Tandy Leather Factory Inc reported financial results for the fourth quarter and year ended December 31, 2006. Consolidated net income for the quarter was $1.4 million compared to consolidated net income of $1.2 million for the fourth quarter of 2005.
Fully diluted earnings per share for the quarter were $0.13, compared to $0.11 for the same quarter of the previous year. Total sales for the quarter ended December 31, 2006 increased 5.5% to $14.8 million from $14.0 million for the fourth quarter of 2005.
Consolidated sales for the year ended December 31, 2006 were $55.2 million, an increase of 8.8% over total sales of $50.7 million for 2005. Consolidated net income for 2006 was $4.8 million or $0.43 per fully-diluted share versus $3.7 million or $0.34 per fully-diluted share for 2005.
Sales in the Retail Leathercraft division for the fourth quarter of 2006 increased $1.2 million over the previous year's fourth quarter, representing a 22.3% improvement.
Sixty-two Tandy Leather retail stores comprised Retail Leathercraft's operations on December 31, 2006, compared to fifty retail stores a year earlier. Twelve new stores were opened in 2006 between January and July. For 2006, Retail Leathercraft's sales increased $4.5 million, or 25.0%, over 2005.
Fourth quarter sales for the Wholesale Leathercraft division, which includes the twenty-nine Leather Factory stores and the national accounts group, decreased $392,000 over the same quarterof 2005, a 4.8% reduction.
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