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A.C. Moore Arts Crafts, Inc. (1042809) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 3, 2009

A.C. Moore Arts Crafts, Inc.

CIK: 1042809
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:
Mike Zawoysky, Chief Financial Officer
  Joe Hassett
(856) 768-4943
  (610) 642-8253
A.C. Moore Reports Fourth Quarter and Fiscal 2008 Financial Results
Berlin, New Jersey, March 13, 2009 —
A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) today announced results for the fourth quarter and 2008 fiscal year ended January 3, 2009.
Sales for the fourth quarter of 2008 were $165.0 million, a decrease of 6.9% versus sales of $177.3 million during the fourth quarter of 2007. Same store sales for the fourth quarter 2008 decreased by 8.7% versus the same period in fiscal 2007. Sales for fiscal 2008 year were $534.7 million, a decrease of 4.5% over sales of $559.7 million for fiscal 2007. Same store sales decreased by 8.7% for the twelve month period. Adjusting for the impact of three additional sales days in fiscal 2008 versus fiscal 2007, total sales and same store sales for the fourth quarter 2008 would have decreased, respectively, 8.6% and 10.3%. Total sales and same store sales for fiscal 2008 would have decreased, respectively, 5.0% and 9.2%.
The net loss in the fourth quarter 2008 was $13.0 million, or $0.64 per share, versus net income of $4.7 million, or $0.23 per share, for the fourth quarter 2007. Fourth quarter 2008 results include charges related to closed store expenses of $0.27 per share, a non-cash fixed asset impairment of $0.21 per share, adjusting an interest rate swap to fair market value of $0.12 per share and a tax valuation allowance of $0.02 per share.
The net loss for fiscal 2008 was $26.6 million, or $1.31 per share, versus net income of $3.8 million, or $0.19 per share, in fiscal 2007. Fiscal 2008 results include charges related to closed store expenses of $0.37 per share, a non-cash asset impairment of $0.30 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 A. Lepley, Chief Executive Officer, stated, “We remain focused on managing our balance sheet and expenses through this very challenging macroeconomic environment. We will concentrate our resources in areas we believe will have a favorable long-term impact on our Company, including our new state of the art retail merchandising system which we began to implement during the fourth quarter.”
The Company will host a conference call beginning at 8:30 a.m., Eastern Time, on Friday, March 13, 2009 to discuss fourth quarter 2008 results. To participate in the conference call, please dial 800-559-6679 and provide the operator with passcode #89376356. If you are unable to access the live call, please dial 800-642-1687 or 706-645-9291 and enter #89376356 to access the taped digital replay. The replay will be available at approximately 9:30 a.m. ET on Friday, March 13, 2009 and will remain available until Friday, March 27, 2009 at 11:59 p.m.

 

 


The following information was filed by A.C. Moore Arts Crafts, Inc. on Friday, March 13, 2009 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: 0001362310-09-003777
Submitted to the SEC: Fri Mar 13 2009 11:02:42 AM EST
Accepted by the SEC: Fri Mar 13 2009
Period: Saturday, January 3, 2009
Industry: Retail Hobby Toy And Game Shops

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