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Table of Contents
STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
13. Quarterly Results of Operations (Unaudited)
The sum of the quarterly per share amounts may not equal the annual amount because income per share is calculated independently for each
quarter.
14. Related Party Transactions
One of our directors is the majority shareholder of the legal firm that is the Company’
s general counsel. The amounts paid for these services are
competitive with amounts that would be paid to a third party for similar sevices. Legal fees associated with these services were $0.2 million for
2011, 2010 and 2009. In addition, the director also participated in our 2011, 2010 and 2009 Incentive Plans related to his role as general
counsel to the Company.
We leased three locations in 2011 and 2010 and four locations in 2009 from a company for which one of our directors is Chairman and Chief
Executive Officer. We paid approximately $0.8 million in base rent for 2011 and 2010 and $1.1 million in 2009. The amounts paid for leased
space and other lease-related services are competitive with amounts that would be paid to a third party to lease similar space.
F
-
18
Year Ended January 28, 2012
13 Weeks Ended
April 30, 2011
13 Weeks Ended
July 30, 2011
13 Weeks Ended
Oct. 29, 2011
13 Weeks Ended
Jan. 28, 2012
Net sales
$
303,546
$
270,167
$
258,520
$
328,134
Gross profit
89,920
65,371
59,256
82,817
Net income (loss)
15,900
1,316
(3,106
)
5,718
Basic income (loss) per share
$
0.35
$
0.03
$
(0.07
)
$
0.13
Diluted income (loss) per share
$
0.35
$
0.03
$
(0.07
)
$
0.13
Year Ended January 29, 2011
13 Weeks Ended
May 1, 2010
13 Weeks Ended
July 31, 2010
13 Weeks Ended
Oct. 30, 2010
13 Weeks Ended
Jan. 29, 2011
Net sales
$
300,998
$
275,955
$
267,887
$
336,670
Gross profit
87,503
69,104
68,025
87,676
Net income
14,348
11,289
4,295
18,821
Basic income per share
$
0.33
$
0.26
$
0.10
$
0.42
Diluted income per share
$
0.32
$
0.25
$
0.10
$
0.42