A.C. Moore Reports Third Quarter Results.* Total Sales of $128.9 Million, a 12% Increase * Comparable Store Sales Increase of 2% BERLIN, N.J. -- A.C. Moore 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 ) today announced results for the third quarter ended September 30, 2006. Sales for the third quarter of 2006 grew to $128.9 million, an increase of 12% over sales of $115.1 million during the third quarter of 2005. 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 2% versus 2005. Net loss in the third quarter was $2.6 million, or $0.13 per share, compared with a net loss of $1.9 million, or $0.10 per share, in the third quarter of 2005. Third quarter 2006 results include costs of $888,000 related to the changes in management. These costs include severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc departing de·part v. de·part·ed, de·part·ing, de·parts v.intr. 1. To go away; leave. 2. To die. 3. executives and other employees, as well as recruiting costs. The impact of these costs was $0.03 per share. The third quarter results also include $643,000 in expense for stock-based compensation, or $0.02 per share. The Company started expensing stock-based compensation in January 2006. Sales for the nine months ended September 30, 2006 were $391.7 million, an increase of 11% over sales of $351.5 million in the same period in 2005. Same store sales increased by 1% for the nine month period. The net loss for the nine months ended September 30, 2006 was $4.2 million, or $0.21 per share, versus a net loss of $0.7 million, or $0.04 per share, in the same period in 2005. Results for the nine months ended September 30, 2006 include costs of $2.9 million related to the changes in management and $2.2 million for stock-based compensation expense, or $0.09 per share and $0.07 per share, respectively. Rick A. Lepley, Chief Executive Officer, stated, eIuWe are happy about growing sales 12% during the quarter and the 2% same store sales increase we achieved. Each month during the third quarter showed progressive improvement in operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . We are continuing to work on reducing expenses and improving 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. margins in an effort to move the Company back to an acceptable level of profitability as quickly as possible.eIN The Company will host a conference call today, Friday, October 20, 2006 at 11:00 a.m., Eastern Time, to discuss third quarter 2006 results. To participate in the conference call, please call 973-935-2987, and provide the operator with PIN # 7871038. If you are unable to access the live call, please dial 973-341-3080 and enter PIN # 7871038 to access the taped digital replay. The replay will be available at approximately 1:00 p.m. on October 20, 2006 and will remain available until November 3, 2006 at 11:59 p.m. A simultaneous webcast of the conference call may be accessed at www.acmoore.com. Go to eIuInvestor RelationseIN and click on eIuCorporate Profile.eIN To listen to the live call via webcast, please go to the CompanyeIUs website at least 15 minutes early to register, download 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 companyeIUs website until October 20, 2007. About A.C. Moore: 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 119 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 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 costs associated with a change in management, the impact of the adoption of FAS 123R, 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, difficulties in implementing measures to reduce costs and expenses and improve margins, 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. [TABLE OMITTED] [TABLE OMITTED] |
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