JACKSONVILLE, Fla. (AP) ? Stein Mart Inc. said Thursday that it has received a letter from the Nasdaq that indicates its stock listing is not in compliance because the company didn't file a quarterly earnings form on time.
The discount retailer, based in Jacksonville, Fla., said that the letter was expected.
The company moved to a new merchandise information system during its second quarter, which delayed its accounting reconciliations. It also is evaluating some issues tied to how it accounted for the value of some software assets.
Stein Mart said it cannot file the necessary forms until both of those processes are complete.
The company has 60 days to submit a plan to regain compliance. Stein Mart said it intends to file the forms within that time frame.
Stein Mart's shares increased 3 cents to $8.73 in midday trading. The stock has rallied 28 percent in the year to date.
Source: http://news.yahoo.com/stein-marts-stock-listing-not-compliance-161611015--finance.html
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