Tandy Leather Factory: No 2009 predictions

Specialty retailer Tandy Leather Factory Inc. says the company will not forecast the business?? expected 2009 revenue and earnings per share.

Chief Executive Officer Ron Morgan said the company expects to be profitable in the new year, but is holding back on guidance because the unstable economy and ??flailing retail industry?? are likely to make financial forecasting ??a guess at best.??

Morgan added, ??We have also noted that, no matter the market capitalization or what wares they sell, retail chains continue to miss their announced revenues and EPS, and therefore, more often than not, lower guidance again and again. We see no upside to our shareholders in following suit.??

A statement released by the company also includes comments from Chief Financial Officer Shannon Greene, who says with a growing list of retailers that are filing for bankruptcy or closing unprofitable stores, Tandy Leather Factory is ??financially positioned?? in a manner that will preclude it from being added to a list of distressed retailers. ??We have more than ample cash to weather the economic storms at this time.??