A.C. Moore 4Q net income dips

BERLIN, N.J. A.C. Moore reported fourth quarter net income of $4.7 million, or 23 cents per share, compared with net income of $4.9 million, or 24 cents per share, in the fourth quarter of 2006. Fourth quarter 2007 results include costs of 2 cents per share related to the inventory restatement, costs of 2 cents per share related to the closing of two store locations and 1 cents per share related to interest accrued on a tax settlement. Fourth quarter 2006 results included costs of 4 cents per share related to a store closure and lease termination and 1 cent per share related to management change costs.

The net income for the year ended Dec. 31, 2007 was $3.8 million, or 19 cents per share, versus a net loss of $0.4 million, or 2 cents per share, in the same period in 2006.

Rick Lepley, ceo, stated, "While we have posted increases in gross margin rate and EPS, we must continue to focus on execution at the corporate and store level to improve profitability. This is especially important in light of the macroeconomic headwinds we may be facing in this second year of our three year turnaround plan."