-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KOoyx1QHFhp442pIeNHJBKkxdeptxFPyuDgv4eSjb5RLnR+o2RQqLpOdpGOb39kZ nJiBcmZf67/ckNbRhlJVgA== 0000950116-04-001226.txt : 20040421 0000950116-04-001226.hdr.sgml : 20040421 20040421164634 ACCESSION NUMBER: 0000950116-04-001226 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: FILED AS OF DATE: 20040421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: A C MOORE ARTS & CRAFTS INC CENTRAL INDEX KEY: 0001042809 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-HOBBY, TOY & GAME SHOPS [5945] IRS NUMBER: 223527763 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23157 FILM NUMBER: 04745947 BUSINESS ADDRESS: STREET 1: 500 UNIVERSITY COURT CITY: BLACKWOOD STATE: NJ ZIP: 08012 BUSINESS PHONE: 6092286700 MAIL ADDRESS: STREET 1: 500 UNIVERSITY COURT CITY: BLACKWOOD STATE: NJ ZIP: 08012 8-K 1 eight-k.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 21, 2004 A.C. MOORE ARTS & CRAFTS, INC. ---------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 000-23157 22-3527763 - ------------------------------- ------------------------ ------------------- (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation) Identification No.) 500 University Court Blackwood, NJ 08012 ----------------------------------------------- ---------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (856) 228-6700 ---------------- Not Applicable ----------------------------------------------- (Former name or former address, if changed since last report) Item 12. Results of Operations and Financial Condition On April 21, 2004, the Registrant issued a press release. A copy of the press release is furnished as Exhibit 99.1 to this report. The press release sets forth earnings per share which excludes the impact of the Company's change in accounting for cooperative advertising, which is a non-GAAP financial measure. For purposes of SEC Regulation G, a non-GAAP financial measure is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States of America. Management uses earnings per share without the accounting change as a financial measure to assess the performance of the Company's business. Management also believes that providing this information to investors assists investors in analyzing and benchmarking the performance and value of the Company's business. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. A.C. MOORE ARTS & CRAFTS, INC. Date: April 21, 2004 By: /s/ Leslie H. Gordon -------------------------------------- Name: Leslie H. Gordon Title: Chief Financial Officer and Executive Vice President Exhibit Index Exhibit No. Description - ----------- ----------- 99.1 Press Release dated April 21, 2004. EX-99 3 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 [A.C. MOORE GRAPHIC OMITTED] General Office o Distribution Center - -------------------------------------------------------------------------------- 500 University Court o Blackwood, New Jersey 08012 Phone: (856) 228-6700 FAX: (856) 228-0080 For: From: A.C. Moore Arts & Crafts, Inc. Gregory FCA Communications, Inc. Leslie Gordon For More Information Contact: Chief Financial Officer Joe Crivelli (856) 228-6700 (610) 642-8253 For Immediate Release A.C. Moore Reports Record First Quarter Net Income Raises Full Year Earnings Guidance Blackwood, New Jersey, April 21, 2004 - A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) sales for the first quarter ended March 31, 2004, grew to $111.5 million, an increase of 21% over sales of $92.0 million during the first quarter of 2003. Same store sales increased by 9.4%. Net income for the quarter was $1,204,000 or $0.06 per fully diluted share versus last year's net income of $420,000 or $0.02 per share. Jack Parker, Chief Executive Officer, stated, "We were very pleased with the first quarter's results as our merchandising performance was strong and our cost controls continued to be effective. These results include a cost of $0.05 per share as the result of the impact of our change in accounting for cooperative advertising pursuant to Emerging Issues Task Force Issue No. 02-16, "Accounting by a Customer (Including a Reseller) for Certain Consideration received by a Vendor." This was $0.01 less than we had projected. For the year, we still estimate that the impact will be $0.12 per share. Excluding that cost, our earnings would have been $0.11 per share. With these results we are now raising our earnings projection for the full-year 2004 from a range of $0.92-$0.95 to a range of $0.94- $0.97 per share." A.C. Moore will host a conference call today, Wednesday, April 21 at 5:00 p.m. Eastern Daylight Time to discuss these financial results in detail. To participate, please call 1-973-317-5319 for domestic and international callers. If you are unable to access the Conference Call at 5:00 p.m., please call 1-800-428-6051 and enter pin number 349429 to access the taped digital replay. Callers from outside North America please call 1-973-709-2089 and enter the same reservation number. The replay will be available at approximately 7:00 p.m. on April 21st and will remain available until Wednesday, April 28th at 11:59 p.m. Eastern Daylight Time. 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 April 21, 2005. The company plans to release its second quarter 2004 sales results on Thursday, July 8, 2004. The company also plans to release its second quarter 2004 earnings on Wednesday, July 21, 2004, and will host a conference call at 5:00 PM 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 84 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 EITF issue 02-16, 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. Tables to Follow A.C. MOORE ARTS & CRAFTS, INC. CONSOLIDATED STATEMENT OF INCOME (dollars in thousands, except per share data) (unaudited) Three months ended March 31 ------------------------------- 2004 2003 ------------ ------------ Net sales $ 111,469 $ 91,952 Cost of sales 69,539 58,417 ------------ ------------ Gross Margin 41,930 33,535 Selling, general and administrative expenses 39,526 32,585 Store pre-opening expenses 566 379 ------------ ------------ Income from operations 1,838 571 Net interest (income) (120) (109) ------------ ------------ Income before income taxes 1,958 680 Provision for income taxes 754 260 ------------ ------------ Net income $ 1,204 $ 420 ============ ============ Basic net income per share $ 0.06 $ 0.02 ============ ============ Diluted net income per share $ 0.06 $ 0.02 ============ ============ Weighted average shares outstanding 19,370,097 18,834,421 ============ ============ Weighted average shares outstanding plus impact of stock options 20,043,225 19,603,345 ============ ============ A.C. MOORE ARTS & CRAFTS, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands) (unaudited) March 31, ---------------------- 2004 2003 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 35,701 $ 54,449 Marketable securities 7,525 1,461 Inventories 124,624 108,997 Prepaid expenses and other current assets 3,368 3,022 -------- -------- 171,218 167,929 Marketable securities 6,299 - Property and equipment, net 59,850 28,827 Other assets 1,807 1,841 -------- -------- $239,174 $198,597 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of equipment leases $ 255 $ 1,342 Trade accounts payable 35,281 32,143 Other current liabilities 15,472 10,900 -------- -------- 51,008 44,385 -------- -------- Long-term liabilities: Long-term debt 10,000 - Deferred tax liability 4,950 5,150 Other long-term liabilities 4,975 4,280 -------- -------- 19,925 9,430 -------- -------- 70,933 53,815 -------- -------- Shareholders' Equity 168,241 144,782 -------- -------- $239,174 $198,597 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----