IRVING, Texas, July 1 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today announced that it has successfully completed the redemption
of the Company's $200 million, 9 1/4% Senior Notes Due 2009 at a price of
$1.04625.
Michael Rouleau, Chief Executive Officer, states, "The early redemption of
the Company's Senior Notes is representative of our strong operating
performance and strengthening financial position. This is an important part of
our continuing efforts to build shareholder value through both operational
improvements as well as enhancements to our capital structure."
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 July 1, 2005, the Company owns and
operates 866 Michaels stores in 48 states and Canada, 165 Aaron Brothers
stores, 11 Recollections stores, and four Star Wholesale operations.
This document may contain 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 July 31, 2004, October 30, 2004
and April 30, 2005. Specific examples of forward-looking statements include,
but are not limited to, forecasts of same-store sales growth, margin
performance, 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 Estimates" 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.
 back to top
Related links:
http://www.michaels.com
Company News On-Call:
http://www.prnewswire.com/comp/115769.html
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20040804/DAMICHAELSLOGO
AP Archive: http://photoarchive.ap.org PRN Photo Desk
photodesk@prnewswire.com
CONTACT:
Lisa K. Klinger, Vice President - Treasurer
and Investor Relations, +1-972-409-1528, or Thomas A. Melito,
Assistant Treasurer, +1-972-409-1527, both of Michaels Stores,
Inc.
|
