FORT WORTH, Texas, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ:TLF) today announced the Company's financial results for the second fiscal quarter of 2024. Highlights from Second Quarter 2024: Revenues were $17.3 million, down 1.1% from 2023 Generated operating income of $63,000 Net income of $0.1 million, down from $0.5 million in 2023 Gross margins of 58.0%, down from 62.5% in 2023 Operating expenses $10.0 million, down 1.7% from 2023 Adjusted EBITDA* of $0.8 million Ended quarter with $11.5 million of cash and cash equivalents Tandy Leather Factory's second quarter sales were $17.3 million in 2024, down from $17.5 million in 2023. Second quarter 2024 gross profit was $10.0 million, down from $10.9 million in 2023. Second quarter operating income was $63,000, down from $0.8 million in 2023. As of June 30, 2024, the Company held $11.5 million of cash and cash equivalents, up from $10.0 million a year earlier. The Company held inventory of $37.1 million, down from $38.0 million as of December 31, 2023. The Company had basic and diluted net income in the quarter of $0.01 per share, versus $0.06 in the prior year. Janet Carr, Chief Executive Officer of the Company, said, "Our second quarter sales declined by about 1%, an improvement in trend over Q1, but continuing to reflect our customers' lower discretionary income and sluggish spending overall. Gross margin rate declined from 2023, driven by both the accounting adjustments made in Q2 2023 that increased the margin rate and by the increased promotional activity this year. Operating expenses fell nearly 2%, as we managed costs to compensate for a decline in sales and gross margin rate. Importantly, cash remains strong, up to this time last year, even with some additional capital expenditures." Investors are encouraged to send their questions to the Company's investor relations hotline at * Adjusted EBITDA is a non-GAAP financial measure that the Company believes helps investors to compare its operating performance to that of other companies. The following is a reconciliation of the Company's net income to Adjusted EBITDA (in millions):