Stein Mart 2008 Annual Report Download - page 11

We have made consistent capital commitments to maintain and improve existing store facilities. During 2008, we spent approximately
$8.4 million for fixtures, equipment and leasehold improvements in stores opened prior to 2008.
As of January 31, 2009 we lease 107,342 gross square feet of office space for our corporate headquarters in Jacksonville, Florida.
We also lease a 92,000 square foot distribution/warehouse facility in Jacksonville for the purpose of processing a limited amount of
merchandise purchases (approximately three percent of our merchandise on a dollar basis).
ITEM 3. LEGAL PROCEEDINGS
The Company is involved in various routine legal proceedings incidental to the conduct of its business. Management, based upon the
advice of outside legal counsel, does not believe that any of these legal proceedings will have a material adverse effect on the
Company’s financial condition, results of operations or cash flows.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of security holders during the fourth quarter of fiscal 2008.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
OF EQUITY SECURITIES
Market Price and Related Matters
The following table sets forth the high and low sales prices of the Company’s common stock and dividends declared for each quarter
in the years ended January 31, 2009 and February 2, 2008:
Year Ended January 31, 2009 Year Ended February 2, 2008
High Low Dividend High Low Dividend
First Quarter $ 6.65 $ 4.53 $ - $17.17 $13.00 $0.0625
Second Quarter 5.90 3.66 - 15.52 10.05 0.0625
Third Quarter 5.21 1.50 - 11.26 5.92 0.0625
Fourth Quarter 2.26 0.99 - 7.99 3.29 0.0625
Stein Mart’s common stock trades on The NASDAQ Stock Market LLC under the trading symbol SMRT. On April 3, 2009, there were
1,219 stockholders of record.
Dividends
The Company began paying a quarterly dividend of $0.0625 per share in the second quarter of 2005 and continued to pay this
quarterly dividend throughout 2007. Dividends paid in 2006 included a special, one-time cash dividend of $1.50 per share. On
February 7, 2008, the Company announced that the Board of Directors had voted to suspend the payment of a quarterly dividend in
order to conserve cash until improvements occur in the Company’s business and in the current difficult retail industry conditions.
Issuer Purchases of Equity Securities
The following table provides information regarding repurchases by the Company of its common stock during the 13-week period
ended January 31, 2009:
ISSUER PURCHASES OF EQUITY SECURITIES
Period
Total
number
of shares
purchased
Average
price
paid per
share
Total number of
shares purchased
as part of publicly
announced plans
or programs (1)
Maximum number of
shares that may yet be
purchased under the plans
or programs (1)
November 2, 2008 – November 29, 2008 - - - 803,975
November 30, 2008 – January 3, 2009 688 $1.17 688 803,287
January 4, 2009 – January 31, 2009 142 1.17 142 803,145
Total 830 $1.17 830 803,145
(1) The Company’s Open Market Repurchase Program is conducted pursuant to authorizations made from time to time by the
Company’s Board of Directors. The shares reported in the table are covered by an April 17, 2007 Board authorization to
repurchase 2.5 million shares of common stock which does not have an expiration date. This quarter’s repurchases are related
to taxes due on the vesting of restricted stock awards which fall under the Company’s repurchase program.
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