A.C. Moore Beats Sales and Profit Forecast for the Second Quarter; Company Reaffirms Outlook for Year.Business Editors BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--July 19, 2001 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 second quarter ended June June: see month. 30, 2001, grew to a record $67.1 million, an increase of 22% over sales of $55.2 million for the second quarter of 2000. Comparable store sales increased 4%. The net loss for the quarter of $232,000 or $0.03 per share was lower than previous forecasts. Sales for the six months ended June 30, 2001, were $133.6 million, an increase of 24% over 2000 first half sales of $108.0 million. Comparable store sales growth for the six months ended June 30, 2001, was 4%. Net loss for the first half of 2001 was $294,000, $0.04 per share. 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 are very pleased with our results to date. This quarter has provided us continued evidence of the effectiveness of our strategies." Commenting on the accomplishments for the quarter, Parker said, "Merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain categories that have been reset helped drive the business during the quarter. In addition, we relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. the Bensalem, PA, store to a larger facility and opened two new stores, one in Raleigh Raleigh (rôl`ē, räl`ē), city (1990 pop. 207,951), state capital, and seat of Wake co., central N.C.; the site was selected for the capital in 1788, and the city was laid out and inc. 1792. , NC, and one in Clarksburg Clarksburg, city (1990 pop. 18,059), seat of Harrison co., N central W.Va., at the confluence of Elk Creek and the West Fork of the Monongahela River; inc. 1795. , WV. Subsequent to quarter end, we opened a store in Greenville Greenville. 1 City (1990 pop. 45,226), seat of Washington co., W Miss., on Lake Ferguson, a deepwater harbor adjoining the Mississippi River; inc. 1886. , SC. The store in Greenville represents our first entry into that state." Parker added, "During the quarter, Larry Fine Larry Fine may be:
Outlook for 2001 -- The Company has already opened six stores and relocated two stores. Expectations are to open an additional five stores during the remainder of the year. -- Sales for the year remain as previously forecast: Based on year over year comparisons, sales growth projections for 2001 are expected to range from 23 to 25%. The Company expects third quarter sales to increase by 22-24% and fourth quarter sales to increase 26-28%. -- A comparable store sales increase of 4 to 5% is expected for the year, with 4 to 5% for the third quarter and 5 to 6% in the fourth quarter. -- As previously forecast, operating margins for the year, before pre-opening expenses, should increase by 35 to 45 basis points. -- Earnings per share are still expected to be within the range of $1.08 to $1.10 for the year. Better than forecasted results in the first half are being offset by an increase in fully diluted shares outstanding. A rising stock price during 2001 will result in an increase in fully diluted shares, due to the impact of stock options, by approximately 200,000 shares. Investors will have the opportunity to listen to the earnings conference call at 9:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT 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 About Us and then Investor Relations Investor relations The process by which the corporation communicates with its investors. . 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. stores that offer a vast assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of traditional and contemporary arts and crafts merchandise for a wide range of customers. The Company operates 56 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. . This press release contains statements that are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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.
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
June 30,
--------------------------
2001 2000
----------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 4,016 $ 868
Inventories 82,921 64,894
Prepaid expenses and
other current assets 2,316 1,701
----------- ------------
89,253 67,463
Property and equipment, net 24,000 17,856
Other assets 799 652
----------- ------------
$114,052 $ 85,971
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $17,500 $ 3,000
Current portion of capital leases 1,260 369
Accounts payable to trade and others 18,135 16,321
Other current liabilities 5,970 4,029
----------- ------------
42,865 23,719
----------- ------------
Long-term liabilities:
Deferred taxes 2,320 1,720
Other long-term liabilities 5,403 3,333
----------- ------------
7,723 5,053
----------- ------------
50,588 28,772
----------- ------------
Shareholders' Equity 63,464 57,199
----------- ------------
$114,052 $ 85,971
=========== ============
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED STATEMENT OF INCOME
(dollars in thousands, except per share data)
(unaudited)
Three months ended Six months ended
June 30, June 30,
---------------------- ----------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Net sales $ 67,132 $ 55,186 $133,555 $ 107,970
Cost of sales 42,265 34,919 84,243 68,295
---------- ---------- ---------- ----------
Gross Margin 24,867 20,267 49,312 39,675
Selling, general
and administrative
expenses 24,718 19,920 48,157 38,516
Pre-opening
expenses 374 311 1,449 956
---------- ---------- ---------- ----------
Income (loss)
from operations (225) 36 (294) 203
Net interest
expense (income) 149 12 181 (54)
---------- ---------- ---------- ----------
Income (loss)
before income
taxes (374) 24 (475) 257
Income tax
expense (benefit) (142) 9 (181) 98
---------- ---------- ---------- ----------
Net income (loss) $ (232) $ 15 $ (294) $ 159
========== ========== ========== ==========
Basic net
income (loss)
per share $ (0.03) $ 0.00 $ (0.04) $ 0.02
========== ========== ========== ==========
Diluted net
income (loss)
per share $ (0.03) $ 0.00 $ (0.04) $ 0.02
========== ========== ========== ==========
Weighted
average shares
outstanding 7,428,833 7,405,000 7,424,619 7,405,000
========== ========== ========== ==========
Weighted
average shares
outstanding
plus impact
of stock
options 7,428,833 7,435,000 7,424,619 7,419,000
========== ========== ========== ==========
EBITDA $ 1,005 $ 953 $ 2,070 $ 1,954
========== ========== ========== ==========
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