Michaels Companies To Buy Back Up To $500 Mln Shares - Quick Facts

(RTTNews) - Michaels Companies, Inc. (MIK), an arts and crafts specialty retailer, announced Thursday that its Board of Directors has authorized a new share repurchase program for up to $500 million of its common stock. This announcement is in advance of the Company's Analyst Day presentation which is scheduled to be on June 15.

Shares may be repurchased from time to time on the open market, through block trades or otherwise, the company noted.

Chuck Rubin, Chairman and Chief Executive Officer, said, "The retail-leading profitability and high returns on invested capital we have generated have resulted in a track record of strong and consistent free cash flow. In the last three years alone we have generated more than $1.5 billion in cash from operations, of which $500 million has been allocated towards share repurchases, and over $500 million towards debt reduction."