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A.C. Moore Arts Crafts, Inc. (1042809) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 2, 2010

A.C. Moore Arts Crafts, Inc.

CIK: 1042809
Exhibit 99.1
(GRAPHIC)
     
For:
  From:
A.C. Moore Arts & Crafts, Inc.
  Gregory FCA Communications, Inc.
For More Information Contact:
  For More Information Contact:
David Stern, Chief Financial Officer
  Joe Hassett
(856) 768-4943
  (610) 642-8253
A.C. Moore Reports Fourth Quarter and Fiscal 2009 Financial Results
Berlin, New Jersey, March 17, 2010 —
A.C. Moore Arts & Crafts, Inc. (NASDAQ: ACMR) (the “Company” or “A.C. Moore”) today announced results for the fourth quarter and 2009 fiscal year ended January 2, 2010.
Sales for the fourth quarter of 2009 were $149.7 million, a decrease of 9.3% compared to sales of $165.0 million during the fourth quarter of last year. This decline was primarily due to a decrease in comparable store sales of 8.8% and the operation of fewer stores during the quarter. Pre-tax loss for the quarter was $6.3 million, compared to a pre-tax loss of $13.2 million for the fourth quarter of last year. In the fourth quarter of 2009, the Company recorded an income tax benefit of $5.7 million. This was the result of a change in Federal tax law that allowed the Company to carry back tax losses for five years from the previously allowed two years. Net loss for the quarter was $0.5 million, or $0.02 per share, compared to a net loss of $13.0 million or $0.64 per share for the fourth quarter of 2008.
Fourth quarter 2009 results include a non-cash fixed asset impairment of $0.17 per share, closed store expenses of $0.14 per share and an income tax benefit of $0.24 per share. Fourth quarter 2008 results include a non-cash fixed asset impairment of $0.21 per share, closed store expenses of $0.28 per share, adjusting an interest rate swap to fair market value of $0.12 per share and a tax valuation allowance of $0.01 per share.
Sales for fiscal 2009 year were $468.9 million, a decrease of 12.3% compared to sales of $534.7 million for fiscal 2008. This decline was primarily due to a decrease in comparable store sales of 10.8% and the operation of fewer stores during the year.
The net loss for fiscal 2009 was $25.9 million, or $1.15 per share, versus a net loss of $26.6 million, or $1.31 per share, in fiscal 2008. Fiscal 2009 results include a non-cash fixed asset impairment of $0.19 per share, closed store expenses of $0.18 per share and an income tax benefit of $0.25 per share. Fiscal 2008 results include a non-cash asset impairment of $0.30 per share, closed store expenses of $0.37 per share, adjusting an interest rate swap to fair market value of $0.12 per share and a tax valuation allowance of $0.17 per share.
Rick Lepley, Chief Executive Officer, stated, “Obviously, we are not pleased with our performance for last year. But, we did make significant progress on many of our strategic initiatives during 2009 that we believe will lead to improved operations by the end of 2010.”

 

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Wednesday, March 17, 2010 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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SEC Filing Tools
CIK: 1042809
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-025879
Submitted to the SEC: Thu Mar 18 2010 1:00:05 PM EST
Accepted by the SEC: Thu Mar 18 2010
Period: Saturday, January 2, 2010
Industry: Retail Hobby Toy And Game Shops

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