Last $24.53 USD
Change Today +0.165 / 0.68%
Volume 280.7K
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As of 8:10 PM 12/26/14 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 Financial Results for the 13 Weeks and 39 Weeks Ended November 1, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014

The Michaels Companies, Inc. reported unaudited consolidated financial results for the 13 weeks and 39 weeks ended November 1, 2014. For the thirteen weeks, the company reported net sales of $1,130 million against $1,118 million a year ago. Operating income was $142 million against $135 million a year ago. Income before income taxes was $100 million against $73 million a year ago. Net income was $64 million against $47 million a year ago. Diluted earnings per share were $0.31 against $0.26 a year ago. Net cash provided by operating activities was $160 million against $95 million a year ago. EBITDA (excluding losses on early extinguishment of debt and refinancing costs) was $170 million against $159 million a year ago. Adjusted EBITDA was $181 million against $177 million a year ago. Adjusted operating income was $142 million against $138 million a year ago. Adjusted net income was $64 million against $55 million a year ago. Adjusted earnings per diluted share were $0.31 against $0.27 a year ago. For the 39 weeks, the company reported net sales of $3,130 million against $3,015 million a year ago. Operating income was $333 million against $334 million a year ago. Income before income taxes was $105 million against $172 million a year ago. Net income was $61 million against $110 million a year ago. Diluted earnings per share were $0.32 against $0.62 a year ago. Net cash provided by operating activities was $36 million against $69 million a year ago. Additions to property and equipment were $103 million against $82 million a year ago. EBITDA (excluding losses on early extinguishment of debt and refinancing costs) was $414 million against $407 million a year ago. Adjusted EBITDA was $480 million against $459 million a year ago. Adjusted operating income was $370 million against $344 million a year ago. Adjusted net income was $147 million against $128 million a year ago. Adjusted earnings per diluted share were $0.71 against $0.62 a year ago. The company expects adjusted earnings per share of $1.42 to $1.44 for full year fiscal 2014. This guidance is based on opening two Michaels stores in the last quarter of fiscal 2014, total annual net sales growth of 3.0% to 3.3% and adjusted operating income of $648 million to $655 million. The effective tax rate is expected to be approximately 39% for the full fiscal year 2014 and the effective tax rate to use for the adjusted net income calculation is 38%. For the year 2014, the company expects operating income of $611 million to $618 million, net income between $208 million to $212 million and adjusted net income between $294 million to $298 million. Annual adjusted interest expense, reflective of the note redemption, is forecasted to be $173 million which is $3 million lower than previous estimates. The company announced that for the fourth quarter of 2014 net sales growth of 1.3% to 2.3%, operating income and adjusted operating income of $278 million to $285 million and earnings per share of $0.71 to $0.73 which includes the timing shift of $7 million in performance based compensation and payroll taxes from third quarter to the fourth quarter and the $6.4 million charge for the redemption of the previously announced $180 million in principal of the 7.50%/8.25% PIK Toggle Notes on December 10, 2014. For the fourth quarter of 2014, the company expects net income between $147 million to $151 million.

The Michaels Companies, Inc. to Report Q3, 2015 Results on Nov 20, 2014

The Michaels Companies, Inc. announced that they will report Q3, 2015 results Pre-Market on Nov 20, 2014

The Michaels Companies, Inc., Q3 2015 Earnings Call, Nov 20, 2014

The Michaels Companies, Inc., Q3 2015 Earnings Call, Nov 20, 2014

The Michaels Companies, Inc. Announces Notice for Partial Redemption of 7.50%/8.25% Senior PIK Toggle Notes Due 2018

The Michaels Companies, Inc. announced that an irrevocable notice of redemption was delivered to the holders of the 7.50%/8.25% Senior PIK Toggle Notes due 2018. Pursuant to the notice, on December 10, 2014, $180.0 million in principal of the Holdco Notes will be redeemed. The redemption price will include a 2.0% premium which the company will report in the fourth quarter of fiscal year 2014 as $3.6 million debt extinguishment costs. Additionally, there will be $2.8 million of accelerated amortization expense also included in debt extinguishment costs for the fourth quarter of fiscal 2014 related to the early redemption of principal. All accrued and unpaid interest on the $180.0 million will be paid in connection with the redemption on December 10, 2014. The company will benefit from $13.5 million in interest savings in fiscal year 2015 related to this early redemption of the Holdco Notes.

The Michaels Companies, Inc.(NasdaqGS:MIK) added to Russell 1000 Index

The Michaels Companies, Inc. will be added to the Russell 1000 Index.

 

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