A.C. Moore Reports Record First Quarter Net Income; Raises Full Year Earnings Guidance.Business Editors BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--April 21, 2004 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 first quarter ended March 31, 2004, grew to $111.5 million, an increase of 21% over sales of $92.0 million during the first quarter of 2003. 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 9.4%. Net income for the quarter was $1,204,000 or $0.06 per 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. share versus last year's net income of $420,000 or $0.02 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, stated, "We were very pleased with the first quarter's results as our merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. performance was strong and our cost controls continued to be effective. These results include a cost of $0.05 per share as the result of the impact of our change in accounting for cooperative advertising pursuant to Emerging Issues Talk Force Issue No. 02-16, "Accounting by a Customer (Including a Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. ) for Certain Consideration received by a Vendor." This was $0.01 less than we had projected. For the year, we still estimate that the impact will be $0.12 per share. Excluding that cost, our earnings would have been $0.11 per share. With these results we are now raising our earnings projection for the full-year 2004 from a range of $0.92-$0.95 to a range of $0.94- $0.97 per share." A.C. Moore will host a conference call today, Wednesday Wednesday: see week. , April 21 at 5:00 p.m. Eastern Daylight Time to discuss these financial results in detail. To participate, please call 1-973-317-5319 for domestic and international callers. If you are unable to access the Conference Call at 5:00 p.m., please call 1-800-428-6051 and enter pin number 349429 to access the taped digital replay. Callers from outside North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. please call 1-973-709-2089 and enter the same reservation number. The replay will be available at approximately 7:00 p.m. on April 21st and will remain available until Wednesday, April 28th at 11:59 p.m. Eastern Daylight Time. A simultaneous webcast of the conference call may be accessed at http://www.acmoore.com. Go to "Investor Relations Investor relations The process by which the corporation communicates with its investors. " and click on "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. An archive of the conference call will be available approximately two hours after the conference call ends and will remain available on the company's website until April 21, 2005. The company plans to release its second quarter 2004 sales results on Thursday Thursday: see week. , July 8, 2004. The company also plans to release its second quarter 2004 earnings on Wednesday, July 21, 2004, and will host a conference call at 5:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on that date to discuss the results. 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 84 stores on 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, the impact of the adoption of EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation issue 02-16, 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 adverse weather conditions, 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, the impact of the threat of terrorist attacks and war, and other risks 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
-------------------------
2004 2003
------------ ------------
Net sales $111,469 $91,952
Cost of sales 69,539 58,417
------------ ------------
Gross Margin 41,930 33,535
Selling, general and administrative expenses 39,526 32,585
Store pre-opening expenses 566 379
------------ ------------
Income from operations 1,838 571
Net interest (income) (120) (109)
------------ ------------
Income before income taxes 1,958 680
Provision for income taxes 754 260
------------ ------------
Net income $1,204 $420
============ ============
Basic net income per share $0.06 $0.02
============ ============
Diluted net income per share $0.06 $0.02
============ ============
Weighted average shares outstanding 19,370,097 18,834,421
============ ============
Weighted average shares outstanding
plus impact of stock options 20,043,225 19,603,345
============ ============
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
March 31
-------------------------
2004 2003
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $35,701 $54,449
Marketable securities 7,525 1,461
Inventories 124,624 108,997
Prepaid expenses and other current assets 3,368 3,022
------------ ------------
171,218 167,929
Marketable securities 6,299 -
Property and equipment, net 59,850 28,827
Other assets 1,807 1,841
------------ ------------
$239,174 $198,597
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of equipment leases $255 $1,342
Trade accounts payable 35,281 32,143
Other current liabilities 15,472 10,900
------------ ------------
51,008 44,385
------------ ------------
Long-term liabilities:
Long-term debt 10,000 -
Deferred tax liability 4,950 5,150
Other long-term liabilities 4,975 4,280
------------ ------------
19,925 9,430
------------ ------------
70,933 53,815
------------ ------------
Shareholders' Equity 168,241 144,782
------------ ------------
$239,174 $198,597
============ ============
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