IRVING, Texas, Dec. 6 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced today that its Board of Directors has declared a
quarterly cash dividend of $0.10 per share to be payable January 31, 2006, to
shareholders of record at the close of business on January 13, 2006.
The Company's Board of Directors has also approved the repurchase of up to
an additional 5.0 million shares of the Company's Common Stock. Therefore, as
of December 6, 2005, under its repurchase plans, the Company is authorized to
repurchase approximately 5,340,000 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.
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 December 6, 2005, the Company owns
and operates 889 Michaels stores in 48 states and Canada, 166 Aaron Brothers
stores, 11 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.
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Related links:
http://www.michaels.com
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Company News On-Call:
http://www.prnewswire.com/comp/115769.html
CONTACT:
Lisa K. Klinger, Vice President - Treasurer
and Investor Relations of Michaels Stores, Inc., +1-972-409-1528,
or klingerl@michaels.com
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