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A.C. Moore Arts Crafts, Inc. (1042809) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 1, 2011

A.C. Moore Arts Crafts, Inc.

CIK: 1042809
Exhibit 99.1
(AC MOORE LOGO)
For:
A.C. Moore Arts & Crafts, Inc.
130 A.C. Moore Drive
Berlin, New Jersey 08009
(856) 768-4930
A.C. Moore Reports Fourth Quarter and Fiscal 2010 Financial Results
and Renewal of Credit Facility
Berlin, New Jersey, March 29, 2011 —
A.C. Moore Arts & Crafts, Inc. (NASDAQ: ACMR) (the “Company” or “A.C. Moore”) today announced results for the fourth quarter and 2010 fiscal year ended January 1, 2011. In addition, the Company announced that on March 4, 2011 it renewed its asset-based credit facility for an additional five-year term.
Sales for the fourth quarter of fiscal 2010 were $143.2 million, a decrease of 4.4% compared to sales of $149.7 million during the fourth quarter of last year. This decline was primarily attributable to a decrease in comparable store sales of 4.3% during the quarter. Pre-tax loss for the quarter was $4.9 million, compared to a pre-tax loss of $6.3 million for the fourth quarter of last year. Net loss was $4.8 million, or $0.20 per share, compared to a net loss of $0.5 million, or $0.02 per share, in the fourth quarter of fiscal 2009.
Fourth quarter fiscal 2010 results included a non-cash fixed asset impairment of $0.04 per share and closed store expenses of $0.03 per share. Fourth quarter fiscal 2009 results included 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.
Sales for fiscal 2010 were $448.1 million, a decrease of 4.4%, compared to sales of $468.9 million for fiscal 2009. This decline was primarily due to a decrease in comparable store sales of 5.4% during the year. Pre-tax loss for fiscal 2010 was $29.7 million, compared to a pre-tax loss of $31.6 million for fiscal 2009. The net loss for fiscal 2010 was $30.2 million, or $1.23 per share, versus a net loss of $25.9 million, or $1.15 per share, in fiscal 2009.
Fiscal 2010 results included a non-cash fixed asset impairment of $0.04 per share, closed store expenses of $0.09 per share and income tax expense of $0.02 per share. Fiscal 2009 results included 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.
Joseph A. Jeffries, Chief Executive Officer, stated, “The entire organization is focused on executing our strategic and merchandising plans. With our improved inventory composition and merchandising strategy, we believe that A.C. Moore is positioned for better execution and results in fiscal 2011.”
The Company will host a conference call beginning at 8:30 a.m., Eastern Time, on Tuesday, March 29, 2011 to discuss fourth quarter and full year 2010 results. To participate in the conference call, please dial 800-946-0783 and provide the operator with passcode #9220201. If you are unable to access the live call, please dial 888-203-1112 and enter pin #9220201 to access the taped digital replay. The replay will be available at approximately 9:30 a.m. ET on Tuesday, March 29, 2011 and will remain available until Tuesday, April 12, 2011 at 11:59 p.m. ET.

 

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Tuesday, March 29, 2011 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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A.C. Moore Arts Crafts, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2011 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1042809
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-031615
Submitted to the SEC: Thu Mar 31 2011 5:20:26 PM EST
Accepted by the SEC: Thu Mar 31 2011
Period: Saturday, January 1, 2011
Industry: Retail Hobby Toy And Game Shops

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