##### Table of Contents









SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-K


ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)


OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended June 30, 2005


Commission File Number 0-18927


TANDY BRANDS ACCESSORIES, INC.


(Exact Name of Registrant as Specified in its Charter)


|                                                                   |  |                                            
|------------------------------------------------------------------ |  | -------------------------------------------
|A Delaware Corporation                                             |  | 75-2349915                                 
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
    Identification Number)

690 E. Lamar Blvd., Suite 200


Arlington, Texas 76011


(Address of Principal Executive Offices)


(817) 548-0090


(Registrants Telephone Number, Including Area Code)


Securities registered pursuant to Section 12(b) of the
Act:


NONE


Securities registered pursuant to Section 12(g) of the
Act:


Common Stock, Par Value $1.00 Per Share


Title of Class


þ o


o


o þ


o þ






DOCUMENTS INCORPORATED BY REFERENCE:














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TABLE OF CONTENTS



|                                                                                                                             |                                                                                                                           |  |  |  |  |  |  | 
|---------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I                                                                                                                      
|                                                                                                                             | ITEM 1. BUSINESS.                                                                                                        
|                                                                                                                             | ITEM 2. PROPERTIES.                                                                                                      
|                                                                                                                             | ITEM 3. LEGAL PROCEEDINGS.                                                                                               
|                                                                                                                             | ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.                                                             
|PART II                                                                                                                     
|                                                                                                                             | ITEM 5. MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
|                                                                                                                             | ITEM 6. SELECTED FINANCIAL DATA.                                                                                         
|                                                                                                                             | ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.                           
|                                                                                                                             | ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.                                                     
|                                                                                                                             | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                                                                     
|                                                                                                                             | ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.                            
|                                                                                                                             | ITEM 9A. CONTROLS AND PROCEDURES.                                                                                        
|PART III                                                                                                                    
|PART IV                                                                                                                     
|                                                                                                                             | ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.                                                                     
|SIGNATURES                                                                                                                  
|REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON FINANCIAL STATEMENT SCHEDULE                                     
|TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS For the Year Ended June 30,
|EXHIBIT INDEX                                                                                                               
|2005 Annual Report to Stockholders                                                                                          
|Subsidiaries                                                                                                                
|Consent of Ernst & Young LLP                                                                                                
|Certification Pursuant to Rule 13a-14(a)/15d-14(a) - CEO                                                                    
|Certification Pursuant to Rule 13a-14(a)/15d-14(a) - CFO                                                                    
|Section 1350 Certifications - CEO & CFO                                                                                     



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##### Table of Contents



TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES


FORM 10-K





PART I







|        |          
|------- | ---------
|ITEM 1. | BUSINESS.

What do we do?


tm






What are our product lines?




Fiscal 2005 Product Line Sales


(as a % of net sales)





2



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##### Table of Contents







| |      
| | -----
| | Belts



Fiscal 2005 Belt Sales









| |                    
| | -------------------
| | Small Leather Goods



Fiscal 2005 Small Leather Goods Sales







3



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##### Table of Contents





| |                  
| | -----------------
| | Other Accessories



What brands do we sell?




Fiscal 2005 Brand Sales


(as a % of net sales)







| |                             
| | ----------------------------
| | Exclusive License Agreements

tm






| |                       
| | ----------------------
| | Private Brand Products





| |   |          
| | - | ---------
| |  | Wal-Mart;
|
| |  | Target;  

4



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##### Table of Contents





| |   |                    
| | - | -------------------
| |  | JCPenney;          
|
| |  | Sears; and         
|
| |  | Payless ShoeSource.





| |   |                 
| | - | ----------------
| |  | Farah®;         
|
| |  | Faded Glory®;   
|
| |  | Meeting Street®;
|
| |  | No Boundaries®; 
|
| |  | St. Johns Bay®;
|
| |  | Croft & Barrow®;
|
| |  | Mossimo®; and   
|
| |  | Cherokee®.      



| |                   
| | ------------------
| | Proprietary Brands





| |                               
| | ------------------------------
| | Distribution of Our Key Brands



|                             |  |                                                                  |  |                                                                        
|---------------------------- |  | ---------------------------------------------------------------- |  | -----------------------------------------------------------------------
|Brand                        |  | Distribution Channel                                             |  | Products                                                               
|                             |  |                                                                  |  |                                                                        
|Dockers®                     |  | National chain stores
    Department stores
    Specialty stores |  | Belts
    Handbags
    Small leather goods
    Cold weather accessories
|Levis®                      |  | National chain stores
    Department stores
    Specialty stores |  | Belts
    Small leather goods                                          
|Levi Strauss
    Signaturetm |  | Mass merchants
    National chain stores                         |  | Belts
    Small leather goods
    Casual multi-purpose bags            
|Jones New York®              |  | Department stores
    Specialty stores                           |  | Belts
    Small leather goods                                          
|Rolfs®                       |  | Department stores
    Specialty stores                           |  | Small leather goods                                                    
|Haggar®                      |  | National chain stores
    Department stores
    Catalogs         |  | Belts
    Small leather goods                                          
|Woolrich®                    |  | Department stores
    Specialty stores                           |  | Belts
    Small leather goods                                          
|Jordache®                    |  | National chain stores                                            |  | Belts                                                                  

5



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|                        |  |                                             |  |                              
|----------------------- |  | ------------------------------------------- |  | -----------------------------
|Brand                   |  | Distribution Channel                        |  | Products                     
|                        |  |                                             |  |                              
|Bugle Boy®              |  | National chain stores
    Department stores |  | Belts
    Small leather goods
|Canterbury®             |  | Specialty stores
    Golf pro shops         |  | Belts
    Small leather goods
|Prince Gardner®         |  | National chain stores
    Specialty stores  |  | Small leather goods          
|Princess Gardner®       |  | National chain stores
    Specialty stores  |  | Small leather goods          
|Amity®                  |  | Mass merchants
    National chain stores    |  | Small leather goods          
|Coletta®                |  | Mass merchants
    National chain stores    |  | Handbags                     
|Accessory Design Group® |  | Mass merchants
    National chain stores    |  | Belts
    Womens accessories
|Tiger®                  |  | Mass merchants
    National chain stores    |  | Belts                        
|Stagg®                  |  | Mass merchants
    National chain stores    |  | Belts
    Small leather goods
|ETON®                   |  | Department stores
    Specialty stores      |  | Gift accessories             
|totes®                  |  | Department stores
    Specialty stores      |  | Gift accessories             

What are our channels of distribution?






| |   |                                                              
| | - | -------------------------------------------------------------
| |  | department stores;                                           
|
| |  | e-commerce websites;                                         
|
| |  | specialty chains;                                            
|
| |  | national chain stores;                                       
|
| |  | mass merchants;                                              
|
| |  | outlet stores;                                               
|
| |  | the retail exchange operations of the United States military;
|
| |  | off-price stores;                                            
|
| |  | golf pro shops;                                              
|
| |  | sporting goods stores;                                       
|
| |  | supermarkets;                                                
|
| |  | individual specialty stores;                                 
|
| |  | uniform stores;                                              
|
| |  | catalog retailers;                                           
|
| |  | TV shopping networks;                                        
|
| |  | shoe stores;                                                 
|
| |  | drug stores;                                                 

6



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##### Table of Contents





| |   |                      
| | - | ---------------------
| |  | wholesale clubs; and 
|
| |  | office supply stores.

Who are our customers?




|                   |  |                           |  |                                    
|------------------ |  | ------------------------- |  | -----------------------------------
|Department Stores: |  | National Chains:          |  | Mass Merchants:                    
|                   |  |                           |  |                                    
|Nordstrom;         |  | Sears (U.S. & Canada);    |  | Wal-Mart (U.S., Canada and Mexico);
|Dillards;         |  | JCPenney (U.S. & Mexico); |  | Target;                            
|May Company;       |  | Mervyns;                 |  | Shopko/Pamida;                     
|Federated/ Macys; |  | AAFES;                    |  | Meijer;                            
|Belk;              |  | Goodys;                  |  | Kmart;                             
|Saks, Inc.;        |  | Stein Mart;               |  | Fred Meyer; and                    
|Dayton Hudson;     |  | TJ Maxx;                  |  | Zellers (Canada).                  
|Stage;             |  | Marshalls;               |  |                                    
|Boscovs;          |  | Mens Wearhouse; and      |  |                                    
|Gottschalks;      |  | Moores (Canada).         |  |                                    
|Bon-Ton; and       |  |                           |  |                                    
|The Bay (Canada).  |  |                           |  |                                    



How do we maintain strong customer relations?






7



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##### Table of Contents



Did we have firm backlog orders for fiscal 2005 and the prior
fiscal year?




How do we merchandise and develop our products?






What is our competitive position?






| |   |                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------
| |  | the trend toward more casual attire, which has increased demand
    for accessories outside the traditional dress category;
|
| |  | increased consumer awareness of branded accessories as a fashion
    and lifestyle statement; and                          
|
| |  | a desire for newness and change in accessories styles.                                                                     





|                               |  |                                                             
|------------------------------ |  | ------------------------------------------------------------
|Product Segment                |  | Primary Competitors                                         
|                               |  |                                                             
|Mens and Boys Belts          |  | Swank, Randa/Humphreys, Cipriani and Fossil                 
|Mens Wallets                  |  | Buxton, Randa/Humphreys, Mundi, Fossil, Swank and Cipriani  
|Womens and Girls Belts       |  | Cipriani, Liz Claiborne, Circa, Accessory Network and Fossil
|Womens Handbags               |  | Nine West, Liz Claiborne, Kenneth Cole and Fossil           
|Womens Personal Leather Goods |  | Buxton, Mundi, Fossil, Liz Claiborne and Nine West          

8



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##### Table of Contents





How do we seek to grow our business?




|              |  |                                     |  |                  |  |                                
|------------- |  | ----------------------------------- |  | ---------------- |  | -------------------------------
|              |  |                                     |  |                  |  | Brands                         
|Date Acquired |  | Name of Business or Assets Acquired |  | Product Lines    |  | Acquired                       
|              |  |                                     |  |                  |  |                                
|July 1, 2004  |  | Superior Merchandise Company        |  | Gift accessories |  | ETON® and licensed totes® brand

Where and how do we manufacture our products?










To what extent is our business seasonal?




What are the sources and availability of our raw
materials?




9



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##### Table of Contents



Are we subject to governmental regulations?






How many employees do we have?




What role does intellectual property play in our business?




What are our working capital practices?




Where can investors access additional information regarding
Tandy Brands?




10



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##### Table of Contents








|        |            
|------- | -----------
|ITEM 2. | PROPERTIES.



|                             |  |                                                                                    |  |           |       | 
|---------------------------- |  | ---------------------------------------------------------------------------------- |  | --------- | ----- | 
|                             |  |                                                                                    |  | Form of   |      
|Facility Location            |  | Use                                                                                |  | Ownership |      
|                             |  |                                                                                    |  |           |      
|Yoakum, Texas (4 facilities) |  | Leather product manufacturing, product distribution and
    administrative offices |  |           | Own   | 
|West Bend, Wisconsin         |  | Distribution of small leather goods and handbags                                   |  |           | Own   | 
|Scarborough, Ontario         |  | Manufacture and distribution of leather goods                                      |  |           | Lease | 
|Dallas, Texas                |  | Distribution of womens accessories                                                |  |           | Lease | 
|Arlington, Texas             |  | Corporate offices                                                                  |  |           | Lease | 
|New York, New York           |  | Office space                                                                       |  |           | Lease | 
|San Francisco, California    |  | Office space                                                                       |  |           | Lease | 
|Birmingham, Alabama          |  | Office space                                                                       |  |           | Lease | 
|Minneapolis, Minnesota       |  | Office space                                                                       |  |           | Lease | 
|New Orleans, Louisiana       |  | Office space                                                                       |  |           | Lease | 
|Hong Kong                    |  | Office space                                                                       |  |           | Lease | 



|                     |  |                         |         |  |        |  |         |       |  |  |         | 
|-------------------- |  | ----------------------- | ------- |  | ------ |  | ------- | ----- |  |  | ------- | 
|                     |  | Approximate Square Feet |        
|                     |  |                         |        
|                     |  | Owned                   |         |  | Leased |  |         | Total | 
|                     |  |                         |         |  |        |  |         |       | 
|Warehouse and Office |  |                         | 509,000 |  |        |  | 292,000 |       |  |  | 801,000 | 
|Factory              |  |                         | 60,000  |  |        |  | 27,000  |       |  |  | 87,000  | 
|                     |  |                         |         |  |        |  |         |       | 
|Total                |  |                         | 569,000 |  |        |  | 319,000 |       |  |  | 888,000 | 
|                     |  |                         |         |  |        |  |         |       | 






|        |                   
|------- | ------------------
|ITEM 3. | LEGAL PROCEEDINGS.








|        |                                                         
|------- | --------------------------------------------------------
|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY
    HOLDERS.






PART II







|        |                                                                                                                          
|------- | -------------------------------------------------------------------------------------------------------------------------
|ITEM 5. | MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED
    STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
    SECURITIES.

What is the principal market for our common stock?




11



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##### Table of Contents



How many common stockholders do we have?




Did we declare any cash dividends in fiscal 2005 or the prior
fiscal year?




|                 |  |             |                    |  |              |  |                  |                    |  |   |       | 
|---------------- |  | ----------- | ------------------ |  | ------------ |  | ---------------- | ------------------ |  | - | ----- | 
|Declaration Date |  | Record Date |                    |  | Payable Date |  |                  | Dividend per Share | 
|                 |  |             |                    |  |              |  |                  |                    | 
|August 12, 2003  |  |             | September 30, 2003 |  |              |  | October 21, 2003 |                    |  | $ | 0.025 | 
|October 15, 2003 |  |             | December 31, 2003  |  |              |  | January 22, 2004 |                    |  | $ | 0.025 | 
|January 22, 2004 |  |             | March 31, 2004     |  |              |  | April 20, 2004   |                    |  | $ | 0.025 | 
|April 22, 2004   |  |             | June 30, 2004      |  |              |  | July 20, 2004    |                    |  | $ | 0.025 | 

|                 |  |             |                    |  |              |  |                  |                    |  |   |        | 
|---------------- |  | ----------- | ------------------ |  | ------------ |  | ---------------- | ------------------ |  | - | ------ | 
|Declaration Date |  | Record Date |                    |  | Payable Date |  |                  | Dividend per Share | 
|                 |  |             |                    |  |              |  |                  |                    | 
|August 12, 2004  |  |             | September 30, 2004 |  |              |  | October 19, 2004 |                    |  | $ | 0.0275 | 
|December 2, 2004 |  |             | December 31, 2004  |  |              |  | January 20, 2005 |                    |  | $ | 0.0275 | 
|February 8, 2005 |  |             | March 31, 2005     |  |              |  | April 20, 2005   |                    |  | $ | 0.0275 | 
|April 21, 2005   |  |             | June 30, 2005      |  |              |  | July 20, 2005    |                    |  | $ | 0.0275 | 



How many shares of common stock are authorized for issuance
under our equity compensation plans?






| |   |                                                                              
| | - | -----------------------------------------------------------------------------
| |  | the 1993 Employee Stock Option Plan;                                         
|
| |  | the 1997 Employee Stock Option Plan;                                         
|
| |  | the Nonqualified Formula Stock Option Plan for Non-Employee
    Directors;   
|
| |  | the Nonqualified Stock Option Plan for Non-Employee Directors;               
|
| |  | the 2002 Omnibus Plan;                                                       
|
| |  | the 1995 Stock Deferral Plan for Non-Employee Directors;                     
|
| |  | the Stock Purchase Program; and                                              
|
| |  | nonqualified stock option agreements with certain non-employee
    directors.

12



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##### Table of Contents



|                                                       |  |                            |         |     |                      |     |       |                                    |  |  |         |    
|------------------------------------------------------ |  | -------------------------- | ------- | --- | -------------------- | --- | ----- | ---------------------------------- |  |  | ------- | ---
|                                                       |  |                            |         |     |                      | (C) |      
|                                                       |  | (A)                        |         |     | (B)                  |     |       | Number of Securities Remaining     | 
|                                                       |  | Number of Securities to be |         |     | Weighted-Average     |     |       | Available for Future Issuance      | 
|                                                       |  | Issued Upon Exercise of    |         |     | Exercise Price of    |     |       | Under Equity Compensation Plans    | 
|                                                       |  | Outstanding Options,       |         |     | Outstanding Options, |     |       | (Excluding Securities Reflected in | 
|Plan Category                                          |  | Warrants and Rights        |         |     | Warrants and Rights  |     |       | Column (A))                        | 
|                                                       |  |                            |         |     |                      |     |       |                                    | 
|Equity Compensation Plans Approved by Stockholders     |  |                            | 921,924 | (1) |                      | $   | 12.05 | (2)                                |  |  | 338,252 | (3)
|Equity Compensation Plans Not Approved by Stockholders |  |                            | 19,250  | (4) |                      | $   | 6.09  |                                    |  |  | 86,601  | (5)
|Total                                                  |  |                            | 941,174 |     |                      | $   | 11.93 |                                    |  |  | 424,853 |    






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes options to purchase 24,800 shares of common
    stock under the 1993 Employee Stock Option Plan,
    486,979 shares of common stock under the 1997 Employee
    Stock Option Plan, 69,669 shares of common stock under the
    Nonqualified Formula Stock Option Plan for Non-Employee
    Directors, and 318,764 shares of common stock under the
    2002 Omnibus Plan. Also includes 21,712 shares of common
    stock issuable upon settlement of phantom stock units under the
    1995 Stock Deferral Plan for Non-Employee Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   
|(2) | Calculation of weighted-average exercise price does not include
    phantom stock units credited to participants accounts
    under the 1995 Stock Deferral Plan for Non-employee Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|(3) | Includes 309,964 shares of common stock issuable under the
    2002 Omnibus Plan and 28,288 shares of common stock
    issuable under the 1995 Stock Deferral Plan for Non-Employee
    Directors. Upon adoption of the 2002 Omnibus Plan by our
    stockholders at our 2002 annual stockholders meeting, the
    number of shares authorized and reserved for issuance under our
    previously existing stock option plans were transferred to the
    2002 Omnibus Plan and are presently authorized and reserved for
    issuance under that plan. All shares of common stock authorized
    and reserved for issuance on the exercise of outstanding stock
    options under our previous stock option plans and the 2002
    Omnibus Plan will, on the cancellation or expiration of any such
    stock options, automatically be authorized and reserved for
    issuance under the 2002 Omnibus Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|(4) | Includes options to purchase an aggregate of 19,250 shares
    of common stock under nonqualified stock option agreements for
    non-employee directors, dated October 16, 2001, with each
    of Dr. James F. Gaertner (4,250), Marvin J. Girouard
    (4,250), Gene Stallings (4,250), Roger R. Hemminghaus (2,500)
    and Colombe M. Nicholas (4,000). These options became fully
    vested six months after the date of grant and expire on
    October 16, 2011.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|(5) | Includes 86,601 shares of common stock issuable under the
    Stock Purchase Program. The Stock Purchase Program was approved
    by our stockholders in December 1990; however, subsequent
    amendments to increase the number of shares of common stock
    available for issuance under the Stock Purchase Program were not
    required to be approved by our stockholders and therefore were
    not submitted to our stockholders for approval. NASD
    Rule 4350(i), effective June 30, 2003, requires, among
    other things stockholder approval of certain amendments to
    equity compensation plans. We have submitted a proposal to our
    stockholders for approval at our annual meeting to be held
    October 18, 2005 which, if approved, will increase the
    number of shares of common stock issuable under the Stock
    Purchase Program by 500,000 shares. The Stock Purchase
    Program is open to all full-time employees who have been
    employed at least six months, but less than one year or who have
    been employed one year or more and are contributing to the Tandy
    Brands Accessories, Inc. Employees Investment Plan. Under the
    Stock Purchase Program, participants may contribute 5% or 10% of
    their earnings and we match 25% or 50% of each
    participants contribution depending on their length of
    employment. The Stock Purchase Program purchases treasury stock,
    if available, or unissued common stock directly from the company
    at monthly average market prices. The participants shares
    are fully vested upon purchase and the participant may withdraw
    from the Stock Purchase Program at any time. The shares
    purchased under the Stock Purchase Program are distributed to
    participants annually.

13



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##### Table of Contents



Did the company repurchase any shares of common stock during
the fourth quarter of fiscal 2005?




|                                |  |           |    |  |            |                 |                  |                     |                  |                 |                 |  |  |  |     | 
|------------------------------- |  | --------- | -- |  | ---------- | --------------- | ---------------- | ------------------- | ---------------- | --------------- | --------------- |  |  |  | --- | 
|                                |  | (A)       |    |  | (B)        |                 |                  |                     |                  | (D)             |                
|                                |  |           |    |  |            | (C)             |                  |                     | Maximum          |                
|                                |  |           |    |  |            | Total Number of |                  |                     | Number of Shares |                
|                                |  | Total     |    |  |            |                 | Shares Purchased |                     |                  | that May Yet Be |                
|                                |  | Number of |    |  | Average    |                 |                  | as Part of Publicly |                  |                 | Purchased Under | 
|                                |  | Shares    |    |  | Price Paid |                 |                  | Announced Plans     |                  |                 | the Plans or    | 
|Period                          |  | Purchased |    |  | per Share  |                 |                  | or Programs         |                  |                 | Programs(1)     | 
|                                |  |           |    |  |            |                 |                  |                     |                  |                 |                 | 
|April 1, 2005 to April 30, 2005 |  |           | 79 |  |            | $               | 13.47            |                     |                  |                 | N/A             |  |  |  | N/A | 
|May 1, 2005 to May 31, 2005     |  |           |   |  |            |                 | N/A              |                     |                  |                 | N/A             |  |  |  | N/A | 
|June 1, 2005 to June 30, 2005   |  |           |   |  |            |                 | N/A              |                     |                  |                 | N/A             |  |  |  | N/A | 
|Total                           |  |           | 79 |  |            | $               | 13.47            |                     |                  |                 | N/A             |  |  |  | N/A | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | On September 10, 1999, our Board of Directors approved a
    plan to repurchase, from time to time in the open market or
    through privately negotiated transactions, shares of our common
    stock at an aggregate purchase price of up to $2,000,000, and on
    October 17, 2000, our Board increased the plan by up to an
    additional $2,000,000. On April 21, 2001, our Board
    determined to temporarily discontinue any purchases under the
    stock repurchase plan. Since such time, the Board has not
    authorized management to resume repurchases under the plan.






|        |                         
|------- | ------------------------
|ITEM 6. | SELECTED FINANCIAL DATA.








|        |                                                                                           
|------- | ------------------------------------------------------------------------------------------
|ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATIONS.








|         |                                                                
|-------- | ---------------------------------------------------------------
|ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
    RISK.



14



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##### Table of Contents








|        |                                             
|------- | --------------------------------------------
|ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.



|                                                                                                     |                              |                               |       |    | 
|---------------------------------------------------------------------------------------------------- | ---------------------------- | ----------------------------- | ----- | -- | 
|                                                                                                     |                              | Page Number in the Tandy      |      
|                                                                                                     |                              | Brands Accessories, Inc. 2005 |      
|                                                                                                     |                              | Annual Report to              |      
|Financial Statements and Supplementary Data                                                          |                              | Stockholders                  |      
|                                                                                                     |                              |                               |      
|Consolidated Statements of Income for the Years Ended                                                |                              |                               |       |   
|                                                                                                     | June 30, 2005, 2004 and 2003 |                               |       | 14 | 
|Consolidated Balance Sheets at June 30, 2005 and 2004                                                |                              |                               | 15    |   
|Consolidated Statements of Cash Flows for the Years Ended
    June 30, 2005, 2004 and 2003           |                              |                               | 16    |   
|Consolidated Statements of Stockholders Equity for the
    Years Ended June 30, 2005, 2004 and 2003 |                              |                               | 17    |   
|Notes to Consolidated Financial Statements                                                           |                              |                               | 18-35 |   
|Selected Unaudited Quarterly Financial Data                                                          |                              |                               | 35    |   
|Report of Independent Registered Public Accounting Firm                                              |                              |                               | 36    |   
|Selected Financial Data                                                                              |                              |                               | 50    |   






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
    ACCOUNTING AND FINANCIAL DISCLOSURE.








|         |                         
|-------- | ------------------------
|ITEM 9A. | CONTROLS AND PROCEDURES.





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##### Table of Contents






PART III




|                                                                            |  |                                                                                                                                                                                 |  |                    |        | 
|--------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ------ | 
|                                                                            |  |                                                                                                                                                                                 |  | Page Number in the |       
|                                                                            |  |                                                                                                                                                                                 |  | Tandy Brands       |       
|                                                                            |  | Caption in the                                                                                                                                                                  |  | Accessories, Inc.  |       
|                                                                            |  | Tandy Brands Accessories, Inc.                                                                                                                                                  |  | 2005 Proxy         |       
|Item                                                                        |  | 2005 Proxy Statement                                                                                                                                                            |  | Statement          |       
|                                                                            |  |                                                                                                                                                                                 |  |                    |       
|ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE
    REGISTRANT             |  | Proposal One: Election of Directors
    Proposal Two: Amendment to Stock Purchase Program                                                                                   |  |                    | 5-77-9 | 
|                                                                            |  | Executive Officers                                                                                                                                                            |  |                    | 9      | 
|                                                                            |  | Section 16(a) Beneficial Ownership Reporting
    Compliance                                                                                                                   |  |                    | 12     | 
|                                                                            |  | Corporate Governance
     Has the Board of Directors adopted a Code of Ethics?                                                                                               |  |                    | 9      | 
|                                                                            |  | Corporate Governance
     What are the Board of Directors committees?
    What functions do they serve?                                                                     |  |                    | 19-21  | 
|                                                                           
|ITEM 11. EXECUTIVE COMPENSATION                                             |  | Executive Officer and Non-Employee Director
    Compensation
     How do we compensate our
    executive officers?                                                           |  |                    | 13-16  | 
|                                                                            |  | Executive Officer and Non-Employee Director
    Compensation
     How do we compensate our non-employee directors?                                                           |  |                    | 16-17  | 
|                                                                            |  | Stock Performance                                                                                                                                                             |  |                    | 18     | 
|                                                                            |  | Corporate Governance
     What are the Board of Directors committees?
     What functions do they serve?  Compensation
    Committee Interlocks and Insider Participation |  |                    | 19-21  | 
|                                                                            |  | Report of Compensation Committee                                                                                                                                              |  |                    | 24-25  | 
|                                                                           
|ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
    AND MANAGEMENT |  | Security Ownership of Certain
    Beneficial Owners                                                                                                                           |  |                    | 10-12  | 
|                                                                           
|ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
    TRANSACTIONS                 |  | Certain Relationships and
    Related Transactions                                                                                                                            |  |                    | 17     | 
|                                                                           
|ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES                             |  | Independent Auditor                                                                                                                                                           |  |                    | 22     | 

16



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##### Table of Contents






PART IV







|         |                                            
|-------- | -------------------------------------------
|ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) The financial statements listed in response to
    Item 8 of this report have been incorporated herein by
    reference to pages 14 through 35 of our 2005 Annual Report
    to Stockholders.                                                                                                                                                                                                                                                                                                                                                      
|
| | (2) Financial Statement Schedule:
    Schedule II  Valuation and Qualifying Accounts
    and Report of Independent Registered Public Accounting Firm
    thereon. The financial statement schedule should be read in
    conjunction with the consolidated financial statements in our
    2005 Annual Report to Stockholders. Financial statement
    schedules not included in this report have been omitted because
    they are not applicable or the required information is shown in
    the consolidated financial statements or notes thereto.
|
| | (3) Exhibits: A list of the exhibits required to be filed
    as part of this report is set forth in the Index to Exhibits,
    which immediately precedes such exhibits, and is incorporated
    herein by reference.                                                                                                                                                                                                                                                                                                                                 

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##### Table of Contents






SIGNATURES






| |                                      
| | -------------------------------------
| | TANDY BRANDS ACCESSORIES, INC.       
| | (Registrant)                         
|
| | /s/ J.S.B. Jenkins                   
| |                                      
| | J.S.B. Jenkins                       
| | President and Chief Executive Officer





|                                                   |  |                                                                                   |  |                    |  | 
|-------------------------------------------------- |  | --------------------------------------------------------------------------------- |  | ------------------ |  | 
|Name                                               |  | Position                                                                          |  | Date              
|                                                   |  |                                                                                   |  |                   
|                                                  
|/s/ Dr. James F. GaertnerDr.
    James F. Gaertner |  | Director and
    Chairman of the Board                                            |  | September 23, 2005
|                                                  
|/s/ J.S.B. JenkinsJ.S.B.
    Jenkins               |  | Director, President and Chief Executive Officer
    (principal executive officer) |  | September 23, 2005
|                                                  
|/s/ Roger R. HemminghausRoger
    R. Hemminghaus   |  | Director                                                                          |  | September 23, 2005
|                                                  
|/s/ Gene StallingsGene
    Stallings               |  | Director                                                                          |  | September 23, 2005
|                                                  
|/s/ Colombe M. NicholasColombe
    M. Nicholas     |  | Director                                                                          |  | September 23, 2005
|                                                  
|/s/ George C. LakeGeorge
    C. Lake               |  | Director                                                                          |  | September 23, 2005
|                                                  
|/s/ W. Grady RosierW.
    Grady Rosier             |  | Director                                                                          |  | September 23, 2005
|                                                  
|/s/ Mark J. FlahertyMark
    J. Flaherty           |  | Chief Financial Officer
    (principal financial and
    accounting officer)      |  | September 23, 2005

18



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##### Table of Contents






REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON


FINANCIAL STATEMENT SCHEDULE












| |                      
| | ---------------------
| | /s/ ERNST & YOUNG LLP





19



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##### Table of Contents






TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES


SCHEDULE II  VALUATION AND QUALIFYING
ACCOUNTS


For the Year Ended June 30,


|                                            |  |              |           |           |            |   |           |            |  |   |               |  |            |        |           |  |  |   |           | 
|------------------------------------------- |  | ------------ | --------- | --------- | ---------- | - | --------- | ---------- |  | - | ------------- |  | ---------- | ------ | --------- |  |  | - | --------- | 
|                                            |  |              |           | Additions |            |   |           |            | 
|                                            |  |              |           |           |            |   |           |            | 
|                                            |  | Balance at   |           |           | Charged to |   |           | Charged to |  |   |               |  | Balance at |       
|                                            |  | Beginning of |           |           | Costs and  |   |           | Other      |  |   |               |  | End of     |       
|Description                                 |  | Period       |           |           | Expenses   |   |           | Accounts   |  |   | Deductions(1) |  |            | Period |          
|                                            |  |              |           |           |            |   |           |            |  |   |               |  |            |        |          
|2005                                        |  |              |           |           |            |   |           |            |  |   |               |  |            |        |           |  |  |   |           | 
|Allowance for Doubtful Accounts And Returns |  | $            | 1,142,000 |           |            | $ | 7,843,000 |            |  | $ | -0-           |  |            | $      | 7,502,000 |  |  | $ | 1,483,000 | 
|2004                                        |  |              |           |           |            |   |           |            |  |   |               |  |            |        |           |  |  |   |           | 
|Allowance for Doubtful Accounts And Returns |  | $            | 1,745,000 |           |            | $ | 3,902,000 |            |  | $ | -0-           |  |            | $      | 4,505,000 |  |  | $ | 1,142,000 | 
|2003                                        |  |              |           |           |            |   |           |            |  |   |               |  |            |        |           |  |  |   |           | 
|Allowance for Doubtful Accounts And Returns |  | $            | 1,707,000 |           |            | $ | 5,530,000 |            |  | $ | -0-           |  |            | $      | 5,492,000 |  |  | $ | 1,745,000 | 






|    |                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------
|(1) | Represents uncollectible accounts written off, net of recoveries
    and application of allowances to sales returns.

20



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##### Table of Contents



TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES





EXHIBIT INDEX


|                               |  |                                                                               |      |      |  |                                                                                                                                                                                                                                                               |  |                           |  |          |  |          |  |  |       | 
|------------------------------ |  | ----------------------------------------------------------------------------- | ---- | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- |  | -------- |  | -------- |  |  | ----- | 
|                               |  |                                                                               |      |      |  |                                                                                                                                                                                                                                                               |  | Incorporated by Reference |  |         
|                               |  |                                                                               |      |      |  |                                                                                                                                                                                                                                                               |  | (If Applicable)           |  |         
|                               |  |                                                                               |      |      |  |                                                                                                                                                                                                                                                              
|Exhibit Number and Description |  | Form                                                                          |      | Date |  | File No.                                                                                                                                                                                                                                                      |  | Exhibit                  
|                               |  |                                                                               |      |      |  |                                                                                                                                                                                                                                                               |  |                          
|(3)                            |  | Articles of Incorporation and By-laws                                         |      |      |  |                                                                                                                                                                                                                                                               |  |                           |  |          |  |         
|                              
|                               |  |                                                                               | 3.1  |      |  | Certificate of Incorporation of Tandy Brands Accessories,
    Inc.                                                                                                                                                                                            |  | S-1                       |  | 11/02/90 |  | 33-37588 |  |  | 3.1   | 
|                              
|                               |  |                                                                               | 3.2  |      |  | Restated Bylaws of Tandy Brands Accessories, Inc.                                                                                                                                                                                                             |  | 10-Q                      |  | 2/11/05  |  | 0-18927  |  |  | 3.2   | 
|                              
|(4)                            |  | Instruments defining the rights of security holders, including
    indentures |      |      |  |                                                                                                                                                                                                                                                               |  |                           |  |          |  |         
|                              
|                               |  |                                                                               | 4.1  |      |  | Certificate of Designations, Powers, Preferences, and Rights of
    Series A Junior Participating Cumulative Preferred Stock of
    Tandy Brands Accessories, Inc.                                                                                            |  | S-1                       |  | 12/17/90 |  | 33-37588 |  |  | 4.1   | 
|                              
|                               |  |                                                                               | 4.2  |      |  | Form of Common Stock Certificate of Tandy Brands Accessories,
    Inc.                                                                                                                                                                                        |  | S-1                       |  | 12/17/90 |  | 33-37588 |  |  | 4.2   | 
|                              
|                               |  |                                                                               | 4.3  |      |  | Form of Preferred Share Purchase Rights Certificate of Tandy
    Brands Accessories, Inc.                                                                                                                                                                     |  | S-1                       |  | 12/17/90 |  | 33-37588 |  |  | 4.3   | 
|                              
|                               |  |                                                                               | 4.4  |      |  | Form of Rights Certificate of Tandy Brands Accessories,
    Inc.                                                                                                                                                                                              |  | 8-K                       |  | 11/02/99 |  | 0-18927  |  |  | 4     | 
|                              
|                               |  |                                                                               | 4.5  |      |  | Amended and Restated Rights Agreement, dated October 19,
    1999, between Tandy Brands Accessories, Inc. and Bank Boston, N.A                                                                                                                                |  | 8-K                       |  | 11/02/99 |  | 0-18927  |  |  | 4     | 
|                              
|                               |  |                                                                               | 4.6  |      |  | Amendment to Rights Agreement, dated October 19, 1999,
    between Tandy Brands Accessories, Inc. and Fleet National Bank
    (f.k.a. Bank Boston, N.A.)                                                                                                      |  | 10-Q                      |  | 05/10/02 |  | 0-18927  |  |  | 4.7   | 
|                              
|(10)                           |  | Material Contracts                                                            |      |      |  |                                                                                                                                                                                                                                                               |  |                           |  |          |  |         
|                              
|                               |  |                                                                               | 10.1 |      |  | Tandy Brands Accessories, Inc. 1991 Stock Option Plan*                                                                                                                                                                                                        |  | S-1                       |  | 11/02/90 |  | 33-37588 |  |  | 10.8  | 
|                              
|                               |  |                                                                               | 10.2 |      |  | Form of Stock Option Agreement  1991 Stock Option
    Plan*                                                                                                                                                                                                  |  | S-1                       |  | 11/02/90 |  | 33-37588 |  |  | 10.9  | 
|                              
|                               |  |                                                                               | 10.3 |      |  | Tandy Brands Accessories, Inc. Benefit Restoration Plan and
    related Trust Agreement and Amendments Nos. 1 and 2 thereto*                                                                                                                                  |  | 10-K                      |  | 09/25/97 |  | 0-18927  |  |  | 10.14 | 
|                              
|                               |  |                                                                               | 10.4 |      |  | Amendment No. 3 to the Tandy Brands Accessories, Inc.
    Benefit Restoration Plan, effective as of July 1, 2003*                                                                                                                                             |  | 10-K                      |  | 9/23/03  |  | 0-18927  |  |  | 10.32 | 
|                              
|                               |  |                                                                               | 10.5 |      |  | Succession Agreement, dated July 1, 2001, between Tandy
    Brands Accessories, Inc. and Chase Texas, N.A. (the Former
    Trustee) and Comerica Bank  Texas (the Trustee),
    relating to the Tandy Brands Accessories, Inc. Benefit
    Restoration Plan* |  | 10-K                      |  | 9/23/03  |  | 0-18927  |  |  | 10.34 | 
|                              
|                               |  |                                                                               | 10.6 |      |  | Form of Indemnification Agreement between Tandy Brands
    Accessories, Inc. and each of its Directors                                                                                                                                                        |  | S-1                       |  | 12/17/90 |  | 33-37588 |  |  | 10.16 | 
|                              
|                               |  |                                                                               | 10.7 |      |  | Form of Indemnification Agreement between Tandy Brands
    Accessories, Inc. and each of its Officers                                                                                                                                                         |  | S-1                       |  | 12/17/90 |  | 33-37588 |  |  | 10.17 | 
|                              
|                               |  |                                                                               | 10.8 |      |  | Tandy Brands Accessories, Inc. Non-Qualified Formula Stock
    Option Plan for Non-Employee Directors*                                                                                                                                                        |  | S-8                       |  | 02/10/94 |  | 33-75114 |  |  | 28.1  | 

21



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|                               |  |      |       |      |  |                                                                                                                                                                                                                                                                              |  |                           |  |          |  |           |  |  |       | 
|------------------------------ |  | ---- | ----- | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- |  | -------- |  | --------- |  |  | ----- | 
|                               |  |      |       |      |  |                                                                                                                                                                                                                                                                              |  | Incorporated by Reference |  |         
|                               |  |      |       |      |  |                                                                                                                                                                                                                                                                              |  | (If Applicable)           |  |         
|                               |  |      |       |      |  |                                                                                                                                                                                                                                                                             
|Exhibit Number and Description |  | Form |       | Date |  | File No.                                                                                                                                                                                                                                                                     |  | Exhibit                  
|                               |  |      |       |      |  |                                                                                                                                                                                                                                                                              |  |                          
|                              
|                               |  |      | 10.9  |      |  | Amendment No. 4 to the Tandy Brands Accessories, Inc.
    Nonqualified Formula Stock Option Plan for Non-Employee
    Directors*                                                                                                                                             |  | 10-Q                      |  | 5/10/02  |  | 0-18927   |  |  | 10.39 | 
|                              
|                               |  |      | 10.10 |      |  | Tandy Brands Accessories, Inc. 1993 Employee Stock Option Plan
    and form of Stock Option Agreement thereunder*                                                                                                                                                            |  | S-8                       |  | 02/10/94 |  | 33-75114  |  |  | 28.2  | 
|                              
|                               |  |      | 10.11 |      |  | Tandy Brands Accessories, Inc. Non-Qualified Stock Option Plan
    for Non-Employee Directors*                                                                                                                                                                               |  | S-8                       |  | 02/10/94 |  | 33-75114  |  |  | 28.3  | 
|                              
|                               |  |      | 10.12 |      |  | Tandy Brands Accessories, Inc. 1995 Stock Deferral Plan for
    Non-Employee Directors*                                                                                                                                                                                      |  | S-8                       |  | 06/03/96 |  | 33-08579  |  |  | 99.1  | 
|                              
|                               |  |      | 10.13 |      |  | Tandy Brands Accessories, Inc. 1997 Employee Stock Option Plan*                                                                                                                                                                                                              |  | S-8                       |  | 12/12/97 |  | 333-42211 |  |  | 99.1  | 
|                              
|                               |  |      | 10.14 |      |  | Amendment No. 2 to the Tandy Brands Accessories, Inc.
    1997 Employee Stock Option Plan*                                                                                                                                                                                   |  | 10-Q                      |  | 5/10/02  |  | 0-18927   |  |  | 10.38 | 
|                              
|                               |  |      | 10.15 |      |  | Tandy Brands Accessories, Inc. Employees Investment Plan, as
    Amended and Restated effective July 1, 2000*                                                                                                                                                                |  | 10-K                      |  | 09/26/00 |  | 0-18927   |  |  | 10.39 | 
|                              
|                               |  |      | 10.16 |      |  | Mid-Market Trust Agreement, dated August 19, 2001,
    between Tandy Brands Accessories, Inc. and State Street Bank and
    Trust Company, relating to the Tandy Brands Accessories, Inc.
    Employees Investment Plan*                                                     |  | 10-K                      |  | 09/23/03 |  | 0-18927   |  |  | 10.28 | 
|                              
|                               |  |      | 10.17 |      |  | Amendments Nos. 1-3 to the Tandy Brands Accessories, Inc.
    Employees Investment Plan, as Amended and Restated effective
    July 1, 2000                                                                                                                                  |  | 10-K                      |  | 09/23/03 |  | 0-18927   |  |  | 10.31 | 
|                              
|                               |  |      | 10.18 |      |  | Succession Agreement, dated June 20, 2002, between Tandy
    Brands Accessories, Inc. and Comerica Bank  Texas,
    (the Trustee), relating to the Tandy Brands Accessories, Inc.
    Employees Investment Plan*                                                            |  | 10-K                      |  | 9/23/03  |  | 0-18927   |  |  | 10.35 | 
|                              
|                               |  |      | 10.19 |      |  | Amendments No. 4 to the Tandy Brands Accessories, Inc.
    Employees Investment Plan, dated December 22, 2003*                                                                                                                                                               |  | 10-Q                      |  | 2/12/04  |  | 0-18927   |  |  | 10.38 | 
|                              
|                               |  |      | 10.20 |      |  | Credit Agreement, dated as of June 27, 2001, among Tandy
    Brands Accessories, Inc. as the Borrower, Wells Fargo HSBC Trade
    Bank, N.A. as Administrative Agent and as Lender, certain
    Financial Institutions as Lenders and Wells Fargo Bank, N.A. as
    Arranger |  | 10-K                      |  | 9/25/01  |  | 0-18927   |  |  | 10.34 | 
|                              
|                               |  |      | 10.21 |      |  | ISDA Master Agreement, dated as of June 27, 2001, between
    Tandy Brands Accessories, Inc. and Wells Fargo Bank, N.A                                                                                                                                                       |  | 10-K                      |  | 09/25/01 |  | 0-18927   |  |  | 10.35 | 
|                              
|                               |  |      | 10.22 |      |  | Limited Consent and Waiver, dated November 5, 2001, between
    Tandy Brands Accessories, Inc. and Wells Fargo HSBC Trade Bank,
    N.A. as Administrative Agent under the Agreement                                                                                         |  | 10-Q                      |  | 11/13/01 |  | 0-18927   |  |  | 10.37 | 
|                              
|                               |  |      | 10.23 |      |  | First Amendment to Credit Agreement, dated June 28, 2002,
    between Tandy Brands Accessories, Inc. and Wells Fargo HSBC
    Trade Bank, N.A                                                                                                                                |  | 10-K                      |  | 9/27/02  |  | 0-18927   |  |  | 10.23 | 
|                              
|                               |  |      | 10.24 |      |  | Second Amendment to Credit Agreement, dated June 26, 2003,
    between Tandy Brands Accessories, Inc. and Wells Fargo HSBC
    Trade Bank, N.A                                                                                                                               |  | 10-K                      |  | 9/23/03  |  | 0-18927   |  |  | 10.29 | 

22



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|                               |  |      |       |      |  |                                                                                                                                                                                                   |  |                           |  |          |  |          |  |  |       | 
|------------------------------ |  | ---- | ----- | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- |  | -------- |  | -------- |  |  | ----- | 
|                               |  |      |       |      |  |                                                                                                                                                                                                   |  | Incorporated by Reference |  |         
|                               |  |      |       |      |  |                                                                                                                                                                                                   |  | (If Applicable)           |  |         
|                               |  |      |       |      |  |                                                                                                                                                                                                  
|Exhibit Number and Description |  | Form |       | Date |  | File No.                                                                                                                                                                                          |  | Exhibit                  
|                               |  |      |       |      |  |                                                                                                                                                                                                   |  |                          
|                              
|                               |  |      | 10.25 |      |  | Third Amendment to Credit Agreement, dated August 26, 2004,
    among Tandy Brands Accessories, Inc. and Wells Fargo Bank, N.A.,
    Comerica Bank, JP Morgan Chase Bank and Bank of America, N.A |  | 10-K                      |  | 9/23/04  |  | 0-18927  |  |  | 10.38 | 
|                              
|                               |  |      | 10.26 |      |  | Tandy Brands Accessories, Inc. Stock Purchase Program (as
    amended and restated effective October 18, 1991)*                                                                                   |  | S-8                       |  | 3/27/92  |  | 33-46814 |  |  | 28.1  | 
|                              
|                               |  |      | 10.27 |      |  | Amendment No. 1 to the Tandy Brands Accessories, Inc. Stock
    Purchase Program*                                                                                                                 |  | 10-Q                      |  | 5/12/03  |  | 0-18927  |  |  | 10.27 | 
|                              
|                               |  |      | 10.28 |      |  | Amendment No. 2 to the Tandy Brands Accessories, Inc. Stock
    Purchase Program effective May 23, 1998*                                                                                          |  | 10-Q                      |  | 2/12/04  |  | 0-18927  |  |  | 10.37 | 
|                              
|                               |  |      | 10.29 |      |  | Nonqualified Stock Option Agreement for Non-Employee Directors,
    dated October 16, 2001, by and between Tandy Brands
    Accessories, Inc. and Dr. James F. Gaertner*                          |  | S-8                       |  | 5/15/02  |  | 33-88276 |  |  | 10.2  | 
|                              
|                               |  |      | 10.30 |      |  | Nonqualified Stock Option Agreement for Non-Employee Directors,
    dated October 16, 2001, by and between Tandy Brands
    Accessories, Inc. and Marvin J. Girouard*                             |  | S-8                       |  | 5/15/02  |  | 33-88276 |  |  | 10.3  | 
|                              
|                               |  |      | 10.31 |      |  | Nonqualified Stock Option Agreement for Non-Employee Directors,
    dated October 16, 2001, by and between Tandy Brands
    Accessories, Inc. and Gene Stallings*                                 |  | S-8                       |  | 5/15/02  |  | 33-88276 |  |  | 10.4  | 
|                              
|                               |  |      | 10.32 |      |  | Nonqualified Stock Option Agreement for Non-Employee Directors,
    dated October 16, 2001, by and between Tandy Brands
    Accessories, Inc. and Roger R. Hemminghaus*                           |  | S-8                       |  | 5/15/02  |  | 33-88276 |  |  | 10.5  | 
|                              
|                               |  |      | 10.33 |      |  | Nonqualified Stock Option Agreement for Non-Employee Directors,
    dated October 16, 2001, by and between Tandy Brands
    Accessories, Inc. and Colombe M. Nicholas*                            |  | S-8                       |  | 5/15/02  |  | 33-88276 |  |  | 10.6  | 
|                              
|                               |  |      | 10.34 |      |  | Tandy Brands Accessories, Inc. 2002 Omnibus Plan*                                                                                                                                                 |  | 10-Q                      |  | 11/12/02 |  | 0-18927  |  |  | 10.24 | 
|                              
|                               |  |      | 10.35 |      |  | Form of Non-Employee Director Nonqualified Stock Option
    Agreement pursuant to the Tandy Brands Accessories, Inc. 2002
    Omnibus Plan*                                                       |  | 10-K                      |  | 9/23/04  |  | 0-18927  |  |  | 10.39 | 
|                              
|                               |  |      | 10.36 |      |  | Form of Employee Nonqualified Stock Option Agreement pursuant to
    the Tandy Brands Accessories, Inc. 2002 Omnibus Plan*                                                                        |  | 10-K                      |  | 9/23/04  |  | 0-18927  |  |  | 10.40 | 
|                              
|                               |  |      | 10.37 |      |  | Form of Non-Employee Director Restricted Stock Award Agreement
    pursuant to the Tandy Brands Accessories, Inc. 2002 Omnibus Plan*                                                              |  | 10-K                      |  | 9/23/04  |  | 0-18927  |  |  | 10.41 | 
|                              
|                               |  |      | 10.38 |      |  | Form of Employee Restricted Stock Award Agreement pursuant to
    the Tandy Brands Accessories, Inc. 2002 Omnibus Plan*                                                                           |  | 10-K                      |  | 9/23/04  |  | 0-18927  |  |  | 10.42 | 
|                              
|                               |  |      | 10.39 |      |  | Tandy Brands Accessories, Inc. Supplemental Executive Retirement
    Plan*                                                                                                                        |  | 10-Q                      |  | 2/12/03  |  | 0-18927  |  |  | 10.25 | 
|                              
|                               |  |      | 10.40 |      |  | Amendment No. 1 to the Tandy Brands Accessories, Inc.
    Supplemental Executive Retirement Plan, effective
    January 1, 2003*                                                                  |  | 10-K                      |  | 9/23/03  |  | 0-18927  |  |  | 10.30 | 

23



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##### Table of Contents



|                               |  |                                                                                          |       |      |  |                                                                                                                                                                                    |  |                           |  |         |  |         |  |  |       | 
|------------------------------ |  | ---------------------------------------------------------------------------------------- | ----- | ---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- |  | ------- |  | ------- |  |  | ----- | 
|                               |  |                                                                                          |       |      |  |                                                                                                                                                                                    |  | Incorporated by Reference |  |        
|                               |  |                                                                                          |       |      |  |                                                                                                                                                                                    |  | (If Applicable)           |  |        
|                               |  |                                                                                          |       |      |  |                                                                                                                                                                                   
|Exhibit Number and Description |  | Form                                                                                     |       | Date |  | File No.                                                                                                                                                                           |  | Exhibit                  
|                               |  |                                                                                          |       |      |  |                                                                                                                                                                                    |  |                          
|                              
|                               |  |                                                                                          | 10.41 |      |  | Form of Severance Agreement for Executive and Senior Officers*                                                                                                                     |  | 10-K                      |  | 9/23/03 |  | 0-18927 |  |  | 10.33 | 
|                              
|                               |  |                                                                                          | 10.42 |      |  | Office Lease Agreement, dated January 31, 2004, between
    Koll Bren Fund VI, LP and Tandy Brands Accessories, Inc.
    relating to the corporate office                          |  | 10-Q                      |  | 2/12/04 |  | 0-18927 |  |  | 10.36 | 
|                              
|                               |  |                                                                                          | 10.43 |      |  | Summary of fiscal 2006 Annual Base Salaries and Equity Awards*                                                                                                                     |  | 8-K                       |  | 6/22/05 |  | 0-18927 |  |  | 10.43 | 
|                              
|                               |  |                                                                                          | 10.44 |      |  | Summary of fiscal 2006 Annual Base Salaries and Equity Awards*                                                                                                                     |  | 8-K                       |  | 6/22/05 |  | 0-18927 |  |  | 10.44 | 
|                              
|                               |  |                                                                                          | 10.45 |      |  | Acknowledgement and Release Agreement between Tandy Brands
    Accessories, Inc. and J.S.B. Jenkins relating to the termination
    of the Supplemental Executive Retirement Plan* |  | 8-K                       |  | 8/22/05 |  | 0-18927 |  |  | 10.45 | 
|                              
|(13)                           |  | Annual Report to security holders, Form 10-Q or quarterly
    report to security holders |       |      |  |                                                                                                                                                                                    |  |                           |  |         |  |        
|                              
|                               |  |                                                                                          | 13.1  |      |  | 2005 Annual Report to Stockholders of Tandy Brands Accessories,
    Inc. **                                                                                                        |  | N/A                       |  | N/A     |  | N/A     |  |  | N/A   | 
|                              
|(21)                           |  | Subsidiaries of the registrant                                                           |       |      |  |                                                                                                                                                                                    |  |                           |  |         |  |        
|                              
|                               |  |                                                                                          | 21.1  |      |  | List of subsidiaries**                                                                                                                                                             |  | N/A                       |  | N/A     |  | N/A     |  |  | N/A   | 
|                              
|(23)                           |  | Consents of experts and counsel                                                          |       |      |  |                                                                                                                                                                                    |  |                           |  |         |  |        
|                              
|                               |  |                                                                                          | 23.1  |      |  | Consent of Ernst & Young LLP**                                                                                                                                                     |  | N/A                       |  | N/A     |  | N/A     |  |  | N/A   | 
|                              
|(31)                           |  | Rule 13a-14(a)/15d-14(a) Certifications                                                  |       |      |  |                                                                                                                                                                                    |  |                           |  |         |  |        
|                              
|                               |  |                                                                                          | 31.1  |      |  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) (Chief
    Executive Officer)**                                                                                                 |  | N/A                       |  | N/A     |  | N/A     |  |  | N/A   | 
|                              
|                               |  |                                                                                          | 31.2  |      |  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) (Chief
    Financial Officer)**                                                                                                 |  | N/A                       |  | N/A     |  | N/A     |  |  | N/A   | 
|                              
|(32)                           |  | Section 1350 Certifications                                                              |       |      |  |                                                                                                                                                                                    |  |                           |  |         |  |        
|                              
|                               |  |                                                                                          | 32.1  |      |  | Section 1350 Certifications (Chief Executive Officer and
    Chief Financial Officer)**                                                                                            |  | N/A                       |  | N/A     |  | N/A     |  |  | N/A   | 






| |   |                                         
| | - | ----------------------------------------
| | * | Management contract or compensatory plan



|   |               
|-- | --------------
|** | Filed herewith

24