Exhibit 99.1
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General Office . Distribution Center |
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130 A.C. Moore Drive . Berlin, NJ 08009
PHONE: (856) 768-4930 . FAX: (856) 753-4723 |
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For: |
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From: |
A.C. Moore Arts & Crafts, Inc. |
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Gregory FCA Communications, Inc. |
For More Information Contact: |
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For More Information Contact: |
Marc Katz, Chief Financial Officer |
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Joe Crivelli |
(856) 768-4957 |
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(610) 642-8253 |
A.C. Moore Reports Fourth Quarter and 2006 Results
14% Reduction in Inventory on a Per Store Basis
Cash Net of Debt Improved $15.7 Million versus 2005
Berlin, New Jersey, February 22, 2007 A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) today
announced results for the fourth quarter and year ended December 31, 2006.
Sales for the fourth quarter of 2006 grew to $197.8 million, an increase of 5.0% over sales of
$188.0 million during the fourth quarter of 2005. Same store sales decreased by 3.0% versus 2005.
Net income was $6.6 million, or $0.33 per share, compared with net income of $10.7 million, or
$0.53 per share, in the fourth quarter of 2005. Fourth quarter 2006 results include costs of $1.4
million, or $0.04 per share, related to the closure of one store location and a lease termination.
Fourth quarter results also include $524,000, or $0.01 per share, in expense for stock-based
compensation, and $461,000, $0.01 per share, in management change costs.
Sales for the year ended December 31, 2006 were $589.5 million, an increase of 9.0% over sales of
$539.4 million in the same period in 2005. Same store sales were flat for the twelve month period.
The net income for the year ended December 31, 2006 was $2.4 million, or $0.12 per share, versus
net income of $10.0 million, or $0.50 per share, for 2005. Results for the year ended December 31,
2006 include costs of $3.4 million related to management changes and $2.8 million for stock-based
compensation expense, or $0.09 per share and $0.07 per share, respectively.
Rick A. Lepley, Chief Executive Officer, stated, During the last quarter we focused on reducing
our out of line inventory condition and improving our year end cash position and we are gratified
with those results. In 2007, we are continuing to focus on expense control and working on
improving our operational efficiencies to lay the ground work for improved profitability.
The Company will host a conference call today, Thursday, February 22, 2007 at 5:00 p.m., Eastern
Time, to discuss fourth quarter and 2006 results. To participate in the conference call, please
call 973-935-8512 and provide the operator with passcode #8425775. If you are unable to access the
live call, please dial 973-341-3080 and enter pin #8425775 to access the taped digital replay. The
replay will be available at approximately 7:00 PM ET on February 22, 2007 and will remain available
until March 1, 2007 at 11:59 p.m.
A
simultaneous webcast of the conference call may be accessed at
www.acmoore.com. Go to Investor
Relations and click on Corporate Profile. To listen to the live call via webcast,
please go to the Companys 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 on the Companys website.