Tandy Leather Factory, Inc. (AMEX: TLF) announced today that it will not
be providing 2009 revenue and EPS guidance at this time.
Ron Morgan, Chief Executive Officer, commented, "We fully expect to be
profitable in 2009, but given the instability of the economy and the
magnitude of the flailing retail industry, we believe that any guidance
we would provide would be a guess at best. We have also noted that, no
matter the market capitalization or what wares they sell, retail chains
continue to miss their announced revenues and EPS, and therefore, more
often than not, lower guidance again and again. We see no upside to our
shareholders in following suit."
Shannon Greene, Chief Financial Officer, added, "The list of retailers
filing for bankruptcy and/or closing stores continues to grow. As we
have stated previously, we are convinced that we are financially
positioned in such a way that we will not be added to that list. We have
more than ample cash to weather the economic storms at this time."
Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.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, saddle and tack hardware, and do-it-yourself kits. The Company
distributes its products through its 29 Leather Factory stores, located
in 19 states and 3 Canadian provinces, 73 Tandy Leather retail stores,
located in 35 states and 5 Canadian provinces, one combination
wholesale/retail store located in the United Kingdom, and Mid-Continent
Leather Sales, one store located in Oklahoma. Its common stock trades on
the American Stock Exchange with the symbol "TLF". To be included on
Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
This news release may contain forward-looking statements.All
forward-looking statements made here or in other news releases issued by
Tandy 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 Tandy 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.
Tandy Leather Factory, Inc. Shannon L. Greene, 817-872-3200 sgreene@tandyleather.com or Magellan
Fin, LLC Mark Gilbert, 317-867-2839 MGilbert@MagellanFin.com |