Tandy Brands Accessories, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2013; Reports Inventory Write Downs for the Fourth Quarter Ended June 30, 2013
September 27, 2013 at 04:56 pm EDT
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Tandy Brands Accessories, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended June 30, 2013. For the quarter, the company reported net sales of $20.643 million against $21.562 million a year ago. Operating loss was $3.018 million against $1.885 million a year ago. Loss before income taxes was $3.924 million against $2.119 million a year ago. Net loss was $3.791 million or $0.53 per diluted share against $2.238 million or $0.32 per diluted share a year ago. Adjusted LBITDA was $1.479 million against $1.484 million a year ago. Adjusted net loss was $2.346 million or $0.33 per diluted share against $2.343 million or $0.33 per diluted share a year ago. The sales decline was primarily attributable to lower sales prices on exited products and the timing of replenishment orders to a significant customer.
For the year, the company reported net sales of $114.010 million against $117.601 million a year ago. Operating loss was $17.632 million against $2.064 million a year ago. Loss before income taxes was $19.480 million against $3.267 million a year ago. Net loss was $19.177 million or $2.69 per diluted share against $3.652 million or $0.52 per diluted share a year ago. Net cash provided by operating activities was $4.080 million against $4.913 million a year ago. Purchases of property and equipment was $0.592 million against $0.664 million a year ago. Adjusted LBITDA was $0.998 million against adjusted EBITDA of $1.762 million a year ago. Adjusted net loss was $3.919 million or $0.55 per diluted share against $1.933 million or $0.27 per diluted share a year ago.
For the fourth quarter, the company reported inventory write downs of $0.464 million.
Tandy Brands Accessories, Inc. is a designer and marketer of branded menâs, womenâs and childrenâs accessories, including belts, gifts, small leather goods and bags. The Companyâs merchandise is marketed under a portfolio of licensed and brand names, including SPERRY TOP-SIDER, EDDIE BAUER, TOTES, MISS ME, SAMSONITE, AMERICAN TOURISTER, SEAN JOHN, WOLVERINE, HAGGAR, ARNOLD PALMER, DOCKERS, KODIAK, TERRA, ROLFS, AMITY, CANTERBURY, PRINCE GARDNER, PRINCESS GARDNER, ABSOLUTELY FRESH and SURPLUS. The Company also sells private branded products for retail customers. It operates in two segments: accessories, which include belts, small leather goods and bags, and gifts.
Tandy Brands Accessories, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2013; Reports Inventory Write Downs for the Fourth Quarter Ended June 30, 2013