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Stein Mart Inc Announces Restatement Of Previously Issued Financial Statements


Thursday, 7 Mar 2013 06:55am EST 

Stein Mart Inc announced that it expects to restate previously issued financial statements for fiscal years 2010 and 2011 and quarterly data for the first quarter of 2012 and all quarters in 2011, as well as selected consolidated financial data for the years 2008 through 2011, in Annual Report on Form 10-K for the fiscal year ended February 2, 2013. The Company expects to restate previously issued financial statements for the first quarters of 2011 and 2012 in a Form 10-Q/A for the first quarter of 2012 and for the second and third quarters of 2011 as part of Form 10-Q's for the second and third quarters of 2012. As reported on November 9, 2012, the Company indicated that it would restate financial statements for fiscal years 2009, 2010 and 2011 in an amended Form 10-K/A for the fiscal year ended January 28, 2012, as well as quarterly data for the quarters in 2010 and 2011. The two individual errors reported on November 9, 2012 included the Company's accounting for certain markdowns as promotional instead of permanent and lessor reimbursements for leasehold improvement construction costs as a reduction in fixed assets instead of recording as deferred rent credits. The estimated impacts previously reported for these items through the second quarter ended July 28, 2012 have not materially changed. A third item related to the accrual of vacation earned but not taken has been subsequently identified as requiring correction. 

Company Quote

13.83
0.1 +0.73%
12 Aug 2014