Stein Mart receives Nasdaq noncompliance notice
JACKSONVILLE, Fla. (AP) — Stein Mart said Tuesday that it has received notice from the Nasdaq that it is not in compliance with listing requirements because it didn't file its third-quarter financial results on time.
Last month, the discount retailer announced that it would restate its financial results for the past three years because of mistakes in how it accounted for marked down merchandise and store improvements. Stein Mart Inc. said that it will correct financial reports for 2009, 2010, 2011 and the first fiscal quarter of 2012, which ended in April.
The Jacksonville, Fla. company said Tuesday that until the restatement process and related evaluations are done, it is unable to complete its third-quarter financial statements and file its quarterly report.
Nasdaq has given the company until March 5 to regain compliance by filing all of its financial statements.
Stein Mart shares closed Monday at $7.42, up about 9 percent since the start of the year and roughly in the middle of its 52-week trading range of $6.02 to $9.34.