Form 11-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 2010
Commission File Number 0-18927
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
(Full title of plan)
TANDY BRANDS ACCESSORIES, INC.
3631 West Davis, Suite A
Dallas, Texas 75211
(Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office)
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
TABLE OF CONTENTS
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3 |
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FINANCIAL STATEMENTS: |
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13 |
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14 |
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15 |
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NOTE: All other schedules required by the Department of Labor’s Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted since
they are either not applicable or the information required therein has been included in the
financial statements or notes thereto.
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investment Committee and Participants of the
Tandy Brands Accessories, Inc. Employees Investment Plan
We have audited the accompanying statements of net assets available for benefits of the Tandy
Brands Accessories, Inc. Employees Investment Plan (the “Plan”) as of December 31, 2010 and 2009
and the related statements of changes in net assets available for benefits for the years then
ended. These financial statements are the responsibility of the Plan’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. An audit includes consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and
the changes in its net assets available for benefits for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of Form 5500, Schedule H, Line 4i — Schedule of Assets
(Held at End of Year) is presented for the purpose of additional analysis and is not a required
part of the basic financial statements but is supplementary information required by the Department
of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management.
The supplemental schedule has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Whitley Penn LLP
Fort Worth, Texas
June 21, 2011
3
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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December 31 |
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2010 |
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2009 |
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Assets |
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Investments, at fair value: |
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Registered investment companies |
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$ |
6,986,188 |
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$ |
3,119 |
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Collective trust funds |
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894,566 |
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— |
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Tandy Brands Accessories, Inc. common stock |
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405,136 |
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524,442 |
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Total investments |
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8,285,890 |
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527,561 |
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Cash and cash equivalents |
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991 |
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8,712,556 |
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Receivables: |
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Notes receivable from participant loans |
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36,039 |
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26,515 |
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Participant contributions |
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— |
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32,550 |
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Company contributions |
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— |
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22,893 |
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Total receivables |
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36,039 |
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81,958 |
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Net Assets Available For Benefits |
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$ |
8,322,920 |
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$ |
9,322,075 |
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See accompanying notes to financial statements.
4
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
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Year Ended December 31 |
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2010 |
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2009 |
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Additions |
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Contributions: |
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Participants |
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$ |
756,415 |
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$ |
778,744 |
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Company |
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404,650 |
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549,479 |
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Rollover |
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67,312 |
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114,372 |
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Dividends and interest |
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138,218 |
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65,981 |
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Net appreciation in value of investments |
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569,136 |
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2,214,212 |
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Total Additions |
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1,935,731 |
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3,722,788 |
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Deductions |
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Benefits paid to participants |
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2,889,256 |
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3,951,583 |
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Participant loans deemed distributed |
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45,630 |
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5,492 |
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Total Deductions |
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2,934,886 |
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3,957,075 |
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Net Decrease in Net Assets Available for Benefits |
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(999,155 |
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(234,287 |
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Net Assets Available For Benefits |
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Beginning of year |
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9,322,075 |
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9,556,362 |
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End of year |
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$ |
8,322,920 |
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$ |
9,322,075 |
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See accompanying notes to financial statements.
5
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Qualified Retirement Plan
The Tandy Brands Accessories, Inc. Employees Investment Plan (the “Plan”) is a defined contribution
plan with a qualified cash or deferred arrangement (“401(k)”). Tandy Brands Accessories, Inc. (the
“Company”) is the plan administrator and named fiduciary of the Plan (“Plan Administrator”).
The Plan was initially adopted effective January 1, 1991 and has been subsequently amended by the
Company from time to time. The Company most recently amended and restated the Plan on December 7,
2009, to be effective as of January 1, 2010, by adopting a prototype plan sponsored by Merrill
Lynch, Pierce, Fenner & Smith. Coincident with this most recent restatement, the investment options
into which participants may direct the investment of their account balances under the Plan were
changed. The prior investments were liquidated as of December 31, 2009 and the cash proceeds were
transferred to the new investment options offered under the Plan.
The Plan is subject to Titles I and II of the Employee Retirement Income Security Act of 1974, as
amended, (“ERISA”) relating to the protection of employee benefit rights, but is not subject to
Title IV relating to plan termination insurance. The Plan is qualified under Section 401(a) of the
Internal Revenue Code of 1986, as amended (the “Code”).
The following descriptions of the Plan provide only general information about the Plan.
Participants should refer to the Plan documents, including the Summary Plan Description, for a
complete description of the Plan’s provisions.
Plan Description — 2010
Information about the Plan and the benefit provisions is contained in the Summary Plan Description,
a copy of which may be obtained from the Plan Administrator.
The more significant Plan provisions that changed as a result of the amendment and restatement
effective in 2010 and adoption of the prototype plan include:
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The Plan does not provide for automatic enrollment of eligible employees who fail to make
an election to defer a portion of their eligible annual compensation under the Plan. |
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Participants may elect to defer up to 35% of eligible annual compensation as elective
pretax and Roth contributions to the Plan, subject to the deferral limitation in Section
402(g) of the Code, but without regard to permissible catch-up contributions permitted under
Section 414(v) of the Code. |
| • |
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Participants employed by the Company subsequent to 2009 become eligible for Company
matching contributions as of the first day of the month following the applicable 12
consecutive month period during which they complete 1,000 hours of service with the Company. |
| • |
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For each participant who elects to make elective deferrals under the Plan during the Plan
year, the Company makes safe-harbor contributions to the Plan equal to 100% of the first 3% of
the participant’s eligible annual compensation contributed for the Plan year plus 50% of the
next 2% of the participant’s eligible annual compensation contributed for the Plan year, for a
maximum safe harbor matching contribution equal to 4% of the participant’s eligible annual
compensation. |
6
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Plan Description — 2010 (continued)
| • |
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Participants’ and Company safe-harbor contributions to the Plan are always 100% vested; the
three-year vesting schedule for Company matching contributions made with respect to Plan years
commencing prior to January 1, 2010 is unchanged. |
Plan Description — 2009
Contributions
All employees of the Company who completed one month of service may contribute from 1% to 25% of
their eligible annual compensation for the Plan year. Eligible annual compensation is the
participant’s total remuneration reported on the federal income tax withholding statement, plus
amounts not includable in gross income pursuant to Sections 125, 132(f)(4), 457, and 402(g)(3) of
the Code, but excluding any amounts realized from the exercise of a non-qualified stock option or
from the disqualifying disposition of qualified stock options. Notwithstanding the foregoing, the
amount of eligible annual compensation that is taken into account under the Plan is subject to the
maximum earnings limitation as adjusted by the United States Secretary of the Treasury under
Section 401(a)(17) of the Code. Contributions by a highly-compensated employee may be limited or
refunded if the Plan does not meet certain of the Code’s discrimination tests. Highly-compensated
employees age 50 or older may make catch-up contributions exceeding the maximum annual elective
deferral limitation in Section 402(g) of the Code up to the amount permitted under Section 414(v)
of the Code.
Employees not opting out of participation in the Plan are automatically enrolled in the Plan and
treated as if they had elected to contribute 1% of their eligible annual compensation to the Plan.
Qualified cash distributions from other plans may be rolled over into the Plan without regard to an
employee’s eligibility to participate in the Plan.
The Company makes a matching contribution for each participant equal to 100% of the participant’s
pre-tax elective contributions to the Plan up to a maximum of 5% of the participant’s eligible
annual compensation. The Company’s board of directors may amend the Plan to change the matching
percentage at any time.
Generally, contributions to the Plan, excluding Roth contributions, and earnings thereon are not
subject to federal income tax until distributed from the Plan to the participant.
Participant Accounts
Each participant’s account is credited with the participant’s contributions, the Company’s matching
contributions, and the earnings thereon. Participants may allocate contributions and their account
balances among those investments designated by the Plan Administrator. The participants’ accounts
are valued on a daily basis.
The participant, or his or her designated beneficiary, is entitled to the vested portion of the
participant’s account following his or her termination of employment. Nonetheless, a participant
who has attained age 591/2 may withdraw all or any part of his or her vested account balance at any
time while employed. Participants who have previously made rollover contributions or after-tax
contributions
7
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Plan Description — 2009 (continued)
Participant Accounts (continued)
to the
Plan may withdraw amounts attributable to such contributions at any time. Any employee who was a participant in the Plan prior to January 1, 2010 may withdraw the
balance of his or her vested account as of December 31, 2009 (other than any portion credited to
his or her elective deferral contribution account) upon becoming disabled (as defined under the
Plan). In addition, any employee who was a participant in the Plan prior to January 1, 2010 may
withdraw the balance of his or her pre-1986 contribution account as of December 31, 2009.
Upon termination of employment for any reason, those with vested account balances greater than
$1,000 may elect (a) lump sum payments in cash or, where applicable, Company stock, or a
combination thereof, or (b) payment in monthly installments over a designated period not to exceed
the participant’s life expectancy or joint life expectancy of the participant and the designated
beneficiary, subject to specified minimum distribution requirements. Vested account balances of
$1,000 or less are distributed in a lump sum. Payments may be rolled over directly to another
eligible retirement plan.
A participant may borrow from his or her account, provided that such loan must be for a minimum
amount of $1,000 and may not exceed an amount equal to the lesser of (a) the greater of 50% of his
or her vested account balance or $10,000 and (b) $50,000 reduced by the amount by which the
participant’s highest loan balance from the Plan in the preceding one-year period exceeded the
participant’s outstanding loan balance at the time of the new loan.
Hardship withdrawals of specified amounts may be made in the event of a participant’s immediate and
heavy financial need for which funds are not reasonably available from other resources as specified
in the Plan and determined by the Plan Administrator.
Under specified conditions, an alternate payee may receive a distribution from a participant’s
account in compliance with a qualified domestic relations order.
Vesting
Participants are immediately vested in their elective contributions as well as safe harbor Company
matching contributions and the earnings thereon. Company matching contributions made to the Plan
prior to January 1, 2010 are subject to a vesting schedule based on years of completed service: one
but less than two years — 33%; two but less than three years — 67%; three years or more — 100%.
However, upon attaining age 65, or in the event of the participant’s disability (as defined in the
Plan) or death, a participant becomes 100% vested in the Company’s matching contributions and the
earnings thereon.
Forfeitures
Forfeited balances of terminated participants’ nonvested accounts are used in the following order:
(1) to reduce Company matching contributions, (2) to offset the Plan’s administrative costs and (3)
allocated to the participants’ accounts as a nonelective (profit sharing) contribution.
8
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan are presented on the accrual basis of accounting
in conformity with accounting principles generally accepted in the United States of America.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States of America requires the Investment Committee to make estimates and assumptions
that affect certain reported amounts and disclosures, including events through the financial
statements issuance date. Accordingly, actual results may differ from these estimates.
Investments
In September 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards
Update 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or Its
Equivalent) (“ASU 2009-12”). ASU 2009-12 amended ASC 820 to allow entities to use net asset value
(NAV) per share (or its equivalent), as a practical expedient, to measure fair value when the
investment does not have a readily determinable fair value and the net asset value is calculated in
a manner consistent with investment company accounting. The Plan adopted the guidance in ASU
2009-12 for the reporting period ended December 31, 2009 and has utilized the practical expedient
to measure the fair value of investments within the scope of this guidance based on the
investment’s NAV. In addition, as a result of adopting ASU 2009-12, the Plan has provided
additional disclosures regarding the nature and risks of investments within the scope of this
guidance. Adoption of ASU 2009-12 did not have a material effect on the Plan’s net assets available
for benefits or its changes in net assets available for benefits.
In January 2010, the FASB issued Accounting Standards Update 2010-06, Improving Disclosures about
Fair Value Measurements, (“ASU 2010-06”). ASU 2010-06 amended ASC 820 to clarify certain existing
fair value disclosures and require a number of additional disclosures. The guidance in ASU 2010-06
clarified that disclosures should be presented separately for each “class” of assets and
liabilities measured at fair value and provided guidance on how to determine the appropriate
classes of assets and liabilities to be presented. ASU 2010-06 also clarified the requirement for
entities to disclose information about both the valuation techniques and inputs used in estimating
Level 2 and Level 3 fair value measurements. In addition, ASU 2010-06 introduced new requirements
to disclose the amounts (on a gross basis) and reasons for any significant transfers between Levels
1, 2 and 3 of the fair value hierarchy and present information regarding the purchases, sales,
issuances and settlements of Level 3 assets and liabilities on a gross basis. With the exception of
the requirement to present changes in Level 3 measurements on a gross basis, which is delayed until
2011, the guidance in ASU 2010-06 becomes effective for reporting periods beginning after December
15, 2009. Adoption of ASU 2010-06 did not have a material effect on
the Plan's net assets available for benefits or its changes in net
assets available for benefits.
9
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Summary of Significant Accounting Policies (continued)
Investments (continued)
The valuation methodologies for determining the fair values of the Plan’s investments at December
31, 2010 and 2009 are:
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Registered investment companies — The net asset value of the investment shares
calculated in a manner consistent with investment company accounting. |
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Common stock — The closing price reported on the active market on which it is traded. |
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Level 2 investment — Inputs that are derived principally from observable market data by
correlation or other means. |
These methods may produce a fair value that may not be indicative of net realizable value or
reflective of future fair values and use of different methodologies or assumptions could result in
different fair value measurements. The Plan’s investments are subject to market or credit risks
customarily associated with debt and equity investments.
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2010 |
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2009 |
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Level 1 |
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Level 2 |
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Level 1 |
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Level 2 |
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Registered investment companies: |
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Growth funds |
|
$ |
2,272,358 |
|
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$ |
— |
|
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$ |
— |
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$ |
— |
|
Value funds |
|
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1,648,260 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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International funds |
|
|
1,418,535 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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Fixed income funds |
|
|
937,364 |
|
|
|
— |
|
|
|
— |
|
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|
— |
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Blended funds |
|
|
709,671 |
|
|
|
— |
|
|
|
3,119 |
|
|
|
— |
|
|
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|
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Total registered investment companies |
|
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6,986,188 |
|
|
|
|
|
|
|
3,119 |
|
|
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Tandy Brands Accessories, Inc. common stock |
|
|
405,136 |
|
|
|
— |
|
|
|
524,442 |
|
|
|
— |
|
Collective trust fund |
|
|
— |
|
|
|
894,566 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,391,324 |
|
|
$ |
894,566 |
|
|
$ |
527,561 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment transactions are recorded on a trade-date basis with realized and unrealized gains and
losses being a component of the net appreciation and depreciation in the value of investments.
Dividend income is recognized on the ex-dividend date and interest income is recognized on the
accrual basis.
Investment appreciation (depreciation):
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|
|
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| |
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2010 |
|
|
2009 |
|
Registered investment companies |
|
$ |
585,034 |
|
|
$ |
1,514,056 |
|
Tandy Brands Accessories, Inc. common stock |
|
|
(15,898 |
) |
|
|
623,754 |
|
Collective trust fund |
|
|
— |
|
|
|
76,402 |
|
|
|
|
|
|
|
|
|
|
$ |
569,136 |
|
|
$ |
2,214,212 |
|
|
|
|
|
|
|
|
10
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Summary of Significant Accounting Policies (continued)
Investments (continued)
Investments greater than 5% of net assets available for benefits at fair value at December 31:
| |
|
|
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|
|
|
|
| |
|
2010 |
|
|
2009 |
|
Tandy Brands Accessories, Inc. Common Stock |
|
|
* |
|
|
$ |
524,442 |
|
Ivy Large Cap Growth — Class Y |
|
$ |
1,424,595 |
|
|
|
** |
|
Merrill Lynch Retirement Preservation Trust |
|
|
894,566 |
|
|
|
** |
|
MFS International Diversification Fund — Class A |
|
|
793,036 |
|
|
|
** |
|
Eaton Vance Large-Cap Value Fund — Class A |
|
|
761,185 |
|
|
|
** |
|
Davis New York Venture Fund Incorporated — Class A |
|
|
709,671 |
|
|
|
** |
|
Ivy Asset Strategy Fund — Class Y |
|
|
579,712 |
|
|
|
** |
|
Prudential Jennison Mid Cap Growth Fund — Class A |
|
|
548,618 |
|
|
|
** |
|
Victory Established Value Fund — Class A |
|
|
533,102 |
|
|
|
** |
|
Delaware Diversified Income Fund — Class A |
|
|
521,872 |
|
|
|
** |
|
| |
|
|
| * |
|
Represented less than 5% of the Plan’s net assets |
| |
| ** |
|
Funds were new investment options in 2010 |
Participant Loans
Loans, stated at amortized cost, are secured by the participant’s account balance, bear interest
(2010 — 3.25% to 5%; 2009 — 4.25% to 9.25%), and require repayment within five years (10 years
for loans to purchase the participant’s principal residence). In accordance with FASB Accounting
Standards Update No. 2010-25 (“ASU 2010-25”), Reporting Loans to Participants by Defined
Contribution Pension Plans — a Consensus of the FASB Emerging Issues Task Force, issued in
September 2010, participant loans have been reclassified in the Statements of Net Assets Available
for Benefits from investments to receivables.
Contributions
Participant and Company contributions are accrued in the period in which they are deducted from
participants’ pay. Rollover contributions are recorded when received. Approximately $29,300 of
forfeited Company matching contributions was available at December 31, 2010 to reduce future
Company contributions.
Benefit Payments
Disbursements for benefits are recorded when paid.
Benefits Payable
At December 31, 2010 and 2009 there were no amounts due to participants who had elected to withdraw
from the Plan and requested payment of benefits, but which had not yet been paid.
11
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
Plan Management
Administration
The Plan is administered by the Company’s Investment Committee. A third-party trustee holds and
manages the Plan’s assets. Administrative expenses are paid by the Company.
Amendment or Termination
The Company may amend or terminate the Plan at any time, but no such action shall cause the Plan’s
assets to be used for, or diverted to, any purpose other than the exclusive benefit of
participants, nor shall any amendment have the effect of reducing a participant’s accrued benefit
without the permission of the United States Secretary of Labor. Participants become 100% vested in
Company contributions and earnings thereon upon termination of the Plan or discontinuance, other
than a temporary suspension, of Company matching contributions.
Tax Status
The Internal Revenue Service (the “IRS”) has determined and informed the sponsor of the prototype
plan by an opinion letter dated March 31, 2008 and the Company by letter dated January 31, 2011
that the prototype plan and related trust are designed in accordance with applicable sections of
the Code. The Investment Committee believes the Plan is currently designed and being operated in
compliance with the applicable requirements of the Code. Therefore, the Investment Committee
believes the Plan was qualified and the related trust was tax-exempt as of December 31, 2010.
Accounting principles generally accepted in the United States of America require plan management to
evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has
taken an uncertain position that more likely than not would not be sustained upon examination by
the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded
that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that
would require recognition of a liability (or asset) or disclosure in the financial statements. The
Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits
for any tax periods in progress.
Form 5500 Reconciliation
The following reconciles the financial statement net decrease in net assets available for benefits
to the IRS Schedule H (Form 5500) net income (loss) for the year ended December 31, 2009. There
were no reconciling items as of and for the year ended December 31, 2010.
| |
|
|
|
|
Financial statement net decrease in net assets available for benefits |
|
$ |
(234,287 |
) |
Fully benefit-responsive contract adjustment |
|
|
101,709 |
|
|
|
|
|
| |
Schedule H (Form 5500) Part II Line 2k — Net income (loss) |
|
$ |
(132,578 |
) |
|
|
|
|
12
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010
EIN:
75-2349915 Plan: 001
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
(c) Description of |
|
|
|
|
|
|
| (a) |
|
(b) Identity of Issue or Borrower |
|
Investment |
|
(d)
Cost |
|
|
(e)
Current Value |
|
|
|
Ivy Large Cap Growth |
|
Class Y Shares |
|
|
** |
|
|
$ |
1,424,595 |
|
* |
|
Merrill Lynch Retirement Preservation Trust |
|
Participation Units |
|
|
** |
|
|
|
894,566 |
|
|
|
MFS International Diversification Fund |
|
Class A Shares |
|
|
** |
|
|
|
793,036 |
|
|
|
Eaton Vance Large-Cap Value Fund |
|
Class A Shares |
|
|
** |
|
|
|
761,185 |
|
|
|
Davis New York Venture Fund Incorporated |
|
Class A Shares |
|
|
** |
|
|
|
709,671 |
|
|
|
Ivy Asset Strategy Fund |
|
Class Y Shares |
|
|
** |
|
|
|
579,712 |
|
|
|
Prudential Jennison Mid Cap Growth Fund |
|
Class A Shares |
|
|
** |
|
|
|
548,618 |
|
|
|
Victory Established Value Fund |
|
Class A Shares |
|
|
** |
|
|
|
533,102 |
|
|
|
Delaware Diversified Income Fund |
|
Class A Shares |
|
|
** |
|
|
|
521,872 |
|
* |
|
Tandy Brands Accessories, Inc. |
|
Common Stock |
|
|
** |
|
|
|
405,136 |
|
|
|
Franklin U.S. Government Securities Fund |
|
Series A |
|
|
** |
|
|
|
397,502 |
|
|
|
American Century Small Cap Value Fund |
|
Class A Shares |
|
|
** |
|
|
|
353,973 |
|
|
|
Sentinel Small Company Fund |
|
Class A Shares |
|
|
** |
|
|
|
299,145 |
|
|
|
Lazard Emerging Markets |
|
Open Shares |
|
|
** |
|
|
|
45,787 |
|
|
|
Franklin Strategic Income Fund |
|
Class A Shares |
|
|
** |
|
|
|
17,990 |
|
* |
|
Participant loans |
|
Due 1 to 4 Years - |
|
|
|
|
|
|
|
|
|
|
|
|
3.25% to 5.00% Interest |
|
$ |
-0- |
|
|
|
36,039 |
|
| |
|
|
| * |
|
Indicates a party-in-interest to the Plan. |
| |
| ** |
|
Cost of participant-directed investments omitted. |
13
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Investment Committee has
duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly
authorized.
| |
|
|
|
|
| |
TANDY BRANDS ACCESSORIES, INC.
EMPLOYEES INVESTMENT PLAN
|
|
| June 22, 2011 |
/s/ N. Roderick McGeachy, III
|
|
| |
N. Roderick McGeachy, III |
|
| |
Investment Committee Member |
|
14
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-38526 on Form S-8 of
Tandy Brands Accessories, Inc. of our report dated June 21, 2011, with respect to the statements of
net assets available for benefits of the Tandy Brands Accessories, Inc. Employees Investment Plan
as of December 31, 2010 and 2009, the related statements of changes in its net assets available for
benefits for the years then ended, and the related supplemental schedule of Form 5500, Schedule H,
line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2010, which report appears in
the December 31, 2010 annual report on Form 11-K of the Tandy Brands Accessories, Inc. Employees
Investment Plan.
/s/ Whitley Penn LLP
Fort Worth, Texas
June 21, 2011
15