-----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, RxQSFreXa+B2Ub20zVfEXjqlIJTUXpFrzfYv71rfc9l6pWsEG1+rAuo/zN/r8cqB IbkZKOFz6jbJ+QO3Djyjcg== 0000096294-96-000022.txt : 19961024 0000096294-96-000022.hdr.sgml : 19961024 ACCESSION NUMBER: 0000096294-96-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961022 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961023 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: 96646461 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: October 22, 1996 Date of Earliest Event Reported: October 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 October 22, 1996, Registrant issued a press release announcing the unaudited results of operations for the three months ended September 30, 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- months ended September 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: October 22, 1996 By:/s/ Michael J. Walsh ---------------------- Michael J. Walsh President Date: October 22, 1996 By:/s/ James D. Allen ---------------------- James D. Allen Chief Financial Officer EX-99 2 TANDYCRAFTS, INC. CONTINUES TURNAROUND REPORTS SIGNIFICANTLY IMPROVED FIRST QUARTER EARNINGS Fort Worth, Texas. October 22, 1996 -- TANDYCRAFTS, INC. (NYSE: TAC) announced today significantly improved results for its fiscal first quarter ended September 30, 1996. Net income for the quarter was $797,000, or $0.07 per share compared to a net income of $9,000 for the same quarter of fiscal 1996. Excluding those operations divested as part of the company's strategic restructuring program, net sales were basically flat when compared to the same quarter last year. Total retail sales for the quarter increased 1.3% while manufacturing sales from continuing operations decreased 2.8%. Although manufacturing sales were down, the company's backlog for orders, primarily in its Picture Frames and Framed Art division, was significantly higher when compared to the same period last year. Net sales were $57,770,000, a 7.3% decrease compared to the $62,349,000 reported for the comparable period last year. In commenting on the company's performance, R. Earl Cox III, Chairman, stated "We are pleased with the company's progress. The results this quarter continue the turnaround since implementing a strategic restructuring plan nine months ago. The many changes that have taken place in the past nine months continue to show positive results. This is the third consecutive quarter with significantly improved earnings over the same quarter last year. Operating income for the first quarter increased 86.5% to $2,048,000. We are encouraged by these results, and are working to achieve the level of performance that we expect from various units. This is a year of transition. We firmly believe that the company is headed in the right direction and expect to continue this positive trend going forward in fiscal 1997." 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 Office Supplies. The Specialty Manufacturing segment is comprised of two manufacturing divisions: Picture Frames and Framed Art and Tandy Wholesale International ("TWI"). Information disclosed in this news release which are forward-looking statements involve risks with uncertainties 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 Tandycrafts' most recent Form 10-Q and 10-K. (Table to follow) Three Months Ended ---------------------------- September 30, September 30, 1996 1995 ------------ ------------ Net sales $ 57,770 $ 62,349 ------------ ------------ Operating costs and expenses: Cost of goods sold 35,688 38,813 Selling, general and administrative 18,662 20,913 Restructuring charge Depreciation and amortization 1,372 1,525 ------------ ------------ Total operating costs and expenses 55,722 61,251 ------------ ------------ Operating income 2,048 1,098 Interest expense, net 822 1,085 ------------ ------------ Income before income taxes 1,226 13 Provision for income taxes 429 4 ------------ ------------ Net income $ 797 $ 9 ============ ============ Net income per share $0.07 $0.00 ===== ===== Weighted average common and common equivalent shares 12,198 11,769 ====== ====== Cargo Joshua's Sav-On Furniture Tandy Leather Christian Office & Retail Bookstores Supplies Accents ------------- ---------- -------- ---------- Number of stores 172 72 36 39 Net sales 9,558 5,828 9,455 5,126 Operating income / (loss) (331) (746) 562 122 Same store sales gains / (losses) (6.2)% (19.7)% 28.3% (15.9)%
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