-----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, VMmzDnKXUOwioHTXPIYoGuBze75g8R2rXMuzgS2aqybQ6FZwygXoDIPRGSNic7r2 liAVt+SOd/9Ejn0L98CP2Q== 0000950134-02-003950.txt : 20020418 0000950134-02-003950.hdr.sgml : 20020418 ACCESSION NUMBER: 0000950134-02-003950 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020418 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDY BRANDS ACCESSORIES INC CENTRAL INDEX KEY: 0000869487 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 752349915 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18927 FILM NUMBER: 02614394 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 d96150e8-k.txt FORM 8-K ================================================================================ 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): APRIL 18, 2002 -------------- ---------------------------- 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) ================================================================================ ITEM 5. OTHER EVENTS. On April 18, 2002, the Registrant issued a press release announcing its financial results for the third quarter of fiscal 2002. 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 April 18, 2002. 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. By: /s/ J.S.B. Jenkins ------------------------------------ J.S.B. Jenkins, President and Chief Executive Officer -2- INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION ------- ----------- 99 Press Release, dated April 18, 2002.
EX-99 3 d96150ex99.txt PRESS RELEASE DATED APRIL 18, 2002 EXHIBIT 99 [TANDY BRANDS LOGO] 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 REPORTS THIRD QUARTER FISCAL 2002 EARNINGS OF $0.10 PER SHARE ARLINGTON, TEXAS, APRIL 18, 2002 - TANDY BRANDS ACCESSORIES, INC. (NASDAQ NM: TBAC) today announced improved financial results for the quarter ended March 31, 2002, compared to the same period in fiscal 2001. For the third quarter of fiscal 2002, net sales totaled $46.6 million compared to $41.5 million for the same period in fiscal 2001. Net income for the third quarter increased to $598,000, or $0.10 per diluted share, versus net income of $388,000, or $0.07 per diluted share, for the same period last year. For the nine months ended March 31, 2002, net sales totaled $161.3 million compared to net sales of $151.2 million for the same period in the prior year. Net income for the nine months increased to $6.0 million, or $1.03 per diluted share, versus net income of $5.3 million, or $0.94 per diluted share, for the comparable nine-month period in fiscal 2001. J.S.B. Jenkins, president and chief executive officer, commented, "Tandy Brands had a very successful third quarter, continuing the trend of strong sales and earnings we generated in the first six months of fiscal 2002. Women's accessories did particularly well, especially with mass merchants, where we are well positioned to take advantage of today's fashion trends." "Tandy Brands has also made substantial progress in other important areas. In March, we signed an exclusive licensing agreement with Levi Strauss & Co. to produce women's small leather goods and women's belts under the Levi's(R) name. We are very pleased to be working with this outstanding brand. Earlier this week, we announced the acquisition of substantially all of the assets of AA&E Leathercraft, Inc. This acquisition will enable us to continue our successful expansion into the sporting goods distribution channel, which we started last April when we acquired the assets of Torel, Inc." Mr. Jenkins concluded, "Initiatives such as these, combined with the strong customer and product mix we have developed over the years, are making fiscal 2002 a strong year for Tandy Brands despite today's difficult retail environment." Investors and interested parties will have the opportunity to listen to management's discussion of Tandy Brands' third-quarter results in a conference call to be held today, Thursday, April 18, at 10:00 a.m. ET. The dial-in number for the call is (800) 670-3537. For those who are unable to listen to the live broadcast, an audio replay of the call will be available beginning at 12:00 p.m. ET on April 18 through 12:00 p.m. on Thursday, April 25, via telephone at (800) 633-8284, reservation code #20502783. A live webcast of the conference call will also be broadcast on www.vcall.com. 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, and hunting, 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) TANDY BRANDS ACCESSORIES, INC. Condensed Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended March 31, March 31, -------------------------- -------------------------- 2002 2001 2002 2001 ---------- ---------- ---------- ---------- Net sales $ 46,629 $ 41,540 $ 161,342 $ 151,232 Cost of goods sold 30,354 27,575 104,818 99,430 ---------- ---------- ---------- ---------- Gross margin 16,275 13,965 56,524 51,802 Selling, general and administrative expenses 13,304 11,202 40,417 36,636 Depreciation and amortization 1,295 1,379 4,017 3,831 ---------- ---------- ---------- ---------- Total operating expenses 14,599 12,581 44,434 40,467 ---------- ---------- ---------- ---------- Operating Income 1,676 1,384 12,090 11,335 Interest expense (720) (779) (2,355) (2,800) Royalty and other income 28 28 40 62 ---------- ---------- ---------- ---------- Income before provision for income taxes 984 633 9,775 8,597 Provision for income taxes 386 245 3,804 3,326 ---------- ---------- ---------- ---------- Net income $ 598 $ 388 $ 5,971 $ 5,271 ========== ========== ========== ========== Earnings per share $ 0.10 $ 0.07 $ 1.04 $ 0.94 Earnings per share--assuming dilution $ 0.10 $ 0.07 $ 1.03 $ 0.94 Common shares outstanding 5,800 5,571 5,760 5,587 Common shares outstanding--assuming dilution 5,853 5,572 5,790 5,594
TANDY BRANDS ACCESSORIES, INC. Condensed Consolidated Balance Sheets (In thousands)
March 31, June 30, 2002 2001 --------- --------- ASSETS (Unaudited) Current assets: Cash and short-term investments $ 1,067 $ 79 Accounts receivable, net 35,263 34,459 Inventories 53,708 62,335 Other current assets 4,097 3,829 --------- --------- Total current assets 94,135 100,702 --------- --------- Fixed assets: Property, plant and equipment, at cost 27,568 26,451 Accumulated depreciation (13,970) (11,963) --------- --------- Net property, plant and equipment 13,598 14,488 --------- --------- Goodwill, less amortization 12,505 13,215 Other noncurrent assets 8,188 8,579 --------- --------- Total other assets 20,693 21,794 --------- --------- TOTAL ASSETS $ 128,426 $ 136,984 ========= ========= LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,920 $ 9,408 Accrued expenses 7,937 4,911 --------- --------- Total current liabilities 11,857 14,319 --------- --------- Notes payable 34,287 47,400 Other noncurrent liabilities 2,321 1,130 --------- --------- Total liabilities 48,465 62,849 --------- --------- Stockholders' equity: Common stock, $1 par value; 10,000,000 shares authorized; 5,882,926 shares issued as of March 31, 2002 and June 30, 2001 5,883 5,883 Additional paid-in capital 22,463 22,572 Cumulative other comprehensive income (1,726) (670) Retained earnings 53,971 48,000 Treasury stock, at cost (630) (1,650) --------- --------- Total stockholders' equity 79,961 74,135 --------- --------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 128,426 $ 136,984 ========= =========
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