IRVING, Texas, March 16 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced today that its Board of Directors has approved a 20%
increase in the Company's quarterly cash dividend from $0.10 to $0.12 per
share of common stock. The new dividend rate will be effective for the
dividend payable on April 30, 2004 to stockholders of record at the close of
business on April 15, 2004.
"I am very pleased with our accomplishments so far and with the progress
we have made toward becoming a world-class retailer," said Charles J. Wyly,
Jr., Chairman. "During the past seven years, our sales have grown at an
annual rate of over 13%, our net income has expanded at an annual rate of over
34%, and our operating margins have reached nearly 10%. Building on our
operational and financial success and responding to the recent favorable
changes in dividend tax rates, we initiated our dividend program last June.
We believe a healthy dividend program rewards our long-term shareholders while
also fostering a stronger corporate governance environment. The expansion of
our dividend program demonstrates our confidence in the bright future of
Michaels Stores, Inc."
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 812 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.
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 Chris Holland, Vice
President - Finance, +1-972-409-1667, both of Michaels Stores,
Inc.
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