-----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, HgCOhFGu1J53pb2qH5nJC37VVMP36743tcdF8mSq1vvNs+iLRT9PNPn2DSoiWZ77 DFmjL5tGeJBiSIZni469Og== 0000096294-96-000016.txt : 19960816 0000096294-96-000016.hdr.sgml : 19960816 ACCESSION NUMBER: 0000096294-96-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960814 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960815 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDYCRAFTS INC CENTRAL INDEX KEY: 0000096294 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] 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: 96615544 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: August 14, 1996 Date of Earliest Event Reported: August 13, 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 August 13, 1996, Registrant issued a press release announcing the results of operations for the three- and twelve-month periods ended June 30, 1996. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (c) Exhibits. -------- Exhibit Number Description ------- ------------------------------ 99 Copy of press release announcing the results ofoperations for the three- and twelve-month periods ended June 30, 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: August 13, 1996 By:/s/ Michael J. Walsh ------------------------- Michael J. Walsh President Date: August 13, 1996 By:/s/ James D. Allen ------------------------- James D. Allen Chief Financial Officer EX-99 2 TANDYCRAFTS, INC. REPORTS SIGNIFICANTLY IMPROVED FOURTH QUARTER RESULTS Fort Worth, Texas. August 13, 1996 -- TANDYCRAFTS, INC. (NYSE: TAC) announced today significantly improved results for its fiscal fourth quarter ended June 30, 1996. Net income for the quarter was $1,297,000, or $0.11 per share compared to a net income of $122,000 or $0.01 per share for the same quarter of fiscal 1995. Net sales were $64,032,000, a 5.8% increase compared to the $60,501,000 reported for the comparable period last year. Total retail sales for the quarter increased 3.8% while manufacturing sales for the quarter increased 7.6% when compared to the same period last year. In commenting on the Company's performance, R. Earl Cox III, Chairman, stated "We are pleased with the progress of the Company to date. The strategic restructuring program initiated in December 1995 is substantially complete and the many changes that have taken place in the past few months are beginning to show positive results. This is the second consecutive quarter with significantly improved earnings over the same quarter last year. Excluding the results of operations targeted for divestiture as part of the Company's strategic restructuring program, operating income for the fourth quarter increased 78.3% to $3,155,000 and net sales increased 12.8% to $62,345,000 compared to the same quarter last year. While we are encouraged by the results thus far, there is still work to be done to achieve the level of performance that we expect from various units. The successful execution of the strategic restructuring program will enable management to better focus their attention on the remaining core business units. We believe that the company is headed in the right direction and look forward to continuing this positive trend in fiscal 1997." For the twelve months ended June 30, 1996, net sales were $254,284,000, a decrease of less than 1% when compared to the $256,523,000 reported for the comparable period of the prior year. The net loss for the twelve months ended June 30, 1996 was $(10,709,000), or $(0.89) per share as compared to net income of $5,217,000, or $0.46 per share for the corresponding period of the prior fiscal year. The Company's earnings for the twelve-month period ended June 30, 1996 reflect a $12.3 million charge, net of income taxes, or $1.03 per share, associated with a strategic restructuring program. 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"). Information disclosed in this news release which are forward-looking statements involve risks and uncertainites including, but not limited to, the performance of each operating unit, relationships with certain key customers, commodity price fluctuations, interest rate fluctuations, recessionary factors, seasonality and other risks indicated in filings with the Securities and Exchange Commission such as Tandycraft's most recent Form 10-Q and 10-K. (Table to follow) Three Months Ended Twelve Months Ended --------------------- ---------------------- June 30, June 30, June 30, June 30, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- (In thousands, except per share amounts) Net sales $ 64,032 $ 60,501 $ 254,284 $ 256,523 Operating costs and expenses: Cost of goods sold 40,853 38,110 160,385 155,644 Selling, general and administrative 19,065 19,754 81,427 83,544 Restructuring charge - - 18,317 - Depreciation and amortization 1,244 1,454 5,966 5,475 ---------- ---------- ---------- ---------- Total operating costs and expenses 61,162 59,318 266,095 244,663 ---------- ---------- ---------- ---------- Operating income (loss) 2,870 1,183 (11,811) 11,860 Interest expense, net 874 1,056 4,072 3,833 ---------- ---------- ---------- ---------- Income (loss) before income taxes 1,996 127 (15,883) 8,027 Provision (benefit) for income taxes 699 5 (5,174) 2,810 ---------- ---------- ---------- ---------- Net income (loss) $ 1,297 $ 122 $ (10,709) $ 5,217 ========== ========== ========== ========== Net income (loss) per share $ .11 $ 0.01 $ (0.89) $ 0.46 ========== ========== ========== ========== Weighted average common and common equivalent shares 12,123 11,642 11,983 11,434 ====== ====== ====== ====== # # # -----END PRIVACY-ENHANCED MESSAGE-----