$TLF
TANDY LEATHER FACTORY INC

2020 Q1 Form 10-Q Financial Statement

#000114036121030248 Filed on September 02, 2021

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $17.15M $20.47M $20.94M
YoY Change -18.13% -16.92% 2.15%
Cost Of Revenue $7.279M $8.973M $8.696M
YoY Change -16.29% -14.66% 11.32%
Gross Profit $9.866M $11.50M $12.25M
YoY Change -19.43% -18.61% -3.5%
Gross Profit Margin 57.54% 56.16% 58.47%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $335.0K $268.6K $495.4K
YoY Change -32.38% -44.95% 6.43%
% of Gross Profit 3.4% 2.34% 4.05%
Operating Expenses $11.10M $12.66M $11.28M
YoY Change -1.64% -0.32% 1.87%
Operating Profit -$2.299M -$1.160M $2.213M
YoY Change -203.89% -181.29% 7.73%
Interest Expense $0.00 -$3.880K $32.00K
YoY Change -100.0% -95.23% -50.5%
% of Operating Profit 1.45%
Other Income/Expense, Net $53.00K $32.99K -$142.0K
YoY Change -137.32% -85.5% -260.03%
Pretax Income -$2.246M -$1.130M $2.071M
YoY Change -208.45% -171.85% -3.35%
Income Tax -$508.0K -$300.8K $551.0K
% Of Pretax Income 26.61%
Net Earnings -$1.738M -$829.0K $1.520M
YoY Change -214.34% -174.33% 0.22%
Net Earnings / Revenue -10.14% -4.05% 7.26%
Basic Earnings Per Share -$0.19 -$0.09 $0.17
Diluted Earnings Per Share -$0.19 -$0.09 $0.17
COMMON SHARES
Basic Shares Outstanding 9.029M 9.020M 9.010M
Diluted Shares Outstanding 9.029M 9.020M 9.011M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.61M $25.06M $17.68M
YoY Change 16.56% 4.1% -8.17%
Cash & Equivalents $11.42M $15.91M $12.68M
Short-Term Investments $9.183M $9.152M $5.000M
Other Short-Term Assets $146.0K $297.0K $280.4K
YoY Change -47.93% -10.49% 65.37%
Inventory $29.22M $24.04M $30.17M
Prepaid Expenses $1.537M
Receivables $339.0K $409.0K $456.5K
Other Receivables $1.969M $0.00 $0.00
Total Short-Term Assets $53.44M $52.52M $50.50M
YoY Change 5.83% -12.2% -9.57%
LONG-TERM ASSETS
Property, Plant & Equipment $12.26M $12.92M $13.96M
YoY Change -12.22% -11.0% -8.51%
Goodwill $0.00 $956.9K
YoY Change -100.0% -0.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $354.0K $345.0K $379.7K
YoY Change -6.76% -10.65% 0.1%
Total Long-Term Assets $25.92M $27.60M $32.99M
YoY Change -21.43% 62.66% 86.75%
TOTAL ASSETS
Total Short-Term Assets $53.44M $52.52M $50.50M
Total Long-Term Assets $25.92M $27.60M $32.99M
Total Assets $79.36M $80.11M $83.49M
YoY Change -4.94% 4.34% 13.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.898M $5.753M $897.2K
YoY Change 780.3% 167.04% -69.3%
Accrued Expenses $2.303M $2.656M $4.107M
YoY Change -43.93% -50.83% 15.81%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $13.94M $12.23M $9.053M
YoY Change 54.03% 51.47% 11.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $509.0K $509.0K $555.8K
YoY Change -8.42% -8.34% -6.94%
Total Long-Term Liabilities $509.0K $509.0K $555.8K
YoY Change -8.42% -94.35% -92.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.94M $12.23M $9.053M
Total Long-Term Liabilities $509.0K $509.0K $555.8K
Total Liabilities $14.45M $12.74M $9.608M
YoY Change 50.42% -25.4% -37.89%
SHAREHOLDERS EQUITY
Retained Earnings $60.47M $62.21M $65.63M
YoY Change -7.86% -3.51% 6.56%
Common Stock $25.00K $25.00K $24.85K
YoY Change 0.6% 0.61% 0.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.773M $9.773M $9.752M
YoY Change 0.21% 8.13% 23.05%
Treasury Stock Shares $1.424M $1.424M $1.421M
Shareholders Equity $54.56M $56.42M $59.23M
YoY Change
Total Liabilities & Shareholders Equity $79.36M $80.11M $83.49M
YoY Change -4.94% 4.34% 13.58%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.738M -$829.0K $1.520M
YoY Change -214.34% -174.33% 0.22%
Depreciation, Depletion And Amortization $335.0K $268.6K $495.4K
YoY Change -32.38% -44.95% 6.43%
Cash From Operating Activities -$4.023M $2.552M $3.133M
YoY Change -228.41% -69.65% 142.74%
INVESTING ACTIVITIES
Capital Expenditures $184.0K -$105.9K $31.00K
YoY Change 493.55% -47.24% 75.93%
Acquisitions
YoY Change
Other Investing Activities $4.000K $26.04K -$4.981M
YoY Change -100.08% 63.16% -518928.13%
Cash From Investing Activities -$180.0K -$79.82K -$5.018M
YoY Change -96.41% -56.78% 28377.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $715.0K
YoY Change -100.0% 32.18%
Debt Paid & Issued, Net $0.00 $8.968M
YoY Change -100.0%
Cash From Financing Activities 0.000 0.000 -9.683M
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -4.023M 2.552M 3.133M
Cash From Investing Activities -180.0K -79.82K -5.018M
Cash From Financing Activities 0.000 0.000 -9.683M
Net Change In Cash -4.482M 2.472M -11.39M
YoY Change -60.65% -69.77% -1073.57%
FREE CASH FLOW
Cash From Operating Activities -$4.023M $2.552M $3.133M
Capital Expenditures $184.0K -$105.9K $31.00K
Free Cash Flow -$4.207M $2.657M $3.102M
YoY Change -235.62% -69.12% 143.67%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-style: italic;"><u>Accounts Receivable and Expected Credit Losses.</u></font>&#160; Our receivables primarily arise from the sale of merchandise to customers that have applied for and been granted credit.&#160; Accounts receivable are stated at amounts due, net of an allowance for doubtful accounts.&#160; Accounts receivable are generally due within 30 days of invoicing.&#160; We estimate expected credit losses based on factors such as the composition of accounts receivable, the age of the accounts, historical bad debt experience, and our evaluation of the financial condition and past collection history of each customer.&#160; Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables held at March 31, 2020, because the composition of the trade receivables at that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its credit practices have not changed significantly over time).&#160; Accordingly, the allowance for expected credit losses at March 31, 2020 totaled less than $0.1 million. <div><br /></div></div></div>
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CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2213000
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
314000
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-346000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
297000
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
354000
CY2019Q4 us-gaap Other Inventory In Transit
OtherInventoryInTransit
2750000
CY2020Q1 us-gaap Other Inventory In Transit
OtherInventoryInTransit
3691000
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
509000
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
509000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
53000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-110000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1082000
CY2020Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1160000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
715000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2019Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
5000000
CY2020Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1697000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
228000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
186000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17145000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20941000
CY2020Q1 us-gaap Revenue Recognition Discounts
RevenueRecognitionDiscounts
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-style: italic;"><u>Discounts</u></font>.&#160; Prior to 2019, we maintained five price levels:&#160; retail, wholesale gold, wholesale elite, business, and manufacturer.&#160; Since May of 2019 (April of 2019 in Canada), we now offer a single retail price level, plus three volume-based levels for commercial customers.&#160; Discounts from those price levels are offered to Business, Military/First Responder and Employee customers.&#160; Such discounts do not convey a material right to these customers since the discounted pricing they receive at the point of sale is not dependent upon any previous or subsequent purchases.&#160; As a result, sales are reported after deduction of discounts at the point of sale.&#160; We do not pay slotting fees or make other payments to resellers.</div></div>
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
184000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31000
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
1700000
CY2019Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
0
CY2019Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
13000
CY2020Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12919000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12255000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27471000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26985000
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8968000
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
62211000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
60473000
CY2019Q4 us-gaap Shares Outstanding
SharesOutstanding
9022187
CY2018Q4 us-gaap Shares Outstanding
SharesOutstanding
9060561
CY2020Q1 us-gaap Shares Outstanding
SharesOutstanding
9042991
CY2019Q1 us-gaap Shares Outstanding
SharesOutstanding
8934024
CY2019Q4 us-gaap Short Term Investments
ShortTermInvestments
9152000
CY2020Q1 us-gaap Short Term Investments
ShortTermInvestments
9183000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
54563000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
56419000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
58286000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
59230000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
9773000
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
9773000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
714000
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1424376
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1424376
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9029212
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9011107
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9009752
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9029212
CY2020Q1 dei Document Type
DocumentType
10-Q
CY2020Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
No
CY2020Q1 dei Amendment Flag
AmendmentFlag
false
CY2020Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2020Q1 dei Document Period End Date
DocumentPeriodEndDate
2020-03-31
CY2020Q1 dei Entity Registrant Name
EntityRegistrantName
TANDY LEATHER FACTORY INC
CY2020Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000909724
CY2020Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2020Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2020Q1 dei Entity Shell Company
EntityShellCompany
false
CY2020Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2020Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2020Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2021Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8663921
CY2020Q1 tlfa Number Of Price Levels
NumberOfPriceLevels
3
CY2019 tlfa Number Of Price Levels
NumberOfPriceLevels
5
CY2020Q1 tlfa Gift Card Redemption Period
GiftCardRedemptionPeriod
P1Y
CY2020Q1 tlfa Deferred Revenue Recognized Period
DeferredRevenueRecognizedPeriod
P1Y
CY2020Q1 tlfa Inventory Merchandise Expected To Be Returned
InventoryMerchandiseExpectedToBeReturned
100000
CY2019Q4 tlfa Inventory Merchandise Expected To Be Returned
InventoryMerchandiseExpectedToBeReturned
100000
CY2020Q1 tlfa Number Of Websites
NumberOfWebsites
4
CY2019Q1 tlfa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-834000
CY2020Q1 tlfa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-890000

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