First quarter 2020 results include non-cash pre-tax asset impairment charges of $10.3 million or $0.22 per diluted share. Adjusted EBITDA excludes certain non-cash items (impairment charges) and amounts incurred with significant transactions or events that we believe are not indicative of our core operating performance.
JACKSONVILLE, Fla., March 11, 2020 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the fourth quarter and fiscal year ended February 1, 2020. Certain statements in this release constitute "forward-looking statements" under the federal securities laws.
Stein Mart, Inc. Reports First Quarter Fiscal 2019 Results
The company operates 281 stores across 30 states. Our comp sales for the combined March and April period dramatically improved. The following table shows the Company's reconciliation of net (loss) income to EBITDA and Adjusted EBITDA, which are considered Non-GAAP financial measures (in thousands). Forward-looking statements are based on current expectations that involve assumptions that are difficult or impossible to predict accurately and many of which are beyond our control. Yes Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Further information regarding the Amended Credit Agreements can be found in the Company's Annual Report on Form 10-K filed with the SEC on June 15, 2020. EBITDA is not a measure of financial performance under GAAP.
See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. COVID-19 has put a strain on our credit facilities, as we are borrowing seasonally higher amounts to cover cash shortfalls from lower sales," said Hunt Hawkins, Chief Executive Officer. Annual Reports 2019 Annual Report 3.6 MB. Adjusted EBITDA excludes non-cash items (impairment charges) and significant non-recurring unusual items. Stein Mart had a net loss of $10.5 million, or 22 cents a share, in fiscal 2019. https://ml.globenewswire.com/media/d58c23f8-034d-4460-b087-0a4c0ff2cb77/small/stein-jpg.jpg While these challenges are significant, they are not insurmountable but will require much from our teams, as well as the continued support of our external partners," continued Hawkins. Form 10-K/A Stein Mart Inc [Amend] Annual report [Section 13 and 15(d), not S-K Item 405] SEC.report
The company operates 281 stores across 30 states. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to our ability to continue as a going concern, risks and uncertainties relating to the duration and severity of COVID-19 pandemic, actions that may be taken by governmental authorities to contain the COVID-19 pandemic or treat its impact, the negative impacts of the COVID-19 pandemic on the global economy and foreign sourcing, the impact of the COVID-19 pandemic on the Company's financial condition, liquidity and business operations, including the Company's ability to negotiate extended payment terms with supplier and landlords, obtain suitable merchandise in a timely manner, and secure additional financing or negotiate a strategic transaction. EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. View the SMRT annual company financial performance report by date. Based on Stein Mart, Inc. (SMRT), the company’s capital structure generated 1,687.96 points for debt to equity in total, while total debt to capital is set at the value of 94.41.
Total debt to assets is settled at the value of 70.42 with long-term debt to equity ratio rests at 0.36 and long-term debt to capital is 1,424.64. Stein Mart, Inc. is a national specialty omni off-price retailer offering designer and name-brand fashion apparel, home decor, accessories and shoes at everyday discount prices. The Company is also actively exploring additional sources of financing and other strategic alternatives, including a sale of the company.
The Company plans to release its complete first quarter financial results no later than June 30. However, while sales are exceeding our expectations, they continue to be down to last year and we expect it will take some time for them to fully recover. Except as described above, this Amendment does not amend, modify, or otherwise update any other information in the Original Report. Washington, D.C. 20549. Stein Mart Inc. all SEC filings breakout by MarketWatch. Additionally, the Company has secured various relief under the CARES Act, including a $10.0 million Paycheck Protection Program ("PPP") Loan under the Small Business Administration's alternate size standard, as disclosed in a Form 8-K filed on June 23, 2020.
Gross profit for the first quarter of 2020 was a loss of $(10.0) million or (7.5) percent of sales compared to $87.5 million or 27.8 percent of sales in the comparable period last year. Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the first quarter ended May 2, 2020 and provided an update on its response to the COVID-19 pandemic. On June 10, 2020, the Registrant had issued and outstanding an aggregate of 48,492,683 shares of its common stock.Portions of the Registrant's Proxy Statement for its 2020 Annual Meeting of Shareholders are incorporated by reference in Part III.This Amendment No. Yes Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. UNITED STATES. The Company's first quarter results were impacted by the temporary closure of all stores on March 19 due to the COVID-19 pandemic.
At the end of the first quarter of 2020, debt includes $9.9 million collateralized by life insurance policies. A conference call to discuss the Company's first quarter results will be held at 4:30 p.m. Net loss for the fourth quarter was $0.3 million or $0.01 per diluted share for 2019 compared to net income of $3.7 million or $0.08 per diluted share for 2018.
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