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Last $25.65 USD
Change Today +0.17 / 0.67%
Volume 1.2M
MIK On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:10 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

michaels cos inc/the (MIK) Key Developments

The Michaels Companies, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2015; Plans to Open 7 New Michaels Stores and Relocate 3 Additional Stores

The Michaels Companies, Inc. reported unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported net sales of $1,077,600,000 against $1,052,048,000 a year ago. Operating income was $143,982,000 against $139,200,000 a year ago. Income before income taxes was $105,971,000 against $82,158,000 a year ago. Net income was $66,738,000 against $45,414,000 a year ago. Basic and diluted earnings per share were $0.32 against $0.25 per diluted share a year ago. Net cash used in operating activities was $76,220,000 against $74,358,000 a year ago. Additions to property and equipment were $34,964,000 against $30,802,000 a year ago. EBITDA was $171,609,000 against $165,808,000 a year ago. Adjusted EBITDA was $178,409,000 against $179,452,000 a year ago. Adjusted operating income was $143,982,000 against $142,528,000 a year ago. Adjusted net income was $66,738,000 or $0.32 per share diluted against $53,494,000 or $0.26 per share diluted a year ago. Total debt at the end of the quarter was $3.14 billion. The company continues to expect fiscal 2015 total net sales growth of 3.2% to 3.7% or 4.4% to 4.9% on a constant currency basis and a comparable store sales increase of 1.5% to 2.0% or 2.7% to 3.2% on a constant currency basis. Operating income is expected to be in the range of $700 million to $720 million and fully diluted earnings per share is expected to be $1.65 to $1.71. The guidance range also includes the impact of paying off the remaining balance of $180.9 million PIK Notes called on May 6, 2015.  Annual adjusted interest expense is forecasted to be $141 million. The effective tax rate is now expected to be approximately 37% for the full fiscal year 2015.  For the second quarter of fiscal 2015, the company expects comparable store sales to be up 1% to 2% or 2.3% to 3.3% on a constant currency basis, and operating income of $88 million to $92 million.  For the second quarter of 2015 the company is planning to open 7 new Michaels stores and relocate 3 additional stores. No closures are expected at this time. The company expect operating income for the quarter to be between $88 million and $92 million. Included in the EPS estimates are a $4 million operating profit headwind or approximately a $0.01 impact from exchange rates, and an additional $0.01 of EPS impact related to the PIK notes payment as well as about a $0.005 residual impact from the West Coast port disruption. For the year 2015 the company anticipated comparable store sales continues to be in the range of 1.5% to 2% or 2.7% to 3.2% on a constant currency basis and a total sales range to be between 3.2% and 3.7% or approximately 4.4% to 4.9% on a constant currency basis. The company anticipates operating income for the year to be $700 million to $720 million, up 11.6% to 14.8% from a GAAP operating income of $627 million in 2014. The company expects the effective tax rate to be approximately 37% for the full year. This translates to a fully diluted EPS range of $1.65 to $1.71 for fiscal 2015. The company continue to expect cash, capital expenditures for 2015 of approximately $120 million to $130 million. This guidance is based on opening approximately 30 net new and/or relocated stores during fiscal year 2015.

The Michaels Companies, Inc. to Report Q1, 2016 Results on Jun 04, 2015

The Michaels Companies, Inc. announced that they will report Q1, 2016 results at 9:00 AM, Eastern Standard Time on Jun 04, 2015

The Michaels Companies, Inc., Q1 2016 Earnings Call, Jun 04, 2015

The Michaels Companies, Inc., Q1 2016 Earnings Call, Jun 04, 2015

The Michaels Companies, Inc. Announces Management Changes

Effective April 8, 2015, the board of directors of The Michaels Companies, Inc. voted to increase the size of the board from eleven directors to twelve directors and appointed Karen Kaplan to the board to fill the resulting vacancy. Ms. Kaplan will serve on the boards audit committee. Since 2013, Ms. Kaplan has served as chairman and chief executive officer of Hill Holliday, Inc. Additionally, on April 8, 2015, Todd M. Cook and Jill A. Greenthal each informed the board of their respective decisions not to stand for re-election as a director at the company's annual meeting of stockholders to be held on June 3, 2015. In each case, the decision not to stand for re-election is not as a result of any disagreement with the company. In addition, Ms. Greenthal resigned as a member of the audit committee effective April 8, 2015. Mr. Cook is a managing director at Bain Capital, LLC and Ms. Greenthal is a senior advisor at The Blackstone Group. As part of its ongoing restructure, the board has also appointed the company’s chief executive officer and director, Carl S. Rubin, as chairman.

The Michaels Companies, Inc., Annual General Meeting, Jun 03, 2015

The Michaels Companies, Inc., Annual General Meeting, Jun 03, 2015., at 09:30 Central Standard Time. Location: the Company's Support Center,. Agenda: To elect the directors standing for election as specifically named in the proxy statement; to approve, on an advisory basis, the compensation paid by the Company to its named executive officers; to approve, on an advisory basis, the frequency of the say-on-pay vote in the future; to approve 2014 Omnibus Long-Term Incentive Plan to comply with 162(m) of the Internal Revenue Code; to ratify the appointment of Ernst & Young, LLP as the independent registered public accounting firm of the Company for the current fiscal year; and to consider any other business properly brought before the meeting.

 

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Price/Earnings 23.1x
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