$TLF
TANDY LEATHER FACTORY INC

2020 Q2 Form 10-Q Financial Statement

#000114036121030259 Filed on September 02, 2021

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $9.146M $17.20M
YoY Change -46.82% -10.37%
Cost Of Revenue $3.903M $7.827M
YoY Change -50.13% 12.56%
Gross Profit $5.243M $9.370M
YoY Change -44.04% -23.41%
Gross Profit Margin 57.33% 54.49%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $174.0K $539.6K
YoY Change -67.75% 30.5%
% of Gross Profit 3.32% 5.76%
Operating Expenses $7.580M $10.62M
YoY Change -28.61% -0.32%
Operating Profit -$2.346M -$1.247M
YoY Change 88.13% -178.82%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $51.00K $55.00K
YoY Change -7.27% 2.5%
Pretax Income -$2.295M -$1.192M
YoY Change 92.53% -172.87%
Income Tax -$520.0K -$317.0K
% Of Pretax Income
Net Earnings -$1.775M -$875.0K
YoY Change 102.86% -175.58%
Net Earnings / Revenue -19.41% -5.09%
Basic Earnings Per Share -$0.20 -$0.10
Diluted Earnings Per Share -$0.20 -$0.10
COMMON SHARES
Basic Shares Outstanding 9.043M 8.934M
Diluted Shares Outstanding 9.043M 8.934M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.03M $20.32M
YoY Change -30.98% 7.22%
Cash & Equivalents $9.414M $11.27M
Short-Term Investments $4.614M $9.050M
Other Short-Term Assets $264.0K $162.6K
YoY Change 62.4% -0.28%
Inventory $30.93M $26.19M
Prepaid Expenses
Receivables $357.0K $428.7K
Other Receivables $2.546M $0.00
Total Short-Term Assets $49.38M $50.26M
YoY Change -1.74% -10.54%
LONG-TERM ASSETS
Property, Plant & Equipment $12.02M $13.50M
YoY Change -10.99% -10.1%
Goodwill $958.8K
YoY Change 0.04%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $354.0K $374.9K
YoY Change -5.58% -2.56%
Total Long-Term Assets $26.25M $30.97M
YoY Change -15.26% 75.36%
TOTAL ASSETS
Total Short-Term Assets $49.38M $50.26M
Total Long-Term Assets $26.25M $30.97M
Total Assets $75.63M $81.23M
YoY Change -6.89% 10.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.002M $1.545M
YoY Change 223.84% -50.43%
Accrued Expenses $1.981M $2.891M
YoY Change -31.47% -7.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $10.72M $8.429M
YoY Change 27.19% 3.47%
LONG-TERM LIABILITIES
Long-Term Debt $410.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $510.0K $556.3K
YoY Change -8.32% -6.94%
Total Long-Term Liabilities $920.0K $556.3K
YoY Change 65.39% -92.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.72M $8.429M
Total Long-Term Liabilities $920.0K $556.3K
Total Liabilities $11.64M $8.985M
YoY Change 29.55% -41.5%
SHAREHOLDERS EQUITY
Retained Earnings $58.70M $64.76M
YoY Change -9.36% 3.2%
Common Stock $25.00K $24.85K
YoY Change 0.6% 0.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.773M $9.762M
YoY Change 0.11% 16.49%
Treasury Stock Shares $1.424M $1.422M
Shareholders Equity $53.10M $58.62M
YoY Change
Total Liabilities & Shareholders Equity $75.63M $81.23M
YoY Change -6.89% 10.01%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.775M -$875.0K
YoY Change 102.86% -175.58%
Depreciation, Depletion And Amortization $174.0K $539.6K
YoY Change -67.75% 30.5%
Cash From Operating Activities -$7.108M $2.662M
YoY Change -367.06% -2619.94%
INVESTING ACTIVITIES
Capital Expenditures -$101.0K -$105.5K
YoY Change -4.29% -41.97%
Acquisitions
YoY Change
Other Investing Activities $4.610M -$3.933M
YoY Change -217.22% -182174.07%
Cash From Investing Activities $4.509M -$4.038M
YoY Change -211.66% 2147.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 402.0K -9.490K
YoY Change -4336.04% -22.53%
NET CHANGE
Cash From Operating Activities -7.108M 2.662M
Cash From Investing Activities 4.509M -4.038M
Cash From Financing Activities 402.0K -9.490K
Net Change In Cash -2.197M -1.386M
YoY Change 58.49% 365.89%
FREE CASH FLOW
Cash From Operating Activities -$7.108M $2.662M
Capital Expenditures -$101.0K -$105.5K
Free Cash Flow -$7.007M $2.767M
YoY Change -353.23% 3530.4%

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 June 30, 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 June 30, 2020 totaled less than $0.1 million. <div><br /></div></div></div>
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13897000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1100000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1734000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1664000
CY2019Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
10617000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
20649000
CY2020Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
7580000
us-gaap Operating Income Loss
OperatingIncomeLoss
-4645000
us-gaap Operating Income Loss
OperatingIncomeLoss
966000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2346000
CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
130000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-216000
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
88000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
402000
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
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
264000
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
354000
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
345000
CY2020Q2 us-gaap Other Inventory In Transit
OtherInventoryInTransit
2044000
CY2019Q4 us-gaap Other Inventory In Transit
OtherInventoryInTransit
2750000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
510000
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
509000
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
55000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
51000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-55000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
104000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1082000
CY2020Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1256000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
724000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
10679000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1697000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
136000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
285000
CY2020Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2020Q2 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
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
402000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
1680000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
6310000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
85000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12919000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12015000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26698000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27471000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8968000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
62211000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
58698000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17197000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26291000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38138000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9146000
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>
us-gaap Share Based Compensation
ShareBasedCompensation
378000
us-gaap Share Based Compensation
ShareBasedCompensation
411000
CY2019Q4 us-gaap Shares Outstanding
SharesOutstanding
9022187
CY2018Q4 us-gaap Shares Outstanding
SharesOutstanding
9060561
CY2020Q1 us-gaap Shares Outstanding
SharesOutstanding
9042991
CY2020Q2 us-gaap Shares Outstanding
SharesOutstanding
9042991
CY2019Q1 us-gaap Shares Outstanding
SharesOutstanding
8934024
CY2019Q2 us-gaap Shares Outstanding
SharesOutstanding
8932224
CY2020Q2 us-gaap Short Term Investments
ShortTermInvestments
4614000
CY2019Q4 us-gaap Short Term Investments
ShortTermInvestments
9152000
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
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
56419000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
53101000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
58286000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
54563000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
58625000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
59229000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
9773000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
9773000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
715000
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1424376
CY2020Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1424376
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9039611
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8933648
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9042991
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9036101
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9036101
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8933648
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9036101
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9042991
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
No
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Entity Registrant Name
EntityRegistrantName
TANDY LEATHER FACTORY INC
dei Entity Central Index Key
EntityCentralIndexKey
0000909724
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2021Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8633921
CY2020Q2 tlfa Uncertain Tax Positions Noncurrent
UncertainTaxPositionsNoncurrent
296000
CY2019Q4 tlfa Uncertain Tax Positions Noncurrent
UncertainTaxPositionsNoncurrent
296000
tlfa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1737000
tlfa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1677000
CY2020Q2 tlfa Number Of Stores Remained After Permanent Closures
NumberOfStoresRemainedAfterPermanentClosures
106
CY2020Q2 tlfa Percentage On Workforce Reduced
PercentageOnWorkforceReduced
0.0066
CY2020Q2 tlfa Number Of Stores Permanent Closed
NumberOfStoresPermanentClosed
9
CY2020Q2 tlfa Number Of Employees Granted Temporary Leave
NumberOfEmployeesGrantedTemporaryLeave
406
tlfa Number Of Websites
NumberOfWebsites
4
tlfa Number Of Price Levels
NumberOfPriceLevels
3
CY2019 tlfa Number Of Price Levels
NumberOfPriceLevels
5
tlfa Gift Card Redemption Period
GiftCardRedemptionPeriod
P1Y
CY2019Q4 tlfa Inventory Merchandise Expected To Be Returned
InventoryMerchandiseExpectedToBeReturned
100000
CY2020Q2 tlfa Inventory Merchandise Expected To Be Returned
InventoryMerchandiseExpectedToBeReturned
100000
tlfa Deferred Revenue Recognized Period
DeferredRevenueRecognizedPeriod
P1Y

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