IRVING, Texas, Sept. 16 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced today that its Board of Directors approved a two-for-one
stock split that will be effected as a stock dividend for shareholders of
record on September 27, 2004. Holders of the Company's common stock at the
close of business on September 27, 2004, the record date, will be entitled to
one additional share for every share held at that time. The stock dividend
will be paid on October 12, 2004.
The Company's Board also announced an increase in the quarterly cash
dividend from $.12 per share ($.06 on a post-split basis) to $.14 per share
($.07 on a post-split basis) to be payable October 29, 2004, to holders of
record of pre-split shares at the close of business on September 27, 2004.
"This is our second two-for-one stock split since 2001 and our second
dividend increase since we initiated cash dividends in fiscal 2003. We are
pleased with the financial returns that we continue to provide to our
shareholders," said Charles J. Wyly, Jr., Chairman. "We believe that, by
splitting our stock, we will attract more individual investors and reward our
shareholders with greater liquidity and wider distribution. This stock split,
along with the dividend increase, is a reflection of the Board of Directors'
confidence in the Company's continuing ability to generate strong financial
returns."
The Company currently has 67.9 million shares (equivalent to
135.8 million shares on a post-split basis) of common stock outstanding.
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 September 16, 2004, the Company owns
and operates 836 Michaels stores in 48 states and Canada, 163 Aaron Brothers
stores, eight Recollections stores, and three 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 31, 2004. Specific examples of
forward-looking statements include, but are not limited to, statements
regarding our future cash dividend policy, forecasts of capital expenditures,
working capital requirements, and stock repurchases. 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; 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; 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 31, 2004,
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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http://www.michaels.com
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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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