$TLF
TANDY LEATHER FACTORY INC

2021 Q1 Form 10-Q Financial Statement

#000114036121031865 Filed on September 21, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $21.39M $17.15M
YoY Change 24.78% -18.13%
Cost Of Revenue $9.208M $7.279M
YoY Change 26.5% -16.29%
Gross Profit $12.19M $9.866M
YoY Change 23.52% -19.43%
Gross Profit Margin 56.96% 57.54%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $254.0K $335.0K
YoY Change -24.18% -32.38%
% of Gross Profit 2.08% 3.4%
Operating Expenses $11.22M $11.10M
YoY Change 1.13% -1.64%
Operating Profit $965.0K -$2.299M
YoY Change -141.97% -203.89%
Interest Expense $5.000K $0.00
YoY Change -100.0%
% of Operating Profit 0.52%
Other Income/Expense, Net $3.000K $53.00K
YoY Change -94.34% -137.32%
Pretax Income $968.0K -$2.246M
YoY Change -143.1% -208.45%
Income Tax $223.0K -$508.0K
% Of Pretax Income 23.04%
Net Earnings $745.0K -$1.738M
YoY Change -142.87% -214.34%
Net Earnings / Revenue 3.48% -10.14%
Basic Earnings Per Share $0.08 -$0.19
Diluted Earnings Per Share $0.08 -$0.19
COMMON SHARES
Basic Shares Outstanding 8.812M 9.029M
Diluted Shares Outstanding 8.812M 9.029M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.76M $20.61M
YoY Change -47.78% 16.56%
Cash & Equivalents $10.76M $11.42M
Short-Term Investments $9.183M
Other Short-Term Assets $258.0K $146.0K
YoY Change 76.71% -47.93%
Inventory $38.89M $29.22M
Prepaid Expenses
Receivables $408.0K $339.0K
Other Receivables $1.550M $1.969M
Total Short-Term Assets $52.73M $53.44M
YoY Change -1.35% 5.83%
LONG-TERM ASSETS
Property, Plant & Equipment $12.26M $12.26M
YoY Change 0.0% -12.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $387.0K $354.0K
YoY Change 9.32% -6.76%
Total Long-Term Assets $24.01M $25.92M
YoY Change -7.38% -21.43%
TOTAL ASSETS
Total Short-Term Assets $52.73M $53.44M
Total Long-Term Assets $24.01M $25.92M
Total Assets $76.73M $79.36M
YoY Change -3.32% -4.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.822M $7.898M
YoY Change -0.96% 780.3%
Accrued Expenses $3.986M $2.303M
YoY Change 73.08% -43.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.00K
YoY Change
Total Short-Term Liabilities $14.88M $13.94M
YoY Change 6.73% 54.03%
LONG-TERM LIABILITIES
Long-Term Debt $429.0K $0.00
YoY Change
Other Long-Term Liabilities $463.0K $509.0K
YoY Change -9.04% -8.42%
Total Long-Term Liabilities $892.0K $509.0K
YoY Change 75.25% -8.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.88M $13.94M
Total Long-Term Liabilities $892.0K $509.0K
Total Liabilities $15.78M $14.45M
YoY Change 9.15% 50.42%
SHAREHOLDERS EQUITY
Retained Earnings $58.06M $60.47M
YoY Change -4.0% -7.86%
Common Stock $24.00K $25.00K
YoY Change -4.0% 0.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.773M $9.773M
YoY Change 0.0% 0.21%
Treasury Stock Shares $1.424M $1.424M
Shareholders Equity $51.41M $54.56M
YoY Change
Total Liabilities & Shareholders Equity $76.73M $79.36M
YoY Change -3.32% -4.94%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $745.0K -$1.738M
YoY Change -142.87% -214.34%
Depreciation, Depletion And Amortization $254.0K $335.0K
YoY Change -24.18% -32.38%
Cash From Operating Activities $2.205M -$4.023M
YoY Change -154.81% -228.41%
INVESTING ACTIVITIES
Capital Expenditures $116.0K $184.0K
YoY Change -36.96% 493.55%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.000K
YoY Change -100.0% -100.08%
Cash From Investing Activities -$116.0K -$180.0K
YoY Change -35.56% -96.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.675M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -1.678M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 2.205M -4.023M
Cash From Investing Activities -116.0K -180.0K
Cash From Financing Activities -1.678M 0.000
Net Change In Cash 432.0K -4.482M
YoY Change -109.64% -60.65%
FREE CASH FLOW
Cash From Operating Activities $2.205M -$4.023M
Capital Expenditures $116.0K $184.0K
Free Cash Flow $2.089M -$4.207M
YoY Change -149.66% -235.62%

Facts In Submission

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<div style="font-family: 'Times New Roman', Times, serif; 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, 2021, 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, 2021 and December 31, 2020 each totaled less than $0.1 million.</div></div>
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258000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
265000
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
387000
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
387000
CY2020Q4 us-gaap Other Inventory In Transit
OtherInventoryInTransit
3297000
CY2021Q1 us-gaap Other Inventory In Transit
OtherInventoryInTransit
4123000
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
463000
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
463000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
53000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
536000
CY2021Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
857000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1675000
CY2021Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0
CY2020Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1697000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
184000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
116000
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
0
CY2020Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
1700000
CY2021Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0
CY2020Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12255000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12390000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27468000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27590000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
57310000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
58055000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17145000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21394000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
52194000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
51414000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
56419000
CY2021Q1 us-gaap Treasury Stock Value
TreasuryStockValue
9773000
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1424376
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
54563000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
228000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
183000
CY2019Q4 us-gaap Shares Outstanding
SharesOutstanding
9022187
CY2020Q4 us-gaap Shares Outstanding
SharesOutstanding
9150806
CY2021Q1 us-gaap Shares Outstanding
SharesOutstanding
8666886
CY2020Q1 us-gaap Shares Outstanding
SharesOutstanding
9042991
CY2021Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1675000
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2020Q4 us-gaap Treasury Stock Value
TreasuryStockValue
9773000
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1424376
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9029212
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8811752
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8811752
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9029212
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
No
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
TANDY LEATHER FACTORY INC
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000909724
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2021Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8666886
CY2021Q1 tlfa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-903000
CY2020Q1 tlfa Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-890000
CY2021Q1 tlfa Uncertain Tax Positions Noncurrent
UncertainTaxPositionsNoncurrent
393000
CY2020Q4 tlfa Uncertain Tax Positions Noncurrent
UncertainTaxPositionsNoncurrent
393000
CY2021Q1 tlfa Gift Card Redemption Period
GiftCardRedemptionPeriod
P1Y
CY2021Q1 tlfa Number Of Price Levels
NumberOfPriceLevels
3
CY2021Q1 tlfa Inventory Merchandise Expected To Be Returned
InventoryMerchandiseExpectedToBeReturned
100000
CY2020Q4 tlfa Inventory Merchandise Expected To Be Returned
InventoryMerchandiseExpectedToBeReturned
100000
CY2020Q2 tlfa Percentage On Workforce Reduced
PercentageOnWorkforceReduced
0.0066
CY2020Q3 tlfa Number Of Stores Reopened
NumberOfStoresReopened
106
CY2020Q2 tlfa Number Of Employees Granted Temporary Leave
NumberOfEmployeesGrantedTemporaryLeave
406
CY2020Q2 tlfa Number Of Stores Permanent Closed
NumberOfStoresPermanentClosed
9
CY2021Q1 tlfa Number Of Websites
NumberOfWebsites
4

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