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Tandy Leather Factory says no 2009 guidance for now

23
Dec '08
Tandy Leather Factory Inc announced that it will not be providing 2009 revenue and EPS guidance at this time.

Ron Morgan, Chief Executive Officer, commented, “We fully expect to be profitable in 2009, but given the instability of the economy and the magnitude of the flailing retail industry, we believe that any guidance we would provide would be a guess at best."

"We have also noted that, no matter the market capitalization or what wares they sell, retail chains continue to miss their announced revenues and EPS, and therefore, more often than not, lower guidance again and again. We see no upside to our shareholders in following suit.”

Shannon Greene, Chief Financial Officer, added, “The list of retailers filing for bankruptcy and/or closing stores continues to grow. As we have stated previously, we are convinced that we are financially positioned in such a way that we will not be added to that list. We have more than ample cash to weather the economic storms at this time.”

Tandy Leather Factory Inc


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