A.C. Moore 2001 Earnings Increase 47% for Fourth Quarter; 45% for Year.Business Editors BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--February 20, 2002 A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” . Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. Arts & Crafts, Inc. (Nasdaq: ACMR ACMR Air Combat Maneuvering Range ACMR Airspace Control Measure Request ACMR Annual Cost Monitoring Report ACMR Advanced Computer for Medical Research ACMR Aircraft Configuration Management Review (USAF) ACMR Asymmetrical Compact Microstrip Resonator ) sales for the fourth quarter ended December December: see month. 31, 2001, grew to a record $122.6 million, an increase of 32% over sales of $93.2 million for the fourth quarter of 2000. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of increased by 15%. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was $15.7 million for the quarter versus $10.6 million in 2000, an increase of 49%. Net income for the quarter increased 47%, to $9.5 million or $1.20 per fully-diluted share, from a net income of $6.5 million or $0.87 per fully-diluted share for the comparable prior period. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the quarter was $17.3 million versus $11.7 million for fourth quarter 2000, an increase of 48%. Sales for the year ended December 31, 2001, were $332.4 million, an increase of 27% over 2000 sales of $262.1 million. Same store sales increased 8%. Operating profit was $16.1 million versus $10.8 million in 2000, a growth of 50%. Net income for the year 2001 increased 45%, to $9.5 million or $1.23 per fully-diluted share from net income of $6.6 million or $0.88 per fully-diluted share in 2000. EBITDA for the year was $21.4 million versus $14.6 million in 2000, an increase of 46%. Jack Parker This article is about the American ice hockey player and coach. For the English cricketer, see Jack Parker (cricketer). Jack Parker (born March 11, 1945 in Somerville, Massachusetts) is the current head coach of the Boston University Terriers men's ice hockey team. , Chief Executive Officer, said, "We set high goals for A.C. Moore in 2001 and our organization responded with superb execution that not only met but exceeded our objectives, both in our financial results and the growth of the company as a whole. To facilitate future growth, we filed a secondary stock offering in January January: see month. and expect to complete the offering in the first quarter 2002. This additional funding, combined with our operating and growth strategies, will enable us to continue to move forward." Investors will have the opportunity to listen to the earnings conference call today at 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at A.C. Moore's web site, http://www.acmoore.com. On the Company's homepage, click on "Investor Relations Investor relations The process by which the corporation communicates with its investors. " and then "Corporate Profile." To listen to the live call, please go to the web site at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. A.C. Moore operates arts and crafts arts and crafts, term for that general field of applied design in which hand fabrication is dominant. The term was coined in England in the late 19th cent. as a label for the then-current movement directed toward the revivifying of the decorative arts. superstores This is a list of superstores by country. Multi-national
as·sort·ment n. of traditional and contemporary arts and crafts merchandise for a wide range of customers. The Company operates 63 stores in the Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information about the Company, visit our website at www.acmoore.com. This press release contains statements that are forward-looking within the meaning of applicable federal securities laws and are based on A.C. Moore's current expectations and assumptions as of this date. The Company undertakes no obligation to update or revise any forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. whether the result of new developments or otherwise. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Factors that could cause actual results to differ from those anticipated include, but are not limited to, customer demand and trends in the arts and crafts industry, related inventory risks due to shifts in customer demand, the effect of economic conditions, weather, the impact of competitors' locations or pricing, the availability of acceptable real estate locations for new stores, difficulties with respect to new system technologies, supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties, the effectiveness of advertising strategies and other risks detailed in the Company's Securities and Exchange Commission filings. (Tables to Follow)
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
December 31,
-----------------------------
2001 2000
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 10,818 $ 10,310
Inventories 85,674 72,786
Prepaid expenses and other
current assets 1,526 2,052
------------ ------------
98,018 85,148
Property and equipment, net 24,969 21,517
Other assets 824 727
------------ ------------
$ 123,811 $ 107,392
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of capital leases $ 1,329 $ 389
Accounts payable to trade and others 23,322 26,237
Other current liabilities 16,945 11,354
------------ ------------
41,596 37,980
------------ ------------
Long-term liabilities:
Deferred taxes 3,427 2,320
Other long-term liabilities 5,061 3,411
------------ ------------
8,488 5,731
------------ ------------
50,084 43,711
------------ ------------
Shareholders' Equity 73,727 63,681
------------ ------------
$ 123,811 $ 107,392
============ ============
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED STATEMENT OF INCOME
(dollars in thousands, except per share data)
(unaudited)
Three months ended Year ended
December 31, December 31,
----------------------- --------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Net sales $ 122,639 $ 93,182 $ 332,413 $ 262,057
Cost of sales 76,122 59,007 208,315 165,850
--------- --------- --------- ---------
Gross Margin 46,517 34,175 124,098 96,207
Selling, general and
administrative expenses 30,355 23,221 105,447 83,516
Pre-opening expenses 444 396 2,518 1,928
--------- --------- --------- ---------
Income from operations 15,718 10,558 16,133 10,763
Net interest expense 197 92 675 187
--------- --------- --------- ---------
Income before income
taxes 15,521 10,466 15,458 10,576
Income tax expense 5,974 3,977 5,951 4,019
--------- --------- --------- ---------
Net income $ 9,547 $ 6,489 $ 9,507 $ 6,557
========= ========= ========= =========
Basic net income per
share $ 1.28 $ 0.88 $ 1.28 $ 0.89
========= ========= ========= =========
Diluted net income per
share $ 1.20 $ 0.87 $ 1.23 $ 0.88
========= ========= ========= =========
Weighted average shares
outstanding 7,460,731 7,407,833 7,437,199 7,405,897
========= ========= ========= =========
Weighted average shares
outstanding plus impact
of stock options 7,956,756 7,463,020 7,752,645 7,444,113
========= ========= ========= =========
EBITDA $ 17,294 $ 11,698 $ 21,353 $ 14,592
========= ========= ========= =========
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