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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-28
13. Quarterly Results of Operations (Unaudited)
13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 14 Weeks Ended
A
pril 28, 2012 July 28, 2012 October 27, 2012 February 2, 2013
(Restated)
Net sales 309,708$ 280,372$ 273,729$ 368,557$
Gross profit 91,864 73,819 70,690 106,257
Net income
(
loss
)
10,833 2,306
(
1,659
)
13,547
Basic income
(
loss
)
per share 0.25$ 0.05$
(
0.04
)
$ 0.31$
Diluted income
(
loss
)
per share 0.25$ 0.05$
(
0.04
)
$ 0.30$
Year Ended February 2, 2013
13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended
A
pril 30, 2011 July 30, 2011 October 29, 2011 January 28, 2012
(Restated) (Restated) (Restated) (Restated)
Net sales 309,218$ 274,549$ 263,232$ 330,952$
Gross profit 94,554 70,917 66,653 87,492
Net income
(
loss
)
13,900 1,834
(
1,696
)
5,893
Basic income
(
loss
)
per share 0.31$ 0.04$
(
0.04
)
$ 0.13$
Diluted income
(
loss
)
per share 0.31$ 0.04$
(
0.04
)
$ 0.13$
Year Ended January 28, 2012
The sum of the quarterly per share amounts may not equal the annual amount because income per share is calculated independently for
each quarter.
See Note 2 for further information regarding the impact of correcting adjustments made to previously issued Financial Statements.
Correcting adjustments to Net sales, Gross profit and Net income for the 13 weeks ended January 28, 2012 were $2.8 million, $4.7 million
and $0.2 million, respectively, which had no impact on basic and diluted income per share.
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 services. Legal fees associated with these services
were $0.2 million in 2012, 2011 and 2010. In addition, the director also participated in our 2012, 2011 and 2010 Incentive Plans related to
his role as general counsel to the Company.
We leased three locations in 2012, 2011 and 2010 from a company for which one of our directors is Chairman and Chief Executive Officer.
We paid approximately $0.8 million in base rent in 2012, 2011 and 2010. 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.
One of our directors, as a private investor, indirectly owns a minority interest in the entity which operates a secure location for and
maintains certain of our data processing equipment. Expenses associated with this service were $0.3 million in 2012, 2011 and 2010. We
entered this facility prior to our director’s investment. The amounts paid are competitive with amounts that would be paid to others for
similar services.