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Tandy Leather Factory Q1 profit falls YOY

Tandy Leather Factory Inc. said its normalized net income for the first quarter came to 15 cents per share, an increase from 14 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.5 million, a decline from $1.5 million in the year-earlier period.

The normalized profit margin dropped to 7.1% from 7.1% in the year-earlier period.

Total revenue came to $20.7 million, compared with $20.8 million in the year-earlier period, and total operating expenses came to $18.3 million, compared with $18.4 million in the prior-year period.

Reported net income rose 8.5% year over year to $1.6 million, or 16 cents per share, from $1.4 million, or 14 cents per share.