Printer Friendly

TANDYCRAFTS SALES INCREASED SLIGHTLY, NET INCOME DOWN IN DECEMBER QUARTER

                 TANDYCRAFTS SALES INCREASED SLIGHTLY,
                  NET INCOME DOWN IN DECEMBER QUARTER
    FORT WORTH, Texas, Jan. 23 /PRNewswire/ -- Tandycrafts Inc. (NYSE: TAC) today issued the following on its second quarter operating results:
    Consolidated sales increased 15.8 percent and operating income increased 10.7 percent while net income decreased 27.9 percent when compared to the same quarter a year ago.
                             TANDYCRAFTS INC.
                       (in 000's except per share)
    Periods Ended            Three Months                Six Months
    Dec. 31                 1991        1990         1991          1990
    Net inc. per avg.
     common shares         $.31        $.41         $.35           $.43
    Net sales            $37,058     $31,990      $66,611        58,187
    Inc. bef.
     inc. taxes            1,198       1,659        1,404         1,752
    Provision for
     inc. taxes            (445)       (615)        (539)          (650)
    Net income              753       1,044          865          1,102
    Avg. shares outst.    2,416       2,566        2,443          2,584
    "While consolidated sales increased 15.8 percent and operating income increased 10.7 percent, net income was adversely impacted by certain unusual charges relating to the closing of the company's cargo manufacturing facility and several unprofitable retail locations which impacted earnings by 24 cents.  After taking into account these unusual charges, operating income and net income continued to show marked improvement," said Kenneth L. Gregson, chairman.
    As of Dec. 31, 1991, book value per share of outstanding stock was $22.68, while the book value per share, net of ESOP receivables, was $19.77.
             TANDYCRAFTS INC. AND SUBSIDIARIES
                Consolidated Statements of Income
             (in thousands, except per share amounts)
                            (unaudited)
    Periods Ended             Three Months             Six Months
    Dec. 31                1991         1990        1991         1990
    Net sales            $37,058      $31,990     $66,611       $58,187
    Cost and expenses:
     Cost of prods. sold  21,696       17,841      38,330        32,401
     Selling & admin.     13,269       11,669      25,073        22,372
     Depreciation            733          682       1,505         1,371
    Cost and expenses     35,698       30,192      64,908        56,144
    Subtotal               1,360        1,798       1,703         2,043
    Interest & other
     investment inc.          22           74          79           181
    Interest expense         184          213         378           472
    Inc. bef.
     inc. taxes            1,198        1,659       1,404         1,752
    Provision for
     inc. taxes              445          615         539           650
    Net inc.              $  753      $ 1,044     $   865        $1,102
    Net inc. per avg.
     common share           $.31         $.41        $.35          $.43
    Avg. common shares
     outst.                2,416        2,566       2,443         2,584
    -0-            1/23/92
    /CONTACT:  Michael J. Walsh, vice president, general counsel and secretary of Tandycrafts, 817-551-9603/
     (TAC) CO:  Tandycrafts, Inc. ST:  Texas IN:  HOU SU:  ERN SH-SB -- NY085 -- 2971 01/23/92 16:01 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 23, 1992
Words:420
Previous Article:SERVICE MERCHANDISE ANNOUNCES SALES AND EARNINGS
Next Article:BAY AREA KICKS OFF NEW TRANSPORTATION PARTNERSHIP


Related Articles
TANDYCRAFTS, INC. POSTS STRONG SALES AND EARNINGS IN FOURTH QUARTER
TANDYCRAFTS, INC. REPORTS 20% INCREASE IN NET INCOME FOR FIRST QUARTER
TANDYCRAFTS INC. REPORTS THIRD QUARTER, NINE MONTHS RESULTS
TANDYCRAFTS, INC. REPORTS SECOND QUARTER RESULTS WHICH INCLUDES ANNOUNCED RESTRUCTURING CHARGE
Tandycrafts, Inc. Reports Significantly Improved Fourth Quarter Results
Tandycrafts Announces Third-Quarter Results.
Tandycrafts Announces First Quarter Results.
Tandycrafts Announces Second-Quarter Results.
Tandycrafts Announces First-Quarter Results.
Tandycrafts Announces Second Quarter Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters