Tandy Leather Factory Inc. said its normalized net income for the first quarter amounted to 14 cents per share, a decline of 19.1% from 18 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 $1.5 million, a decline of 19.1% from $1.8 million in the year-earlier period.
The normalized profit margin dropped to 7.1% from 9.2% in the year-earlier period.
Total revenue climbed on an annual basis to $20.8 million from $19.8 million, and total operating expenses rose 9.1% from the prior-year period to $18.4 million from $16.9 million.
Reported net income decreased 22.2% on an annual basis to $1.4 million, or 14 cents per share, from $1.8 million, or 18 cents per share.
