This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stein Mart, Inc. Reports 2012 Results, Completion Of Restatement And Plans For 2013

  • Fiscal year diluted earnings per share of $0.57 compared to $0.44 (Restated) in 2011.
  • Fourth quarter diluted earnings per share of $0.30 compared to $0.13 (Restated) in 2011.
  • Comparable store sales for the year increased 2.7 percent and for the quarter increased 6.0 compared to 2011.
  • Ending cash of $67.2 million after paying a dividend of $43.8 million.
  • Regained compliance with NASDAQ rules with today's SEC filings.

JACKSONVILLE, Fla., May 3, 2013 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today announced financial results for the 2012 fiscal year and its second through fourth quarters, as well as the restated results for all 2011 periods and the first quarter of 2012 (see "Restated Results" for further information). All 2011 amounts in this release have been restated.

Overview of Results

Net income for the year ended February 2, 2013 was $25.0 million or $0.57 per diluted share compared to net income of $19.9 million or $0.44 per diluted share in 2011. EBITDA for the year ended February 2, 2013 was $60.1 million compared to $51.0 million in 2011 (see Note 1 in the attached materials). Fiscal 2012 results include the following:
  • $4.0 million of legal and accounting fees incurred in the fourth quarter related to the financial restatement ($2.5 million after tax or $0.05 per diluted share).
  • $2.1 million higher breakage income on unused gift and merchandise return cards as a result of changes in breakage assumptions during the second quarter of 2012 ($1.3 million after tax or $0.03 per diluted share).
  • $2.5 million tax benefit recorded in the fourth quarter resulting from the tax impact of the deductibility in 2012 of previously non-deductible financial statement accruals relating to the elimination of the post-retirement life insurance benefits ($0.05 per diluted share).

Excluding these items, the Company would have net income of $23.8 million, or $0.54 per diluted share, and EBITDA of $62.0 million for the year ended February 2, 2013.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs