STEIN MART INC

CIK:0000884940|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Income Statement [Abstract]
Net sales	$ 134,273	$ 314,157
Other revenue	3,909	5,225
Total revenue	138,182	319,382
Cost of merchandise sold	144,308	226,698
Selling, general and administrative expenses	68,325	86,136
Operating (loss) income	(74,451)	6,548
Interest expense, net	2,077	2,526
(Loss) income before income taxes	(76,528)	4,022
Income tax (benefit) expense	(10,811)	53
Net (loss) income	$ (65,717)	$ 3,969
Net (loss) earnings per common share:
Basic (dollars per share)	$ (1.38)	$ 0.08
Diluted (dollars per share)	$ (1.38)	$ 0.08
Weighted-average shares outstanding:
Basic (in shares)	47,456	47,111
Diluted (in shares)	47,456	47,556

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 02, 2020	May 04, 2019
Cash flows from operating activities:
Net (loss) income	$ (65,717)	$ 3,969
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	6,884	7,338
Share-based compensation	155	730
Store closing benefits	(40)	(8)
Impairment of property and other assets	10,300	0
Loss on disposal of property and equipment	1	1
Changes in assets and liabilities:
Inventories	(17,500)	(18,397)
Prepaid expenses and other current assets	(4,689)	(4,311)
Other assets	2,822	(847)
Accounts payable	17,079	24,951
Accrued expenses and other current liabilities	(13,412)	6,244
Operating lease assets and liabilities, net	4,896	(2,091)
Other liabilities	(1,445)	(2,396)
Net cash (used in) provided by operating activities	(60,666)	15,183
Cash flows from investing activities:
Net acquisition of property and equipment	(1,836)	(1,679)
Net cash used in investing activities	(1,836)	(1,679)
Cash flows from financing activities:
Proceeds from borrowings	109,432	102,025
Repayments of debt	(53,688)	(102,325)
Cash dividends paid	(3)	(49)
Capital lease payments	(459)	(168)
Proceeds from exercise of stock options	16	0
Repurchase of common stock	(82)	(103)
Net cash provided by (used in) financing activities	55,216	(620)
Net (decrease) increase in cash and cash equivalents	(7,286)	12,884
Cash and cash equivalents at beginning of year	9,499	9,049
Cash and cash equivalents at end of period	2,213	21,933
Supplemental disclosures of cash flow information:
Income taxes received, net	(4)	(182)
Interest paid	2,323	2,587
Accruals and accounts payable for capital expenditures	$ 164	$ 414

Consolidated Balance Sheets - USD ($) $ in Thousands	May 02, 2020	Feb. 01, 2020	May 04, 2019
Current assets:
Cash and cash equivalents	$ 2,213	$ 9,499	$ 21,933
Inventories	266,088	248,588	274,281
Prepaid expenses and other current assets	27,536	23,032	31,838
Total current assets	295,837	281,119	328,052
Property and equipment, net of accumulated depreciation and amortization of $282,414, $275,913 and $255,845, respectively	91,015	101,893	114,252
Operating lease assets	347,123	356,347	374,039
Other assets	23,564	26,155	24,255
Total assets	757,539	765,514	840,598
Current liabilities:
Accounts payable	103,970	87,312	114,495
Current portion of debt	197,228	0	0
Current portion of operating lease liabilities	86,624	82,126	80,167
Accrued expenses and other current liabilities	66,428	80,231	84,118
Total current liabilities	454,250	249,669	278,780
Long-term debt	0	141,438	152,999
Non-current operating lease liabilities	306,576	310,290	332,079
Other liabilities	30,422	32,179	31,335
Total liabilities	791,248	733,576	795,193
COMMITMENTS AND CONTINGENCIES (Note 9)
Shareholders’ (deficit) equity:
Preferred stock - $0.01 par value, 1,000,000 shares authorized; no shares issued or outstanding	0	0	0
Common stock - $0.01 par value; 100,000,000 shares authorized; 48,497,994, 48,354,642 and 48,065,250 shares issued and outstanding, respectively	485	484	481
Additional paid-in capital	61,832	61,744	60,797
Retained deficit	(96,254)	(30,534)	(16,110)
Accumulated other comprehensive income	228	244	237
Total shareholders’ (deficit) equity	(33,709)	31,938	45,405
Total liabilities and shareholders’ (deficit) equity	$ 757,539	$ 765,514	$ 840,598