A.C. Moore Reports Fourth Quarter and Fiscal
2009 Financial Results
March 17, 2010 07:18 AM Eastern Daylight Time
BERLIN, N.J.--(EON: Enhanced Online News)--A.C. Moore Arts & Crafts, Inc. (NASDAQ: ACMR) (the
“Company” or “A.C. Moore”) today announced results for the fourth quarter and 2009 fiscal year ended January 2,
Sales for the fourth quarter of 2009 were $149.7 million, a decrease of 9.3% compared to sales of $165.0 million
during the fourth quarter of last year. This decline was primarily due to a decrease in comparable store sales of 8.8%
and the operation of fewer stores during the quarter. Pre-tax loss for the quarter was $6.3 million, compared to a
pre-tax loss of $13.2 million for the fourth quarter of last year. In the fourth quarter of 2009, the Company recorded
an income tax benefit of $5.7 million. This was the result of a change in Federal tax law that allowed the Company to
carry back tax losses for five years from the previously allowed two years. Net loss for the quarter was $0.5 million,
or $0.02 per share, compared to a net loss of $13.0 million or $0.64 per share for the fourth quarter of 2008.
Fourth quarter 2009 results include 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. Fourth quarter 2008 results include a non-cash fixed
asset impairment of $0.21 per share, closed store expenses of $0.28 per share, adjusting an interest rate swap to fair
market value of $0.12 per share and a tax valuation allowance of $0.01 per share.
Sales for fiscal 2009 year were $468.9 million, a decrease of 12.3% compared to sales of $534.7 million for fiscal
2008. This decline was primarily due to a decrease in comparable store sales of 10.8% and the operation of fewer
stores during the year.
The net loss for fiscal 2009 was $25.9 million, or $1.15 per share, versus a net loss of $26.6 million, or $1.31 per
share, in fiscal 2008. Fiscal 2009 results include a non-cash fixed asset im