Tandy Leather Factory Reports Certain Fourth Quarter and Full Year Operating Results and Related Information; Michael Galvan joins as CFO

FORT WORTH, Texas, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Pink: TLFA) today reported certain financial result information for its fourth quarter and full year ended December 31, 2020. Sales for the fourth quarter of 2020 are expected to range between $21.0 million and $21.5 million, an increase ranging from 2.6% to 5.0% compared to prior year’s $20.5 million, resulting in full year preliminary sales ranging from $63.1 million to $63.6 million as compared to $74.8 million in 2019. As of December 31, 2020, the Company had $0.4 million of debt and $9.9 million of cash and cash equivalents.

Commenting on these preliminary results, Janet Carr, Chief Executive Officer, said, “We were pleased with our fourth quarter sales performance following the trend of improvement that we saw throughout the third quarter with the reopening of substantially all of our store fleet. Positive total year-over-year sales growth in the fourth quarter including continued strong web and wholesale sales, and even after the permanent closure of nine stores this year, reflects the resonance of our strategic initiatives with our consumers. We are deeply grateful to our employees – their ingenuity, nimbleness, fortitude and focus throughout this crisis – for delivering strong results.”

Ms. Carr added, “Throughout the fourth quarter and continuing into January, a small percentage of stores have been forced to again close or be limited to curbside delivery, as a result of government orders or staffing shortages caused by COVID-19. With COVID-19 case rates at all-time highs and continuing to rise and with an uncertain economic environment ahead, future trends remain hard to predict. Nevertheless, our fourth quarter affirms our confidence that our customers remain enthusiastic to shop with us in all our channels.”

The Company continues to undergo a financial accounting restatement of the information presented in its Form 10-K for fiscal year 2018. The Company is working with its external auditors to complete the financial statement audit for the year ended 2019, as well as the review of interim quarters on Form 10-Q for the second and third quarters of 2019 and for the first three quarters of 2020, which the Company expects to file together with its restated and other outstanding filings. Until then, the Company is not in a position to provide detailed financial information beyond its sales and cash balance.