Stein Mart 2012 Annual Report Download - page 43

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-15
The following tables present the effect of the aforementioned reclassifications and adjustments on our Consolidated Statements of Income
for the fiscal years ended January 28, 2012 and January 29, 2011 and indicate the category of the adjustments by reference to the above
descriptions of the errors for which we made corrections:
As Previously Description of
Reported Reclassifications
A
djustments
A
djustments
A
s Restated
Net sales 1,160,367$ -$ 17,584$ (4)(5) 1,177,951$
Cost of merchandise sold 863,003 -
(
4,668
)
(
1
)(
2
)(
5
)
858,335
Gross profit 297,364 - 22,252 319,616
Sellin
g
,
g
eneral and administrative expenses 289,114
(
11,273
)
9,343
(
2
)(
3
)(
4
)(
7
)
287,184
Other income, net 24,007
(
11,273
)
(
12,734
)
(
4
)
-
Operatin
g
income 32,257 - 175 32,432
Interest expense, net 286 - - 286
Income before income taxes 31,971 - 175 32,146
Income tax expense 12,143 - 72
(
1
)(
2
)(
3
)(
7
)
12,215
Net income 19,828$ -$ 103$ 19,931$
Net income per share:
Basic 0.44$ -$ 0.01$ 0.45$
Diluted 0.44$ -$ -$ 0.44$
Year Ended January 28, 2012
As Previously Description of
Reported Reclassifications
A
djustments
A
djustments
A
s Restated
Net sales 1,181,510$ -$ 19,571$ (4)(5) 1,201,081$
Cost of merchandise sold 869,202 -
(
787
)
(
1
)(
2
)(
5
)
868,415
Gross profit 312,308 - 20,358 332,666
Sellin
g
,
g
eneral and administrative expenses 288,208
(
17,306
)
6,428
(
2
)(
3
)(
4
)(
7
)
277,330
Other income, net 29,430
(
17,306
)
(
12,124
)
(
4
)
-
Operatin
g
income 53,530 - 1,806 55,336
Interest expense, net 338 - - 338
Income before income taxes 53,192 - 1,806 54,998
Income tax expense
(
benefit
)
4,439 -
(
6,127
)
(
1
)(
2
)(
3
)(
7
)
(
1,688
)
Net income 48,753$ -$ 7,933$ 56,686$
Net income per share:
Basic 1.10$ -$ 0.18$ 1.28$
Diluted 1.08$ -$ 0.18$ 1.26$
Year Ended January 29, 2011