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

Stocks in this article: SMRT

Selling, general and administrative expenses ("SG&A") were $306.4 million this year compared to $287.2 million last year. The increase in SG&A includes higher depreciation, compensation and benefit costs, and professional fees (including the $4.0 million of fees related to the restatement) and lower credit card program income (now included in SG&A and restated for all prior periods presented), partially offset by $3.7 million lower advertising expenses, $2.1 million higher breakage income on unused gift and merchandise return cards as a result of changes in breakage assumptions and a decrease in credit card interchange fees.

The effective tax rate for fiscal year 2012 decreased to 30.5 percent from 38.0 percent in 2011 due to the favorable impact from the elimination of the post-retirement life insurance benefit during the fourth quarter.

Restated Results

Today, we filed our Form 10-K for the fiscal year ended February 2, 2013, our amended quarterly report on Form 10-Q/A for the first quarter of 2012 and our quarterly reports on Form 10-Q for the second and third quarters of 2012. As previously reported, the quarterly filings were delayed as we completed our financial restatement. Each of these quarterly reports includes restated unaudited interim financial statements for the comparative fiscal 2011 periods.

Results for all quarters in fiscal 2011 and the first quarter of 2012 included in this press release and the attached statements reflect adjustments for inventory markdowns, leasehold improvement costs, compensated absences (paid vacation) and indirect overhead (quarters only impacted). In addition, the restated financial statements reflect the correction of certain previously identified errors and out of period adjustments that were deemed immaterial to the annual and interim period in which they were initially recorded and have now been restated to properly reflect the corrections in the appropriate periods. All financial statements included in this press release that are impacted indicate the restated amounts as "Restated."

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