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MICHAELS FIRST QUARTER EARNINGS INCREASE MORE THAN 250 PERCENT TO $.18 PER SHARE

 MICHAELS FIRST QUARTER EARNINGS INCREASE MORE THAN
 250 PERCENT TO $.18 PER SHARE
 IRVING, Texas, May 20 /PRNewswire/ -- Michaels Stores, Inc. (NASDAQ: MIKE) today reported that its net income for the first quarter ended May 3, 1992, jumped to a new record of $3,045,000, or more than 250 percent to $.18 per share, on sales that were 14 percent higher at $94,351,000.
 Michaels said its same store sales increased 12 percent during the first quarter. With operating income increasing by 37 percent to $5,038,000 for the latest period from $3,665,000 in last year's opening quarter, Michaels said it also benefited from a lower cost sales percentage in the first quarter of this year vs. last year due to improved margins and the volume efficiencies of fixed occupancy costs as they are spread over a larger revenue base.
 Sam Wyly, chairman, said, "Net income was also increased due to the elimination of all interest expense in 1992 vs. $1.8 million expense in the prior year. Since a year ago, debt has decreased from $59 million to zero. Equity has increased from $48 million to $131 million."
 The company remained on track with its store expansion program and to date has increased its store count from 140 to 148. Plans call for the opening of at least 15 more stores by the end of the third quarter.
 The nation's leading retailer of arts and crafts, Michaels Stores, Inc. offers a wide selection of picture framing materials, silk and dried flowers, hobby and art supplies, creative crafts, and party, season and holiday merchandise. The company owns and operates 148 stores in 21 primarily Southern states, from California to the Carolinas.
 MICHAELS STORES, INC.
 Statements of Income
 (In thousands except per share data)
 First Quarter 1992 1991
 Net sales $94,351 $82,802
 Costs of sales & occupancy
 expense 61,741 55,289
 Selling, general &
 administrative expense 27,572 23,848
 Operating income 5,038 3,665
 Interest expense 16 1,801
 Other expense, net (19) 535
 Income before income taxes 5,041 1,329
 Provision for income taxes 1,996 535
 Net income $3,045 $794
 Earnings per share $0.18 $0.07
 Weighted average common &
 common equivalent shares
 outstanding 16,630 11,032
 MICHAELS STORES, INC.
 Balance Sheets
 (In thousands)
 5/3/92 5/5/91
 Assets:
 Cash & cash equivalents $21,162 $2,738
 Merchandise inventories 97,167 80,611
 Other current assets 10,464 6,012
 Property & equipment - net 31,377 31,046
 Costs in excess of net assets of
 acquired operations - net 24,076 22,872
 Other assets 3,305 5,621
 Total $187,551 $148,900
 Debt & Equity:
 Current liabilities $52,127 $37,342
 Bank debt 0 15,800
 12-3/4 percent subordinated
 notes 0 43,072
 Deferred income taxes & other 3,858 4,179
 Shareholders' equity 131,566 48,507
 Total $187,551 $148,900
 -0- 5/20/92
 /CONTACT: R. Don Morris, executive vice president and chief financial officer of Michaels Stores, 214-580-8242/
 (MIKE) CO: Michaels Stores, Inc. ST: Texas IN: REA SU: ERN


SM -- NY047 -- 6212 05/20/92 11:48 EDT
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Publication:PR Newswire
Date:May 20, 1992
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