-----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, UnC2V84qzigKqnXpnO3nFLX5VHN0OqEDu5ZCbzOX2xSf1dpKzE+rkWc+GpOg0xMU GT80vwDv2FF74DC+T49Efg== 0000950116-06-001258.txt : 20060420 0000950116-06-001258.hdr.sgml : 20060420 20060420103828 ACCESSION NUMBER: 0000950116-06-001258 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060420 DATE AS OF CHANGE: 20060420 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: 06768929 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) April 20, 2006 --------------- A.C. Moore Arts & Crafts, Inc. ---------------------------------------------------- (Exact name of registrant as specified in its charter)
Pennsylvania 000-23157 22-3527763 - -------------------------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (IRS Employer Identification No.) of incorporation)
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 April 20, 2006, the Company issued a press release. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. The following exhibit is filed herewith: Exhibit No. Description ----------- ----------- 99.1 Press release dated April 20, 2006. SIGNATURE 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 20, 2006 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 April 20, 2006. 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 FIRST QUARTER EARNINGS OF $0.01 PER SHARE BERLIN, NEW JERSEY, APRIL 20, 2006- A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) today announced results for the first quarter ended March 31, 2006. Sales for the first quarter of 2006 grew to $132.9 million, an increase of 8.2% over sales of $122.9 million during the first quarter of 2005. Same store sales decreased by 1.8%. Net income for the quarter was $136,000 or $0.01 per diluted share, in line with the analysts' consensus earnings estimate for the quarter. First quarter 2006 net income includes a net of tax expense of $555,000, or $0.03 per diluted share, for stock based compensation. Net income in the first quarter of 2005 was $1,252,000 or $0.06 per diluted share. Jack Parker, Chief Executive Officer, stated, "Our first quarter results continued to be impacted by the significant decline in our /yarn business. We are encouraged by the improvement in sales in the other merchandise categories including jewelry making, seasonal, and basic crafts, which increased almost 6% in comp stores. As that trend continues in 2006, it will help us return to positive growth for the remainder of the year." A. C. Moore will host a conference call today, Thursday, April 20, 2006 at 11:00 AM Eastern Daylight Time to discuss these financial results in detail. To participate, please call 973-935-8599. If you are unable to access the live call, please dial 973-341-3080 and enter pin number 7239788 to access the taped digital replay. The replay will be available at approximately 1:00 PM on April 20th and will remain available until Thursday, April 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 April 20, 2007. 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 113 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 costs associated with a change in senior management, the impact of the adoption of FAS 123R, 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 (in thousands, except per share data) (unaudited)
Three months ended March 31, ------------------------------------ 2006 2005 --------------- ---------------- Net sales $ 132,918 $ 122,879 Cost of sales 79,765 74,751 --------------- ---------------- Gross Margin 53,153 48,128 Selling, general and administrative expenses 52,060 45,844 Store pre-opening expenses 624 161 --------------- ---------------- Income from operations 469 2,123 Net interest expense 53 61 --------------- ---------------- Income before income taxes 416 2,062 Provision for income taxes 280 810 --------------- ---------------- Net income $ 136 $ 1,252 =============== ================ Basic net income per share $ 0.01 $ 0.06 =============== ================ Diluted net income per share $ 0.01 $ 0.06 =============== ================ Weighted average shares outstanding 19,838 19,669 =============== ================ Weighted average shares outstanding plus impact of stock options 20,070 20,209 =============== ================
A.C. MOORE ARTS & CRAFTS, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands) (unaudited)
March 31, ------------------------------------- 2006 2005 ---------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 45,853 $ 30,028 Marketable securities 1,500 17,835 Inventories 164,901 145,525 Prepaid expenses and other current assets 7,244 9,601 ---------------- ------------------ 219,498 202,989 Non current assets: Property and equipment, net 89,748 81,716 Other assets 1,367 1,131 ---------------- ------------------ $ 310,613 $ 285,836 ================ ================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 2,571 $ 2,571 Trade accounts payable 47,998 36,822 Other current liabilities 11,625 9,581 ---------------- ------------------ 62,194 48,974 ---------------- ------------------ Non current liabilities: Long-term debt 23,572 26,143 Deferred tax liability 7,925 8,311 Accrued lease liability 17,265 14,446 ---------------- ------------------ 48,762 48,900 ---------------- ------------------ 110,956 97,874 ---------------- ------------------ Shareholders' Equity 199,657 187,962 ---------------- ------------------ $ 310,613 $ 285,836 ================ ==================
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