A.C. Moore Exceeds First Quarter Expectations.Business Editors BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--April 20, 2000 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 ) reported sales for the first quarter ended March 31, 2000, of $52.8 million, an increase of 9.7% over first quarter 1999 sales of $48.1 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before pre-opening expenses was $812,000, a 16% increase over the prior period operating income of $700,000. Pre-opening expenses in the quarter were $645,000, last year there were no such costs in the first quarter. For the quarter, the Company reported net income of $144,000, versus net income of $470,000 for the comparable quarter last year. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share for the first quarter of 2000 was $0.02, which exceeded the consensus estimate by $0.03. Earnings per share for the first quarter of 1999 was $0.06. 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 for the quarter increased 3%. A.C. Moore president and chief executive officer 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. stated, "We are pleased with our bottom line results for the quarter." Parker went on to discuss their renewed store expansion strategy. "This year we have opened four new stores, two in March and two in April, bringing our total store count to 44. Our newest expansion takes us into the Southeast, with three stores located in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . In addition, we opened another store in New London New London, city (1990 pop. 24,540), New London co., SE Conn., on the Thames River near its mouth on Long Island Sound; laid out 1646 by John Winthrop, inc. 1784. , CT. We are very pleased with the early results we are seeing in the new stores and are planning to open one more store before mid year." 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, crafts and floral flo·ral adj. Of, relating to, or suggestive of a flower: a fabric with a floral pattern. flo merchandise for a wide range of customers. The Company operates 44 superstores in the mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic region, as well as the Northeast and, most recently, the Southeast. Investors will have the opportunity to listen to the conference call 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 through Vcall at http://www.vcall.com. 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 and a transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record will be available 24 to 48 hours later. 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, which 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 are detailed in the Company's Securities and Exchange Commission filings. (Tables to Follow)
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED STATEMENT OF INCOME
(dollars in thousands, except per share data)
(unaudited)
Three months ended
March 31,
--------------------------
2000 1999
----------- -----------
Net sales $ 52,783 $ 48,135
Cost of sales 33,375 30,520
----------- -----------
Gross margin 19,408 17,615
Selling, general and administrative
expenses 18,596 16,915
Pre-opening expenses 645 --
----------- -----------
Income from operations 167 700
Net interest (income) (66) (71)
----------- -----------
Income before income taxes 233 771
Income tax expense 89 301
----------- -----------
Net income $ 144 $ 470
=========== ===========
Basic net income per share $ 0.02 $ 0.06
=========== ===========
Diluted net income per share $ 0.02 $ 0.06
=========== ===========
Weighted average shares outstanding 7,405,000 7,405,000
=========== ===========
Weighted average shares outstanding
plus impact of stock options 7,411,000 7,405,000
=========== ===========
A.C. MOORE ARTS & CRAFTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
(unaudited)
March 31,
-------------------
2000 1999
------- -------
ASSETS
Current assets:
Cash and cash equivalents $ 2,743 $ 3,263
Marketable securities -- 3,877
Inventories 61,480 54,697
Prepaid expenses and other current
assets 1,488 1,571
------- -------
65,711 63,408
Property and equipment, net 16,634 12,227
Other assets 631 573
------- -------
$82,976 $76,208
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 369 $ 350
Trade payables 16,119 14,811
Other current liabilities 4,318 5,147
------- -------
20,806 20,308
Long-term liabilities:
Deferred taxes 1,720 981
Other long-term liabilities 3,298 3,243
------- -------
5,018 4,224
------- -------
Shareholders' Equity 57,152 51,676
------- -------
$82,976 $76,208
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