- 7% Increase in Net Sales for the Quarter
- 42% Increase in Earnings per Share
SEMINOLE, Fla., July 22, 2010 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2010, sales were $26,629,161, compared with 2009 second quarter sales of $24,971,523. Net earnings were $983,170 or $.17 per share (diluted), compared with earnings of $701,272 or $.12 per share (diluted) in the 2009 second quarter.
For the six months ended June 30, 2010, sales were $52,609,023, compared with sales of $48,687,617 in the six months ended June 30, 2009. Net earnings for the six months ended June 30, 2010 were $1,491,387 or $.25 per share (diluted), versus earnings of $198,327 or $.03 per share (diluted) in the first six months of 2009.
Michael Benstock, Chief Executive Officer, commented: "We are quite pleased to report continued significant improvement in our operating results in the current period. Net sales for the second quarter of 2010 increased almost 7%, primarily as a result of sales to customers acquired in our acquisition of Blade in the fourth quarter of 2009. More significantly, our earnings per share increased approximately 42% in the same period in comparison to the second quarter of 2009. This substantial improvement in earnings is partially due to the increased net sales in the current period and more significantly as a result of our streamlined cost structure.
"We continue to be well received in the marketplace and are seeing increased activity with potential customers. We are well positioned both financially and organizationally to be able to continue to report improved operating results as the economy recovers.
"We are quite pleased with the integration of the customers that we acquired in the Blade acquisition into our business. We are continuing to search for strategic acquisition opportunities in the marketplace."
ABOUT SUPERIOR
Superior Uniform Group, Inc., established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Superior manages award-winning apparel programs for major corporations. They are leaders in innovative uniform program designs, global manufacturing, and state-of-the-art distribution. Superior, through their subsidiary "The Office Gurus" is also a near-shore premium provider of cost effective bilingual contact center and office solutions.
Superior's financial strength and resources support a customer's diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Their commitment to service, technology, quality and value-added benefits separates them from the competition in each of their seven primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., Government Service, Private Security, and Rental Service. For more information please call (800) 727-8643, or visit their Web site at: www.superioruniformgroup.com. The Office Gurus (www.theofficegurus.com) enhance the overall customer experience for their strategic partners' internal and external customers.
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 | ||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||
| THREE MONTHS ENDED JUNE 30, | ||
| (Unaudited) | ||
| 2010 | 2009 | |
| Net sales | $ 26,629,161 | $ 24,971,523 |
| Costs and expenses: | ||
| Cost of goods sold | 17,245,178 | 16,689,786 |
| Selling and administrative expenses | 7,845,209 | 7,235,529 |
| Interest expense | 5,604 | 24,936 |
| 25,095,991 | 23,950,251 | |
| Earnings before taxes on income | 1,533,170 | 1,021,272 |
| Income tax expense | 550,000 | 320,000 |
| Net earnings | $ 983,170 | $ 701,272 |
| Per Share Data: | ||
| Basic: | ||
| Net earnings | $ 0.17 | $ 0.12 |
| Diluted: | ||
| Net earnings | $ 0.17 | $ 0.12 |
| Cash dividends per common share | $ 0.135 | $ 0.135 |
|
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES |
||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||
| SIX MONTHS ENDED JUNE 30, | ||
| (Unaudited) | ||
| 2010 | 2009 | |
| Net sales | $ 52,609,023 | $ 48,687,617 |
| Costs and expenses: | ||
| Cost of goods sold | 34,293,552 | 32,998,920 |
| Selling and administrative expenses | 15,966,006 | 15,305,657 |
| Interest expense | 8,078 | 64,713 |
| 50,267,636 | 48,369,290 | |
| Earnings before taxes on income | 2,341,387 | 318,327 |
| Income tax expense | 850,000 | 120,000 |
| Net earnings | $ 1,491,387 | $ 198,327 |
| Per Share Data: | ||
| Basic: | ||
| Net earnings | $ 0.25 | $ 0.03 |
| Diluted: | ||
| Net earnings | $ 0.25 | $ 0.03 |
| Cash dividends per common share | $ 0.27 | $ 0.27 |
|
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES |
||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| JUNE 30, | ||
| (Unaudited) | ||
| ASSETS | ||
| 2010 | 2009 | |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 7,157,084 | $ 5,634,150 |
| Accounts receivable and other current assets | 20,798,608 | 18,246,222 |
| Inventories | 31,866,207 | 35,282,883 |
| TOTAL CURRENT ASSETS | 59,821,899 | 59,163,255 |
| PROPERTY, PLANT AND EQUIPMENT, NET | 10,528,435 | 11,389,504 |
| OTHER INTANGIBLE ASSETS | 1,103,541 | 416,778 |
| DEFERRED INCOME TAXES | 2,340,000 | 3,025,000 |
| OTHER ASSETS | 207,239 | 252,381 |
| $74,001,114 | $74,246,918 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | $ 5,629,374 | $ 4,730,988 |
| Other current liabilities | 2,280,582 | 2,342,173 |
| TOTAL CURRENT LIABILITIES | 7,909,956 | 7,073,161 |
| LONG-TERM PENSION LIABILITY | 4,941,550 | 7,020,296 |
| OTHER LONG-TERM LIABILITIES | 735,000 | 690,000 |
| SHAREHOLDERS' EQUITY | 60,414,608 | 59,463,461 |
| $74,001,114 | $74,246,918 | |