Superior Uniform Group Announces Third Quarter Operating Results
October 20 2011 - 6:00AM
- Net Sales Increase 12.6%
- Net Earnings Increase 37.0%
Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of
uniforms, career apparel and accessories, today announced that for
the third quarter ended September 30, 2011, net sales were
$30,731,000 compared with 2010 third quarter net sales of
$27,301,000. Net earnings were $1,880,000 or $.31 per common share
(diluted), compared with net earnings of $1,372,000 or $.23 per
common share (diluted) in the 2010 third quarter.
For the nine months ended September 30, 2011, net sales were
$85,135,000, compared with net sales of $79,910,000 in the nine
months ended September 30, 2010. Net earnings for the nine months
ended September 30, 2011 were $3,411,000 or $.56 per share
(diluted), versus earnings of $2,863,000 or $.48 per share
(diluted) in the first nine months of 2010.
Michael Benstock, Chief Executive Officer, commented: "We are
very pleased to report an increase of 37.0% in our net earnings and
12.6% in our net sales for the third quarter of 2011. Gains in
our core business resulted from increased net unit sales in the
current quarter as well as higher average selling
prices. After reaching record highs earlier in the
year, raw material prices have begun declining in recent months.
The impact of these decreases will not be realized in our
inventories for at least three to six months. As a consequence
of the higher pricing of raw materials during the shortages earlier
this year, our margins for our core business were down in the
current quarter and we expect that they will continue to be
pressured for the next several quarters as we work through this
higher priced inventory.
Our strong earnings results for the current quarter are
attributed to the significant increases in net sales and our
continued strong cost control measures. Additionally, as we
previously announced, we launched our new division, everyBODY
media™ during the first quarter. Our operating results for the
third quarter of 2011 include approximately $320,000 of expenses
associated with this new venture. We have received very
favorable responses from the market relative to our efforts to
validate the concept and expect to begin seeing revenues from this
division late this year.
"We continue to show significant growth in our remote staffing
business, The Office Gurus®. Net sales for the third quarter
of 2011 were $919,000, compared to $267,000 in the prior year third
quarter. We expect this vertical to continue to grow
substantially going forward. Our financial position remains
very strong and continues to provide us with the ability to invest
in new ventures such as everyBODY media™ and The Office Gurus®, as
well as to continue to explore strategic acquisitions."
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 EARNINGS |
|
|
|
THREE MONTHS ENDED
SEPTEMBER 30, |
(Unaudited) |
|
|
|
|
|
|
|
2011 |
2010 |
|
|
|
Net sales |
$ 30,731,000 |
$ 27,301,000 |
|
|
|
Costs and expenses: |
|
|
Cost of goods sold |
19,535,000 |
17,357,000 |
Selling and administrative
expenses |
8,587,000 |
7,954,000 |
Interest expense |
9,000 |
8,000 |
|
28,131,000 |
25,319,000 |
|
|
|
Earnings before taxes on income |
2,600,000 |
1,982,000 |
Income tax expense |
720,000 |
610,000 |
|
|
|
Net earnings |
$ 1,880,000 |
$ 1,372,000 |
|
|
|
Per Share Data: |
|
|
Basic: |
|
|
Net earnings |
$ 0.31 |
$ 0.23 |
|
|
|
Diluted: |
|
|
Net earnings |
$ 0.31 |
$ 0.23 |
|
|
|
Cash dividends per common share |
$ 0.135 |
$ 0.135 |
|
|
|
SUPERIOR UNIFORM GROUP,
INC. AND SUBSIDIARIES |
|
|
|
CONSOLIDATED STATEMENTS
OF EARNINGS |
|
|
|
NINE MONTHS ENDED
SEPTEMBER 30, |
(Unaudited) |
|
|
|
|
2011 |
2010 |
|
|
|
|
|
|
Net sales |
$ 85,135,000 |
$ 79,910,000 |
|
|
|
Costs and expenses: |
|
|
Cost of goods sold |
54,160,000 |
51,651,000 |
Selling and administrative
expenses |
25,983,000 |
23,920,000 |
Interest expense |
21,000 |
16,000 |
|
80,164,000 |
75,587,000 |
|
|
|
Earnings before taxes on income |
4,971,000 |
4,323,000 |
Income tax expense |
1,560,000 |
1,460,000 |
|
|
|
Net earnings |
$ 3,411,000 |
$ 2,863,000 |
|
|
|
Per Share Data: |
|
|
Basic: |
|
|
Net earnings |
$ 0.57 |
$ 0.49 |
|
|
|
Diluted: |
|
|
Net earnings |
$ 0.56 |
$ 0.48 |
|
|
|
Cash dividends per common share |
$ 0.405 |
$ 0.405 |
|
|
|
SUPERIOR UNIFORM GROUP,
INC. AND SUBSIDIARIES |
|
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
SEPTEMBER
30, |
ASSETS |
(Unaudited) |
|
|
|
|
2011 |
2010 |
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 2,305,000 |
$ 10,354,000 |
Accounts receivable -
trade |
19,301,000 |
15,394,000 |
Accounts receivable -
other |
3,136,000 |
1,687,000 |
Prepaid expenses and other
current assets |
2,910,000 |
2,285,000 |
Inventories |
39,108,000 |
30,929,000 |
|
|
|
TOTAL CURRENT ASSETS |
66,760,000 |
60,649,000 |
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET |
8,788,000 |
9,817,000 |
OTHER INTANGIBLE ASSETS |
2,990,000 |
1,007,000 |
DEFERRED INCOME TAXES |
2,070,000 |
1,910,000 |
OTHER ASSETS |
122,000 |
192,000 |
|
$ 80,730,000 |
$ 73,575,000 |
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 7,171,000 |
$ 5,777,000 |
Other current liabilities |
4,361,000 |
3,297,000 |
|
|
|
TOTAL CURRENT LIABILITIES |
11,532,000 |
9,074,000 |
|
|
|
LONG-TERM DEBT |
800,000 |
-- |
LONG-TERM PENSION LIABILITY |
3,623,000 |
2,550,000 |
OTHER LONG-TERM LIABILITIES |
700,000 |
700,000 |
SHAREHOLDERS' EQUITY |
64,075,000 |
61,251,000 |
|
|
|
|
$ 80,730,000 |
$ 73,575,000 |
CONTACT: Superior Uniform Group, Inc.
Andrew D. Demott, Jr., CFO
(727) 803-7135
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