IRVING, Texas, May 16 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today announced that it has called for the redemption of the
Company's 9 1/4% Senior Notes Due 2009 (the "Securities"). The aggregate
principal amount of the Securities outstanding is $200 million.
Pursuant to the terms of the Indenture governing the Securities, the
Company has elected to redeem them on July 1, 2005 (the "Redemption Date").
The redemption price of $1,046.25 per $1,000 of principal amount of the
Securities, plus accrued interest to the Redemption Date, will become due and
payable upon each such Security to be redeemed, and interest thereon will
cease to accrue, on and after the Redemption Date.
A Notice of Redemption is being mailed to all registered holders of the
Securities. Copies of the Notice of Redemption may be obtained from The Bank
of New York Trust Company, N.A. by calling Mr. Patrick T. Giordano at
(214) 880-8234.
The Company plans to release its first quarter 2005 earnings results and
outlook for fiscal 2005 on Wednesday, May 25, 2005, and will conduct a
conference call at 4:00 p.m. CT on that date, hosted by Executive Vice
President - Chief Financial Officer, Jeffrey Boyer. 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
recording will be available for 30 days after the date of the event.
Recordings may be accessed at http://www.michaels.com or by phone at
973-341-3080, PIN 5446577.
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 May 16, 2005, the Company owns and
operates 859 Michaels stores in 48 states and Canada, 165 Aaron Brothers
stores, 9 Recollections stores, and 4 Star Wholesale operations.
This document contains forward-looking statements that reflect our plans,
estimates, and beliefs. Any statements contained herein (including, but not
limited to, statements to the effect that Michaels or its management
"anticipates," "plans," "estimates," "expects," "believes," and other similar
expressions) that are not statements of historical fact should be considered
forward-looking statements and should be read in conjunction with our
consolidated financial statements and related notes in our Annual Report on
Form 10-K for the fiscal year ended January 29, 2005, and in our Quarterly
Reports on Form 10-Q for the quarters ended May 1, 2004, July 31, 2004, and
October 30, 2004. Specific examples of forward-looking statements include,
but are not limited to, forecasts of same-store sales growth and diluted
earnings per share. Our actual results could differ materially from those
discussed in these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to: our ability to
remain competitive in the areas of merchandise quality, price, breadth of
selection, customer service, and convenience; our ability to anticipate and/or
react to changes in customer demand; changes in consumer confidence;
unexpected consumer responses to changes in promotional programs; unusual
weather conditions; the execution and management of our store growth and the
availability of acceptable real estate locations for new store openings; the
effective maintenance of our perpetual inventory and automated replenishment
systems and related impacts to inventory levels; delays in the receipt of
merchandise ordered from our suppliers due to delays in connection with either
the manufacture or shipment of such merchandise; transportation delays
(including dock strikes and other work stoppages); changes in political,
economic, and social conditions; commodity cost increases, currency
fluctuations, and changes in import duties; our ability to maintain the
security of electronic and other confidential information; financial
difficulties of any of our insurance providers, key vendors, or suppliers; and
other factors as set forth in our Annual Report on Form 10-K for the fiscal
year ended January 29, 2005, particularly in "Critical Accounting Policies"
and "Risk Factors," and in our other Securities and Exchange Commission
filings. We intend these forward-looking statements to speak only as of the
time of this release and do 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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CONTACT:
Jeffrey N. Boyer, Executive Vice President -
Chief Financial Officer, +1-972-409-1581, or Thomas A. Melito,
Assistant Treasurer, +1-972-409-1527, both of Michaels Stores,
Inc.
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