- Net Sales Increase 3.5%
- Net Earnings Increase 17.8%
SEMINOLE, Fla., April 21, 2011 (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, 2011, earnings were $598,922 or $0.10 per share (diluted) compared with $508,217 or $0.09 per share (diluted) reported for the quarter ended March 31, 2010. Net sales for the 2011 first quarter were $26,898,600 compared with 2010 first quarter sales of $25,979,862.
In making the earnings announcement, Michael Benstock, Chief Executive Officer, stated: "We are very pleased to report increases of 3.5% in our net sales and 17.8% in our net earnings in the first quarter. Our core business has solidified and we continue to reap the rewards of the significant improvements we have made to our cost structure over the last several years. We would be remiss if we did not acknowledge the uncertainty related to the shortage and skyrocketing prices of cotton and polyester, both of which are very important to our business continuity. We believe that we have taken reasonable precautions to mitigate the impacts of these unprecedented events. Additionally, as we previously announced, we launched our new division, www.globenewswire.com/newsroom/ctr%3Fd=215710%26l=1%26a=everyBODY%2520media%26u=http%253A%252F%252Fwww.everybodymedia.net%252F">everyBODY media® during the first quarter. Our operating results include approximately $325,000 of expenses associated with this new venture. We have received very favorable responses from the market relative to the concept and expect to begin seeing revenues from this division in the latter part of this year. Additionally, we are beginning to see significant growth in revenues from our near-shore call center business, http://www.theofficegurus.com/">The Office Gurus®. Net sales for the first quarter of 2011 were $576,000 compared to $68,000 in the prior year first quarter. We expect to continue to see accelerated growth in our call center vertical 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.
http://www.superioruniformgroup.com/about-superior-uniform-group.aspx">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 http://www.theofficegurus.com/">The Office Gurus® and www.globenewswire.com/newsroom/ctr%3Fd=215710%26l=1%26a=everyBODY%2520media%26u=http%253A%252F%252Fwww.everybodymedia.net%252F">everyBODY media®. For more information, call (800) 727-8643 or visit http://www.superioruniformgroup.com/">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 OPERATIONS | ||
| THREE MONTHS ENDED MARCH 31, | ||
| (Unaudited) | ||
| 2011 | 2010 | |
| Net sales | $26,898,600 | $25,979,862 |
| Costs and expenses: | ||
| Cost of goods sold | 17,047,681 | 17,048,374 |
| Selling and administrative expenses | 8,905,850 | 8,120,797 |
| Interest expense | 6,147 | 2,474 |
| 25,959,678 | 25,171,645 | |
| Earnings before taxes on income | 938,922 | 808,217 |
| Income tax expense | 340,000 | 300,000 |
| Net earnings | $598,922 | $508,217 |
| Per Share Data: | ||
| Basic: | ||
| Net earnings | $0.10 | $0.09 |
| Diluted: | ||
| Net earnings | $0.10 | $0.09 |
| Cash dividends per common share | $0.135 | $0.135 |
| SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| MARCH 31, | ||
| (Unaudited) | ||
| ASSETS | ||
| 2011 | 2010 | |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $1,888,926 | $3,337,426 |
| Accounts receivable and other current assets | 27,517,775 | 21,532,975 |
| Inventories | 30,964,068 | 33,791,648 |
| TOTAL CURRENT ASSETS | 60,370,769 | 58,662,049 |
| PROPERTY, PLANT AND EQUIPMENT, NET | 9,354,258 | 10,894,889 |
| OTHER INTANGIBLE ASSETS | 3,472,341 | 1,199,700 |
| DEFERRED INCOME TAXES | 1,938,400 | 2,290,000 |
| OTHER ASSETS | 151,723 | 171,068 |
| $75,287,491 | $73,217,706 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $5,672,752 | $5,170,251 |
| Other current liabilities | 2,416,266 | 2,182,680 |
| TOTAL CURRENT LIABILITIES | 8,089,018 | 7,352,931 |
| LONG-TERM PENSION LIABILITY | 3,611,405 | 5,028,684 |
| OTHER LONG-TERM LIABILITIES | 770,000 | 705,000 |
| SHAREHOLDERS' EQUITY | 62,817,068 | 60,131,091 |
| $75,287,491 | $73,217,706 | |