A.C. Moore Reports Record Earnings for 2000; Expansion and Improving Margins Fuel Continued Growth.Business Editors BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--Feb. 22, 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 fourth quarter ended December December: see month. 31, 2000, grew to a record $93.2 million, an increase of 18% over sales of $79.2 million for the fourth quarter of 1999. Comparable store sales were down slightly by 0.5%. 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. before pre-opening expenses was $11.0 million for the quarter versus $9.0 million in 1999, an increase of 22%. Net income for the quarter was $6.5 million or $0.87 per fully-diluted share, compared to a net income of $5.4 million or $0.73 per 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 $11.7 million versus $9.4 million for fourth quarter 1999, an increase of 24%. Sales for the year ended December 31, 2000, were $262.1 million, an increase of 18% over 1999 sales of $223.0 million. Comparable store sales increased 3%. Operating profit before pre-opening expenses was $12.7 million versus $9.6 million in 1999, a growth of 32%. Pre-opening costs were $1.9 million for the 10 new stores opened during the year compared with $.6 million in 1999. The after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. impact of these costs was $0.16 per share in 2000 versus $0.05 in the prior year. Net income for the year 2000 was $6.6 million or $0.88 per share compared to net income of $5.7 million or $0.76 per fully-diluted share in 1999. EBITDA for the year was $14.6 million versus $11.9 million in 1999, an increase of 22%. 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. , A.C. Moore President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "The year 2000 brought to our company tremendous growth both operationally and financially. The ten stores we opened during the year increased our store numbers by 25% and we reported record sales and profits for the year. Another major achievement in 2000 was the implementation of a new point of sale system which will not only help us to increase labor productivity but also provide the information to improve sales and inventory turnover. We look forward to continued achievements in 2001." Mr. Parker added, "We feel comfortable with the guidance we provided previously for the year 2001. We continue to project earnings per share for the year of $1.08 to $1.10 and that for the first quarter there will be a loss of $0.04 to $0.05. Already in the first quarter of this year, we have opened new stores in Cary Car·y A town of east-central North Carolina, an industrial suburb of Raleigh. Population: 98,000. , NC; Hyannis Hyannis (hīăn`ĭs), resort village (1990 pop. 14,120), Barnstable co., SE Mass., on Cape Cod; inc. 1639. It is the business center and shipping point of the area; major industries are tourism and home construction. , MA; and Saratoga Springs Saratoga Springs, resort and residential city (1990 pop. 25,001), Saratoga co., E N.Y.; inc. as a village 1826, as a city 1915. Skidmore College is the largest source of employment, but the city also has light manufacturing. , NY. These three new stores are in line with our plans to open 10 to 14 new stores during the course of the year." Investors will have the opportunity to listen to the earnings conference call at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy 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. Management will be available to discuss these fourth quarter and year end 2000 results and provide additional guidance for the year 2001.
RELEASE SCHEDULE FOR 2001
-------------------------
Date Event
---- -----
April 5 1st Quarter Sales Release
April 19 1st Quarter Earnings Release
Conference Call - Discuss 1Q earnings results and
update outlook for the remaining
quarters.
July 5 2nd Quarter Sales Release
July 19 2nd Quarter Earnings Release
Conference Call - Discuss 2Q earnings results and
update outlook for the remaining
quarters.
October 4 3rd Quarter Sales Release
October 18 3rd Quarter Earnings Release
Conference Call - Discuss 3Q earnings results and
update 4Q outlook.
This is a projected schedule and is subject to change based upon events that may occur in the course of the coming year. All sales and earnings news are released prior to the opening of the market with related conference calls scheduled to begin at 11:00 a.m. EST. 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 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 53 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 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, 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,
---------------------
2000 1999
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 10,310 $ 14,553
Inventories 72,786 59,327
Prepaid expenses and other current
assets 2,052 1,394
-------- --------
85,148 75,274
Property and equipment, net 21,517 14,711
Other assets 727 632
-------- --------
$107,392 $ 90,617
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of capital leases $ 389 $ 369
Trade accounts payable 26,237 20,224
Other current liabilities 11,354 8,056
-------- --------
37,980 28,649
-------- --------
Long-term liabilities:
Deferred taxes 2,320 1,720
Other long-term liabilities 3,411 3,276
-------- --------
5,731 4,996
-------- --------
43,711 33,645
-------- --------
Shareholders' Equity 63,681 56,972
-------- --------
$107,392 $ 90,617
======== ========
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,
------------------------ ------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
Net sales $ 93,181 $ 79,157 $ 262,057 $ 222,998
Cost of sales 59,006 51,728 165,850 143,078
----------- ----------- ----------- -----------
Gross Margin 34,175 27,429 96,207 79,920
Selling, general
and
administrative
expenses 23,221 18,476 83,516 70,336
Pre-opening
expenses 396 328 1,928 609
----------- ----------- ----------- -----------
Income from
operations 10,558 8,625 10,763 8,975
Net interest
(income)
expense 92 (6) 187 (39)
----------- ----------- ----------- -----------
Income before
income taxes 10,466 8,631 10,576 9,014
Income tax
expense
(benefit) 3,977 3,201 4,019 3,350
----------- ----------- ----------- -----------
Net income 6,489 5,430 6,557 5,664
=========== =========== =========== ===========
Basic net income
per share $ 0.88 $ 0.73 $ 0.89 $ 0.76
=========== =========== =========== ===========
Diluted net
income per
share $ 0.87 $ 0.73 $ 0.88 $ 0.76
=========== =========== =========== ===========
Weighted average
shares
outstanding 7,407,833 7,405,000 7,405,897 7,405,000
=========== =========== =========== ===========
Weighted average
shares
outstanding
plus impact of
stock options 7,463,020 7,405,000 7,444,113 7,405,000
=========== =========== =========== ===========
EBITDA $ 11,698 $ 9,435 $ 14,592 $ 11,874
=========== =========== =========== ===========
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