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FORT WORTH, Texas, April 05, 2017 -- Tandy Leather Factory, Inc. (NASDAQ:TLF) today announced an update to its reporting segments to better reflect how management analyzes the business and allocates resources, as follows:
| Prior Reporting Structure | New Reporting Structure |
| 1. Wholesale | 1. North America |
| 2. Retail | 2. International |
| 3. International |
Effective January 1, 2017, Wholesale and Retail have been combined into North America, while International remains the same. To be clear, there is no change to TLF’s consolidated financial position or results, and we will report on the new reporting basis starting with first quarter 2017 results in May.
Shannon L. Greene, Chief Executive Officer, commented, "Our business has evolved significantly since we acquired Tandy Leather Company in 2000 and began expanding internationally in 2008. More recently, since I have taken over as CEO, we have focused our expansion strategy in North America and enhanced our branding efforts as Tandy Leather and not between our Wholesale and Retail concepts which are outdated. Our new segments better reflect the way Tandy Leather is managed today and is a more contemporary presentation of our results.”
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 112 North American stores located in 42 US states and 7 Canadian provinces, and four International stores located in the United Kingdom, Australia, and Spain. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory’s email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Tina Castillo, Tandy Leather Factory, Inc. (817) 872-3200 or [email protected] Mark Gilbert, Magellan Fin, LLC (317) 867-2839 or [email protected]
