Tandy Brands Accessories Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2012. Net sales for the third quarter were $23.9 million, a decrease of $4.5 million against the prior year third quarter net sales of $28.40 million. Net sales in the accessories segment were $22.2 million for the third quarter, a decline of $4.7 million from the similar quarter in fiscal 2011. The decline reported in the accessories segment net sales was a result of lower sales in exited product categories and a reduction in Spring load-ins resulting from increased share gains in the prior year at a major customer. For the third quarter, the company reported net loss of $3.1 million, or $0.43 per diluted share, compared to net loss of $3.1 million, or $0.44 per diluted share, in the prior year period. Adjusted net loss improved $0.6 million to $1.7 million compared to adjusted net loss of $2.3 million in the prior year third quarter. Operating loss was $179,000 and loss before income taxes was $1,148,000 against operating loss of $4,066,000 and loss before income taxes of $4,590,000 for the same period a year ago. Adjusted net loss was $1,740,000 or $0.25 per diluted share against $2,369,000 or $0.34 per diluted share a year ago. Net sales for the nine-month period ended March 31, 2012 were $96.0 million compared to net sales of $100.5 million reported in the prior year period. The company reported net loss of $1.4 million, or $0.20 per diluted share, compared to a net loss of $5.0 million, or a loss of $0.72 per diluted share, in the prior year period. Adjusted EBITDA improved by $4.6 million to $3.2 million over the prior year period. Net cash provided by operating activities was $8,752,000 against net cash used in operating activities of $12,552,000 a year ago period. Net cash provided by operating activities was $21.3 million higher than the first nine months of fiscal 2011 due to a $4.6 million improvement in adjusted EBITDA, faster collections on receivables, lower inventory levels, and lower funding of accounts payable and accrued expenses. Purchase of property and equipment was $495,000 against $736,000 a year ago period. Operating loss was $2,792,000 and loss before income taxes was $3,001,000 against operating loss of $2,712,000 and loss before income taxes of $2,920,000 for the same period a year ago. Adjusted net income was $410,000 or $0.06 per diluted share against net loss of $4,257,000 or $0.61 per diluted share a year ago. The company estimates fiscal 2012 results to be a net loss of $2.7 million to $1.5 million, or $0.38 to $0.21 per diluted share. The net loss was largely a result of investments in new licenses and the unexpected bad debt provision.