SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 21, 2004
The Leather Factory, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-12368 75-2543540
(Commission File Number) (IRS Employer Identification Number)
3847 East Loop 820 South, Fort Worth, Texas 76119
(Address of Principal Executive Offices) (Zip Code)
(817) 496-4414
(Registrant's Telephone Number, Including Area Code)
_____________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press release dated April 21, 2004, filed pursuant to Item
12 of this form.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The Registrant is furnishing the press release attached as Exhibit 99.1
announcing certain preliminary financial information for the first quarter of
2004. This press release was issued on April 21, 2004.
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 by the
undersigned hereunto duly authorized.
THE LEATHER FACTORY, INC.
Date: April 27, 2004 BY: /s/ Wray Thompson
Wray Thompson, Chairman of the Board
and Chief Executive Officer
EXHIBIT 99.1
FOR IMMEDIATE RELEASE APRIL 21, 2004
THE LEATHER FACTORY EXPECTS NET INCOME UP 25% FOR FIRST QUARTER 2004
FORT WORTH, TEXAS - The Leather Factory, Inc. (AMEX: TLF) announced today that
it expects to report first quarter 2004 consolidated sales of approximately
$12.2 million and net income of approximately $970,000 for the period. First
quarter per share net income is anticipated to be $0.09 (diluted). These
results reflect an estimated 25% growth in net income and other significant
increases when compared with the first quarter of 2003.
The Leather Factory, Inc. pointed to the following factors as contributing to
first quarter growth:
- The Tandy Leather operating segment (retail) experienced a 70% increase in
sales over a year ago;
- Tandy Leather retail stores grew to 29 at the end of the quarter, up from
19 at March 31, 2003;
- Sales rose 3% at the Leather Factory operating segment (wholesale) over
the first three months of 2003;
- Sales at the Roberts, Cushman operating segment were up 15% from the first
quarter of 2003; and
- The Company repaid $525,000 of its bank debt, reducing the balance to $1.3
million at March 31.
All of the anticipated results described here are subject to completion of the
quarterly review of our financial statements by the Company's auditors. The
Company plans to outline its first quarter 2004 financial results in an
announcement to be released before the market opens on Thursday, April 29, 2004.
Wray Thompson, CEO, and Shannon Greene, CFO, will hold a conference call that
afternoon. Call details will be announced shortly.
The Company's annual meeting of stockholders will be held at 10:00 am (Central)
on Wednesday, May 26, 2004 in Arlington, Texas. Proxy materials are expected to
be mailed to stockholders by Friday, April 23rd.
The Leather Factory, Inc., (http://www.leatherfactory.com), headquartered in
Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad
product line including leather, leatherworking tools, buckles and adornments for
belts, leather dyes and finishes, shoe repair supplies, saddle and tack
hardware, and do-it-yourself kits, and is a manufacturer and distributor of
fancy hat trims, leather lacing and kits. The Company distributes its products
as The Leather Factory through its warehouse distribution centers and as Tandy
Leather Company through its retail stores (http://www.tandyleather.com). Its
common stock trades on the American Stock Exchange with the symbol "TLF".
Contact: Wray Thompson, The Leather Factory, Inc. (817) 496-4414
Shannon Greene, The Leather Factory, Inc. sgreene@leatherfactory.com
This news release may contain forward-looking statements. All forward-looking
statements made here or in other news releases issued by The Leather Factory,
Inc. are based on current expectations as of the date of the release. These
forward-looking statements involve risks and uncertainties that could cause the
results of The Leather Factory, Inc. to differ materially from management's
current expectations. Many of these risks and uncertainties are detailed from
time to time in TLF's reports filed with the Securities and Exchange Commission,
including its most recent annual report on Form 10-K and the most recent
quarterly report on Form 10-Q. Investors are reminded that past performance may
not be predictive of future results.