Superior Uniform Group, Inc. (NASDAQ: SGC)
- 6.7% INCREASE IN EARNINGS PER SHARE
(DILUTED)
- 6.7% INCREASE IN NET SALES
Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of
uniforms, career apparel and accessories, today announced that for
the second quarter ended June 30, 2012, sales were $29,335,000,
compared with 2011 second quarter sales of $27,505,000. Net
earnings were $977,000 or $0.16 per share (diluted), compared with
earnings of $932,000 or $.15 per share (diluted) in the 2011 second
quarter.
For the six months ended June 30, 2012, sales were $57,843,000,
compared with sales of $54,404,000 in the six months ended June 30,
2011. Net earnings for the six months ended June 30, 2012 were
$1,304,000 or $0.21 per share (diluted), versus earnings of
$1,531,000 or $.25 per share (diluted) in the first six months of
2011.
Michael Benstock, chief executive officer, commented: "We are
pleased to report an increase of 6.7% in our net sales. Gross
margins for our Uniform and Related Products business continued to
be pressured in the second quarter of 2012, consistent with our
expectations. As we indicated in our first quarter 2012 earnings
release, we ensured that we were in a position to take care of our
customers by investing heavily in our raw material inventories
during the cotton crisis of 2011. As a result, we were able to
provide our products to our customers throughout the period of the
shortages and were able to improve our market share in the process.
However, as we work through the higher priced inventory we had
built up during 2011, our gross margins were negatively impacted
and we expect that they will continue to be pressured into the next
quarter. We continued to see the benefits in this approach as we
increased our market position in the first half of 2012.
"Sales growth to outside customers in our Remote Staffing
Solutions business was at a much slower rate in the current quarter
as we have worked to integrate the accounts we have added over the
last few periods. However, we are well positioned in this market
place and have new accounts set to start in the coming quarter. We
expect to return to solid growth in this market segment as we move
forward.
"Our financial position remains very strong and continues to
provide us with the ability to support our ongoing growth
initiatives."
ABOUT SUPERIOR UNIFORM GROUP, INC.
Superior Uniform Group, Inc. (NASDAQ: SGC), established in 1920,
is one of America's foremost providers of fine uniforms and image
apparel. Headquartered in Seminole, Fla., Superior Uniform Group
manages award-winning uniform apparel programs for major
corporations nationwide. Leaders in innovative uniform program
design, global manufacturing and state-of-the-art distribution,
Superior Uniform Group helps companies achieve a professional
appearance and communicate their brands -- particularly those in
the healthcare, hospitality, food service, retail and private
security industries. The company's commitment to service,
technology, quality and value-added benefits, as well as its
financial strength and resources, support customers' diverse needs
while embracing a "Customer 1st, Every Time!" philosophy and
culture. Superior Uniform Group is the parent company to The Office
Gurus® and everyBODY media™. For more information, call (800)
727-8643 or visit www.superioruniformgroup.com.
Statements contained in this press release which are not
historical facts may constitute forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. All forward-looking statements are subject to risks and
uncertainties, including without limitation, those identified in
the Company's SEC filings, which could cause actual results to
differ from those projected.
Comparative figures are as follows:
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED JUNE 30,
(Unaudited)
2012 2011
--------------- ---------------
Net sales $ 29,335,000 $ 27,505,000
--------------- ---------------
Costs and expenses:
Cost of goods sold 19,673,000 17,577,000
Selling and administrative expenses 8,088,000 8,490,000
Interest expense 7,000 6,000
--------------- ---------------
27,768,000 26,073,000
--------------- ---------------
Income before taxes on income 1,567,000 1,432,000
Income tax expense 590,000 500,000
--------------- ---------------
Net earnings $ 977,000 $ 932,000
--------------- ---------------
Per Share Data:
Basic:
Net income $ 0.16 $ 0.16
=============== ===============
Diluted:
Net income $ 0.16 $ 0.15
=============== ===============
Cash dividends per common share $ 0.135 $ 0.135
=============== ===============
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
SIX MONTHS ENDED JUNE 30,
(Unaudited)
2012 2011
--------------- ---------------
Net sales $ 57,843,000 $ 54,404,000
--------------- ---------------
Costs and expenses:
Cost of goods sold 38,719,000 34,625,000
Selling and administrative expenses 17,002,000 17,396,000
Interest expense 18,000 12,000
--------------- ---------------
55,739,000 52,033,000
--------------- ---------------
Income before taxes on income 2,104,000 2,371,000
Income tax expense 800,000 840,000
--------------- ---------------
Net earnings $ 1,304,000 $ 1,531,000
=============== ===============
Per Share Data:
Basic:
Net income $ 0.22 $ 0.26
=============== ===============
Diluted:
Net income $ 0.21 $ 0.25
=============== ===============
Cash dividends per common share $ 0.27 $ 0.27
=============== ===============
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30,
(Unaudited)
ASSETS
2012 2011
--------------- ---------------
CURRENT ASSETS
Cash and cash equivalents $ 2,939,000 $ 2,306,000
Accounts receivable - trade 16,944,000 17,630,000
Accounts receivable - other 2,917,000 2,921,000
Prepaid expenses and other current assets 2,066,000 4,783,000
Inventories 40,775,000 34,199,000
--------------- ---------------
TOTAL CURRENT ASSETS 65,641,000 61,839,000
PROPERTY, PLANT AND EQUIPMENT, NET 8,389,000 9,200,000
OTHER INTANGIBLE ASSETS 2,268,000 3,231,000
DEFERRED INCOME TAXES 3,560,000 2,090,000
OTHER ASSETS 405,000 135,000
--------------- ---------------
$ 80,263,000 $ 76,495,000
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 6,383,000 $ 5,782,000
Other current liabilities 2,730,000 3,198,000
--------------- ---------------
TOTAL CURRENT LIABILITIES 9,113,000 8,980,000
LONG-TERM DEBT 520,000 -
LONG-TERM PENSION LIABILITY 7,985,000 3,687,000
OTHER LONG-TERM LIABILITIES 770,000 800,000
DEFERRED INCOME TAXES 30,000 -
SHAREHOLDERS' EQUITY 61,845,000 63,028,000
--------------- ---------------
$ 80,263,000 $ 76,495,000
=============== ===============
CONTACT: Superior Uniform Group, Inc. Andrew D. Demott, Jr. CFO
(727) 803-7135 Superior Uniform Group, Inc. A NASDAQ Listed
Company: SGC 10055 Seminole Boulevard Seminole, Florida 33772-2539
Telephone (727) 397-9611 Fax (727) 803-9623
Superior Group of Compan... (NASDAQ:SGC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Superior Group of Compan... (NASDAQ:SGC)
Historical Stock Chart
From Oct 2023 to Oct 2024
