-----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, Ss3lH5Xgl9+TMyix/xEY7ohy/pRm4/2S+1vcVmTG05Fq+gzj45zGKho5fDyHoome i9bpjmZRxeAr6Z/62f/oNA== 0000096294-96-000012.txt : 19960424 0000096294-96-000012.hdr.sgml : 19960424 ACCESSION NUMBER: 0000096294-96-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960423 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960423 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: 96549690 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 23, 1996 Date of Earliest Event Reported: April 22, 1996 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 22, 1996, Registrant issued a press release announcing the unaudited results of operations for the three- and nine-month periods ended March 31, 1996. 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, 1996. 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: March 22, 1996 By:/s/ James D. Allen ---------------------- James D. Allen Vice President EX-99 2 TANDYCRAFTS, INC. REPORTS THIRD QUARTER, NINE MONTHS RESULTS Fort Worth, Texas. April 19, 1996 -- TANDYCRAFTS, INC. (NYSE: TAC) announced today results for its fiscal third quarter and the nine months ended March 31, 1996. For the three months ended March 31, 1996, net sales were $53,556,000, a 2.4% decrease compared to the $54,891,000 reported for the comparable period of the prior year. Net income was $364,000, or $0.03 per share compared to a net loss of $1,056,000 or $0.09 per share for the same quarter of fiscal 1995. Excluding the results of operations to be divested as part of the Company's strategic restructuring program, net sales for the quarter were $46,620,000, a 5.1% increase over the $44,367,000 reported for the same operations last year. Total retail sales for the quarter increased 7.2% when compared to the same period in fiscal 1995. Manufacturing sales for the quarter decreased 12.0% when compared to the same period last year. For the nine months ended March 31, 1996, net sales were $190,252,000, a 2.9% decrease compared to the $196,022,000 reported for the comparable period of the prior year. The net loss for the nine months ended March 31, 1996 was $12,006,000, or $1.01 per share as compared to net income of $5,095,000, or $0.45 per share for the corresponding period of the prior fiscal year. The Company's earnings for the nine-month period reflect a $12.6 million charge, net of income taxes, associated with the strategic restructuring program recorded in December 1995. In commenting on the strategic restructuring program, the Company stated that it is moving ahead aggressively and expects the actions contemplated in the plan to be substantially completed by year-end. 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. The Specialty Manufacturing segment is comprised of two manufacturing divisions: Frames and Framed Art and Tandy Wholesale International ("TWI"). (Table to follow) Three Months Ended Nine Months Ended ---------------------- ------------------------ March 31, March 31, March 31, March 31, 1996 1995 1996 1995 --------- --------- ---------- ---------- Net sales $ 53,556 $ 54,891 $ 190,252 $ 196,022 Operating costs and expenses: Cost of goods sold 32,834 33,160 119,532 117,534 Selling, general and administrative 18,186 20,902 62,362 63,790 Restructuring charge (501) - 18,317 - Depreciation and amortization 1,482 1,465 4,722 4,021 --------- --------- ---------- ---------- Total operating costs and expenses 52,001 55,527 204,933 185,345 --------- --------- ---------- ---------- Operating income (loss) 1,555 (636) (14,681) 10,677 Interest expense, net 996 1,001 3,198 2,777 --------- --------- ---------- ---------- Income (loss) before income taxes 559 (1,637) (17,879) 7,900 Provision for income taxes 195 (581) (5,873) 2,805 --------- --------- ---------- ---------- Net income $ 364 $ (1,056) $ (12,006) $ 5,095 ========= ========= ========== ========== Net income (loss) per share $ .03 $ (0.09) $ (1.01) $ 0.45 ========= ========= ========== ========== Weighted average common and common equivalent shares 12,109 11,500 11,937 11,366 ====== ====== ====== ======
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