Press Releases

CHENNAI, INDIA -- (MARKET WIRE) -- 02/10/12 -- The day of love, is here again. It is the ideal time to show someone how much you care. And this Valentine's Day, Courtyard by Marriott is here to make this day of your life extremely memorable and truly blissful. Treat your loved one to a romantic spread of emotion and love that he or she will never forget. Enjoy great food and beautiful live music, played by DJ Deepak at one of the top hotels in Chennai.

Rhapsody, the Italian restaurant under the guidance of Executive Chef Girish Kumar, will have a scintillating array of food that will add on to the magic of the day. Set the mood with a customized Valentine's buffet at one of the most authentic Italian restaurants in Chennai. Featuring a 4 course separate set menu with a section of soups, salads, main course and dessert, your loved one is sure to be impressed. Take a ride with caviar and champagne, avocado and lobster tartar and much more.

Valentine's Day would be incomplete without the mention of strawberries. Bearing in mind the popularity of the love food, our chefs have a special station for strawberries, where the couples can choose from strawberry and champagne frappe, fresh cut strawberries with whipped cream and strawberry cheesecakes.

The romantic journey does not end here.

• Get soaked in the lavishness of the dinner, in the midst of a romantic setting, with balloons and candles
• Take pictures with your loved one in a special place and get the picture instantly!
• Place an order for flowers for your special one and get it delivered to their house, only in the flower counter at The Muffin Tree
• Take the Chef home and surprise your partner where the chef will make your evening extra special by making a lavish spread of food that will set your mood just right for the special day (At Rs. 15,000)

Set menu at Rhapsody for Rs. 1450 ++ (Non alcoholic) and Rs. 2200 ++ (Alcoholic).

Get set to woo your valentine this year! As one of the hotels near Chennai Egmore Railways Station our convenient location near the airport makes us a perfect destination for a quiet evening away from the children or a long romantic getaway. Head to Courtyard by Marriott, for this is indeed the place to be this Valentine's Day!

For further details please visit Chennai hotel deals or contact: 044- 66764000.

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Contact:
Priyanka Dutta
Courtyard Chennai, India
91-44-66764000
Email Contact

Source: Marriott International

HINJEWADI, INDIA -- (MARKET WIRE) -- 02/10/12 -- Love is in the air at the Courtyard Pune Hinjewadi Hotel! And this four star hotel in Pune is offering couples the opportunity to spend the most romantic day of the year at the hotel. This Valentine's Day, as romance fills the air, lovebirds can count on the perfect romantic escape as the Courtyard by Marriott Pune Hinjewadi sets the tone for the perfect evening for Valentine's Day.

For those looking for something special, get swept away in a magnificent romance with the Courtyard Pune Hinjewadi sizzling Valentine's offer, which is one of the hottest hotel deals in Pune. This exciting hotel offer sets up the perfect cozy Valentine's evening for the cupid struck and includes all the romance any couple in love could want. For only INR 899+taxes per person, guests can enjoy a romantic evening at the Alfresco & MoMo Cafe.

A wonder-filled evening awaits the love struck with this Hinjewadi hotel's great Valentine's promotion. From 1900hrs to 2300hrs, couples can enjoy a romantic date under the star lit skies. Couples taking advantage of this offer will also enjoy sparkling wine, an intimate candlelit setup around the open sky at Alfresco and a live band performing melodies at the MoMo Cafe that will make all want to romance the flavor of the scrumptious delicacies.

Located conveniently among the luxury hotels in Pune, the Courtyard Pune Hinjewadi offers stylish accommodations in the heart of Pune's IT Hub. This four-star hotel offers guests 153 rooms, including six luxury suites that boast comfortable bedding, high-speed Internet access and flat-screen LCD TVs. Guests will also have a business center, 19,806 sq ft of total meeting space, six meeting rooms, an outdoor pool and a fitness center to take advantage of. The hotel's three onsite restaurants and deli serve mouth-watering kebabs, barbeques, international cuisines, sandwiches, pastries, pies and a great selection of other lip-smacking finger foods. Plus the relaxing atmosphere and friendly service provide a sublime atmosphere for a romantic dinner.

In addition to the chic accommodation, the great amenities and hotel deals in Pune, this four star hotel in Pune puts guests just moments away from various IT and automobile giants. Guests will also be close to top area attractions like the Shaniwarwada Fort, Appu Ghar Amusement Park, Sinhagad Fort, Aga Khan Palace, Osho International Meditation Centre, the National Defense Academy and a variety of the area's other well-known sites.

About the Courtyard Pune Hinjewadi Hotel Nestled near the heart of Pune's IT Hub, the Courtyard Pune Hinjewadi Hotel is a unique 4 star hotel in India. Providing travelers with a warm ambiance, elegant furnishings and convenient amenities, the hotel offers both leisure and business travelers to Pune comfortable lodging among the luxury Hinjewadi hotels. For its guests, the hotel offers some wonderful amenities including in-room vaults for laptops, wireless connectivity, large desks, and comfortable bedding. Plus the great location puts guests in close proximity to some of the area's most well-known attractions.

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CONTACT:
Apoorva Pandit
Courtyard by Marriott Pune Hinjewadi Hotel
91-20-42122222
Email Contact

Source: Marriott International

LONDON--(BUSINESS WIRE)-- The number of global insurance telematics users will grow at a CAGR of 90% from 1.85 million in 2010 to 89 million in 2017.

Dominique Bonte, group director, telematics and navigation, comments, “While insurance telematics or usage based insurance (UBI) is far from a recent phenomenon – US-based Progressive was already trialing solutions back in 2002 – a renewed interest in this market has occurred over the past two years, with an acceleration in uptake, as well as a dramatic change in the very nature of UBI, migrating from pay as you drive (PAYD) to pay how you drive (PHYD) based on continuous driver behavior monitoring and analysis.�

UBI allows insurance vendors to establish a continuous communication and feedback channel to build brand loyalty in an increasingly competitive auto insurance market. In the same way, value-added service packages including emergency services, roadside assistance, stolen vehicle tracking, teen driver monitoring, and vehicle diagnostics are often offered.

While the de-averaged pricing model and fairness principle of UBI to treat customers as individuals and have them pay for the risks they are actually taking instead of premiums depending on inaccurate proxies such as age and gender is gaining acceptance, many barriers hindering mass market uptake are still in place: self-selection of low risk drivers, privacy, lack of understanding of complex offers, lack of historical perspective validated by statistical data, absence of standards, installation of telematics hardware, and IP litigation.

While currently the default UBI hardware solution consists of a dedicated device plugged into the vehicle’s diagnostics OBD port, future UBI hardware solutions will increasingly be based on either factory-installed technology (as in-car connectivity penetration rates increase) or – for the aftermarket – converged devices such as smartphones wirelessly connecting to the OBD bus via Bluetooth adapters.

ABI Research’s new study, “Insurance Telematics,� (http://www.abiresearch.com/research/1008969) covers the different solutions for insurance telematics including PAYD and PHYD across different form factors such as embedded, portable, and converged in North America, Europe, Asia-Pacific, and the Rest of the World. It includes detailed descriptions of market drivers and barriers, as well as shipment, subscribers, and discount forecasts.

It is part of the Commercial Telematics Research Service (http://www.abiresearch.com/products/service/Commercial_Telematics_Research_Service) and Connected Car Research Service (http://www.abiresearch.com/products/service/Connected_Car_Research_Service).

ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 40+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com, or call +1.516.624.2500.

ABI ResearchChristine Gallen, +44-203-326-0142pr@abiresearch.com

Source: ABI Research

• Net sales up $2.5 million to $45.4 million
• Gift segment sales up $6.0 million to $22.7 million
• Net income up $2.0 million to $2.7 million
• First half net income up $3.6 million
• First half cash flow from operations up $17.7 million
• Signed new licensing agreements with Sperry® and Arnold Palmer®

DALLAS, Feb. 10, 2012 (GLOBE NEWSWIRE) -- Tandy Brands Accessories, Inc. (Nasdaq: TBAC) today reported financial results for its second quarter and six-month periods ended December 31, 2011.

Net sales for the second quarter were $45.4 million, an increase of $2.5 million versus the prior year second quarter. Gifts segment net sales of $22.7 million increased by $6.0 million over the prior year period due to increased holiday shipments as a result of organic growth from the Company's totes® license and new sales from the Eddie Bauer® license. Net sales in the accessories segment were $22.7 million for the second quarter, a decline of $3.5 million from fiscal 2011. The decline reported in the Accessories segment net sales was a result of lower sales in exited product categories and lower levels of replenishment orders by the Company's largest customer.

"We are pleased to see our initiatives drive positive results," said Rod McGeachy, President and Chief Executive Officer of Tandy Brands. "We delivered profitable growth and realized the benefits from recent cost savings initiatives to improve our bottom line."

Second quarter fiscal 2012 gross margin as a percentage of net sales was 30.9 percent, compared to 33.2 percent in the second quarter of fiscal 2011. Although accessories segment gross margins improved, overall gross margins declined due to a higher mix towards customer-direct shipments, higher customer deductions for holiday markdowns, and increased sales to higher volume, lower margin customers in the gift segment.

Total selling, general and administrative (SG&A) expense for the fiscal 2012 second quarter improved by $2.3 million over the prior year period. This 18 percent improvement was due to savings initiatives in labor, facilities costs, and professional services. 

For the second quarter, the Company reported net income of $2.7 million, or $0.39 per diluted share, compared to net income of $0.7 million, or $0.10 per diluted share, in the prior year.

Six-Month Results

Net sales for the six-month period ended December 31, 2011 were $72.2 million compared to net sales of $72.1 million reported in the prior-year period. An increase in net sales of the gifts segment was due to an increase in business under the totes® license and new sales under the Eddie Bauer® license. This was offset by the planned exit from non-profitable product categories initiated at the end of the prior fiscal year in the accessories segment.

Gross margin as a percentage of net sales was 32.1% in the first half of fiscal 2012, down from 33.9% in the first half of fiscal 2011. The decline was due to a change in sales mix in the gifts segment including a higher mix towards customer-direct shipments, higher freight and material costs, and increased sales to higher volume, lower margin customers.

Total SG&A expense for the six-month period decreased $5.0 million to $19.4 million in fiscal 2012 due to decreases in labor, facilities costs, and professional services.

The Company reported net income of $1.7 million, or $0.23 per diluted share, compared to a net loss of $2.0 million, or a loss of $0.28 per diluted share, in the prior-year period.

Financial Position

Net cash provided by operating activities was $17.7 million higher than the first half of fiscal 2011 due to a $3.8 million improvement in adjusted EBITDA, faster collections on receivables, lower inventory levels, and lower funding of accounts payable and accrued expenses. Inventories were reduced by $5.7 million to $32.7 million as of December 31, 2011, due to lower levels of inventory carried during the current year. Accounts receivable was reduced by $8.7 million to $16.4 million on flat net sales due to faster collection of receivables with the Company's largest customer. 

As of December 31, 2011 the Company reported net working capital of $25.1 million. Current liabilities of $29.0 million as of December 31, 2011 decreased $6.4 million from December 31, 2010 primarily driven by a $6.2 million reduction in outstanding debt.

"We are pleased by our improvement in cash flow from operations," said McGeachy. "We will continue to focus on accelerating our cash cycle and making prudent investment decisions with our cash. We are performing well against our debt covenants and successfully reducing overall debt. As of February 9, 2012 our loan balance was $8.5 million compared to $13.8 million during the same period a year ago."

New Licensing Agreements

In the third quarter of fiscal 2012, the Company signed new licenses with Sperry Top-Sider® and Arnold Palmer Enterprises (APE). Both of these licenses are expected to impact results in the Company's accessories segment beginning in calendar 2013.

Under the agreement with Sperry Top-Sider®, Tandy Brands will have the rights to leverage its expertise in belts, shoulder bags, and small leather goods for both men and women. Sperry Top-Sider® products will be distributed through premium department stores and specialty retailers throughout the United States and Canada, Sperry Top-Sider's own retail stores, and on sperrytopsider.com.

"We are excited to partner with Sperry Top-Sider, a brand recognized as an icon of American style for more than 75 years with distinct equities which we will leverage to develop a compelling product offering," said McGeachy.

Under the agreement with APE, Tandy Brands will have the rights to leverage its expertise in golf belts. Incremental distribution is expected in green grass golf shops, off-course golf specialty stores, department stores, corporate shops and e-commerce shops.

"We are excited to be partnering with Arnold Palmer, one of the most successful names in the game of golf. Arnold Palmer's popularity is legendary and his name provides unquestioned authenticity to our products," said McGeachy.

"It is a key strategic imperative that we build our branded portfolio. The licenses we added last year (e.g. Wolverine®, Bone Collector®, Eddie Bauer®, and Haggar®) delivered meaningful, profitable growth in fiscal 2012. Furthermore, the new licenses we added this year (e.g. Miss Me®, The Sharper Image®, Elie Tahari®, Sperry®, and Arnold Palmer®) make our growth pipeline even stronger. We expect all of these nationally recognized consumer brands to increase future net sales, improve gross margin percentage, reduce our customer concentration risk and improve our mix of lower-margin private label business," said McGeachy.

Outlook

"Although diminishing, our customer concentration risk remains. Nonetheless, we expect to see continued growth in our gifts segment and from the new licenses we've added to our portfolio," commented McGeachy.

"We are focused on restoring shareholder value through improving operational efficiency, growing volume in our key product categories, and adding new licenses to our portfolio," said McGeachy. 

About Tandy Brands

Tandy Brands is a leading designer and marketer of branded men's, women's and children's accessories, including belts, gifts and small leather goods. Merchandise is marketed under various national as well as private brand names through all major retail distribution channels.

Safe Harbor Language

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company has based these forward-looking statements on its current expectations about future events, estimates and projections about the industry in which it operates. Forward-looking statements are not guarantees of future performance. Actual results may differ materially from those suggested by these forward-looking statements as a result of a number of known and unknown risks and uncertainties that are difficult to predict, including, without limitation, general economic and business conditions, competition in the accessories and gifts markets, acceptance of the Company's product offerings and designs, issues relating to distribution, the termination or non-renewal of any material licenses, the Company's ability to maintain proper inventory levels, and a significant decrease in business from or loss of any major customers or programs. Those and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements included in this release are made only as of the date hereof. Except as required under federal securities laws and the rules and regulations of the United States Securities and Exchange Commission, the Company does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.

CONTACT: Tandy Brands Accessories, Inc.
         Rod McGeachy
         President and Chief Executive Officer
         214-519-5200

         Investor Relations
         Chuck Talley
         Chief Accounting Officer
         214-519-5200