IRVING, Texas, March 15 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced today that its Board of Directors has declared a
quarterly cash dividend of $0.07 per share to be payable April 29, 2005, to
shareholders of record at the close of business on April 15, 2005.
The Company's Board of Directors has also approved the repurchase of up to
an additional 3.0 million shares of the Company's Common Stock. As of
March 15, 2005, under its repurchase plans, the Company is authorized to
repurchase approximately 4.9 million shares plus such additional shares as may
be repurchased with proceeds from the future exercise of options under the
Company's 2001 General Stock Option Plan. These repurchases may be made from
time to time, as market conditions warrant, in the open market or in
negotiated transactions, and would be funded from available working capital
and cash flow from operations.
Since July 1999, the Company has repurchased approximately 31.2 million
shares.
Michaels Stores, Inc. is the world's largest specialty retailer of arts,
crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist
and do-it-yourself home decorator. As of March 15, 2005, the Company owns and
operates 847 Michaels stores in 48 states and Canada, 165 Aaron Brothers
stores, eight Recollections stores, and four Star Wholesale operations.
This press release is also available on the Michaels Stores, Inc. website
(http://www.michaels.com ).
SOURCE Michaels Stores, Inc.
 back to top
Related links:
http://www.michaels.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20040804/DAMICHAELSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.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 Chris Holland, Vice
President - Finance, +1-972-409-1667, both of Michaels Stores,
Inc.
|
