- Approves Repurchase of Additional 2.5 Million Shares -
IRVING, Texas, Feb. 5 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced today that its Board of Directors has approved the
repurchase of up to 2.5 million additional shares of its Common Stock under
its stock repurchase program. This brings the total shares currently
authorized for repurchase to 2.9 million. Since June 1998, the Company has
repurchased approximately 15.9 million shares of its Common Stock and
currently has approximately 66.6 million shares outstanding.
Jeffrey N. Boyer, Executive Vice President - Chief Financial Officer,
said, "We are pleased to announce the expansion of our stock repurchase
program. During fiscal 2003 we continued to drive solid sales growth, increase
our operating margins, improve our infrastructure, and strengthen our
financial position. Given our strong financial performance, we have expanded
our efforts to provide economic value to our stockholders. During this past
year, we have repurchased 2.150 million shares of our common stock for
$75.5 million, initiated a dividend program that has rewarded our stockholders
with $20 million in dividends, and increased our cash position by over
$120 million, from $218 million on February 2, 2003 to an estimated
$340 million on February 1, 2004."
Boyer continued, "Going forward, we plan to reward our long-term investors
and increase stockholder value through solid execution of our business
strategies, the opportunistic repurchase of our shares, and the continuation
of a meaningful dividend program."
The Company plans to release its February 2004 sales and its Fourth
Quarter and Fiscal Year 2003 earnings results on Wednesday, March 3, 2004, and
will host a conference call at 4:00 p.m. CT on that date to discuss them.
Those who wish to participate in the call may do so by dialing 973-633-6740.
Any interested party will also have the opportunity to access the call via the
Internet at http://www.michaels.com . To listen to the live call, please go to the
website at least fifteen minutes early to register and download any necessary
audio software. For those who cannot listen to the live broadcast, a replay
will be available for 30 days after the date of the event. Replay may be
accessed at http://www.michaels.com or by phone at 973-341-3080, PIN 4100059.
Michaels Stores, Inc. is the world's largest retailer of arts, crafts,
framing, floral, wall decor, and seasonal merchandise for the hobbyist and
do-it-yourself home decorator. The Company owns and operates 808 Michaels
stores in 48 states and Canada, 158 Aaron Brothers stores, located primarily
on the West Coast, two ReCollections stores in the Dallas/Fort Worth
Metroplex, and two wholesale operations.
Certain statements contained herein which are not historical facts are
forward looking statements that involve risks and uncertainties, including,
but not limited to, estimation risks, 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 competitors' locations or
pricing, the availability of acceptable locations for new stores, difficulties
with respect to new information system technologies, supply constraints or
difficulties, the results of financing efforts, the effectiveness of
advertising strategies and other risks detailed in the Company's Securities
and Exchange Commission filings. The Company intends these forward-looking
statements to speak only as of the time of this release and does not undertake
to update or revise them as more information becomes available.
This press release is also available on the Michaels Stores, Inc. website
(http://www.michaels.com ).
SOURCE Michaels Stores, Inc.
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Related links:
http://www.michaels.com
Company News On-Call:
http://www.prnewswire.com/comp/115769.html
CONTACT:
Jeffrey N. Boyer, Executive Vice President -
Chief Financial Officer, +1-972-409-1581, or Christopher J.
Holland, Vice President - Finance, +1-972-409-1667, both of
Michaels Stores, Inc.
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