About Vanderburgh County, IN

EVANSVILLE, Ind.-- Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories, today announced sales and earnings for the third quarter ended October 31, 2009.

Net sales for the third quarter of 2009 increased 12.6 percent to $191.5 million compared to net sales of $170.1 million in the third quarter of 2008. Comparable store sales increased 10.2 percent.

Net earnings for the thirteen-week third quarter increased 188 percent to $7.5 million compared to $2.6 million in the thirteen-week third quarter ended November 1, 2008. Diluted earnings per share for the quarter increased to $0.59 from $0.21 in the prior year third quarter.

The gross profit margin for the third quarter increased to 29.8 percent compared to 27.2 percent in the third quarter of the prior year. The merchandise margin increased 1.1 percent primarily as a result of improved inventory management resulting in less clearance product along with strong sales of boots which carry a higher margin. As a percentage of sales, buying, distribution and occupancy costs decreased 1.5 percent through a combination of higher sales and lower occupancy and distribution expenses for the quarter.

Selling, general and administrative expenses for the third quarter increased $2.5 million to $44.9 million. As a percentage of sales, these expenses decreased 1.5 percent.

Speaking on the results, Mark Lemond, chief executive officer and president said, "Our large selection of value priced name brand footwear resonated well with consumers resulting in the highest third quarter comparable store sales gain in the Company's history. We experienced higher than expected sales of athletic product during the back-to-school season and very strong boot sales later in the quarter. Our 10.2 percent comparable store sales gain was significantly above our expectations for a low to mid single digit comparable store sales increase for the quarter. The sales increase, combined with a higher gross profit margin and controlled expenses, resulted in our second best quarterly earnings in the Company's history."

Mr. Lemond continued, "We are encouraged by our third quarter momentum and entered the fourth quarter with inventories well positioned to capitalize on key fashion trends. We expect the early strength in boots, particularly women's fashion boots, to continue into the holiday season. In addition, we anticipate continued strength in the athletic category, in part, due to the favorable consumer response to wellness footwear. This type of footwear was not available in our stores last year. We remain optimistic that consumers will continue to respond well to our value proposition and currently expect our comparable store sales to increase in the range of three to five percent in the fourth quarter."

Net income for the first nine months of 2009 was $12.6 million compared to net income of $8.4 million in the first nine months of last year. Diluted earnings per share increase 49 percent to $1.00 as compared to $0.67 in the first nine months of last year. Net sales for the first nine months were $511.6 million compared to net sales of $490.7 million for the same period last year. Comparable store sales increased 1.4 percent. The gross profit margin for the first nine months of 2009 was 28.3 percent compared to 27.6 percent last year. Selling, general and administrative expenses increased $1.6 million to $124.0 million. As a percentage of sales, these expenses decreased 0.6 percent to 24.3 percent for the first nine months of 2009.

Store Growth

Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting a 188 percent increase in net earnings for the third quarter. The shoe retailer says earnings for the period were $7.5 million, compared to $2.6 million a year earlier. Chief Executive Officer Mark Lemond says the company experienced higher than expected athletic product sales during the back to school season.

The Company has completed its store openings for the year with 16 new stores in the first nine months of fiscal 2009. Three stores have been closed so far this year with six additional stores expected to close in the fourth quarter. Store openings and closings by quarter and for the fiscal year are as follows:

New Stores Stores Closings
1st Quarter 2009 10 1
2nd Quarter 2009 2 1
3rd Quarter 2009 4 1
4th Quarter 2009 0 6
Fiscal 2009 16 9

The Company opened four stores during the third quarter including locations in:

City
Market/Total Stores in Market

Des Moines, IA Des Moines/3

West Melbourne, FL Orlando/8

Chandler, AZ Phoenix/2

Goodyear, AZ Phoenix/2

Shoe Carnival is a chain of 317 footwear stores located in the Midwest, South and Southeast. Combining value pricing with an entertaining store format, Shoe Carnival is a leading retailer of name brand and private label footwear for the entire family. Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at www.shoecarnival.com.

Source: Shoe Carnival Inc. & Inside INdiana Business http://www.insideindianabusiness.com/newsitem.asp?ID=38810

Take a close, hard look at the new $6,500 federal tax credit for "move up" home buyers that passed the Senate and House last week. Though it's been getting second billing to the original $8,000 credit for first-time purchasers -- now extended by Congress through June 30 -- the $6,500 credit for current homeowners just might have your name on it.

How does it work? When will it be available?

First things first: The new credit is available now. It took effect Nov. 6, the day President Obama signed the legislation. This means that if you fit the key criteria -- you've owned and resided in your current home for a consecutive five out of the past eight years, and your adjusted household income doesn't exceed $125,000 if you file taxes singly, $225,000 if you are married filing jointly -- you can claim the credit as soon as you close on a qualifying home.

That could be next week, next month or next spring. There is no actual move-up requirement in the new credit. In fact, homeowners who plan to downsize may prove to be significant users of the credit, along with people who are relocating because of employment changes.

If you fit the criteria and are considering buying another home sometime in the coming year, you might want to speed up the process and sign a contract by April 30 and close by the June 30 expiration date. Think of it this way: If the government is willing to give you $6,500 to act a little faster than you had originally planned, hey, why not?

Some other key features of the $6,500 credit:

-- Whatever you intend to purchase, the home cannot cost more than $800,000.

-- The replacement home must become your main residence. There is no requirement in the legislation that you sell your current home. You could rent it out, turn it into a second home or list it for sale later in 2010 when prices might be higher. If you plan to retain it, however, make sure you move into the new house on the day you close so that there is no question it was your principal residence at that time.

-- Like the first-time-buyer credit, the $6,500 version permits a broad range of dwelling types for your purchase. These include newly constructed or existing single-family homes, condominiums, manufactured or mobile homes, and boats that function as your principal residence. You cannot claim the credit if you are buying a second home or an investment property.

-- The Internal Revenue Service is required by Congress to scrutinize claims -- both the $6,500 and the $8,000 variety -- far more closely in the coming months than it did earlier this year. This is because federal investigators have documented significant instances of fraud -- supposed home buyers who were actually minors as young as 4 and fabricated sales. Investigators also found numerous cases of technical violations, such as purchase transactions among immediate family members, which are prohibited.

The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms), along with their requests for credits using IRS Form 5405. Congress's new rules also prohibit minors and those who are dependents on another taxpayer's filings from claiming the credit.

-- Home buyers who go to closing between Nov. 6 and Dec. 31 can claim the $6,500 credit on their 2009 federal tax returns or amend their 2008 returns. Similarly, eligible purchasers in 2010 will be able to file for the credit on their 2009 or 2010 returns.

Talk to your tax adviser regarding timing, which may be affected by your household income applicable to a given year.

If you aren't sure whether you can make the deadlines established for the new credit -- a binding contract by April 30 and a settlement by June 30 -- do not assume that Congress will provide another extension. All the political and budgetary signs point the other way, and some of the primary authors of the credit insist that this is it -- no more extensions next year. Take them at their word.

For an excellent consumer resource with frequently asked questions on both the credits, go to http://www.federalhousingtaxcredit.com, which is sponsored by the National Association of Home Builders.

Source: http://www.washingtonpost.com/wp-dyn/content/article/2009/11/12/AR2009111211347.html

Great news to report this month both nationally and locally. The home buyer's tax credit has been extended and expanded. The $8,000 first time credit is extended. In addition to the first time buyer's credit there is a new $6,500 credit for buyers who have lived in their current residence for five of the past eight years. Both credits apply to transactions under contract by April 30^th as long as the transaction closes by June 30^th 2010, and neither credit will be extended again. As always consult your tax advisor for specifics as it relates to your situation.

Locally the dollar amount of closed transactions in October was 11.5% higher than last October. In addition the average days on market in October were under 100 days for only the second time this year (OK it was only 98 days but under 100 is under 100). The best news however is the supply of listed homes on the market. We now have 7.7 months supply of homes for sale. This is the second lowest figure in over two years and is a clear indication that market conditions have improved. Our market is not booming but it is stable and has improved significantly over the past year.

Although no one knows exactly how much impact these tax credits will have on our local market, they will definitely create some new buyers. Given that contracts must be signed no later than April 30^th, buyers and sellers should take action quickly to take advantage of this valuable opportunity. Buyers on average start looking at homes about 12 weeks before they sign a contract. If you are considering selling your home it is not too soon to have it on the market. Real estate in our area is somewhat seasonal but last winter, in the slowest market in decades we still sold over 1,000 homes from November through February. While having prospective buyers in your house during the holidays can be an inconvenience, it is a small price to pay if the result is a successful sale and a new home in 2010.

Best wishes for a happy Thanksgiving holiday.

Well maintained, nicely landscaped, located in Asbury Heights on 2.5 acres. 3 miles east of 164, off of Boonville-New Harmony Rd. Split bedroom design with open kitchen, dining, living room and a Yotul wood burner. Kitchen equipped with Whirlpool Gold smooth top range, dishwasher and built-in microwave. Master bathroom with double sink vanity, garden tub and separate shower with seat. Master bedroom with walk-in closet. Large patio with screened in enclosure and covered porch. 3-car garage with sidewalk from patio. Furnace equipped with Aprilaire filter system and humidifier. Privacy fence lined with roses. To directly access this property, use this shortcut: http://www.fizber.com/indiana-buy-single-family-home-11648544.html

A free Multi-Cultural Festival will be held Saturday from 10 a.m. to 3 p.m. along Main Street between Riverside Drive and Second Street.

The festival will include about a dozen booths offering international food, handmade crafts from different countries, entertainment, children's crafts and a general introduction to life around the world.

Latino, Indian, Greek, Italian, Asian and Scottish cultures will be among those represented.

The entertainment includes Egyptian belly dancers, local bagpipers, the Boom Squad drummers, Latin American performer Daniela Vidal and an international folk-dancing troupe.

This is the first year the Growth Alliance for Greater Evansville and Downtown Rotary Club are joining forces on the event. Radio station WIKY-FM104.1 also is a sponsor.

Singer Gina Moore will open the event with "God Bless America."

Source: http://www.courierpress.com/news/2009/oct/21/multi-cultural-festival-will-trip-around-world/