Tandy Brands Accessories Posts Preliminary 1Q 2010 Results

Tandy Brands Accessories has announced preliminary financial results for the fiscal 2010 first quarter ended September 30.

In a release on October 26, the Company noted that the company said that it expects to report net income in the range of $800,000 to $1,200,000, or $0.11 to $0.17 per diluted share, compared to a net loss of $1,280,000, or $0.18 per share, for the first quarter of fiscal 2009. Net sales for the quarter were $37.3 million, an 8 percent increase over net sales of $34.6 million in the first quarter of fiscal 2009.

In addition, the company reiterated its financial guidance for fiscal 2010 of net sales growth of 8 to 12 percent, and a significant improvement in bottom line performance. For fiscal 2009, the company reported net sales of $129.0 million and a net loss of $15.1 million.

"The company will report its first year-over-year quarterly sales increase in 12 quarters," said Rod McGeachy, President and Chief Executive Officer of Tandy Brands. "Strong contributions from virtually all of our product categories combined to drive the sales growth."

The company said that it expects to release first quarter results during the week of November 9.

Tandy Brands Accessories, Inc. is a designer and marketer of branded men's, women's and children's accessories, including belts, small leather goods, eyewear, neckwear and sporting goods, and gifts.

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