$TLF
TANDY LEATHER FACTORY INC

2023 Q4 Form 10-Q Financial Statement

#000114036123052092 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $20.85M $17.54M
YoY Change -6.82% -7.95%
Cost Of Revenue $9.359M $6.604M
YoY Change -5.46% -11.49%
Gross Profit $11.49M $10.94M
YoY Change -7.89% -5.67%
Gross Profit Margin 55.1% 62.35%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $309.0K $300.0K
YoY Change 3.0% 0.0%
% of Gross Profit 2.69% 2.74%
Operating Expenses $9.726M $10.06M
YoY Change -19.95% -5.27%
Operating Profit $1.760M $880.0K
YoY Change 450.0% -9.84%
Interest Expense $93.00K $0.00
YoY Change 365.0% -100.0%
% of Operating Profit 5.28% 0.0%
Other Income/Expense, Net $122.0K -$43.00K
YoY Change 1120.0% -960.0%
Pretax Income $1.975M $837.0K
YoY Change 464.29% -14.68%
Income Tax $38.00K $201.0K
% Of Pretax Income 1.92% 24.01%
Net Earnings $1.937M $636.0K
YoY Change 330.44% -12.03%
Net Earnings / Revenue 9.29% 3.63%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share $0.23 $0.08
COMMON SHARES
Basic Shares Outstanding 8.399M 8.329M
Diluted Shares Outstanding 8.405M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.16M $8.620M
YoY Change 52.37% 182.62%
Cash & Equivalents $12.16M $8.623M
Short-Term Investments
Other Short-Term Assets $113.0K $71.00K
YoY Change 6.6% -29.0%
Inventory $37.99M $38.59M
Prepaid Expenses $475.0K $206.0K
Receivables $300.0K $295.0K
Other Receivables $248.0K $390.0K
Total Short-Term Assets $51.25M $48.17M
YoY Change 8.47% -0.29%
LONG-TERM ASSETS
Property, Plant & Equipment $10.55M $10.61M
YoY Change -5.51% -9.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $438.0K $458.0K
YoY Change 13.18% 9.05%
Total Long-Term Assets $20.88M $20.50M
YoY Change -2.08% -6.44%
TOTAL ASSETS
Total Short-Term Assets $51.25M $48.17M
Total Long-Term Assets $20.88M $20.50M
Total Assets $72.14M $68.68M
YoY Change 5.19% -2.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.333M $1.420M
YoY Change -24.25% -71.37%
Accrued Expenses $6.312M $5.870M
YoY Change 13.53% -5.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $8.933M $7.640M
YoY Change 0.71% -31.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.000K $0.00
YoY Change
Other Long-Term Liabilities $205.0K $326.0K
YoY Change -37.12% -21.82%
Total Long-Term Liabilities $205.0K $326.0K
YoY Change -37.12% -21.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.933M $7.640M
Total Long-Term Liabilities $205.0K $326.0K
Total Liabilities $9.138M $7.966M
YoY Change -0.63% -31.33%
SHAREHOLDERS EQUITY
Retained Earnings $63.66M $61.72M
YoY Change 6.29% 3.83%
Common Stock $23.00K $23.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.35M $53.65M
YoY Change
Total Liabilities & Shareholders Equity $72.14M $68.68M
YoY Change 5.19% -2.21%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $1.937M $636.0K
YoY Change 330.44% -12.03%
Depreciation, Depletion And Amortization $309.0K $300.0K
YoY Change 3.0% 0.0%
Cash From Operating Activities $3.337M -$1.130M
YoY Change -34.7% -47.2%
INVESTING ACTIVITIES
Capital Expenditures $246.0K $160.0K
YoY Change -229.47% -57.89%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$246.0K -$160.0K
YoY Change -223.0% -57.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000K -20.00K
YoY Change -120.0%
NET CHANGE
Cash From Operating Activities 3.337M -1.130M
Cash From Investing Activities -246.0K -160.0K
Cash From Financing Activities -6.000K -20.00K
Net Change In Cash 3.085M -1.310M
YoY Change -42.23% -48.02%
FREE CASH FLOW
Cash From Operating Activities $3.337M -$1.130M
Capital Expenditures $246.0K $160.0K
Free Cash Flow $3.091M -$1.290M
YoY Change -41.68% -48.81%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EffectiveIncomeTaxRateContinuingOperations
0.24
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
1-12368
dei Entity Registrant Name
EntityRegistrantName
TANDY LEATHER FACTORY, INC
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Address Address Line1
EntityAddressAddressLine1
1900 Southeast Loop 820
dei Entity Filer Category
EntityFilerCategory
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dei Entity Small Business
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dei Entity Emerging Growth Company
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us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;"><span style="text-decoration: underline;">Accounts Receivable - Trade and Expected Credit Losses</span></span>.  Our receivables primarily arise from the sale of merchandise to customers that have applied for and been granted credit.  Accounts receivable are stated at amounts due, net of an allowance for doubtful accounts.  Accounts receivable are generally due within 30 days of invoicing.  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.  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 September 30, 2023, 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).  Accordingly, the allowance for expected credit losses at September 30, 2023, December 31, 2022, and January 1, 2022 each totaled less than $0.1 million.</div>
dei Security Exchange Name
SecurityExchangeName
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
75-2543540
dei Entity Address City Or Town
EntityAddressCityOrTown
Fort Worth
dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei Entity Address Postal Zip Code
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76140
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817
dei Local Phone Number
LocalPhoneNumber
872-3200
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"><span style="text-decoration: underline;">Reclassifications</span></span><span style="font-family: 'Times New Roman';">.</span>  Certain amounts that were identified in the fourth quarter of 2022 as an out-of-period adjustment for unreconciled inventory receipts for in-transit inventory in our 2022 Form 10-K, which have been adjusted in our presentation of the first quarter 2022 inventory and accounts payable in the operating activities section of the consolidated statement of cash flows. The first quarter of 2022 adjustment is accounted for in our year-to-date balances for these cash flows items. The impact of this reclassification was approximately $0.4 million. </div>
us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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dei Security12b Title
Security12bTitle
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dei Trading Symbol
TradingSymbol
TLF
dei Entity Current Reporting Status
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