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A.C. Moore Arts Crafts, Inc. (1042809) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2006

A.C. Moore Arts Crafts, Inc.

CIK: 1042809
 

Exhibit 99.1
     
(A.C.MOORE LOGO)   General Office . Distribution Center
 
    130 A.C. Moore Drive . Berlin, NJ 08009
PHONE: (856) 768-4930 . FAX: (856) 753-4723
     
For:
  From:
A.C. Moore Arts & Crafts, Inc.
  Gregory FCA Communications, Inc.
For More Information Contact:
  For More Information Contact:
Marc Katz, Chief Financial Officer
  Joe Crivelli
(856) 768-4957
  (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 Company’s 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 Company’s website.

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Thursday, February 22, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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