A.C. Moore Arts & Crafts, Inc. (Nasdaq:ACMR) ("A.C.
Moore” or the "Company”)
announced today that it had received a
Nasdaq Staff Determination letter
dated November 15, 2007 indicating that the Company was not in
compliance with the filing requirements for continued listing as set
forth in Nasdaq Marketplace Rule 4310(c)(14) because the Company had not
yet filed its quarterly report on Form 10-Q for the quarter ended
September 30, 2007. As a result, A.C. Moore’s
shares of common stock are subject to delisting from The Nasdaq Stock
Market. Pursuant to Nasdaq Marketplace Rules, whenever the Staff of the
Nasdaq Listing Qualifications Department determines that a listed
company does not meet a Nasdaq continued listing standard, the Staff
notifies the company of such non-compliance.
On November 16, 2007, A.C. Moore requested a hearing before a Nasdaq
Listing Qualifications Panel (the "Panel”)
to appeal the Nasdaq Staff’s determination.
This request will stay the delisting until the appeal has been heard and
the Panel has rendered its decision. Pending a decision by the Panel,
A.C. Moore will remain listed on The Nasdaq Stock Market. There can be
no assurance that the Panel will grant the Company’s
request for continued listing.
Due to the Company’s continuing review of its
inventory accounting methods as previously disclosed in its Form 8-K and
press release dated October 24, 2007, A.C. Moore was unable to file its
Form 10-Q for the quarter ended September 30, 2007 by the due date of
November 9, 2007. The Company currently anticipates that it will be able
to file the Form 10-Q for the third quarter 2007 and any prior financial
statements requiring restatement during the first quarter of 2008,
subject to completion of the year-end inventory, internal inventory
accounting review and restatement process. Upon filing its third quarter
2007 Form 10-Q, A.C. Moore anticipates that it will be in compliance
with Nasdaq Marketplace Rule 4310(c)(14).
About A.C. Moore:
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 134 stores in the Eastern
United States from Maine to Florida. 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 Company’s ability to implement its
business and operating initiatives to improve profitability, customer
demand and trends in the arts and crafts industry, inventory risks, the
effect of economic conditions and gasoline prices, the impact of
unfavorable 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, difficulties in implementing measures to reduce costs and
expenses and improve margins, supply constraints or difficulties, the
effectiveness of and changes to advertising strategies, the costs
associated with a change in management, difficulties in determining the
outcome and impact of litigation, the impact of the threat of terrorist
attacks and war, the Company’s ability to
maintain an effective system of internal control over financial
reporting, the results of the Company’s
review of its inventory accounting practices, the Company’s
ability to regain compliance with Nasdaq listing standards, the Company’s
ability to meet its expected filing date for the Form 10-Q for the third
quarter of 2007 and any prior financial statements requiring restatement
and other risks detailed in the Company’s
Securities and Exchange Commission filings.
