Superior Uniform Group Announces Third Quarter Operating Results

Marketwired

SEMINOLE, FL--(Marketwire - Oct 18, 2012) - 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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