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.

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

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account