- Net Sales Increase 32.4%
- HPI Reports Net Sales of $10,712, an Increase of 34%
- The Office Gurus Reports Net Sales Increase of 48.3%
SEMINOLE, Fla., April 24, 2014 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2014, earnings were $1,218,000 or $0.18 per share (diluted) compared with $1,229,000 or $0.20 per share (diluted) reported for the quarter ended March 31, 2013. Net sales for the 2014 first quarter were $41,027,000 compared with 2013 first quarter sales of $30,985,000.
Michael Benstock, Chief Executive Officer, commented: "We are very pleased to continue to report significant sales gains in both of our operating segments. HPI has continued with their very strong momentum since the acquisition last July reporting a 34% increase in their net sales in the first quarter versus their net sales for the first quarter of 2013. Additionally, we have been working to build inventories for several very large customer programs that will begin shipping during the second quarter of 2014 for both HPI and our legacy uniform business. Our current backlog of business is larger than it has ever been. Our Uniforms and Related Product segment net sales, exclusive of HPI, were down moderately in the first quarter. January and February were down more significantly and a portion of that decrease is due to the impact of severe weather. We did begin to see a pickup in activity in March and were back on track with a nice increase in net sales during March even though our shipping was again adversely affected by winter storms in the last few days of the month. We look forward to reporting significant increases in net sales and earnings in this segment in the second quarter and as the year continues.
"Our Remote Staffing Solutions segment is happy to once again report significant growth in net sales as the market response has been very favorable to our service offerings and we believe there is room for us to continue to grow substantially in this segment.
"Our financial position remains very strong and will continue to allow us to meet the demands of significant growth in all of our business segments as we move forward."
ABOUT SUPERIOR UNIFORM GROUP, INC.
Superior Uniform Group (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 more professional appearance and better communicate their brands - particularly those in healthcare, private security, retail, hospitality, transportation and food service 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 primarily sells its products through its signature brands Fashion Seal Healthcare® and HPI Direct®. Superior Uniform Group is also the parent company for The Office Gurus®, its BPO and Contact Center vertical. 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 MARCH 31, | ||
| (Unaudited) | ||
| 2014 | 2013 | |
| Net sales | $41,027,000 | $ 30,985,000 |
| Costs and expenses: | ||
| Cost of goods sold | 26,971,000 | 19,672,000 |
| Selling and administrative expenses | 12,083,000 | 9,557,000 |
| Interest expense | 95,000 | 7,000 |
| 39,149,000 | 29,236,000 | |
| Income before taxes on income | 1,878,000 | 1,749,000 |
| Income tax expense | 660,000 | 520,000 |
| Net income | $ 1,218,000 | $ 1,229,000 |
| Per Share Data: | ||
| Basic: | ||
| Net income | $ 0.19 | $ 0.20 |
| Diluted: | ||
| Net income | $ 0.18 | $ 0.20 |
| Cash dividends per common share | $ 0.135 | $ -- |
| SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEETS | ||
| MARCH 31, | ||
| (Unaudited) | ||
| ASSETS | ||
| 2014 | 2013 | |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 4,414,000 | $ 3,493,000 |
| Accounts receivable - trade, net | 23,467,000 | 17,318,000 |
| Accounts receivable - other | 4,811,000 | 3,312,000 |
| Prepaid expenses and other current assets | 7,472,000 | 2,665,000 |
| Inventories | 54,692,000 | 39,340,000 |
| TOTAL CURRENT ASSETS | 94,856,000 | 66,128,000 |
| PROPERTY, PLANT AND EQUIPMENT, NET | 13,521,000 | 8,962,000 |
| OTHER INTANGIBLE ASSETS, NET | 17,837,000 | 523,000 |
| GOODWILL | 4,135,000 | -- |
| DEFERRED INCOME TAXES | 1,740,000 | 4,630,000 |
| OTHER ASSETS | 148,000 | 163,000 |
| $ 132,237,000 | $ 80,406,000 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $ 9,839,000 | $ 6,246,000 |
| Other current liabilities | 3,868,000 | 2,843,000 |
| Current portion of long-term debt | 2,063,000 | -- |
| TOTAL CURRENT LIABILITIES | 15,770,000 | 9,089,000 |
| LONG-TERM DEBT | 31,867,000 | 120,000 |
| LONG-TERM PENSION LIABILITY | 3,539,000 | 10,545,000 |
| ACQUISITION-RELATED CONTINGENT LIABILITY | 6,838,000 | -- |
| OTHER LONG-TERM LIABILITIES | 645,000 | 700,000 |
| DEFERRED INCOME TAXES | 150,000 | 90,000 |
| SHAREHOLDERS' EQUITY | 73,428,000 | 59,862,000 |
| $ 132,237,000 | $ 80,406,000 | |