A.C. Moore Net Income Up 44% for Fiscal 1999.Business Editors/Retail Writers BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--Feb. 24, 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 ) sales for the fourth quarter ended December December: see month. 31, 1999, were $79.2 million, an increase of 13% over sales of $70.3 million for the fourth quarter of 1998. 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 growth was 6% for the quarter. The net income for the period was $5.4 million versus net income of $3.9 million for the prior comparable period, an increase of 39%. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the fourth quarter were $0.73 versus $0.53 during the fourth quarter of 1998. For the full year ended December 31, 1999, total sales reached $223 million, an increase of 19% over sales of $187 million for the same period ended December 31, 1998. Same store sales growth during the year was 6%. Net income for the year was $5.7 million versus 1998 earnings of $3.9 million, an increase of 44%. Fully diluted earnings per share for 1999 were $0.76 versus fully 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. earnings of $0.52 for the prior year. Commenting on the results, 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. said that the company is entering 2000 with momentum based upon operational improvements made during fiscal 1999. "We believe that we have laid the foundation for growth and can deliver gains on both the top and bottom line during 2000." Parker said he anticipates A.C. Moore will open as many as 12 stores during 2000, five of which will occur during the first half of the year. He added, "We are excited that several of the new stores will be 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. , a new market for the Company." 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 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 for a wide range of customers. The Company operates 40 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 and Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. regions. Investors will have the opportunity to listen to the fourth quarter earnings release conference call at 11:00 AM 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. 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, 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 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, the impact of competitors' locations or pricing, the availability of acceptable real estate locations for new stores, difficulties with respect to new information system technologies and the Company's ability or difficulties related to new store openings, 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 STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(unaudited)
Three months ended Year ended
December 31, December 31,
------------------- -------------------
1999 1998 1999 1998
---- ---- ---- ----
Net sales $ 79,157 $ 70,312 $ 222,998 $ 187,005
Cost of sales 51,728 44,850 143,078 118,727
--------- --------- --------- ---------
Gross Margin 27,429 25,462 79,920 68,278
Selling, general and
administrative expenses 18,476 18,750 70,336 60,214
Pre-opening expenses 328 587 609 2,234
--------- --------- --------- ---------
Income from operations 8,625 6,125 8,975 5,830
Interest (income) (6) (50) (39) (405)
--------- --------- --------- ---------
Income before income
taxes 8,631 6,175 9,014 6,235
Income tax expense 3,201 2,276 3,350 2,300
--------- --------- --------- ---------
Net income $ 5,430 $ 3,899 $ 5,664 $ 3,935
========= ========= ========= =========
Basic net income
per share $ 0.73 $ 0.53 $ 0.76 $ 0.53
========= ========= ========= =========
Diluted net income
per share $ 0.73 $ 0.53 $ 0.76 $ 0.52
========= ========= ========= =========
Weighted average shares 7,405,000 7,405,000 7,405,000 7,405,000
========= ========= ========= =========
Weighted average shares
plus impact of
stock options 7,405,000 7,405,000 7,405,000 7,517,000
========= ========= ========= =========
A.C. MOORE ARTS & CRAFTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
December 31,
-----------------
1999 1998
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 14,553 $ 9,475
Marketable securities - 3,894
Inventories 59,327 54,379
Prepaid expenses and other current assets 1,394 1,949
--------- ---------
75,274 69,697
Property and equipment, net 14,711 12,059
Other assets 632 601
--------- ---------
$ 90,617 $ 82,357
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 369 $ 350
Accounts payable to trade and others 20,224 20,176
Other current liabilities 8,056 6,450
--------- ---------
28,649 26,976
--------- ---------
Long-term liabilities:
Deferred taxes 1,720 981
Other long-term liabilities 3,276 3,229
--------- ---------
4,996 4,210
--------- ---------
33,645 31,186
--------- ---------
Shareholders' equity 56,972 51,171
--------- ---------
$ 90,617 $ 82,357
========= =========
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