Delaware
|
75-2543540
|
(State
or other jurisdiction of incorporation of organization)
|
(IRS
Employer Identification Number)
|
Class
|
Shares outstanding as of May 7,
2010
|
Common
Stock, par value $0.0024 per share
|
10,141,222
|
PAGE NO.
|
|
PART
I. FINANCIAL INFORMATION
|
|
Item
1. Financial Statements
|
|
Consolidated
Balance Sheets
|
|
March
31, 2010 and December 31, 2009
|
1
|
Consolidated
Statements of Income
|
|
Three
months ended March 31, 2010 and 2009
|
2
|
Consolidated
Statements of Cash Flows
|
|
Three
months ended March 31, 2010 and 2009
|
3
|
Consolidated
Statements of Stockholders' Equity
|
|
Three
months ended March 31, 2010 and 2009
|
4
|
Notes
to Consolidated Financial Statements
|
5
|
Item
2. Management's Discussion and Analysis of
Financial
|
7 |
Condition and
Results of Operations
|
|
Item
3. Quantitative and Qualitative Disclosures About Market
Risk
|
9
|
Item
4. Controls and Procedures
|
9
|
PART
II. OTHER INFORMATION
|
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
10
|
Item
6. Exhibits
|
10
|
SIGNATURES
|
|
March
31, 2010
(unaudited)
|
December
31, 2009
(audited)
|
||||||
ASSETS
|
|||||||
CURRENT
ASSETS:
|
|||||||
Cash
|
$5,976,396
|
$7,891,962
|
|||||
Short-term
investments, including certificates of deposit
|
6,995,598
|
5,017,000
|
|||||
Accounts
receivable-trade, net of allowance for doubtful accounts
|
|||||||
of
$174,000 and $136,000 in 2010 and 2009, respectively
|
1,459,075
|
1,202,811
|
|||||
Inventory
|
17,538,853
|
16,865,826
|
|||||
Deferred
income taxes
|
289,556
|
271,481
|
|||||
Other
current assets
|
1,499,080
|
791,884
|
|||||
Total
current assets
|
33,758,558
|
32,040,964
|
|||||
PROPERTY
AND EQUIPMENT, at cost
|
14,513,146
|
15,111,497
|
|||||
Less
accumulated depreciation and amortization
|
(4,953,970)
|
(5,431,776)
|
|||||
9,559,176
|
9,679,721
|
||||||
GOODWILL
|
987,812
|
983,823
|
|||||
OTHER
INTANGIBLES, net of accumulated amortization of
|
|||||||
$433,000
and $418,000 in 2010 and 2009, respectively
|
293,401
|
307,802
|
|||||
OTHER
assets
|
318,218
|
314,921
|
|||||
$44,917,165
|
$43,327,231
|
||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
CURRENT
LIABILITIES:
|
|||||||
Accounts
payable-trade
|
$1,613,639
|
$1,185,032
|
|||||
Accrued
expenses and other liabilities
|
4,116,620
|
3,988,144
|
|||||
Income
taxes payable
|
434,827
|
399,536
|
|||||
Current
maturities of long-term debt
|
202,500
|
202,500
|
|||||
Total
current liabilities
|
6,367,586
|
5,775,212
|
|||||
DEFERRED
INCOME TAXES
|
706,222
|
682,364
|
|||||
LONG-TERM
DEBT, net of current maturities
|
3,459,375
|
3,510,000
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
|||||||
STOCKHOLDERS'
EQUITY:
|
|||||||
Preferred
stock, $0.10 par value; 20,000,000 shares authorized;
|
|||||||
none
issued or outstanding; attributes to be determined on
issuance
|
-
|
-
|
|||||
Common
stock, $0.0024 par value; 25,000,000 shares authorized;
|
|||||||
11,034,845
and 11,021,951 shares issued at 2010 and 2009;
|
|||||||
10,141,222
and 10,130,628 shares outstanding at 2010 and 2009
|
26,484
|
26,453
|
|||||
Paid-in
capital
|
5,491,705
|
5,491,736
|
|||||
Retained
earnings
|
30,908,023
|
29,959,910
|
|||||
Treasury
stock at cost (893,623 shares at 2010, 891,323 at 2009)
|
(2,461,068)
|
(2,452,649)
|
|||||
Accumulated
other comprehensive income
|
418,838
|
334,205
|
|||||
Total
stockholders' equity
|
34,383,982
|
33,359,655
|
|||||
$44,917,165
|
$43,327,231
|
2010
|
2009
|
|||
NET
SALES
|
$14,588,538
|
$13,183,095
|
||
COST
OF SALES
|
5,611,942
|
5,442,649
|
||
Gross
profit
|
8,976,596
|
7,740,446
|
||
OPERATING
EXPENSES
|
7,440,228
|
6,742,915
|
||
INCOME
FROM OPERATIONS
|
1,536,368
|
997,531
|
||
OTHER
(INCOME) EXPENSE:
|
||||
Interest
expense
|
65,604
|
77,409
|
||
Other,
net
|
(1,467)
|
(77,272)
|
||
Total
other (income) expense
|
64,137
|
137
|
||
INCOME
FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
1,472,231
|
997,394
|
||
PROVISION
FOR INCOME TAXES
|
524,654
|
324,336
|
||
NET
INCOME FROM CONTINUING OPERATIONS
|
947,577
|
673,058
|
||
INCOME
FROM DISCONTINUED OPERATIONS, NET OF TAX
|
536
|
24,859
|
||
NET
INCOME
|
$948,113
|
$697,917
|
||
NET
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE:
|
||||
BASIC
|
$0.09
|
$0.06
|
||
DILUTED
|
$0.09
|
$0.06
|
||
INCOME
FROM DISCONTINUED OPERATIONS, NET OF TAX PER COMMON SHARE:
|
||||
BASIC
|
$0.00
|
$0.00
|
||
DILUTED
|
$0.00
|
$0.00
|
||
NET
INCOME PER COMMON SHARE:
|
||||
BASIC
|
$0.09
|
$0.06
|
||
DILUTED
|
$0.09
|
$0.06
|
||
WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING:
|
||||
BASIC
|
10,137,715
|
10,670,111
|
||
DILUTED
|
10,213,677
|
10,721,954
|
2010
|
2009
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||||||
Net
income
|
$948,113
|
$697,917
|
|||||
Income
from discontinued operations
|
536
|
24,859
|
|||||
947,577
|
673,058
|
||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
Depreciation
and amortization
|
234,026
|
279,290
|
|||||
Loss
on disposal or abandonment of assets
|
246
|
-
|
|||||
Non-cash
stock-based compensation
|
-
|
2,540
|
|||||
Deferred
income taxes
|
5,113
|
40,555
|
|||||
Other
|
80,343
|
(70,127)
|
|||||
Net
changes in assets and liabilities, net of effect of business
acquisitions:
|
|||||||
Accounts
receivable-trade, net
|
(262,172)
|
(344,850)
|
|||||
Inventory
|
(513,681)
|
388,805
|
|||||
Income
taxes
|
35,575
|
(382,586)
|
|||||
Other
current assets
|
(707,195)
|
(672,852)
|
|||||
Accounts
payable-trade
|
428,607
|
1,188,804
|
|||||
Accrued
expenses and other liabilities
|
(30,870)
|
30,609
|
|||||
Total
adjustments
|
(730,008)
|
460,188
|
|||||
Net
cash provided by continuing operating activities
|
217,569
|
1,133,246
|
|||||
Cash
provided from discontinued operations
|
6,831
|
35,540
|
|||||
Net
cash provided by operating activities
|
224,400
|
1,168,786
|
|||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||
Purchase
of property and equipment
|
(99,117)
|
(278,224)
|
|||||
Purchase
of certificates of deposit
|
(2,572,598)
|
(4,048,000)
|
|||||
Proceeds
from maturities of certificates of deposit
|
594,000
|
1,081,000
|
|||||
Proceeds
from sale of assets
|
90
|
-
|
|||||
Decrease
(increase) in other assets
|
(3,297)
|
1,198
|
|||||
Net
cash used in investing activities
|
(2,080,922)
|
(3,244,026)
|
|||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
Payments
on capital lease obligations
|
-
|
(64,880)
|
|||||
Payments
on notes payable and long-term debt
|
(50,625)
|
(50,625)
|
|||||
Proceeds
from issuance of common stock
|
-
|
23,437
|
|||||
Repurchase
of common stock (treasury stock)
|
(8,419)
|
-
|
|||||
Net
cash used in financing activities
|
(59,044)
|
(92,068)
|
|||||
NET
DECREASE IN CASH
|
(1,915,566)
|
(2,167,308)
|
|||||
CASH,
beginning of period
|
7,891,962
|
7,810,298
|
|||||
CASH,
end of period
|
$5,976,396
|
$5,642,990
|
|||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION:
|
|||||||
Interest
paid during the period
|
$65,604
|
$77,409
|
|||||
Income
tax paid during the period, net of (refunds)
|
477,177
|
369,180
|
Number
of Shares
|
Par
Value
|
Paid-in
Capital
|
Treasury
Stock
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
|
Comprehensive
Income
(Loss)
|
||||||||
BALANCE,
December 31, 2008
|
10,664,555
|
$26,388
|
$5,464,443
|
$(828,385)
|
$26,641,853
|
$(39,537)
|
$31,264,762
|
||||||||
Shares
issued - stock options
|
25,000
|
60
|
23,377
|
-
|
-
|
-
|
23,437
|
||||||||
Stock-based
compensation
|
-
|
-
|
2,540
|
-
|
-
|
-
|
2,540
|
||||||||
Net income
|
-
|
-
|
-
|
-
|
697,917
|
-
|
697,917
|
$697,917
|
|||||||
Translation
adjustment
|
-
|
-
|
-
|
-
|
-
|
(79,056)
|
(79,056)
|
(79,056)
|
|||||||
BALANCE,
March 31, 2009
|
10,689,555
|
$26,448
|
$5,490,360
|
$(828,385)
|
$27,339,770
|
$(118,593)
|
$31,909,600
|
Comprehensive
income for the three months ended March 31, 2009
|
$618,861
|
Number
of Shares
|
Par
Value
|
Paid-in
Capital
|
Treasury
Stock
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
|
Comprehensive
Income
(Loss)
|
||||||||
BALANCE,
December 31, 2009
|
10,130,628
|
$26,453
|
$5,491,736
|
$(2,452,649)
|
$29,959,910
|
$334,205
|
$33,359,655
|
||||||||
Shares
issued - stock options
|
12,894
|
31
|
(31)
|
-
|
-
|
-
|
-
|
||||||||
Purchase
of treasury stock
|
(2,300)
|
-
|
-
|
(8,419)
|
-
|
-
|
(8,419)
|
||||||||
Net income
|
-
|
-
|
-
|
-
|
948,113
|
-
|
948,113
|
$948,113
|
|||||||
Translation
adjustment
|
-
|
-
|
-
|
-
|
-
|
84,633
|
84,633
|
84,633
|
|||||||
BALANCE,
March 31, 2010
|
10,141,222
|
$26,484
|
$5,491,705
|
$(2,461,068)
|
$30,908,023
|
$418,838
|
$34,383,982
|
Comprehensive
income for the three months ended March 31, 2010
|
$1,032,746
|
As
of
|
|||
March
31, 2010
|
December
31, 2009
|
||
Inventory
on hand:
|
|||
Finished
goods held for sale
|
$15,650,318
|
$14,861,855
|
|
Raw
materials and work in process
|
334,219
|
609,002
|
|
Inventory
in transit
|
1,554,316
|
1,394,969
|
|
$17,538,853
|
$16,865,826
|
Leather
Factory
|
Tandy
Leather
|
Total
|
|
Balance,
December 31, 2008
|
$583,259
|
$383,406
|
$966,665
|
Acquisitions
and adjustments
|
-
|
-
|
-
|
Foreign
exchange gain/loss
|
(3,998)
|
-
|
(3,998)
|
Impairments
|
-
|
-
|
-
|
Balance,
March 31, 2009
|
$579,261
|
$383,406
|
$962,667
|
|
|
|
|
Balance,
December 31, 2009
|
$600,417
|
$383,406
|
$983,823
|
Acquisitions
and adjustments
|
-
|
-
|
-
|
Foreign
exchange gain/loss
|
3,989
|
-
|
3,989
|
Impairments
|
-
|
-
|
-
|
Balance,
March 31, 2010
|
$604,406
|
$383,406
|
$987,812
|
As
of March 31, 2010
|
As
of December 31, 2009
|
||||||
Gross
|
Accumulated
Amortization
|
Net
|
Gross
|
Accumulated
Amortization
|
Net
|
||
Trademarks,
Copyrights
|
$544,369
|
$365,093
|
$179,276
|
$544,369
|
$356,067
|
$188,302
|
|
Non-Compete
Agreements
|
182,549
|
68,424
|
114,125
|
181,636
|
62,136
|
119,500
|
|
$726,918
|
$433,517
|
$293,401
|
$726,005
|
$418,203
|
$307,802
|
Wholesale Leathercraft
|
Retail Leathercraft
|
Total
|
|
2010
|
$29,190
|
$30,337
|
$59,527
|
2011
|
28,263
|
30,337
|
58,600
|
2012
|
7,427
|
30,337
|
37,764
|
2013
|
-
|
30,337
|
30,337
|
2014
|
-
|
30,337
|
30,337
|
Due
within one year
|
$2,809,000
|
Due
between one and five years
|
3,988,598
|
Due
between five and ten years
|
-
|
Due
between ten and fifteen years
|
99,000
|
Due
between fifteen and twenty years
|
99,000
|
$6,995,598
|
March 31, 2010
|
December 31, 2009
|
||
Credit
Agreement with JPMorgan Chase Bank – collateralized by real estate;
payable as follows:
|
|||
Line
of Credit Note dated July 31, 2007, converted to a 10-year term note on
April 30, 2008; $16,875 monthly principal payments plus interest at 7.1%
per annum; matures April 30, 2018
|
$3,661,875
|
$3,712,500
|
|
3,661,875
|
3,712,500
|
||
Less
- Current maturities
|
(202,500)
|
(202,500)
|
|
$3,459,375
|
$3,510,000
|
Weighted
Average Exercise Price
|
#
of
shares
|
Weighted
Average Remaining Contractual Term (in years)
|
Aggregate
Intrinsic Value
|
|
Outstanding,
January 1, 2009
|
$2.16
|
224,700
|
||
Granted
|
-
|
-
|
||
Cancelled
|
-
|
-
|
||
Exercised
|
0.9375
|
25,000
|
||
Outstanding,
March 31, 2009
|
$2.31
|
199,700
|
3.09
|
$247,123
|
Exercisable,
March 31, 2009
|
$2.30
|
197,700
|
3.07
|
$244,583
|
Outstanding,
January 1, 2010
|
$2.33
|
197,700
|
||
Granted
|
-
|
-
|
||
Cancelled
|
-
|
-
|
||
Exercised
|
1.35
|
20,000
|
||
Outstanding,
March 31, 2010
|
$2.44
|
177,700
|
2.28
|
$230,030
|
Exercisable,
March 31, 2010
|
$2.44
|
177,700
|
2.28
|
$230,030
|
2010
|
2009
|
|
Weighted
average grant-date fair value of stock options granted
|
N/A
|
N/A
|
Total
fair value of stock options vested
|
N/A
|
$2,540
|
Total
intrinsic value of stock options exercised
|
$16,058
|
$14,878
|
2010
|
2009
|
||||
Net
income
|
$948,113
|
$697,917
|
|||
Numerator
for basic and diluted earnings per share
|
$948,113
|
$697,917
|
|||
Denominator
for basic earnings per share – weighted-average
shares
|
10,137,715
|
10,670,111
|
|||
Effect
of dilutive securities:
|
|||||
Stock
options
|
75,962
|
51,843
|
|||
Warrants
|
-
|
-
|
|||
Dilutive
potential common shares
|
75,962
|
51,843
|
|||
Denominator
for diluted earnings per share – weighted-average
shares
|
10,213,677
|
10,721,954
|
|||
Basic
earnings per share
|
$0.09
|
$0.06
|
|||
Diluted
earnings per share
|
$0.09
|
$0.06
|
a.
|
Wholesale
Leathercraft, which consists of a chain of wholesales stores
operating under the name, The Leather Factory,
located in North America;
|
b.
|
Retail
Leathercraft, which consists of a chain of retail stores operating
under the name, Tandy
Leather Company, located in the North America;
and
|
c.
|
International
Leathercraft, which sells to both wholesale and retail
customers. It carries the same products as North American
stores. We started this operation in February 2008 and have one
store located in Northampton, UK.
|
Wholesale
Leathercraft
|
Retail
Leathercraft
|
Int’l
Leathercraft
|
Discontinued
Operations
|
Total
|
|
For
the quarter ended March 31, 2010
|
|||||
Net
sales
|
$6,587,804
|
$7,616,296
|
$384,438
|
$14,588,538
|
|
Gross
profit
|
3,887,902
|
4,837,294
|
251,400
|
8,976,596
|
|
Operating
earnings
|
534,196
|
922,738
|
79,434
|
1,536,368
|
|
Interest
expense
|
65,604
|
-
|
-
|
65,604
|
|
Other,
net
|
(20,143)
|
(2,086)
|
20,762
|
(1,467)
|
|
Income
before income taxes
|
488,735
|
924,824
|
58,672
|
1,472,231
|
|
Depreciation
and amortization
|
197,787
|
32,784
|
3,455
|
234,026
|
|
Fixed
asset additions
|
70,707
|
28,410
|
-
|
$99,117
|
|
Total
assets
|
$38,622,176
|
$5,680,489
|
$614,500
|
-
|
$44,917,165
|
For
the quarter ended March 31, 2009
|
|||||
Net
sales
|
$6,286,701
|
$6,603,522
|
$292,872
|
$13,183,095
|
|
Gross
profit
|
3,567,923
|
3,950,164
|
222,359
|
7,740,446
|
|
Operating
earnings
|
366,247
|
550,168
|
81,116
|
997,531
|
|
Interest
expense
|
77,409
|
-
|
-
|
77,409
|
|
Other,
net
|
(94,008)
|
191
|
16,545
|
(77,272)
|
|
Income
before income taxes
|
382,846
|
549,977
|
64,571
|
997,394
|
|
Depreciation
and amortization
|
247,102
|
29,024
|
3,164
|
279,290
|
|
Fixed
asset additions
|
253,786
|
24,438
|
-
|
$278,224
|
|
Total
assets
|
$35,839,248
|
$5,510,987
|
$989,159
|
$139,296
|
$42,478,690
|
2010
|
2009
|
|
United
States
|
$12,613,850
|
$11,454,831
|
Canada
|
1,344,596
|
1,242,484
|
All
other countries
|
630,092
|
485,780
|
$14,588,538
|
$13,183,095
|
Ø
|
We
believe that a rise in oil and natural gas prices will increase the costs
of the goods that we sell, including the costs of shipping those goods
from the manufacturer to our stores and
customers.
|
Ø
|
Continued
weakness in the economy in the United States, as well as abroad, may cause
our sales to decrease or not to increase or adversely affect the prices
charged for our products. Furthermore, negative trends in
general consumer-spending levels, including the impact of the availability
and level of consumer debt and levels of consumer confidence could
adversely affect our sales.
|
Quarter
Ended March 31, 2010
|
Quarter
Ended March 31, 2009
|
||||||
Sales
|
Operating
Income
|
Sales
|
Operating
Income
|
||||
Wholesale
Leathercraft
|
$6,587,804
|
$534,196
|
$6,286,701
|
$366,247
|
|||
Retail
Leathercraft
|
7,616,296
|
922,738
|
6,603,522
|
550,168
|
|||
Int’l
Leathercraft
|
384,438
|
79,434
|
292,872
|
81,116
|
|||
Total
Operations
|
$14,588,538
|
$1,536,368
|
$13,183,095
|
$997,531
|
2010
|
2009
|
% change
|
||
Net
income
|
$948,113
|
$697,917
|
35.9%
|
Quarter
ended
|
|||
Customer Group
|
03/31/10
|
03/31/09
|
|
RETAIL
(end users, consumers,
individuals)
|
30%
|
29%
|
|
INSTITUTION
(prisons, prisoners,
hospitals, schools, youth organizations, etc.)
|
6%
|
7%
|
|
WHOLESALE
(resellers &
distributors, saddle & tack shops, authorized dealers,
etc.)
|
42%
|
41%
|
|
MANUFACTURERS
|
7%
|
7%
|
|
NATIONAL
ACCOUNTS
|
15%
|
16%
|
|
100%
|
100%
|
Quarter
Ended 03/31/10
|
Quarter
Ended 03/31/09
|
$ change
|
% change
|
|||
Same
store sales (30)
|
$5,783,176
|
$5,414,997
|
$368,179
|
6.8%
|
||
National
account group
|
804,628
|
871,704
|
(67,076)
|
(7.7)%
|
||
$6,587,804
|
$6,286,701
|
$301,103
|
4.8%
|
#
Stores
|
Qtr
ended 03/31/10
|
Qtr
ended 03/31/09
|
$
Change
|
%
Change
|
|
Same
(existing) store sales
|
74
|
$7,527,635
|
$6,603,522
|
$924,113
|
14.0%
|
New
store sales
|
2
|
88,661
|
-
|
88,661
|
N/A
|
Total
sales
|
76
|
$7,616,296
|
$6,603,522
|
$1,012,774
|
15.3%
|
Quarter
ended
|
|||
Customer Group
|
03/31/10
|
03/31/09
|
|
RETAIL
(end users, consumers,
individuals)
|
65%
|
65%
|
|
INSTITUTION
(prisons, prisoners,
hospitals, schools, youth organizations, etc.)
|
6%
|
7%
|
|
WHOLESALE
(resellers &
distributors, saddle & tack shops, authorized dealers,
etc.)
|
28%
|
27%
|
|
NATIONAL
ACCOUNTS
|
-
|
-
|
|
MANUFACTURERS
|
1%
|
1%
|
|
100%
|
100%
|
ISSUER
PURCHASES OF EQUITY SECURITIES
|
||||
Period
|
(a)
Total Number of Shares Purchased
|
(b)
Average Price Paid per Share
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
(d)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be
Purchased Under the Plans or Programs
|
January
1 - January 31
|
-
|
-
|
-
|
964,300
|
February
1- February 28
|
2,300(1)
|
$3.66
|
2,300
|
962,000
|
March
1 - March 31
|
-
|
-
|
-
|
962,000
|
Total
|
2,300
|
$3.66
|
2,300
|
962,000
|
(1)
|
Represents
shares purchased through a stock repurchase program permitting us to
repurchase up to one million shares of our common stock at prevailing
market prices not to exceed $3.70 per share. We announced the
program on December 9, 2009, such program replacing our previous stock
repurchase program which permitted us, on the date of its termination, to
repurchase up to 974,773 shares of our common stock at prevailing prices
not to exceed $2.85 per share. Purchases under the program
commenced on December 9, 2009 and will terminate on December 10,
2010.
|
Exhibit
Number
|
Description
|
|
3.1
|
Certificate
of Incorporation of The Leather Factory, Inc., and Certificate of
Amendment to Certificate of Incorporation of The Leather Factory, Inc.
filed as Exhibit 3.1 to Form 10-Q filed by Tandy Leather Factory, Inc.
with the Securities and Exchange Commission on August 12, 2005 and
incorporated by reference herein.
|
|
3.2
|
Bylaws
of The Leather Factory, Inc., filed as Exhibit 3.5 to the Current Report
on Form 8-K (Commission File No. 001-12368) filed by Tandy Leather
Factory, Inc (f/k/a The Leather Factory, Inc.) with the Securities and
Exchange Commission on July 14, 2004 and incorporated by reference
herein.
|
|
10.1
|
Consulting
Agreement, dated January 1, 2010, by and between Tandy Leather Factory,
Inc. and J. Wray Thompson, filed as Exhibit 10.1 to Form 8-K filed by
Tandy Leather Factory, Inc. with the Securities and Exchange Commission on
January 5, 2010 and incorporated by reference herein.
|
|
*31.1
|
13a-14(a)
Certification by Jon Thompson, Chief Executive Officer and
President.
|
|
*31.2
|
13a-14(a)
Certification by Shannon Greene, Chief Financial Officer and
Treasurer.
|
|
*32.1
|
Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
|
|
____________
|
||
*Filed
herewith.
|
TANDY
LEATHER FACTORY, INC.
|
|
(Registrant)
|
|
Date: May
14, 2010
|
By: /s/ Jon Thompson
|
Jon
Thompson
|
|
Chief
Executive Officer and President
|
|
Date: May
14, 2010
|
By: /s/ Shannon L. Greene
|
Shannon
L. Greene
|
|
Chief
Financial Officer and Treasurer (Chief Accounting
Officer)
|