

J. S. B. Jenkins, President and Chief Executive Officer, commented, "While their business remains generally healthy, their results were impacted by various delays throughout the supply chain related to hurricane Katrina and the timing of deliveries from their factories in Asia. They also experienced a higher than normal concentration of lower margin direct sales goods in their women's mass merchant division. As a result of these factors, their first quarter gross profitability will be less than originally anticipated given their supply chain delays as well as the impact stemming from higher sales of direct sales goods, which typically carry lower margins. The delays associated with their supply chain in the first quarter represented approximately $3.3 million of revenue. They expect this revenue to shift into their second quarter and increase their sales and earnings results accordingly."

The company plans to further discuss its first quarter results and disclose fiscal second quarter financial guidance on its upcoming first quarter conference call. The Company will announce the date of its 2006 first quarter earnings release and conference call in the near future.

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