-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E6LcICS89jzRQc6qVKR1z/mEK0bzuyKpNrYcE8pe2d7Gt7GESvBY++hcCPIbxgLt aF0XTvN4ULWbf/1/m3+4Iw== /in/edgar/work/0000950134-00-008635/0000950134-00-008635.txt : 20001017 0000950134-00-008635.hdr.sgml : 20001017 ACCESSION NUMBER: 0000950134-00-008635 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001016 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDY BRANDS ACCESSORIES INC CENTRAL INDEX KEY: 0000869487 STANDARD INDUSTRIAL CLASSIFICATION: [2300 ] IRS NUMBER: 752349915 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18927 FILM NUMBER: 740792 BUSINESS ADDRESS: STREET 1: 690 E LAMAR BLVD STE 200 CITY: ARLINGTON STATE: TX ZIP: 76011 BUSINESS PHONE: 8172654113 MAIL ADDRESS: STREET 1: 690 E LAMAR BLVD CITY: ARLINGTON STATE: TX ZIP: 76011 8-K 1 d80981e8-k.txt FORM 8-K 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): OCTOBER 16, 2000 ---------------- ---------- TANDY BRANDS ACCESSORIES, INC. (Exact name of registrant as specified in charter) DELAWARE -------- (State or other Jurisdiction of Incorporation or Organization) 0-18929 75-2349915 ------- ---------- (Commission File Number) (IRS Employer Identification No.) 690 EAST LAMAR BLVD. SUITE 200 ARLINGTON, TEXAS 76011 ---------------- ----- (Address of Principal Executive Offices) (Zip Code) (817) 265-4113 -------------- (Registrant's telephone number, including area code) NO CHANGE (Former Name or Former Address, if Changed Since Last Report) ================================================================================ 2 ITEM 5. OTHER EVENTS. On October 16, 2000, the Registrant issued a press release announcing its financial results for the first quarter of fiscal 2001. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference. ITEM 7. EXHIBITS. Exhibit 99 Press Release, dated October 16, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TANDY BRANDS ACCESSORIES, INC. Date: October 16, 2000 By: /s/ J.S.B. Jenkins -------------------------------------- J.S.B. Jenkins, President -2- 3 INDEX TO EXHIBIT
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 99 Press Release, dated October 16, 2000.
EX-99 2 d80981ex99.txt PRESS RELEASE 1 EXHIBIT 99 TANDY BRANDS ACCESSORIES, INC. LIPPERT/HEILSHORN & ASSOC., INC. J.S.B. Jenkins Harriet C. Fried President/Chief Executive Officer Assistant Vice President (817) 548-0090 212-838-3777 britt_jenkins@tandybrands.com harriet@lhai.com or www.lhai.com TANDY BRANDS ACCESSORIES, INC. REPORTS FIRST QUARTER 2001 RESULTS ARLINGTON, TX, OCTOBER 16, 2000 -- TANDY BRANDS ACCESSORIES, INC. (NASDAQ: TBAC) today announced financial results for the first fiscal quarter ended September 30, 2000. For the first quarter of fiscal 2001, net sales totaled $54.2 million, as compared to net sales of $53.3 million for the same period in fiscal 2000. Net income for the first quarter totaled $2.0 million, or $0.36 per diluted share, versus $2.8 million, or $0.47 per diluted share, for the same period last year. J.S.B. Jenkins, President and Chief Executive Officer, stated, "We are pleased with our results for the first quarter, which reflected sales increases in both men's belts and women's small leather goods. The Company's September quarterly earnings, as expected, were below the prior year's earnings due to a lower margin sales mix of women's accessories and increased selling, general and administrative expenses resulting from higher wages, advertising and rent expenses." Mr. Jenkins continued, "The first quarter also included significant brand license activities. In September we announced the renewal of our exclusive licensing agreement with Haggar Clothing Co., a subsidiary of Haggar Corp. (Nasdaq: HGGR), to design, manufacture and market a wide range of goods for the Haggar(R) and Haggar Black Label(TM) brand names. We are continuing to increase our sales under the Haggar brands and are pleased to renew this license agreement. In August we announced the signing of an exclusive licensing agreement with Levi Strauss & Co. to produce women's handbags, small leather goods and belts under the Dockers(R) name. Although we do not anticipate Dockers(R) sales until July, 2001, this new license offers strong growth potential to our Company in a number of key areas, including the branded handbag business, women's belts and small leather goods." Mr. Jenkins concluded, "We continue to be optimistic about the accessory sales opportunities for Tandy Brands during this fiscal year. Even though the retail economic conditions are challenging, we are excited about the sales performance of our Rolfs(R) line of men's and women's small leather goods and handbags. Other successes include a growing placement of private label small leather goods, cold weather accessories and women's socks. All in all, we expect fiscal 2001 to be a solid year for Tandy Brands Accessories, Inc." 2 Investors and interested parties will have the opportunity to listen to management's discussion of Tandy Brands' first quarter results in a conference call to be held today, Monday, October 16, at 10:00 a.m. EDT. The dial-in number for the call is (212)582-6982. For those who are unable to listen to the live broadcast, an audio replay of the call will be available beginning at 1:00 p.m. EDT on October 16 through 6:00 p.m. on October 20, via telephone at (800)633-8284 or (858)812-6440, reservation code #16613922. Tandy Brands Accessories, Inc. designs, manufactures and markets fashion accessories for men, women and children. Key product categories include belts, wallets, handbags, suspenders, socks, scarves, cold weather and hair accessories. Merchandise is sold under various national brand names as well as private labels to all major levels of retail distribution, including the ROLFS e-commerce web site at www.rolfs.net. Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted or expected results. Those risks include, among other things, the competitive environment in the industry in general and in the Company's specific market areas, inflation, changes in costs of goods and services and economic conditions in general and in the Company's specific market area. Those and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. (TABLES TO FOLLOW) 3 TANDY BRANDS ACCESSORIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)
Three Months Ended September 30, ---------------------------- 2000 1999 ---- ---- Net sales $ 54,184 $ 53,256 Cost of goods sold 35,288 34,372 -------- -------- Gross margin 18,896 18,884 -------- -------- Selling, general and administrative expenses 13,506 12,667 Depreciation and amortization 1,058 833 -------- -------- Total operating expenses 14,564 13,500 -------- -------- Operating Income 4,332 5,384 Royalty, interest and other income 17 31 Interest expense (1,021) (893) -------- -------- Income before provision for income taxes 3,328 4,522 Provision for income taxes 1,293 1,754 -------- -------- Net income $ 2,035 $ 2,768 ======== ======== Earnings per common share $ 0.36 $ 0.48 ======== ======== Earnings per common share--assuming dilution $ 0.36 $ 0.47 ======== ======== Common shares outstanding 5,612 5,797 ======== ======== Common shares outstanding--assuming dilution 5,626 5,873 ======== ========
4 TANDY BRANDS ACCESSORIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
September 30, June 30, 2000 2000 ------------- --------- (Unaudited) ASSETS Current assets: Cash and short-term investments $ 384 $ 661 Accounts receivable, net 44,431 31,105 Inventories 59,993 55,340 Other current assets 2,444 2,371 --------- --------- Total current assets 107,252 89,477 --------- --------- Fixed assets: Property, plant and equipment, at cost 22,812 22,317 Accumulated depreciation (9,908) (9,305) --------- --------- Net property, plant and equipment 12,904 13,012 --------- --------- Goodwill, less amortization 11,172 11,410 Other noncurrent assets 8,867 7,785 --------- --------- Total other assets 20,039 19,195 --------- --------- TOTAL ASSETS $ 140,195 $ 121,684 ========= ========= LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,859 $ 6,547 Accrued expenses 6,013 4,004 Current portion of long-term notes payable 7,525 -- --------- --------- Total current liabilities 18,397 10,551 --------- --------- Long-term notes payable 50,000 41,075 Other noncurrent liabilities 187 184 --------- --------- Total liabilities 68,584 51,810 --------- --------- Stockholders' equity: Common stock, $1 par value; 10,000,000 shares authorized; 5,808,968 shares and 5,796,028 shares issued as of September 30, 2000 and September 30, 1999, respectively 5,809 5,809 Additional paid-in capital 22,394 22,426 Cumulative other comprehensive income (149) (479) Retained earnings 45,595 43,560 Treasury stock, at cost (2,038) (1,442) --------- --------- Total stockholders' equity 71,611 69,874 --------- --------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 140,195 $ 121,684 ========= =========
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