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TANDYCRAFTS REPORTS THIRD QUARTER OPERATING RESULTS

 TANDYCRAFTS REPORTS THIRD QUARTER OPERATING RESULTS
 FORT WORTH, Texas, April 24 /PRNewswire/ -- Tandycrafts, Inc.


(NYSE: TAC), today announced that a restructuring charge in the third quarter adversely impacted earnings per share.
 Three months ended March 31 1992 1991
 Net inc. (loss) per aver. com. share $(.91) $.07
 Net sales $31,020,000 $31,862,000
 Income (loss) before income taxes (3,518,000) 398,000
 Benefit (provision) for income taxes 1,339,000 (212,000)
 Net income (loss) $(2,179,000) $186,000
 Average shares outstanding 2,400,000 2,508,000
 Nine months ended March 31 1992 1991
 Net inc. (loss) per aver. com. share $(.54) $.50
 Net sales $97,631,000 $90,049,000
 Income (loss) before income taxes (2,114,000) 2,150,000
 Benefit (provision) for income taxes 800,000 (862,000)
 Net income (loss) $(1,314,000) $1,288,000
 Average shares outstanding 2,429,000 2,559,000
 "The third quarter was adversely impacted by a restructuring charge in the amount of $4,900,000 associated with management's decision to take decisive steps to remedy problems in the company's Cargo retail furniture operation," said R. Earl Cox III. "This charge, which negatively impacted earnings by $1.24 per share, represents management's evaluation of the cost to close those retail locations which are not contributing to the potential profitability of the Cargo operation. Such charge also includes the estimated expense to realign Cargo's distribution system, develop new products and enhance Cargo's present retail locations.
 "After taking into account this restructuring charge, operating income and net income continued to show marked improvement. Particularly gratifying was the extremely strong showing in the Tandy Leather division where sales increased 19 percent while operating income was up by more than 138 percent. This performance, together with the continuing strong performance of the Magee picture frame division, bodes well for the company."
 TANDYCRAFTS, INC., AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 (In thousands, except per share amounts)
 Periods ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Net sales $31,020 $31,862 $97,631 $90,049
 Cost and expenses:
 Cost of products sold 16,629 18,020 54,959 50,421
 Selling and administration 17,066 12,553 42,139 34,925
 Depreciation 714 728 2,219 2,099
 Cost and expenses 34,409 31,301 99,317 87,445
 Total (3,389) 561 (1,686) 2,604
 Interest and other
 investment income 52 51 131 232
 Interest expense 181 214 559 686
 Inc. (loss) bef. inc. taxes (3,518) 398 (2,114) 2,150
 Provision (benefit) for
 income taxes (1,339) 212 (800) 862
 Net income (loss) $(2,179) $ 186 $(1,314) $ 1,288
 Net income (loss) per
 average common share $(.91) $.07 $(.54) $.50
 Average common shares
 outstanding 2,400 2,508 2,429 2,559
 -0- 4/24/92
 /CONTACT: Michael J. Walsh, vice president, general counsel and secretary of Tandycrafts, 817-551-9603/
 (TAC) CO: Tandycrafts, Inc. ST: Texas IN: REA SU: ERN


GK-HM -- NY017 -- 2370 04/24/92 10:55 EDT
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Date:Apr 24, 1992
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