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STEIN MART REPORTS OPERATING INCOME UP 50.3 PERCENT IN THE SECOND QUARTER

 STEIN MART REPORTS OPERATING INCOME UP
 50.3 PERCENT IN THE SECOND QUARTER
 JACKSONVILLE, Fla., July 28, /PRNewswire/ -- Stein Mart, Inc. (NASDAQ: SMRT) today announced results for its second quarter ended June 27, 1992.
 The company reported improved income from operations for the quarter of $5.9 million compared with $3.9 million in the year-earlier period. After a positive variance of interest expense for the quarter, the net income before taxes was $5.7 million compared to $3.3 million a year ago. For the six months ended June 27, 1992, the company reported profit before taxes of $4.4 million compared with $1.5 million a year ago.
 Net sales for the second quarter ended June 27, 1992 increased 27.8 percent to $66.6 million compared with net sales of $52.1 million a year ago. Comparable store sales for the quarter rose 12.4 percent over the second quarter of 1991. Net sales for the six months ended June 27, 1992 increased 20.1 percent and comparable store sales increased 7.7 percent.
 Pro forma income for the second quarter totaled $3.5 million or $.24 per share, compared with pro forma net income of $2.1 million or $.17 a share in the second quarter of the prior year. Pro forma income for the first half was $2.7 million or $.20 a share compared with pro forma net income of $.9 million or $.07 per share for the year earlier period.
 Earnings per share were affected by a 28 percent increase in the number of shares outstanding as a result of the company's initial public offering in April 1992.
 Jay Stein, chairman and CEO, in announcing the results for the second quarter, attributed the strong performance to a broadening consumer acceptance of Stein Mart's service, quality, value and merchandising strategies. This trend is continuing during July, into the third quarter.
 Based in Jacksonville, Fla., Stein Mart is a 46-store off-price retail chain offering current season, primarily branded merchandise at prices typically 25 percent to 60 percent below those normally charged by traditional department and specialty stores. The company's stores are located in 14 states. Stein Mart's shares are traded through NASDAQ under the symbol SMRT.
 STEIN MART, INC.
 Statement of Income
 (Unaudited)
 (In Thousands Except Per Share Amounts)
 Three Months Ended Six Months Ended
 6/27/92 6/29/91 6/27/92 6/29/91
 Net Sales $66,587 $52,105 $112,882 $93,993
 Cost of Merchandise Sold 47,315 37,126 82,977 70,008
 Gross Profit $19,272 $14,979 $29,905 $23,985
 Selling, General and
 Administrative Expenses 14,291 11,830 26,513 22,517
 Other Income, Net 923 779 1,506 1,268
 Income from Operations $5,904 $3,928 $4,898 $2,736
 Interest Expense 191 591 532 1,266
 Income Before Income Taxes $5,713 $3,337 $4,366 $1,470
 Provision for Income Taxes 1,242 -- 1,242 --
 Net Income $4,471 $3,337 $3,124 $1,470
 Pro Forma Data:
 Income Before
 Income Taxes $5,713 $3,337 $4,366 $1,470
 Pro Forma Provision
 for Income Taxes 2,168 1,265 1,659 559
 Pro Forma Net Income $3,545 $2,072 $2,707 $911
 Pro Forma Income
 Per Common Share $0.24 $0.17 $0.20 $0.07
 Weighted Average Shares
 Outstanding (000) 14,591 12,161 13,355 12,161
 Balance Sheet
 (In Thousands)
 6/27/92 12/31/91 6/29/91
 (Unaudited) (Unaudited)
 ASSETS
 Current Assets:
 Cash and Cash Equivalents $3,009 $3,344 $2,625
 Trade and Other Receivables 1,201 1,995 944
 Inventories 52,935 47,279 45,061
 Prepaid Expenses and Other
 Current Assets 1,473 992 931
 Total Current Assets 58,618 53,610 49,561
 Property and Equipment, Net 15,168 15,187 14,691
 Other Assets 546 1,087 909
 Total Assets $74,332 $69,884 $65,161
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts Payable $13,101 $18,415 $8,548
 Accrued Liabilities 6,913 6,497 5,878
 Current Portion of Notes
 Payable to Banks -- 1,429 1,429
 Total Current Liabilities 20,014 26,341 15,855
 Notes Payable to Banks,
 Less Current Portion 12,806 11,953 24,615
 Deferred Income Taxes 2,075 56 56
 Total Liabilities 34,895 38,350 40,526
 Stockholders' Equity:
 Common Stock 150 118 118
 Paid-In Capital 37,887 880 880
 Retained Earnings 1,400 30,536 23,637
 Total Stockholders' Equity 39,437 31,534 24,635
 Total Liabilities and
 Stockholders' Equity $74,332 $69,884 $65,161
 -0- 7/28/92
 /CONTACT: John H. Williams of Stein Mart, 904-346-1502/
 (SMRT) CO: Stein Mart, Inc. ST: Florida IN: REA SU: ERN


JB-AW-SS -- FL004 -- 3936 07/28/92 09:43 EDT
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