UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
May 21, 2015
(Date
of Report; Date of Earliest Event Reported)
STEIN MART,
INC.
(Exact Name of Registrant as Specified in its Charter)
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Florida |
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0-20052 |
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64-0466198 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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1200 Riverplace Blvd., Jacksonville, Florida 32207
(Address of Principal Executive Offices Including Zip Code)
(904) 346-1500
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On May 21, 2015, Stein Mart, Inc. issued a press
release, a copy of which is attached as Exhibit 99.1, that includes financial results for the quarterly period ended May 2, 2015.
ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
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99.1 |
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Press Release dated May 21, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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STEIN MART, INC. |
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(Registrant) |
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Date: May 21, 2015 |
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By: |
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/s/ Gregory W. Kleffner |
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Gregory W. Kleffner |
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Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
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99.1 |
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Press Release dated May 21, 2015. |
Exhibit 99.1
1200 RIVERPLACE BOULEVARD ● JACKSONVILLE, FL 32207-1809 ● (904) 346-1500
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May 21, 2015 |
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For more information: |
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Linda L. Tasseff |
FOR IMMEDIATE RELEASE |
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Director, Investor Relations |
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(904) 858-2639 |
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ltasseff@steinmart.com |
Stein Mart, Inc. Reports First Quarter 2015 Results
First Quarter Total Sales Increased 7.5% and Comparable Store Sales Increased 4.8%
Highlights
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Sales grew 7.5 percent in the first quarter; comparable store sales increased 4.8 percent. |
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Adjusted diluted earnings per share of $0.31 compared to $0.32 in 2014. |
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Full year gross profit rate and SG&A expense outlook reaffirmed |
JACKSONVILLE, Fla. Stein Mart,
Inc. (NASDAQ: SMRT) today announced financial results for the first quarter ended May 2, 2015.
Overview of Results
Net income for the first quarter was $13.6 million or $0.29 per diluted share compared to net income of $14.1 million or $0.31 per diluted share in 2014. First
quarter adjusted net income was $14.2 million or $0.31 per diluted share compared to adjusted net income of $14.7 million or $0.32 per diluted share in 2014 (see Note 1). First quarter 2015 includes $0.6 million higher interest expense on our credit
facilities which impacted earnings $0.4 million after-tax or $0.01 per diluted share.
The quarterly timing of certain items negatively impacted
year-over-year comparisons for the first quarter of 2015, but will have a positive impact in the second through fourth quarters. This primarily resulted in a lower first quarter gross profit rate and somewhat higher selling, general and
administrative (SG&A) expenses. We continue to expect our full year 2015 gross profit rate to be consistent with our 2014 rate and that our full year SG&A expenses will be as previously guided (see Gross Profit and Selling, General and
Administrative Expenses below).
Comments on Results
We are extremely pleased with our solid comparable store sales increase for the quarter and the performance of our new stores, said Jay Stein,
Chief Executive Officer. Our inventories are in great shape. As planned, our gross profit rate will improve as the year proceeds and our expenses will continue to leverage against our higher sales. This should be more evident beginning with
our second quarter results.
Sales
Total sales of $353.5 million for the first quarter of 2015 increased 7.5 percent compared to $328.9 million in 2014. Comparable store sales increased 4.8
percent for the first quarter with our ecommerce business contributing 80 basis points to our comparable sales growth. Traffic increased more than two percent during the quarter; slightly higher than our fourth quarter increase.
Gross Profit
Gross profit for the first quarter of 2015 was $108.4 million or 30.7 percent of sales compared to $104.3 million or 31.7 percent of sales in 2014. The
decrease in the first quarter gross profit rate was due to the timing of markdowns to clear inventories at stores being closed or relocated, timing of the allocation of buying and distribution expenses to cost of sales, slightly higher markdowns to
clear fall merchandise and fulfillment costs for ecommerce sales.
Compared to last year, we expect our gross profit rate to be about the same in the
second and third quarters and higher in the fourth quarter as the impact of items which unfavorably impacted the first quarter rate reverse.
Selling, General and Administrative Expenses
SG&A expenses for the first quarter of 2015 were $85.6 million or 24.2 percent of sales compared to $81.2 million or 24.7 percent of sales last year. The
$4.4 million increase over 2014 SG&A expenses was primarily the result of higher compensation and ecommerce costs offset by $1.0 million lower preopening due to fewer new and relocated stores this spring. The higher compensation costs
mostly resulted from increased payroll to support our new stores and higher sales as well as higher earnings-based incentive compensation expense which is more heavily recorded in the first and fourth quarters.
We continue to expect full year SG&A expenses to be approximately $15 million higher than last years $338 million (not including SEC investigation
costs) with the largest increase estimated in the fourth quarter of 2015. We expect SG&A expenses as a percent of sales will be lower than last years rate as expenses continue to leverage against our higher sales.
Interest Expense and Debt
Interest expense for
the first quarter of 2015 increased $0.6 million to $0.7 million due to borrowings on our credit facilities used to partially fund a $226 million special dividend paid in February 2015. Borrowings under our credit facilities were $152 million at the
end of the first quarter. Unused availability was $116 million at the end of the quarter.
Outstanding Shares
Diluted weighted-average shares outstanding at the end of the first quarter of 2015 increased from the end of the first quarter of 2014 primarily due to the
impact of our long term incentive program. This quarters higher outstanding shares decreased diluted earnings per share $0.01.
Inventories
Inventories were $303 million at the end of the first quarter of 2015, 2.6 percent higher than the $295 million at the end of the first quarter
last year reflecting additional stores. Average inventories per store were flat to last year.
Store Activity
The Company ended the quarter with 270 stores compared to 263 at the end of the first quarter last year. During the quarter, one new store was opened and one
was closed.
We are now expecting to open ten new stores, close three stores and relocate one store in 2015. A new store planned in San Clemente, CA
planned for fall 2015 has shifted to the first quarter of 2016. The additional closing is the result of a relocation planned for 2016 that is now closing in 2015 and reopening as a new store in 2017.
Filing of Form 10-Q
Reported results are
preliminary and not final until the filing of our Form 10-Q for the fiscal quarter ended May 2, 2015 with the Securities and Exchange Commission (SEC), and therefore remain subject to adjustment.
Conference Call
A conference call for investment analysts to discuss the Companys first quarter 2015 results will be held at 10 a.m. EDT on May 21, 2015. The call
may be heard on the investor relations portion of the Companys website at http://ir.steinmart.com. A replay of the conference call will be available on the website through June 30, 2015.
Investor Presentation
Stein Marts first
quarter 2015 investor presentation has been posted to the investor relations portion of the Companys website at http://ir.steinmart.com.
About Stein Mart
Stein Mart stores offer the
fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. Currently with locations from California to Massachusetts, as well as steinmart.com, Stein Marts
focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions. For more information, please visit www.steinmart.com.
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied
will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Marts actual results in future periods to differ materially from forecasted or expected results. Those risks include,
without limitation: consumer sensitivity to economic conditions, competition in the retail industry, changes in consumer preferences and fashion trends, effectiveness of advertising and marketing, capital availability and debt levels, ability to
negotiate acceptable lease terms with current and potential landlords, ability to successfully implement strategies to exit under-performing stores, extreme and/or unseasonable weather conditions, adequate sources of merchandise at acceptable
prices, dependence on certain key personnel and ability to attract and retain qualified employees, impacts of seasonality, increases in the cost of compensation and employee benefits, disruption of the Companys distribution process, dependence
on imported merchandise, information technology failures, data security breaches, single supplier for shoe department, single provider for ecommerce website, acts of terrorism, ability to adapt to new regulatory compliance and disclosure
obligations, outcome of SEC investigation, material weaknesses in internal control over financial reporting and other risks and uncertainties described in the Companys filings with the Securities and Exchange Commission.
SMRT-F
###
Additional information about Stein Mart, Inc. can be found at www.steinmart.com
Stein Mart, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands,
except for share and per share data)
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May 2, 2015 |
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January 31, 2015 |
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May 3, 2014 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
17,190 |
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$ |
65,314 |
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$ |
88,311 |
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Inventories |
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302,781 |
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285,623 |
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295,190 |
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Prepaid expenses and other current assets |
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28,342 |
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22,733 |
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25,396 |
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Total current assets |
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348,313 |
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373,670 |
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408,897 |
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Property and equipment, net |
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149,254 |
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148,782 |
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143,610 |
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Other assets |
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30,889 |
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30,639 |
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28,202 |
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Total assets |
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$ |
528,456 |
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$ |
553,091 |
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$ |
580,709 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
164,092 |
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$ |
129,924 |
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$ |
178,295 |
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Current portion of debt |
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6,667 |
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Accrued expenses and other current liabilities |
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67,219 |
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69,213 |
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62,255 |
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Total current liabilities |
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237,978 |
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199,137 |
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240,550 |
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Long-term debt |
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145,777 |
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Deferred rent |
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33,654 |
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31,284 |
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31,187 |
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Other liabilities |
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40,296 |
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37,732 |
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36,646 |
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Total liabilities |
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457,705 |
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268,153 |
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308,383 |
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COMMITMENTS AND CONTINGENCIES |
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Shareholders equity: |
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Preferred stock - $.01 par value; 1,000,000 shares authorized; no shares issued or outstanding |
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Common stock - $.01 par value; 100,000,000 shares authorized; 45,395,851, 44,918,649 and 44,727,231 shares issued and outstanding,
respectively |
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454 |
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449 |
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447 |
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Additional paid-in capital |
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37,476 |
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34,875 |
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28,186 |
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Retained earnings |
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33,249 |
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250,046 |
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243,951 |
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Accumulated other comprehensive loss |
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(428 |
) |
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(432 |
) |
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(258 |
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Total shareholders equity |
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70,751 |
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284,938 |
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272,326 |
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Total liabilities and shareholders equity |
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$ |
528,456 |
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$ |
553,091 |
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$ |
580,709 |
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Stein Mart, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands,
except per share amounts)
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13 Weeks Ended May 2, 2015 |
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13 Weeks Ended May 3, 2014 |
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Net sales |
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$ |
353,521 |
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$ |
328,854 |
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Cost of merchandise sold |
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245,141 |
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224,528 |
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Gross profit |
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108,380 |
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104,326 |
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Selling, general and administrative expenses |
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85,622 |
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81,229 |
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Operating income |
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22,758 |
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23,097 |
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Interest expense, net |
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686 |
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65 |
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Income before income taxes |
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22,072 |
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23,032 |
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Income tax expense |
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8,508 |
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8,957 |
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Net income |
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$ |
13,564 |
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$ |
14,075 |
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Earnings per common share: |
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Basic |
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$ |
0.30 |
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$ |
0.31 |
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Diluted |
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$ |
0.29 |
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$ |
0.31 |
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Weighted-average shares outstanding: |
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Basic |
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44,612 |
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43,829 |
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Diluted |
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45,766 |
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44,456 |
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Stein Mart, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(In thousands)
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13 Weeks Ended May 2, 2015 |
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13 Weeks Ended May 3, 2014 |
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Net income |
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$ |
13,564 |
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$ |
14,075 |
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Other comprehensive income, net of tax: |
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Amounts reclassified from accumulated other comprehensive income |
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4 |
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3 |
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Comprehensive income |
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$ |
13,568 |
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$ |
14,078 |
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Stein Mart, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
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13 Weeks Ended May 2, 2015 |
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13 Weeks Ended May 3, 2014 |
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Cash flows from operating activities: |
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Net income |
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$ |
13,564 |
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$ |
14,075 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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7,223 |
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6,991 |
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Share-based compensation |
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1,783 |
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1,369 |
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Store closing charges (benefits) |
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51 |
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(46 |
) |
Loss on disposal of property and equipment |
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1 |
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59 |
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Deferred income taxes |
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(100 |
) |
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|
4,175 |
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Tax benefit from equity issuances |
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3,722 |
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|
662 |
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Excess tax benefits from share-based compensation |
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(3,723 |
) |
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(688 |
) |
Changes in assets and liabilities: |
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Inventories |
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(17,158 |
) |
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(33,673 |
) |
Prepaid expenses and other current assets |
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(5,156 |
) |
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(960 |
) |
Other assets |
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29 |
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(788 |
) |
Accounts payable |
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33,231 |
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|
46,881 |
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Accrued expenses and other current liabilities |
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(2,111 |
) |
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|
(8,107 |
) |
Other liabilities |
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3,178 |
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|
4,889 |
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Net cash provided by operating activities |
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34,534 |
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34,839 |
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Cash flows from investing activities: |
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Net acquisition of property and equipment |
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(7,085 |
) |
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(9,241 |
) |
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Net cash used in investing activities |
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(7,085 |
) |
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(9,241 |
) |
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Cash flows from financing activities: |
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Proceeds from borrowings |
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267,200 |
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Repayments of debt |
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(114,756 |
) |
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Debt issuance costs |
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(369 |
) |
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Cash dividends paid |
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|
(228,825 |
) |
|
|
(2,240 |
) |
Excess tax benefits from share-based compensation |
|
|
3,723 |
|
|
|
688 |
|
Proceeds from exercise of stock options and other |
|
|
63 |
|
|
|
52 |
|
Repurchase of common stock |
|
|
(2,609 |
) |
|
|
(2,641 |
) |
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|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(75,573 |
) |
|
|
(4,141 |
) |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(48,124 |
) |
|
|
21,457 |
|
Cash and cash equivalents at beginning of year |
|
|
65,314 |
|
|
|
66,854 |
|
|
|
|
|
|
|
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Cash and cash equivalents at end of period |
|
$ |
17,190 |
|
|
$ |
88,311 |
|
|
|
|
|
|
|
|
|
|
NOTES TO PRESS RELEASE
Note 1 - Adjusted Results
We report our consolidated
financial results in accordance with generally accepted accounting principles (GAAP). However, to supplement these consolidated financial results, management believes that certain non-GAAP operating results, which exclude those items
detailed below, may provide a more meaningful measure to compare our results of operations between periods. We believe these non-GAAP results provide useful information to both management and investors by excluding certain items that impact
comparability of the results.
Reconciliation of Operating Income, Net Income and Diluted EPS from GAAP Basis to Adjusted Non-GAAP
Basis
Unaudited (in thousands, except for share data)
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|
|
|
|
|
|
|
|
|
13 Weeks Ended May 2, 2015 |
|
|
13 Weeks Ended May 3, 2014 |
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|
|
Operating Income |
|
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Tax Provision |
|
|
Net Income |
|
|
Diluted EPS |
|
|
Operating Income |
|
|
Tax Provision |
|
|
Net Income |
|
|
Diluted EPS |
|
GAAP Basis |
|
$ |
22,758 |
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|
$ |
8,508 |
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|
$ |
13,564 |
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|
$ |
0.29 |
|
|
$ |
23,097 |
|
|
$ |
8,957 |
|
|
$ |
14,075 |
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|
$ |
0.31 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ecommerce losses |
|
|
501 |
|
|
|
190 |
|
|
|
311 |
|
|
|
0.01 |
|
|
|
645 |
|
|
|
245 |
|
|
|
400 |
|
|
|
0.01 |
|
SEC Investigation costs (1) |
|
|
463 |
|
|
|
176 |
|
|
|
287 |
|
|
|
0.01 |
|
|
|
328 |
|
|
|
125 |
|
|
|
203 |
|
|
|
0.00 |
|
Store closing & impairment charges |
|
|
55 |
|
|
|
21 |
|
|
|
34 |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
1,019 |
|
|
|
387 |
|
|
|
632 |
|
|
|
0.02 |
|
|
|
973 |
|
|
|
370 |
|
|
|
603 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP Basis |
|
$ |
23,777 |
|
|
$ |
8,895 |
|
|
$ |
14,196 |
|
|
$ |
0.31 |
|
|
$ |
24,070 |
|
|
$ |
9,327 |
|
|
$ |
14,678 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Professional fees and other expenses related to the SEC investigation into our 2012 financial restatement. |
Note 2 - EBITDA
As used in this release, EBITDA is
defined as earnings before interest, income taxes, depreciation and amortization. EBITDA is not a measure of financial performance under GAAP. However, we present EBITDA in this release because we consider it to be an important supplemental measure
of our performance and because it is frequently used by analysts, investors and others to evaluate the performance of companies. EBITDA is not calculated in the same manner by all companies. EBITDA should be used as a supplement to results of
operations and cash flows as reported under GAAP and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Unaudited (in thousands)
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended May 2, 2015 |
|
|
13 Weeks Ended May 3, 2014 |
|
|
|
|
|
|
|
Net income |
|
$ |
13,564 |
|
|
$ |
14,075 |
|
Add back amounts for computation of EBITDA: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
686 |
|
|
|
65 |
|
Income tax expense |
|
|
8,508 |
|
|
|
8,957 |
|
Depreciation and amortization |
|
|
7,223 |
|
|
|
6,991 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
29,981 |
|
|
|
30,088 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Ecommerce losses |
|
|
501 |
|
|
|
645 |
|
SEC Investigation costs |
|
|
463 |
|
|
|
328 |
|
Store closing & impairment charges |
|
|
55 |
|
|
|
|
|
Pre-opening costs |
|
|
344 |
|
|
|
1,332 |
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
1,363 |
|
|
|
2,305 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
31,344 |
|
|
$ |
32,393 |
|
|
|
|
|
|
|
|
|
|
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