-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GRWb2btyOg9mzJGkcmmhkxy7dthGryQn7PFyCQUpy0op/dzCWURiXU/YmnO5cpUl Lun9serY1RxDwSfHz1BrMA== 0000884940-03-000014.txt : 20030529 0000884940-03-000014.hdr.sgml : 20030529 20030529093035 ACCESSION NUMBER: 0000884940-03-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030522 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEIN MART INC CENTRAL INDEX KEY: 0000884940 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 640466198 STATE OF INCORPORATION: FL FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20052 FILM NUMBER: 03722490 BUSINESS ADDRESS: STREET 1: 1200 RIVERPLACE BLVD CITY: JACKSONVILLE STATE: FL ZIP: 32207 BUSINESS PHONE: 9043461500 MAIL ADDRESS: STREET 1: 1200 RIVERPLACE BLVD CITY: JACKSONVILLE STATE: FL ZIP: 32207 8-K 1 pr8k052203.txt CURRENT REPORT 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 ------------------------ Date of Report (Date of earliest event reported): May 22, 2003 ------------ STEIN MART, INC. (Exact name of registrant as specified in its charter) Florida 0-20052 64-0466198 - ------------------- --------------------- -------------------- (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 1200 Riverplace Blvd., Jacksonville, Florida 32207 ----------------------------------------------------------------- (Address of principal executive offices including zip code) (904) 346-1500 ---------------------------------- (Registrant's telephone number) ITEM 12 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On May 22, 2003, Stein Mart, Inc. issued a press release, a copy of which is attached as Exhibit 99.1, that includes earnings guidance for the fiscal quarter ended May 3, 2003. 2 Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STEIN MART, INC. (registrant) May 29, 2003 By: /s/ James G. Delfs --------------------------------------------- James G. Delfs Senior Vice President and Chief Financial Officer 3 EXHIBIT INDEX 99.1 Press Release dated May 22, 2003 4 EX-99 3 pr8k052203ex99-1.txt EXHIBIT 99.1 (PRESS RELEASE) May 22, 2003 Susan Datz Edelman Director, Stockholder Relations FOR IMMEDIATE RELEASE (904) 346-1506 sedelman@steinmart.com STEIN MART REPORTS 1Q '03 FINANCIAL RESULTS JACKSONVILLE, FL -- Stein Mart, Inc. {Nasdaq: SMRT}, a 270-store nationwide retail chain, today announced financial results for the thirteen weeks ended May 3, 2003. For the first quarter of 2003, the Company earned $1.5 million or $0.04 per share as compared to earnings of $11.4 million or $0.27 per share in the first quarter of 2002. As previously reported, total sales for the first quarter of 2003 were $330.6 million, a 7.1 percent decrease from the $356.0 million in sales for the same period in 2002. Comparable store sales for the first quarter decreased 9.3 percent from 2002 to 2003. "Our results were adversely impacted by the lack of expense leverage on negative comparable store sales and the additional markdowns necessary to manage our inventory," noted Michael D. Fisher, president and chief executive officer. "With sales continuing substantially below plan, inventory management has taken on even greater importance and our aggressive efforts have controlled inventories to appropriate levels and freshness." If the current trends continue, management anticipates same-store sales for the second quarter of '03 will be in the negative, mid-single digit range, which would result in a loss for the quarter. Due to the ongoing uncertainty in the retail sales environment, management declines to provide a more specific outlook until there is clearer economic visibility. During the first quarter, the Company opened seven new stores, and one additional store has opened since the end of the quarter. The Company plans to open six more stores this year, for a total of 14 new stores in 2003. As previously announced, the Company intends to close a total of 16 stores in 2003. Three of those stores have already closed (two in the first quarter and one last week). The 16 stores slated for closure this year incurred total pre-tax operating losses of $3.2 million in the first quarter of 2003. Because of the shortfall in sales, the Company was not in compliance with one of its credit agreement convenants at the end of the first quarter of 2003. The Company is in the process of completing a new credit agreement, which is expected to close by June 2003. About Stein Mart Stein Mart's 270 stores offer the merchandise, service and presentation of a traditional, better department/ specialty store, at prices competitive with off-price retail chains. Currently with locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer brand-name apparel for women, men and children, as well as accessories, gifts, linens and shoes. 5 Stein Mart, Inc. Pg. 2 SAFE HARBOR STATEMENT>>>>>>>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. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Mart's actual results in future periods to differ materially from forecasted or expected results. Those risks include, but are not limited to, on-going competition from other retailers, availability of new store sites at acceptable lease terms, ability to successfully implement strategies to exit or improve under-performing stores, changing preferences in apparel, changes in consumer spending due to current events and/or general economic conditions, adequate sources of merchandise at acceptable prices and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. ### Additional information about Stein Mart, Inc. can be found at www.steinmart.com. ------------------ 6
Stein Mart, Inc. Balance Sheets (In thousands) May 3, February 1, May 4, 2003 2003 2002 -------------- -------------- -------------- ASSETS (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ 17,052 $ 9,859 $ 18,653 Trade and other receivables 3,700 4,919 3,390 Inventories 329,838 297,230 345,532 Prepaid expenses and other current assets 5,783 4,361 5,940 -------------- -------------- -------------- Total current assets 356,373 316,369 373,515 Property and equipment, net 86,133 86,351 91,321 Other assets 7,755 7,497 5,761 -------------- -------------- -------------- Total assets $450,261 $410,217 $470,597 ============== ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 96,802 $ 70,472 $126,964 Accrued liabilities 52,945 53,407 48,864 Income taxes payable 907 5,353 1,741 Notes payable to banks 56,300 41,350 - -------------- -------------- -------------- Total current liabilities 206,954 170,582 177,569 Notes payable to banks - - 63,700 Other liabilities 18,699 16,328 15,074 -------------- -------------- -------------- Total liabilities 225,653 186,910 256,343 COMMITMENTS AND CONTINGENCIES Stockholders' equity: Preferred stock - $.01 par value; 1,000,000 shares authorized; no shares outstanding Common stock - $.01 par value; 100,000,000 shares authorized; 41,568,678; 41,618,678 and 41,646,151 Shares issued and outstanding, respectively 416 416 416 Paid-in capital 509 721 - Retained earnings 223,683 222,170 213,838 -------------- -------------- -------------- Total stockholders' equity 224,608 223,307 214,254 -------------- -------------- -------------- Total liabilities and stockholders' equity $450,261 $410,217 $470,597 ============== ============== ==============
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Stein Mart, Inc. Statements of Income (Unaudited) (In thousands except per share amounts) For The 13 Weeks Ended --------------------------------- May 3, May 4, 2003 2002 -------------- -------------- Net sales $330,557 $355,979 Cost of merchandise sold 246,861 259,448 -------------- -------------- Gross profit 83,696 96,531 Selling, general and administrative expenses 84,503 81,281 Other income, net 3,653 3,700 -------------- -------------- Income from operations 2,846 18,950 Interest expense 405 614 -------------- -------------- Income before income taxes 2,441 18,336 Income tax provision 928 6,968 -------------- -------------- Net income $ 1,513 $ 11,368 ============== ============== Earnings per share - Basic $0.04 $0.27 ============== ============== Earnings per share - Diluted $0.04 $0.27 ============== ============== Weighted-average shares outstanding - Basic 41,587 41,554 ============== ============== Weighted-average shares outstanding -Diluted 41,587 41,930 ============== ==============
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