Tandy Leather Factory, Inc. is an American specialty retailer and wholesale distributor of leather and leather related products. It operates in three divisions: wholesale leathercraft, retail leathercraft and international leathercraft. Originally part of the Tandy Corporation, Tandy Leather has gone through a series of acquisitions and mergers, eventually being sold to The Leather Factory in 2000. Tandy Leather Factory had over 100 stores worldwide. The Tandy Leather headquarters in Fort Worth, Texas also houses the Al and Ann Stohlman Museum. Tandy Leather began as a family-owned leather goods company based in Fort Worth, Texas in 1919. Norton Hinckley and Dave L. Tandy partnered to start the Hinckley-Tandy Leather Company and concentrated their efforts on selling sole leather and other supplies to shoe repair dealers in Texas. During World War II, civilian leather rationing prompted the company to move towards leatherworking as a hobby, which gave the company supply priority by providing for the armed forces.

Company profile
Ticker
TLFA
Exchange
Website
CEO
Jon Thompson
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
LEATHER FACTORY INC
SEC CIK
Corporate docs
Subsidiaries
The Leather Factory, Inc. • The Leather Factory of Nevada Investments, Inc. • The Leather Factory, LP • Hi-Line Leather & Manufacturing Company • Roberts, Cushman & Company, Inc. • The Leather Factory of Canada Ltd. • Tandy Leather Company, Inc. • Tandy Leather Company • Tandy Leather Company, LP • Tandy Leather Factory Australia Pty Ltd ...
IRS number
752543540
TLFA stock data
Calendar
16 May 22
26 Jun 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 10.34M | 10.34M | 10.34M | 10.34M | 10.34M | 10.34M |
Cash burn (monthly) | (no burn) | 35.5K | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | n/a | 102.01K | n/a | n/a | n/a | n/a |
Cash remaining | n/a | 10.23M | n/a | n/a | n/a | n/a |
Runway (months of cash) | n/a | 288.3 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
7 Jun 22 | Victoria Marie Cantrell | RSU | Grant | Acquire A | No | No | 2800 | 2,800 | 7.84M | 2,800 |
7 Jun 22 | Pappas James C | RSU | Grant | Acquire A | No | No | 2800 | 2,800 | 7.84M | 2,800 |
7 Jun 22 | William M Warren | RSU | Grant | Acquire A | No | No | 2800 | 2,800 | 7.84M | 2,800 |
7 Jun 22 | Sejal Vinu Patel | RSU | Grant | Acquire A | No | No | 2800 | 2,800 | 7.84M | 2,800 |
Institutional ownership, Q1 2022
2.7% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 3 |
Opened positions | 1 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 1 |
13F shares | Current |
---|---|
Total value | 372K |
Total shares | 234.61K |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Central Square Management | 140.67K | $0 |
Ancora Advisors | 84.55K | $325K |
LSV Asset Management | 9.4K | $47K |
Financial report summary
?Risks
- The COVID-19 pandemic has had, and likely may continue to have, a material adverse effect on our business and liquidity.
- Disruptions in the operation of our Fort Worth distribution center or manufacturing facility due to disease, including COVID-19, natural disaster, fire, or other crises, could have an adverse effect on our ability to supply our retail stores, fulfill web orders and/or manufacture product, resulting in possible decreases in sales and margin.
- Our continued delisting from the Nasdaq Market or a continued suspension of broker trading of our common stock could reduce liquidity or impair the value of your investment.
- Material weaknesses in our system of internal controls were identified during our investigation and financial restatement. Some of these material weaknesses are still in the process of remediation. If not remediated, these material weaknesses could result in additional material misstatements in our Consolidated Financial Statements. We may be unable to develop, implement and maintain appropriate controls in future periods.
- If our cash from operations falls short and we are unable to raise additional working capital, we might be unable to fully fund our operations or to otherwise execute our business plan.
- Failure to protect the integrity and security of personal information of our customers and employees could result in substantial costs, expose us to litigation and damage our reputation.
- Unreliable or inefficient information technology or the failure to successfully implement or invest in technology initiatives in the future could adversely impact operating results.
- Our business may be negatively impacted by general economic conditions in the United States and abroad.
- Foreign currency fluctuations could adversely impact our financial condition and results of operations.
- We face risks related to the effect of economic uncertainty.
- If the United States maintains current tariffs on products manufactured in China, or if additional tariffs or trade restrictions are implemented by other countries or by the U.S., the cost of our products manufactured in China or other countries and imported into the U.S. or other countries could increase. This could in turn adversely affect the profitability for these products and have an adverse effect on our business, financial condition and results of operations.
- Our success depends on the continued protection of our trademarks and other proprietary intellectual property rights.
- The successful execution of our multi-year transformation and operational efficiency initiatives is key to the long-term growth of our business.
- Our business is subject to the risks inherent in global sourcing activities.
- Increases in the price of leather and other items we sell or a reduction in availability of those products could increase our cost of goods and decrease our profitability.
- We are subject to risks associated with leasing retail space under long-term and non-cancelable leases. We may be unable to renew leases on acceptable terms. If we close a leased retail space, we might remain obligated under the applicable lease.
- We may be unable to sustain our financial performance or our past growth, which could have a material adverse effect on our future operating results.
- Competition, including internet-based competition, could negatively impact our business.
- Declines in foot traffic in our retail store locations could negatively impact our sales and profits.
- Our business could be harmed if we are unable to maintain our brand image.
- Changes in customer demand could materially adversely affect our sales, results of operations and cash flow.
- Our success depends, in part, on attracting, developing and retaining qualified employees, including key personnel.
Management Discussion
- Consolidated net sales increased by $18.6 million, or 29.0%, from 2021 to 2020. This sales growth is a reflection of continued strong demand from customers in all channels of distribution: retail stores, our website and our Commercial Division. While staffing challenges and sporadic store closures due to COVID-19 limited sales upside in some areas, consumers continued to invest COVID-era stimulus payments in their leatherworking interests, especially in our retail stores. At the same time, we believe our improved product quality, broader assortment, improved in-store expertise and service, and focused and efficient marketing communications were continuing to work together to drive sales.
- Our store footprint consisted of 106 stores at both December 31, 2021 and December 31, 2020.
- Gross profit increased by $10.9 million, or 30.3%, from 2021 to 2020 as a result of higher net sales as well as improved gross margin. Our gross margin percentage for the year ended December 31, 2021 increased to 56.9%, versus 56.3% in the same period in 2020. This increase was a result of a combination of factors, including product and customer mix shifts as well as refining the process we use to capitalize cost into our inventory value for freight, warehousing and handling expenditures, updating from a manual, higher-level process to a more automated mechanism using our new ERP system, partially offset by higher costs for warehouse handling and freight costs.
Content analysis
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Financial reports
Current reports
8-K
Submission of Matters to a Vote of Security Holders
8 Jun 22
8-K
Results of Operations and Financial Condition
7 Jun 22
8-K
Other Events
27 Apr 22
8-K
Tandy Leather Factory Reports Fourth Quarter and Full Year 2021 Results
1 Apr 22
8-K
Tandy Leather Factory Files Financial Information for Third Quarter 2021
20 Dec 21
8-K
Entry into a Material Definitive Agreement
8 Dec 21
8-K
Tandy Leather Factory Files Financial Information for Second Quarter 2021; Announces Certain Third Quarter Results
3 Dec 21
8-K
Results of Operations and Financial Condition
21 Jul 21
8-K
Submission of Matters to a Vote of Security Holders
2 Jul 21
8-K
Notice of Annual Meeting of Stockholders
2 Jun 21
Registration and prospectus
25-NSE
Exchange delisting
9 Feb 21
S-8
Registration of securities for employees
5 Aug 13
8-A12B
Registration of securities on exchange
9 Jun 13
25
Voluntary exchange delisting
31 May 10
8-A12B
Registration of securities on exchange
31 May 10
S-8 POS
Registration of securities for employees (post-effective amendment)
24 May 10
RW
Registration withdrawal request
23 May 10
POS AM
Prospectus update (post-effective amendment)
13 May 10
S-8
Registration of securities for employees
10 May 10
POS AM
Prospectus update (post-effective amendment)
8 Jun 08
Other
UPLOAD
Letter from SEC
3 Feb 11
CORRESP
Correspondence with SEC
1 Dec 10
CORRESP
Correspondence with SEC
22 Nov 10
UPLOAD
Letter from SEC
9 Nov 10
EFFECT
Notice of effectiveness
15 Jun 08
EFFECT
Notice of effectiveness
20 Nov 07
EFFECT
Notice of effectiveness
26 Aug 07
EFFECT
Notice of effectiveness
28 May 07
EFFECT
Notice of effectiveness
24 Apr 07
EFFECT
Notice of effectiveness
21 Nov 06
Ownership
4
TANDY LEATHER FACTORY / Sejal Vinu Patel ownership change
8 Jun 22
4
TANDY LEATHER FACTORY / WILLIAM M WARREN ownership change
8 Jun 22
4
TANDY LEATHER FACTORY / James C Pappas ownership change
8 Jun 22
4
TANDY LEATHER FACTORY / VICTORIA MARIE CANTRELL ownership change
8 Jun 22
3
Initial statement of insider ownership
26 May 22
SC 13D/A
TANDY LEATHER FACTORY / JCP Investment Management ownership change
26 May 22
SC 13D/A
TANDY LEATHER FACTORY / Bandera Partners ownership change
18 May 22
4
TANDY LEATHER FACTORY / Janet A Carr ownership change
10 Jan 22
4
TANDY LEATHER FACTORY / Janet A Carr ownership change
5 Oct 21
4
TANDY LEATHER FACTORY / James C Pappas ownership change
24 Feb 21
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