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.

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