-- Net Sales up 5.9%
-- Net Earnings from Continuing Operations up 50%
SEMINOLE, Fla., July 24, 2008 (PRIME NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2008, sales were $31,699,285, compared with 2007 second quarter sales of $29,938,498. Earnings from continuing operations were $1,210,804 or $.18 per share (diluted), compared with earnings from continuing operations of $808,395 or $.12 per share (diluted) in the 2007 second quarter.
Net earnings were $1,178,273 or $.18 per share (diluted), compared with net earnings of $660,043 or $.10 per share (diluted) in the 2007 second quarter.
For the six months ended June 30, 2008, sales were $64,981,915, compared with sales of $58,651,801 in the six months ended June 30, 2007. Earnings from continuing operations for the six months ended June 30, 2008 were $2,125,612 or $.32 per share (diluted), versus earnings from continuing operations of $1,048,883 or $.16 per share (diluted) in the first six months of 2007.
Net earnings for the six months ended June 30, 2008 were $1,979,643 or $.30 per share (diluted), versus net earnings of $784,638 or $.12 per share (diluted) in the first six months of 2007.
Michael Benstock, Chief Executive Officer, commented: "We are again very pleased to report improvement in our net sales and earnings for the second quarter of 2008, particularly in light of the significant economic downturn. We are continuing to find operating efficiencies in our business even while most costs associated with running our business are increasing at unprecedented rates.
"Our financial position remains very strong with a current ratio of 6.8:1. We believe that the market has continued to undervalue our common shares. We have repurchased approximately 192,000 shares during the second quarter and we are actively looking for additional blocks of stock to repurchase at this time."
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'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.
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 SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED JUNE 30,
(Unaudited)
2008 2007
------------ ------------
Net sales $ 31,699,285 $ 29,938,498
------------ ------------
Costs and expenses:
Cost of goods sold 21,041,384 20,136,914
Selling and administrative
expenses 8,609,888 8,448,808
Interest expense 77,209 84,381
------------ ------------
29,728,481 28,670,103
------------ ------------
Earnings from continuing
operations before taxes on
income 1,970,804 1,268,395
Taxes on income 760,000 460,000
------------ ------------
Earnings from continuing
operations 1,210,804 808,395
Loss from discontinued
operations, net of tax
benefits of $15,000 and
$80,000, respectively (32,531) (148,352)
------------ ------------
Net earnings 1,178,273 660,043
============ ============
Per Share Data:
Basic
Earnings from continuing
operations $ 0.18 $ 0.12
Loss from discontinued
operations, net of tax
benefits 0.00 (0.02)
------------ ------------
Net earnings $ 0.18 $ 0.10
============ ============
Diluted
Earnings from continuing
operations $ 0.18 $ 0.12
Loss from discontinued
operations, net of tax
benefits $ 0.00 $ (0.02)
------------ ------------
Net earnings 0.18 0.10
============ ============
Cash dividends per common
share $ 0.135 $ 0.135
============ ============
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
SIX MONTHS ENDED JUNE 30,
(Unaudited)
2008 2007
------------ ------------
Net sales $ 64,981,915 $ 58,651,801
------------ ------------
Costs and expenses:
Cost of goods sold 43,415,437 39,310,588
Selling and administrative
expenses 17,909,516 17,525,857
Interest expense 181,350 176,473
------------ ------------
61,506,303 57,012,918
------------ ------------
Earnings from continuing
operations before taxes on
income 3,475,612 1,638,883
Taxes on income 1,350,000 590,000
------------ ------------
Earnings from continuing
operations 2,125,612 1,048,883
Loss from discontinued
operations, net of tax
benefits of $80,000 and
$140,000, respectively (145,969) (264,245)
------------ ------------
Net earnings $ 1,979,643 $ 784,638
============ ============
Per Share Data:
Basic
Earnings from continuing
operations $ 0.32 $ 0.16
Loss from discontinued
operations, net of tax
benefits (0.02) (0.04)
------------ ------------
Net earnings $ 0.30 $ 0.12
============ ============
Diluted
Earnings from continuing
operations $ 0.32 $ 0.16
Loss from discontinued
operations, net of tax
benefits (0.02) (0.04)
------------ ------------
Net earnings 0.30 0.12
============ ============
Cash dividends per common
share $ 0.27 $ 0.27
============ ============
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30,
(Unaudited)
ASSETS
------
2008 2007
------------ ------------
CURRENT ASSETS
Cash and cash equivalents $ 879,333 $ 4,711,496
Accounts receivable and
other current assets 21,868,605 26,782,944
Inventories 46,216,785 35,919,638
------------ ------------
TOTAL CURRENT ASSETS 68,964,723 67,414,078
PROPERTY, PLANT AND
EQUIPMENT, NET 12,300,965 14,715,044
GOODWILL 1,617,411 1,617,411
OTHER INTANGIBLE ASSETS 654,936 893,095
OTHER ASSETS 2,256,049 1,616,291
------------ ------------
$ 85,794,084 $ 86,255,919
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $ 5,558,063 $ 6,825,704
Other current liabilities 3,104,816 2,627,922
Current portion of
long-term debt 1,439,337 1,497,889
------------ ------------
TOTAL CURRENT LIABILITIES 10,102,216 10,951,515
LONG-TERM DEBT 2,426,000 1,439,337
LONG-TERM PENSION LIABILITY 956,124 1,123,415
OTHER LONG-TERM LIABILITIES 690,000 648,543
SHAREHOLDERS' EQUITY 71,124,744 71,728,109
------------ ------------
$ 85,794,084 $ 86,255,919
============ ============