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.