Last10K.com

A.C. Moore Arts Crafts, Inc. (1042809) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2005

A.C. Moore Arts Crafts, Inc.

CIK: 1042809

EX-99
2
ex99-1.txt
EXHIBIT 99.1




                                                                    Exhibit 99.1
                                                                    ------------

[GRAPHIC OMITTED]A.C.MOORE                  General Office o Distribution Center
--------------------------------------------------------------------------------
                                         130 A.C. Moore Drive o Berlin, NJ 08009
                                     PHONE: (856) 768-4930 o FAX: (856) 753-4723


FOR:                                         FROM:
A.C. Moore Arts & Crafts, Inc.               Gregory FCA Communications, Inc.
Leslie Gordon                                For More Information Contact:
Chief Financial Officer                      Joe Crivelli
(856) 768-4930                               (610) 642-8253


                              FOR IMMEDIATE RELEASE
                              ---------------------

            A.C. MOORE REPORTS FULL YEAR EARNINGS OF $0.50 PER SHARE

BERLIN, NEW JERSEY, FEBRUARY 23, 2006 - A.C. Moore Arts & Crafts, Inc. (Nasdaq:
ACMR) announced today that sales for the fourth quarter ended December 31, 2005
were $188.0 million, an increase of 6.1% over sales of $177.3 million for the
fourth quarter ended December 31, 2004. Same store sales decreased 4.0% versus
the previous year. Net income for the fourth quarter ended December 31, 2005 was
$10.7 million or $0.53 per fully-diluted share compared to a net income of $14.4
million or $0.72 per fully-diluted share for the comparable prior period.

Sales for the year ended December 31, 2005 were a record $539.4 million, an
increase of 8.4% over sales of $497.6 million during the year ended December 31,
2004. Same store sales declined by 2.6% for the year. Net income for the year
2005 was $10.0 million or $0.50 per fully-diluted share, compared to net income
of $16.8 million or $0.84 per fully-diluted share in 2004.

Jack Parker, Chief Executive Officer, said, "We were disappointed with our 2005
results. Thus far in 2006, as we anticipated, sales in yarn continue to decline,
but we are encouraged with the sales in many of our other categories. We
re-iterate our forecast for 2006 net income to be in the range of $0.71 to $0.76
per fully-diluted share."

A. C. Moore will host a conference call today, Thursday, February 23, 2006 at
11:00 a.m. EST to discuss the results.

To participate, please call 973 409-9254 and give the operator pin number
7056603. If you are unable to access the live call, please dial 973-341-3080 and
enter pin number 7056603 to access the taped digital replay. The replay will be
available at approximately 1:00 p.m. on February 23rd and will remain available
until Wednesday, March 8th at 11:59 p.m. A simultaneous webcast of the
conference call may be accessed at http://www.acmoore.com. Go to "Investor
Relations" and click on "Corporate Profile." To listen to the live call, please
go to the web site at least fifteen 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 and will remain
available on the company's website until February 23, 2007.

The company plans to release its first quarter 2006 sales results on Thursday,
April 6, 2006. The company also plans to release its first quarter 2006 earnings
on Thursday, April 20, 2006, and will host a conference call at 11:00 AM EDT on
that date to discuss the results.






A. C. Moore operates arts and crafts stores that offer a vast assortment of
traditional and contemporary arts and crafts merchandise for a wide range of
customers. The Company operates 110 stores on the eastern United States. For
more information about the Company, visit our website at www.acmoore.com.

                                      # # #

This press release contains statements that are forward-looking 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 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, the impact of the adoption of
FAS 123R, 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 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.
A.C. MOORE ARTS & CRAFTS, INC. CONSOLIDATED STATEMENT OF INCOME (dollars in thousands, except per share data) (unaudited) Three months ended Year ended December 31, December 31, --------------------------- --------------------------- 2005 2004 2005 2004 ------------ ------------ ------------ ------------ Net sales $ 187,974 $ 177,250 $ 539,436 $ 497,626 Cost of sales 115,628 104,471 326,581 299,872 ------------ ------------ ------------ ------------ Gross Margin 72,346 72,779 212,855 197,754 Selling, general and administrative expenses 53,842 47,686 192,878 166,485 Store pre-opening expenses 1,160 1,579 3,459 4,036 ------------ ------------ ------------ ------------ Income from operations 17,344 23,514 16,518 27,233 Net interest expense (income) 126 66 450 (163) ------------ ------------ ------------ ------------ Income before income taxes 17,218 23,448 16,068 27,396 Provisions for income taxes 6,478 9,028 6,026 10,548 ------------ ------------ ------------ ------------ Net income $ 10,740 $ 14,420 $ 10,042 $ 16,848 ============ ============ ============ ============ Basic net income per share $ 0.54 $ 0.74 $ 0.51 $ 0.86 ============ ============ ============ ============ Diluted net income per share $ 0.53 $ 0.72 $ 0.50 $ 0.84 ============ ============ ============ ============ Weighted average shares outstanding 19,816,074 19,604,070 19,757,988 19,481,623 ============ ============ ============ ============ Weighted average shares outstanding plus impact of stock options 20,104,802 20,167,269 20,149,184 20,011,503 ============ ============ ============ ============
A.C. MOORE ARTS & CRAFTS, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands) (unaudited) December 31, ------------------- 2005 2004 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 57,748 $ 48,428 Marketable securities 5,224 17,558 Inventories 152,646 142,832 Prepaid expenses and other current assets 7,634 10,328 -------- -------- 223,252 219,146 Property and equipment, net 88,098 83,219 Other assets 1,407 1,747 -------- -------- $312,757 $304,112 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 2,571 $ 2,571 Trade accounts payable 46,445 50,256 Other current liabilities 15,651 15,905 -------- -------- 64,667 68,732 -------- -------- Long-term liabilities: Long-term debt 24,215 26,786 Deferred tax liability 8,039 8,584 Accrued lease liability 17,327 13,795 -------- -------- 49,581 49,165 -------- -------- 114,248 117,897 -------- -------- Shareholders' Equity 198,509 186,215 -------- -------- $312,757 $304,112 ======== ========

The following information was filed by A.C. Moore Arts Crafts, Inc. on Thursday, February 23, 2006 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.

View differences made from one year to another to evaluate A.C. Moore Arts Crafts, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by A.C. Moore Arts Crafts, Inc..

Continue

Assess how A.C. Moore Arts Crafts, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

A.C. Moore Arts Crafts, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2006 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools
CIK: 1042809
Form Type: 10-K Annual Report
Accession Number: 0000950116-06-000770
Submitted to the SEC: Mon Mar 13 2006 4:07:43 PM EST
Accepted by the SEC: Mon Mar 13 2006
Period: Saturday, December 31, 2005
Industry: Retail Hobby Toy And Game Shops

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/1042809/0000950116-06-000770.htm