TANDY NET UP 30.3% IN QUARTER
ARLINGTON, Tex. — Tandy Brands Accessories reported earnings rose 30.3 percent in the second quarter ended Dec. 31 on a 63.6 percent hike in sales.
In the three months, Tandy earned $2.1 million, or 40 cents a share, against $1.6 million, or 31 cents, a year ago. Sales totaled $27.6 million compared to $16.9 million. In the six months, earnings climbed 24.6 percent to $3.4 million, or 65 cents, from $2.7 million, or 53 cents. Sales grew 57.6 percent to $49.5 million from $31.4 million.
J.S.B. Jenkins, president and chief executive officer, said that although recent acquisitions substantially boosted revenues, the company’s core business for the latest six months grew at a 14 percent annual rate against the previous year.
The company’s recent acquisitions include Durite Leather Goods in June 1993, Prince Gardner Inc., a manufacturer of small leather goods, in April 1994, and H.A. Sheldon Inc., a manufacturer and marketer of men’s belts, wallets and suspenders in Canada, in August 1994.
As the acquisitions are assimilated, Jenkins added, there will be additional operating benefits.