Exhibit 99.1
(A.C. Moore Letterhead)
     
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 Hassett
(856) 768-4957
  (610) 642-8253
A.C. Moore Reports Fourth Quarter and 2007 Financial Results
    Full Year 2007 EPS of $0.19 versus Restated 2006 Loss of ($0.02)
 
    Gross Margin Improves 240 Basis Points over Restated 2006
 
    Restated Financials To Be Filed Next Week
Berlin, New Jersey, March 21, 2008
— A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) (the “Company” or “A.C. Moore”) today announced results for the fourth quarter and year ended December 31, 2007. Results for 2006 set forth below are on a restated basis.
Net income in the fourth quarter was $4.7 million, or $0.23 per share, compared with net income of $4.9 million, or $0.24 per share, in the fourth quarter of 2006. Fourth quarter 2007 results include costs of $0.02 per share related to the inventory restatement, costs of $0.02 per share related to the closing of two store locations and $0.01 per share related to interest accrued on a tax settlement. Fourth quarter 2006 results included costs of $0.04 per share related to a store closure and lease termination and $0.01 per share related to management change costs.
The net income for the year ended December 31, 2007 was $3.8 million, or $0.19 per share, versus a net loss of $0.4 million, or $0.02 per share, in the same period in 2006. Results for the year ended December 31, 2007 include the costs mentioned in the fourth quarter as well as $0.03 per share related to a one-time legal settlement and $0.01 per share for management change costs. Results for 2006 included expenses of $0.10 per share for management change costs and $0.04 per share related to a store closure and lease termination.
Rick A. Lepley, Chief Executive Officer, stated, “We are relieved to have identified the inventory valuation error and culminate six months of hard work with the filing of our third quarter 2007 Form 10-Q and our restated financials next week.”
Mr. Lepley continued, “We are also pleased to have maintained a respectable cash position throughout the year. While we have posted increases in gross margin rate and EPS, we must continue to focus on execution at the corporate and store level to improve profitability. This is especially important in light of the macroeconomic headwinds we may be facing in this second year of our three year turnaround plan.”

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Monday, March 24, 2008 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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