A.C. Moore Third Quarter Profit Increases 47%.Business Editors BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J.--(BUSINESS WIRE)--Oct. 15, 2003 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 third quarter ended September September: see month. 30, 2003, grew to a record $98.6 million, an increase of 10% over sales of $89.7 million for the third quarter of 2002. Comparable store sales increased 2%. Net income for the third quarter was $1.26 million, up 47% over income of $857,000 for the third quarter of 2002. Income per fully-diluted share was $0.06 versus a profit of $0.04 per fully-diluted share in the prior comparable period. Sales for the nine months ended September 30, 2003, were $284.2 million, an increase of 10% over 2002 nine month sales of $258.4 million. Comparable store sales growth for the nine months ended September 30, 2003, was 1% on top of a 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 increase of 9% in the first nine months of 2002. Net income for the nine months ended September 30, 2003 was $2.73 million or $0.14 per fully-diluted share versus a profit of $2.32 million or $0.12 per fully-diluted share in the prior comparable period. The Company re-confirmed its forecast for the full year to be at the high end of the $0.84 to $0.88 per share range. Investors will have the opportunity to listen to the earnings conference call at 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT 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 at A.C. Moore's web site, http://www.acmoore.com. On the Company's homepage See home page. , click on "About Us" and then "Investor Relations Investor relations The process by which the corporation communicates with its investors. ." 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 will remain available for twelve months. 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 79 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. . 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 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, 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 BALANCE SHEETS
(dollars in thousands)
(unaudited)
September 30,
-------------------
2003 2002
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $24,989 $39,500
Inventories 125,084 107,911
Prepaid expenses and other current assets 5,654 2,349
--------- ---------
155,727 149,760
Marketable securities 14,161 -
Property and equipment, net 36,524 28,228
Other assets 1,873 1,844
--------- ---------
$208,285 $179,832
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of capital leases $815 $1,329
Accounts payable to trade and others 34,042 28,445
Other current liabilities 11,316 12,498
--------- ---------
46,173 42,272
--------- ---------
Long-term liabilities:
Deferred taxes 6,019 3,425
Other long-term liabilities 4,496 4,634
--------- ---------
10,515 8,059
--------- ---------
56,688 50,331
--------- ---------
Shareholders' Equity 151,597 129,501
--------- ---------
$208,285 $179,832
========= =========
A.C. MOORE ARTS & CRAFTS, INC.
CONSOLIDATED STATEMENT OF INCOME
(dollars in thousands, except per share data)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
----------------------- -----------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Net sales $98,600 $89,726 $284,238 $258,445
Cost of sales 61,987 56,423 179,297 162,756
----------- ----------- ----------- -----------
Gross margin 36,613 33,303 104,941 95,689
Selling, general and
administrative
expenses 33,842 31,180 99,266 90,278
Pre-opening expenses 821 850 1,571 1,888
----------- ----------- ----------- -----------
Income from operations 1,950 1,273 4,104 3,523
Net interest (income) (92) (150) (319) (326)
----------- ----------- ----------- -----------
Income before income
taxes 2,042 1,423 4,423 3,849
Income tax expense 780 566 1,690 1,532
----------- ----------- ----------- -----------
Net income $1,262 $857 $2,733 $2,317
=========== =========== =========== ===========
Basic net income per
share $0.07 $0.05 $0.14 $0.13
=========== =========== =========== ===========
Diluted net income per
share $0.06 $0.04 $0.14 $0.12
=========== =========== =========== ===========
Weighted average shares
outstanding 19,247,590 18,741,640 19,042,513 17,582,762
=========== =========== =========== ===========
Weighted average shares
outstanding plus
impact of stock
options 19,980,409 19,807,463 19,655,988 18,605,664
=========== =========== =========== ===========
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