- 10% Increase in Earnings per Share for the Quarter
- 100% Increase in Earnings per Share Year to Date
SEMINOLE, Fla., Oct. 21, 2010 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2010, net sales were $27,301,355 compared with 2009 third quarter net sales of $27,605,397. Net earnings were $1,372,088 or $.23 per common share (diluted), compared with net earnings of $1,256,954 or $.21 per common share (diluted) in the 2009 third quarter.
For the nine months ended September 30, 2010, net sales were $79,910,378, compared with net sales of $76,293,014 in the nine months ended September 30, 2009. Net earnings for the nine months ended September 30, 2010 were $2,863,475 or $.48 per share (diluted), versus earnings of $1,455,281 or $.24 per share (diluted) in the first nine months of 2009.
Michael Benstock, Chief Executive Officer, commented: "We are pleased to continue to report improved operating results in the current period despite the continued sluggish economy. While net sales were down slightly in the current quarter compared to the prior year quarter, it was the highest quarter in net sales for the last year. Earnings per share for the quarter increased by 10% in comparison to the prior year quarter and earnings per share for the first nine months of 2010 increased 100% in comparison with the first nine months of 2009.
"We continue to aggressively pursue new business opportunities in the marketplace in order to strengthen our market position. Our balance sheet positions us to continue to be able to do this and allows us to pursue strategic acquisitions despite the current economic environment."
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 six primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., 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 SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||
| THREE MONTHS ENDED SEPTEMBER 30, | ||
| (Unaudited) | ||
| 2010 | 2009 | |
| Net sales | $ 27,301,355 | $ 27,605,397 |
| Costs and expenses: | ||
| Cost of goods sold | 17,357,408 | 18,638,756 |
| Selling and administrative expenses | 7,953,631 | 7,241,362 |
| Interest expense | 8,228 | 28,325 |
| 25,319,267 | 25,908,443 | |
| Earnings before taxes on income | 1,982,088 | 1,696,954 |
| Income tax expense | 610,000 | 440,000 |
| Net earnings | $ 1,372,088 | $ 1,256,954 |
| Per Share Data: | ||
| Basic: | ||
| Net earnings | $ 0.23 | $ 0.21 |
| Diluted: | ||
| Net earnings | $ 0.23 | $ 0.21 |
| Cash dividends per common share | $ 0.135 | $ 0.135 |
| SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||
| NINE MONTHS ENDED SEPTEMBER 30, | ||
| (Unaudited) | ||
| 2010 | 2009 | |
| Net sales | $ 79,910,378 | $ 76,293,014 |
| Costs and expenses: | ||
| Cost of goods sold | 51,650,960 | 51,637,676 |
| Selling and administrative expenses | 23,919,637 | 22,547,019 |
| Interest expense | 16,306 | 93,038 |
| 75,586,903 | 74,277,733 | |
| Earnings before taxes on income | 4,323,475 | 2,015,281 |
| Income tax expense | 1,460,000 | 560,000 |
| Net earnings | $ 2,863,475 | $ 1,455,281 |
| Per Share Data: | ||
| Basic: | ||
| Net earnings | $ 0.49 | $ 0.24 |
| Diluted: | ||
| Net earnings | $ 0.48 | $ 0.24 |
| Cash dividends per common share | $ 0.405 | $ 0.405 |
| SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES | |||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||
| SEPTEMBER 30, | |||
| ASSETS | |||
| (Unaudited) | |||
| 2010 | 2009 | ||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $ 10,353,829 | $ 8,489,744 | |
| Accounts receivable and other current assets | 19,366,370 | 20,894,234 | |
| Inventories | 30,929,183 | 31,269,921 | |
| TOTAL CURRENT ASSETS | 60,649,382 | 60,653,899 | |
| PROPERTY, PLANT AND EQUIPMENT, NET | 9,816,575 | 11,142,850 | |
| OTHER INTANGIBLE ASSETS | 1,007,384 | 357,238 | |
| DEFERRED INCOME TAXES | 1,910,000 | 2,690,000 | |
| OTHER ASSETS | 191,805 | 260,567 | |
| $ 73,575,146 | $ 75,104,554 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable | $ 5,776,951 | $ 5,537,370 | |
| Other current liabilities | 3,297,347 | 1,968,104 | |
| TOTAL CURRENT LIABILITIES | 9,074,298 | 7,505,474 | |
| LONG-TERM PENSION LIABILITY | 2,550,357 | 7,002,418 | |
| OTHER LONG-TERM LIABILITIES | 700,000 | 640,000 | |
| SHAREHOLDERS' EQUITY | 61,250,491 | 59,956,662 | |
| $ 73,575,146 | $ 75,104,554 | ||