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Tandy Leather Factory Q3 profit falls YOY

Tandy Leather Factory Inc. said its normalized net income for the third quarter came to 10 cents per share, compared with 10 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 $937,590, a decrease of 10.2% from $1.0 million in the prior-year period.

The normalized profit margin dropped to 5.0% from 5.4% in the year-earlier period.

Total revenue fell year over year to $18.6 million from $19.4 million, and total operating expenses decreased from the prior-year period to $17.1 million from $17.5 million.

Reported net income declined 9.7% year over year to $1.0 million, or 11 cents per share, from $1.1 million, or 11 cents per share.