-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, LC+DSHtH0Qk8YtcHIWfxooqJC6N/S/tp/RIX/TkC7Y/R5sybogeQjifDH3kYMrpl NLMsQNmSILdU5/ci3vW/wA== 0000096294-95-000006.txt : 19950502 0000096294-95-000006.hdr.sgml : 19950502 ACCESSION NUMBER: 0000096294-95-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950428 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDYCRAFTS INC CENTRAL INDEX KEY: 0000096294 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-HOBBY, TOY & GAME SHOPS [5945] IRS NUMBER: 751475224 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07258 FILM NUMBER: 95533035 BUSINESS ADDRESS: STREET 1: 1400 EVERMAN PKWY CITY: FORT WORTH STATE: TX ZIP: 76140 BUSINESS PHONE: 8175519600 MAIL ADDRESS: STREET 1: 1400 EVERMAN PKWY CITY: FORT WORTH STATE: TX ZIP: 76140 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: April 28, 1995 TANDYCRAFTS, INC. A DELAWARE CORPORATION 1-7258 75-1475224 (Commission File Number) IRS Employer Identification No.) 1400 Everman Parkway Fort Worth, Texas 76140 (817) 551-9600 ITEM 5. OTHER EVENTS (a) On April 21, 1995, Registrant issued a press release announcing the unaudited results of operations for the three- and nine-month periods ended March 31, 1995. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. Exhibit Number Description ------ --------------------------- 99 Copy of press release announcing the unaudited results of operations for the three- and nine-month periods ended March 31, 1995. 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 of the undersigned thereunto duly authorized. TANDYCRAFTS, INC. Date: April 28, 1995 By:/s/ Jerry L. Roy Jerry L. Roy President Date: April 28, 1995 By:/s/ Michael J. Walsh Michael J. Walsh Chief Financial Officer EX-99 2 TANDYCRAFTS, INC. REPORTS THIRD QUARTER, NINE MONTHS RESULTS Fort Worth, Texas. April 21, 1995 -- TANDYCRAFTS, INC. (NYSE: TAC) today announced results for the third quarter and nine months of fiscal 1995, ended March 31, 1995. For the three months ended March 31, 1995, the Company incurred a loss of $1,056,000 or $.09 per share compared to income of $1,680,000 or $.15 per share reported for the same period in Fiscal 1994. Net sales for the third quarter of fiscal 1995 were $54,891,000, a 5% increase over the $52,469,000 reported for the comparable period in the prior year. For the nine months ended March 31, 1995, net income was $5,095,000 or $.45 per share compared to $6,791,000 or $.60 for the prior fiscal year. Net sales increased 24% to $196,022,000 versus $158,048,000 for fiscal 1994. At the Specialty Retail level, total sales for the quarter increased 9% compared to the same period in fiscal 1994. Both sales and same store sales at Tandy Leather, with 175 stores, were down 3% when compared to the same period last year. Cargo Furniture & Accents, with 40 stores opened versus 44 for the same period last year, saw sales slip 4% due to the smaller number of stores, while same store sales increased 3%. Sav-On Discount Office Supplies, with 36 stores opened versus 15 last year, reported a 44% sales increase and a 4% increase in same store sales. Joshua's Christian Stores, with 70 stores opened versus 57 stores opened last year, realized a 21% sales increase. Same store sales, which were flat for the quarter, were up 4% in January and February but down by 7% for March as a result of Easter falling two weeks later - April 16 versus April 3 last year - making March comparisons difficult. For the first two weeks of April 1995, sales were up 29% and same store sales were up 16%. At the Specialty Manufacturing level, sales for the quarter were up 1% when compared to last year. This reflected several factors including continued weakness in the apparel divisions, Belts and Accessories and Outerwear, a slowing of sales at TWI as a result of the baseball strike and the shifting of certain promotional sales from the third quarter to the fourth quarter in the Frames and Framed Art division. Going into the fourth quarter, plans call for the opening of four additional Joshua's Christian Stores and two Sav-On Discount Office Supplies stores prior to June 30, 1995. Commenting on the results, Earl Cox, Chairman, stated "While Tandycrafts completed its quarter setting sales records, the Company, as previously stated, did incur a loss for the quarter. This loss was attributable to several factors including weakness in the apparel industry, decline in sales at TWI due to the baseball strike, shifting of retail sales as a result of a later Easter and additional new store expenses incurred primarily in expanding one of the Company's most promising retail operations, Sav-On Discount Office Supplies." Looking to the fourth quarter, Mr. Cox added, "Some of these factors including the continuing weakness in the apparel divisions, Belts and Accessories and Outerwear, will continue to negatively impact our performance." Tandycrafts, Inc. is a specialty retailer and manufacturer. Included in its Specialty Retail segment are Tandy Leather Company, Joshua's Christian Stores, Cargo Furniture & Accents, and Sav-On Discount Office Supplies. Its Specialty Manufacturing segment is comprised of four manufacturing divisions; Frames and Framed Art, Belts and Accessories, Outerwear and Tandy Wholesale International ("TWI"). (Table to follow) Three Months Ended Nine Months Ended ------------------- --------------------- March 31, March 31, March 31, March 31, 1995 1994 1995 1994 -------- -------- -------- --------- Net sales $ 54,891 $ 52,469 $ 196,022 $ 158,048 Operating costs and expenses: Cost of goods sold 33,160 31,222 117,534 93,801 Selling, general and administrative 20,902 17,024 63,790 49,375 Depreciation and amortization 1,465 1,046 4,021 2,866 ---------- ---------- ---------- ---------- Total operating costs and expenses 55,527 49,292 185,345 146,042 ---------- ---------- ---------- ---------- Operating income (loss) (636) 3,177 10,677 12,006 Interest expense, net 1,001 476 2,777 1,005 ---------- ---------- ---------- ---------- Income (loss) before income taxes (1,637) 2,701 7,900 11,001 Provision for income taxes (581) 1,021 2,805 4,210 ---------- ---------- ---------- ---------- Net income $ (1,056) $ 1,680 $ 5,095 $ 6,791 ========== ========== ========== ========== Net income (loss) per share $(0.09) $0.15 $0.45 $0.60 ======= ===== ===== ===== Weighted average common and common equivalent shares 11,500 11,327 11,366 11,404 ====== ====== ====== ====== # # # -----END PRIVACY-ENHANCED MESSAGE-----