Tandy Leather Factory (TLF) Trims FY12 EPS Outlook; Cites FLSA Settlement

Tandy Leather Factory, Inc. (Nasdaq: TLF) announced Friday that an agreement had been reached and preliminarily approved by the Court to settle a lawsuit filed by three former store managers, who alleged that the Company violated certain requirements of the Fair Labor Standards Act (FLSA), as well as various state wage laws. The plaintiffs, who have sought to represent themselves and all similarly situated U.S. current and former store managers of the defendants, sought reimbursement for an unspecified amount of unpaid overtime compensation, liquidated damages, attorneys' fees and costs. As a result of that settlement agreement, the Company will record a charge to operations of approximately $1 million dollars in the 3rd quarter of 2012.

Therefore, the Company is revising its 2012 earnings guidance downward from 50 to 52 cents per share to 42 to 45 cents per share. The Company's 2012 revenue guidance of $72-$73 million has not changed.

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