Superior Uniform Group, Inc. Reports First Quarter Operating Results
April 18 2013 - 6:00AM
- 6.8% Increase in Net Sales for Uniforms and Related
Products Segment
- 84.3% Increase in Net Sales for Remote Staffing
Solutions Segment
- 300% Increase in Earnings Per Share
(Diluted)
Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of
uniforms, career apparel and accessories, today announced that for
the first quarter ended March 31, 2013, earnings were $1,229,000 or
$0.20 per share (diluted) compared with $327,000 or $0.05 per share
(diluted) reported for the quarter ended March 31, 2012. Net sales
for the 2013 first quarter were $30,985,000 compared with 2012
first quarter sales of $28,508,000.
Michael Benstock, Chief Executive Officer, commented: "We are
very pleased to report an 8.7% increase in net sales for the first
quarter of this year. We reported very strong gains in net sales in
the quarter for both our Uniforms and Related Products segment and
our Remote Staffing Solutions segment. We are especially pleased to
report an increase of 300% in our earnings per share (diluted) from
$.05 per share in the first quarter of 2012 to $0.20 per share in
2013. Our gross margins in our Uniforms and Related Products
segment have returned to pre-cotton crisis levels at 35.5% in the
current-year period as compared to 32.8% in the prior-year period.
We expect this trend to continue throughout 2013.
"We have invested significantly in our staffing and
infrastructure in our Remote Staffing Solutions segment over the
past year. We began reaping the rewards of this effort in the
fourth quarter of 2012 with a 55% increase in net sales of Remote
Staffing Solutions and we are continuing to see accelerated growth
in this segment with an increase of 84% in net sales of Remote
Staffing Solutions in the first quarter of 2013 in comparison with
the first quarter of 2012.
"Our financial position remains very strong and has us
positioned to make further investments in all of our operations as
we continue to pursue acquisitions and other opportunities to
accelerate the growth of our business."
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
MARCH 31, |
|
(Unaudited) |
| |
|
|
| |
2013 |
2012 |
| |
|
|
| Net sales |
$ 30,985,000 |
$ 28,508,000 |
| |
|
|
| Costs and expenses: |
|
|
| Cost of goods sold |
19,672,000 |
19,046,000 |
| Selling and administrative expenses |
9,557,000 |
8,914,000 |
| Interest expense |
7,000 |
11,000 |
| |
29,236,000 |
27,971,000 |
| |
|
|
| Income before taxes on income |
1,749,000 |
537,000 |
| Income tax expense |
520,000 |
210,000 |
| |
|
|
| Net income |
$ 1,229,000 |
$ 327,000 |
| |
|
|
| Per Share Data: |
|
|
| |
|
|
| Basic: |
|
|
| Net income |
$ 0.20 |
$ 0.05 |
| |
|
|
| Diluted: |
|
|
| Net income |
$ 0.20 |
$ 0.05 |
| |
|
|
| Cash dividends per common share |
$ -- |
$ 0.135 |
| |
| SUPERIOR UNIFORM GROUP,
INC. AND SUBSIDIARIES |
| |
|
|
| CONSOLIDATED
BALANCE SHEETS |
| |
|
|
| MARCH
31, |
|
(Unaudited) |
| |
|
|
| ASSETS |
| |
2013 |
2012 |
| |
|
|
| CURRENT ASSETS: |
|
|
| Cash and cash equivalents |
$ 3,493,000 |
$ 2,929,000 |
| Accounts receivable - trade |
17,318,000 |
16,036,000 |
| Accounts receivable - other |
3,312,000 |
3,737,000 |
| Prepaid expenses and other current
assets |
2,665,000 |
2,152,000 |
| Inventories |
39,340,000 |
40,398,000 |
| |
|
|
| TOTAL CURRENT ASSETS |
66,128,000 |
65,252,000 |
| |
|
|
| PROPERTY, PLANT AND EQUIPMENT, NET |
8,962,000 |
8,461,000 |
| OTHER INTANGIBLE ASSETS |
523,000 |
2,509,000 |
| DEFERRED INCOME TAXES |
4,630,000 |
3,695,000 |
| OTHER ASSETS |
163,000 |
142,000 |
| |
|
|
| |
$ 80,406,000 |
$ 80,059,000 |
| |
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
| |
|
|
| CURRENT LIABILITIES: |
|
|
| Accounts payable |
$ 6,246,000 |
$ 5,515,000 |
| Other current liabilities |
2,843,000 |
2,770,000 |
| |
|
|
| TOTAL CURRENT LIABILITIES |
9,089,000 |
8,285,000 |
| |
|
|
| LONG-TERM DEBT |
120,000 |
1,160,000 |
| LONG-TERM PENSION LIABILITY |
10,545,000 |
8,173,000 |
| OTHER LONG-TERM LIABILITIES |
700,000 |
750,000 |
| DEFERRED INCOME TAXES |
90,000 |
20,000 |
| |
|
|
| SHAREHOLDERS' EQUITY |
59,862,000 |
61,671,000 |
| |
|
|
| |
$ 80,406,000 |
$ 80,059,000 |
CONTACT: Superior Uniform Group, Inc.
Andrew D. Demott, Jr., CFO
(727) 803-7135
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