Tandy Leather Factory, Inc. (TLF)

Tandy Leather Factory, Inc. operates as a retailer and wholesale distributor of leather and related products in the United States and Canada. The company’s products include leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. It also manufactures leather lacing and kits. The company operates in four segments: Wholesale Leathercraft, Retail Leathercraft, International Leathercraft, and Other. The Wholesale Leathercraft segment consists of a chain of warehouse distribution units operating under the name, The Leather Factory, located in North America. This segment operates 30 company-owned wholesale stores. The Retail Leathercraft segment comprises a chain of retail stores operating under the name, Tandy Leather Company, located in the North America. As of September 5, 2008, this segment operated 73 Tandy Leather retail stores. The International Leathercraft segment operates combination retail/wholesale stores outside of North America under the trade name, Tandy Leather Factory. It carries the same products as North American stores. The segment operates one store that is located in Northampton, the United Kingdom. The Other segment manufactures decorative hat trims and sells directly to hat manufacturers. Tandy Leather Factory’s customers include individuals; wholesale distributors; tack and saddle shops; institutions, including prisons and prisoners, schools, and hospitals; western stores; craft stores and craft store chains; other large volume purchasers; manufacturers; and retailers. The company was founded in 1980 as Midas Leathercraft Tool Company. It further changed its name to The Leather Factory, Inc. in 1993 and to Tandy Leather Factory Inc. in 2005. The company is based in Fort Worth, Texas.

For the nine months ended 30 September 2006, Tandy Leather Factory Inc.'s revenues rose 10% to $40.4M. Net income rose 33% to $3.4M. Revenues reflect increased sales from the Wholesale Leathercraft operation and higher income from Retail Leathercraft operation. Net income also reflects the absence of interest expense and a decrease in depreciation & amortization charges. The Company is into specialty retailer & wholesale distributor of leather items.