Tandy Leather Factory Inc. said its third-quarter normalized net income was 10 cents per share, a decline of 31.0% from 15 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.0 million, a decline of 31.3% from $1.5 million in the year-earlier period.
The normalized profit margin fell to 5.4% from 7.8% in the year-earlier period.
Total revenue came to $19.4 million, compared with $19.4 million in the year-earlier period, and total operating expenses grew year over year to $17.5 million from $17.0 million.
Reported net income fell 31.5% on an annual basis to $1.1 million, or 11 cents per share, from $1.6 million, or 16 cents per share.