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EXHIBIT 12.1
MICHAELS STORES, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
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<Caption>
FISCAL YEARS
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1996(1) 1997 1998 1999(2) 2000(3)
-------- -------- -------- -------- --------
INCOME (LOSS) BEFORE INCOME TAXES $(41,073) $ 48,507 $ 70,324 $102,391 $134,069
Fixed charges:
Interest on senior notes due 2006 8,217 13,594 13,594 13,594 13,594
Interest on subordinated notes due 2003 5,962 5,962 5,962 5,962 2,522
Amortization of senior notes deferred costs 253 447 447 452 451
Amortization of subordinated notes deferred costs 323 318 318 317 134
Other interest expense 6,283 3,127 2,357 2,329 1,325
Rental expense interest factor 38,943 40,175 46,871 59,958 75,019
-------- -------- -------- -------- --------
59,981 63,623 69,549 82,612 93,045
-------- -------- -------- -------- --------
Adjusted income (loss) before taxes $ 18,908 $112,130 $139,873 $185,003 $227,114
======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES 0.32 1.76 2.01 2.24 2.44
<Caption>
12 MONTHS
ENDED
Q1, 00(3) Q1, 01(4) MAY 5, 2001(4)
-------- -------- -------------
INCOME (LOSS) BEFORE INCOME TAXES $16,807 $12,354 $129,616
Fixed charges:
Interest on senior notes due 2006 3,398 3,398 13,594
Interest on subordinated notes due 2003 1,490 -0 1,032
Amortization of senior notes deferred costs 114 112 449
Amortization of subordinated notes deferred costs 79 -0 55
Other interest expense 439 268 1,154
Rental expense interest factor 18,755 22,554 78,819
-------- -------- -------------
24,275 26,332 95,103
-------- -------- -------------
Adjusted income (loss) before taxes $41,082 $38,686 $224,719
======== ======== =============
RATIO OF EARNINGS TO FIXED CHARGES 1.69 1.47 2.36
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(1) Fiscal 1996 income before income taxes includes the effect of an unusual
pre-tax charge of $41.2 million for costs associated with the sale to
liquidate merchandise that was eliminated following store resets, markdowns
on discontinued furniture and other home decor merchandise, and reserves for
the closure of four stores and the write-down of leasehold improvements in
three stores.
(2) Fiscal 1999 includes a charge of $1.5 million in connection with the
settlement of the MJDesigns litigation.
(3) Fiscal 2000 and the first quarter of fiscal 2000 exclude the cumulative
effect of a change in accounting principle in the amount of $3.1 million.
(4) The first quarter of fiscal 2001 and the 12 months ended May 5, 2001
includes $1.0 million for senior executive severance and $3.2 million for a
litigation settlement on the Raniwala case.