A.C. Moore Second Quarter Sales Up 24% First Half Net Income Grows 28%.BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--July 22, 1999-- 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 six months ended June June: see month. 30, 1999, were $93.6 million, an increase of 25% over 1998 first half sales of $74.9 million. Net income for the first half of 1999 was $313,000 compared to net income of $243,000 in 1998, an increase of 28%. Net income per share for the first half of 1999 was $0.04 per share, an increase of 33% over the net income per share of $0.03 for the comparable prior period. Comparable store sales growth for the six months ended June 30, 1999 was 5%. Sales for the second quarter ended June 30, 1999 grew to a record $45.5 million, an increase of 24% over sales of $36.7 million for the second quarter of 1998. Comparable store sales increased 7%. The net loss for the quarter was $157,000 or $0.02 per share, compared to a net loss of $163,000 or $0.02 per share for the comparable prior period. Mr. Parker said, "Our focus on existing store operations during the first six months has enabled us to exceed our 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 projections." He noted, "We had strong performances throughout all of our stores, especially in the newer stores that are now in our comparable store base." He added that, "Five older stores were reconfigured so they mirror our new ones and our English Creek English Creek is a tributary of the Great Egg Harbor River in southeast New Jersey in the United States. See also
Mr. Parker said that during the second quarter, A.C. Moore continued to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. and upgrade departmental planograms in order to achieve a higher level of sales growth. He said, "We have done extensive line reviews of our floral flo·ral adj. Of, relating to, or suggestive of a flower: a fabric with a floral pattern. flo and weddings departments. In order to facilitate the information flow among the growing number of stores, we have completed installation of a new communications network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. which allows us to communicate data and voice over the same network and establishes an Intranet for our stores. We are also in the process of testing a new point of sale system which is scheduled to be introduced by the year 2000." 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 and crafts merchandise for a wide range of customers. The Company operates 37 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 regions. 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 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 are detailed in the Company's Securities and Exchange Commission filings. (Tables to Follow) -0-
A.C. MOORE ARTS & CRAFTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
June 30,
-------------------------
1999 1998
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 586 $ 1,483
Marketable securities - 3,928
Inventories 56,660 44,780
Prepaid expenses and other current assets 1,627 858
-------- ----------
58,873 51,049
Property and equipment, net 12,451 8,965
Other assets 564 542
-------- ----------
$ 71,888 $ 60,556
========= ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 500 $ -
Current portion of capital leases 350 -
Accounts payable to trade and others 11,736 8,827
Other current liabilities 3,512 2,095
--------- ----------
16,098 10,922
Long-term liabilities:
Capital leases 1,395 -
Deferred taxes 981 830
Other long-term liabilities 1,860 1,399
--------- ----------
4,236 2,229
--------- ----------
Shareholders' Equity 51,554 47,405
--------- ----------
$ 71,888 $ 60,556
========= ==========
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(unaudited)
Three months Six months
ended ended
June 30, June 30,
------------ ----------
1999 1998 1999 1998
-------- -------- -------- --------
Net sales $ 45,460 $ 36,691 $93,596 $ 74,910
Cost of sales 28,871 23,187 59,392 47,379
--------- --------- --------- ---------
Gross Margin 16,589 13,504 34,204 27,531
Selling, general
and administrative
expenses 16,857 13,660 33,772 26,447
Pre-opening expenses - 214 - 985
--------- --------- --------- ---------
Income (loss) from
operations (268) (370) 432 99
Net interest
(income) (10) (103) (81) (300)
---------- --------- --------- ---------
Income (loss)
before income
taxes (258) (267) 513 399
Income tax
expense
(benefit) (101) (104) 200 156
----------- --------- --------- ---------
Net income (loss) $ (157) $ (163) $ 313 $ 243
=========== ========= ========= =========
Basic net income
(loss) per share $ (0.02) $ (0.02) $ 0.04 $ 0.03
=========== ========= ========= =========
Diluted net
income (loss)
per share $ (0.02) $ (0.02) $ 0.04 $ 0.03
=========== ========= ========= =========
Weighted average
shares
outstanding 7,405,000 7,405,000 7,405,000 7,405,000
============ ========= ========= =========
Weighted average
shares outstanding
plus impact of
stock options 7,405,000 7,602,000 7,405,000 7,571,000
============ ========= ========= =========
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