-----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, NOJLf/Tryf1gXESYJyBjqTLjJHrfJHQwFXh3uqWBFeRAFTGjPiqY3dz3LXjSuGb0 KDJJlzjWw10M/kkCtR4GDQ== 0000096294-97-000022.txt : 19971103 0000096294-97-000022.hdr.sgml : 19971103 ACCESSION NUMBER: 0000096294-97-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971031 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971031 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: SEC FILE NUMBER: 001-07258 FILM NUMBER: 97705341 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 31, 1997 Date of Earliest Event Reported: October 22, 1997 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, 1997, Registrant issued a press release announcing the unaudited results of operations for the three months ended September 30, 1997. 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, 1997. 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, 1997 By:/s/ Michael J. Walsh -------------------------- Michael J. Walsh President Date: October 22, 1997 By:/s/ James D. Allen -------------------------- James D. Allen Chief Financial Officer EX-99 2 TANDYCRAFTS, INC. REPORTS 19% INCREASE IN FIRST QUARTER EARNINGS Fort Worth, Texas. October 22, 1997 -- TANDYCRAFTS, INC. (NYSE: TAC) announced today improved results for its fiscal first quarter ended September 30, 1997. Net income for the quarter increased 19% to $949,000, or $0.08 per share compared to net income of $797,000, or $0.07 per share for the same quarter last year. Excluding divested operations, net sales increased $3,581,000, or 7%, over the prior fiscal year with both retail sales and manufacturing sales increasing 7%. Same-store sales at Sav-On Office Supplies and Joshua's Christian Stores increased 8.3% and 18.5%, respectively. The Picture Frame and Framed Art division, recently consolidated under the name Pinnacle Art & Frame, achieved a sales increase of 17.8%. Same-store sales at Tandy Leather declined 4.7%, and the TWI division experienced a sales decrease of 10.6%. In commenting on the first quarter, Michael J. Walsh, Chief Executive, stated, "Fiscal 1997 was a transition year during which steps were taken to position each operation on a profitable foundation to support future growth. We are now beginning to see the benefits of those decisions which we believe will allow us to build a brighter future for the Company and its shareholders. Not only do we continue to be encouraged by the significant progress shown at Joshua's Christian Stores, but we are also encouraged with the strong performance at Pinnacle Art & Frame, which is benefiting from the recent consolidation within that division. We are also encouraged by the recent performance at Tandy Leather Company. While Tandy Leather incurred a same-store sales decrease in the first quarter, September showed a same-store sales increase, the first in three years. Operating results also showed significant improvement when compared to the same quarter last year". Certain statements contained herein which are not historical facts are forward looking statements that involve risks and uncertainties including, but not limited to, customer demand and trends, related inventory risks due to shifts in customer demand, risks associated with new business opportunities, competition, dependence on key personnel, the performance of each operating unit, relationships with key customers, commodity price fluctuations, new product introductions, interest rate fluctuations, recessionary factors, seasonality and other risks disclosed in the Company's latest annual report on Form 10-K filed with the Securities and Exchange Commission. Tandycrafts, Inc. is a specialty retailer and manufacturer. Included in its Specialty Retail segment are Tandy Leather Company, Joshua's Christian Stores, and Sav-On Office Supplies. The Specialty Manufacturing segment is comprised of two manufacturing divisions: Pinnacle Art & Frame and Tandy Wholesale International ("TWI"). Three Months Ended ----------------------------- September 30, September 30, 1997 1996 ------------- ------------- Net sales $ 55,359 $ 57,770 ------------- ------------- Operating costs and expenses: Cost of goods sold 35,834 35,688 Selling, general and administrative 15,932 18,662 Depreciation and amortization 1,270 1,372 ------------- ------------- Total operating costs and expenses 53,036 55,722 ------------- ------------- Operating income 2,323 2,048 Interest expense, net 862 822 ------------- ------------- Income before income taxes 1,461 1,226 Provision for income taxes 512 429 ------------- ------------- Net income $ 949 $ 797 ============= ============= Net income per share $0.08 $0.07 ===== ===== Weighted average common and common equivalent shares 12,636 12,198 ====== ====== Joshua's Sav-On Tandy Leather Christian Office Retail Bookstores Supplies ------------- ---------- -------- Number of stores 163 62 40 Net sales 8,978 6,924 10,599 Operating income / (loss) (156) (180) 603 Same store sales gains / (losses) (4.7)% 18.5% 8.3% # # # -----END PRIVACY-ENHANCED MESSAGE-----