-----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, HQCV6JbtNHA8mJP81H5GqA53yb4A3ZcbTkoTcQOqF8yA+DViYbxqrwx1BnGFjre9 hYSWWJ5GTsx9B1yX0usFmg== 0000950116-05-002489.txt : 20050720 0000950116-05-002489.hdr.sgml : 20050720 20050720165153 ACCESSION NUMBER: 0000950116-05-002489 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050720 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050720 DATE AS OF CHANGE: 20050720 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: 05964282 BUSINESS ADDRESS: STREET 1: 130 A.C. MOORE DRIVE CITY: BERLIN STATE: NJ ZIP: 08009 BUSINESS PHONE: (856) 768-4930 MAIL ADDRESS: STREET 1: 130 A.C. MOORE DRIVE CITY: BERLIN STATE: NJ ZIP: 08009 FORMER COMPANY: FORMER CONFORMED NAME: A C MOORE ARTS & CRAFTS INC DATE OF NAME CHANGE: 19970722 8-K 1 eight-k.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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) July 20, 2005 ------------- 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 incorporation) (Commission File Number) (IRS Employer Identification No.) 130 A.C. Moore Drive, Berlin, NJ 08009 - ------------------------------------------------------------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (856) 768-4930 --------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 20, 2005, the Registrant issued a press release. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. 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: July 20, 2005 By: /s/ Leslie H. Gordon -------------------------------------- Name: Leslie H. Gordon Title: Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - ----------- ------------ 99.1 Press release dated July 20, 2005. EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 [A.C. MOORE GRAPHIC OMITTED] General Office o Distribution Center - -------------------------------------------------------------------------------- 130 A.C. Moore Drive o Berlin, NJ 08009 PHONE: (856) 768-4930 o FAX: (856) 753-4723 FOR: FROM: A.C. Moore Arts & Crafts, Inc. Gregory FCA Communications, Inc. Leslie Gordon For More Information Contact: Chief Financial Officer Joe Crivelli (856) 768-4930 (610) 642-8253 FOR IMMEDIATE RELEASE - --------------------- A.C. MOORE REPORTS SECOND QUARTER RESULTS BERLIN, NEW JERSEY, JULY 20, 2005. A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) sales for the second quarter ended June 30, 2005, grew to $113.5 million, an increase of 12.1% over sales of $101.2 million for the second quarter of 2004. Same store sales increased 0.5%. There was a net loss in the second quarter of $50,000 compared with income of $335,000 for the second quarter of 2004. The loss per fully-diluted share was $0.00 versus income of $0.02 per fully-diluted share in the prior comparable period. Sales for the six months ended June 30, 2005, were $236.4 million, an increase of 11.1% over 2004 first half sales of $212.7 million. Same store sales declined by 0.6%. Net income for the first half of 2005 was $1.20 million or $0.06 per fully-diluted share versus last year's net income of $1.56 million or $0.08 per fully-diluted share. Jack Parker, Chief Executive Officer, stated, "The second quarter was one of significant change and accomplishment as we re-merchandised the majority of our basic departments. During this period of activity, we were not satisfied with our sales results but we believe that we are well positioned to capitalize on business in the critical back half of the year. We are maintaining our earnings forecast for the year in the range of $1.00 to $1.03 per fully diluted share." A.C. Moore will host a conference call today, Wednesday, July 20, 2005 at 5:00 PM Eastern Daylight time to discuss these financial results in detail. To participate, please call 973-409-9254. If you are unable to access the live call, please dial 973-341-3080 and enter pin number 6248054 to access the taped digital replay. The replay will be available at approximately 7:00 PM on July 20th and will remain available until Wednesday, July 27th at 11:59 PM 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 July 20, 2006. 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 99 stores in 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, the uncertainty of the final resolution of the insurance claim relating to the roof collapse, our ability to maintain an effective system of internal control over financial reporting, 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 Six months ended June 30, June 30, ----------------------------- --------------------------- 2005 2004 2005 2004 ----------- ----------- ----------- ----------- Net sales $ 113,489 $ 101,194 $ 236,368 $ 212,663 Cost of sales 67,800 61,852 142,551 131,391 ----------- ----------- ----------- ----------- Gross Margin 45,689 39,342 93,817 81,272 Selling, general and administrative expenses 44,766 38,541 90,610 78,005 Store pre-opening expenses 944 380 1,105 968 ----------- ----------- ----------- ----------- Income (loss) from operations (21) 421 2,102 2,299 Net interest expense (income) 61 (123) 122 (243) ----------- ----------- ----------- ----------- Income (loss) before income taxes (82) 544 1,980 2,542 Provision for income taxes (32) 209 778 979 ----------- ----------- ----------- ----------- Net income (loss) $ (50) $ 335 $ 1,202 $ 1,563 =========== =========== =========== =========== Basic net income (loss) per share $ (0.00) $ 0.02 $ 0.06 $ 0.08 =========== =========== =========== =========== Diluted net income (loss) per share $ (0.00) $ 0.02 $ 0.06 $ 0.08 =========== =========== =========== =========== Weighted average shares outstanding 19,743,566 19,438,837 19,709,047 19,407,541 =========== =========== =========== =========== Weighted average shares outstanding plus impact of stock options 19,743,566 20,108,417 20,186,464 20,044,554 =========== =========== =========== ===========
A.C. MOORE ARTS & CRAFTS, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands) (unaudited) June 30, ------------------------ 2005 2004 -------- -------- ASSETS Current Assets: Cash and cash equivalents $ 22,229 $ 34,013 Marketable securities 14,237 13,396 Inventories 154,019 123,416 Prepaid expenses and other current assets 10,771 5,592 -------- -------- 201,256 176,417 Property and equipment, net 83,060 72,746 Other assets 1,398 1,768 -------- -------- $285,714 $250,931 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 2,571 $ 1,930 Trade accounts payable 34,432 27,537 Other current liabilities 10,540 13,120 -------- -------- 47,543 42,587 -------- -------- Long-term liabilities: Long-term debt 25,500 28,070 Deferred tax liability 8,076 5,367 Accrued lease liability 15,176 5,241 -------- -------- 48,752 38,678 -------- -------- 96,295 81,265 -------- -------- Shareholders' Equity 189,419 169,666 -------- -------- $285,714 $250,931 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----