Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of
uniforms, career apparel and accessories, today announced that for
the third quarter ended September 30, 2012, net sales were
$30,599,000 compared with 2011 third quarter net sales of
$30,731,000. Net income was $1,242,000 or $.20 per common share
(diluted), compared with net income of $1,880,000 or $.31 per
common share (diluted) in the 2011 third quarter.
For the nine months ended September 30, 2012, net sales were
$88,442,000, compared with net sales of $85,135,000 in the nine
months ended September 30, 2011. Net income for the nine months
ended September 30, 2012 were $2,546,000 or $.41 per share
(diluted), versus net income of $3,411,000 or $.56 per share
(diluted) in the first nine months of 2011.
Michael Benstock, Chief Executive Officer, commented: "We are
pleased to report strong operating results in the third quarter of
2012 as we worked our way through the higher-priced inventory from
the 2011 cotton shortages that we have previously discussed. While
our net sales and earnings are down from the prior year third
quarter, they continue to show the steady improvement over the last
three quarters. The third quarter of 2011 was the Company's single
best earnings quarter in over 10 years and presented a very tough
comparison for the current period. We have worked our way through
the higher priced inventory relative to the cotton crisis and our
gross margins for our Uniforms and Related Products segment for the
fourth quarter of 2012 are expected to be better than 2011 fourth
quarter gross margins. We are well positioned to finish 2012 on a
high note.
"Sales in our Remote Staffing Solutions were flat in the third
quarter of 2012, however, we ended the quarter with business in
hand that should result in a solid increase in this segment in the
fourth quarter of 2012.
"Our financial position remains very strong and we look forward
to reporting continued improvement in our operating results as we
move forward."
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 INCOME
THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
2012 2011
------------- -------------
Net sales $ 30,599,000 $ 30,731,000
------------- -------------
Costs and expenses:
Cost of goods sold 20,567,000 19,535,000
Selling and administrative expenses 8,334,000 8,587,000
Interest expense 6,000 9,000
------------- -------------
28,907,000 28,131,000
------------- -------------
Income before taxes on income 1,692,000 2,600,000
Income tax expense 450,000 720,000
------------- -------------
Net income $ 1,242,000 $ 1,880,000
============= =============
Per Share Data:
Basic:
Net income $ 0.20 $ 0.31
============= =============
Diluted:
Net income $ 0.20 $ 0.31
------------- -------------
Cash dividends per common share $ 0.135 $ 0.135
------------- -------------
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
2012 2011
------------- -------------
Net sales $ 88,442,000 $ 85,135,000
------------- -------------
Costs and expenses:
Cost of goods sold 59,286,000 54,160,000
Selling and administrative expenses 25,336,000 25,983,000
Interest expense 24,000 21,000
------------- -------------
84,646,000 80,164,000
------------- -------------
Income before taxes on income 3,796,000 4,971,000
Income tax expense 1,250,000 1,560,000
------------- -------------
Net income $ 2,546,000 $ 3,411,000
============= =============
Per Share Data:
Basic:
Net income $ 0.42 $ 0.57
------------- -------------
Diluted:
Net income $ 0.41 $ 0.56
------------- -------------
Cash dividends per common share $ 0.405 $ 0.405
============= =============
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30,
ASSETS
(Unaudited)
2012 2011
------------- -------------
CURRENT ASSETS:
Cash and cash equivalents $ 4,031,000 $ 2,305,000
Accounts receivable - trade 17,532,000 19,301,000
Accounts receivable - other 2,601,000 3,136,000
Prepaid expenses and other current assets 1,987,000 2,910,000
Inventories 40,846,000 39,108,000
------------- -------------
TOTAL CURRENT ASSETS 66,997,000 66,760,000
PROPERTY, PLANT AND EQUIPMENT, NET 8,224,000 8,788,000
OTHER INTANGIBLE ASSETS 2,027,000 2,990,000
DEFERRED INCOME TAXES 3,215,000 2,070,000
OTHER ASSETS 257,000 122,000
------------- -------------
$ 80,720,000 $ 80,730,000
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 6,204,000 $ 7,171,000
Other current liabilities 3,165,000 4,361,000
------------- -------------
TOTAL CURRENT LIABILITIES 9,369,000 11,532,000
LONG-TERM DEBT - 800,000
LONG-TERM PENSION LIABILITY 7,934,000 3,623,000
OTHER LONG-TERM LIABILITIES 670,000 700,000
DEFERRED INCOME TAXES 50,000 -
SHAREHOLDERS' EQUITY 62,697,000 64,075,000
------------- -------------
$ 80,720,000 $ 80,730,000
============= =============
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
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