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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Superior Group of Companies Inc | NASDAQ:SGC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.14 | 11.55 | 24.07 | 0 | 09:09:54 |
Florida
(State or Other Jurisdiction
of Incorporation or Organization)
|
11-1385670
(I.R.S. Employer
Identification No.)
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $.001 per share
|
Listed on the NASDAQ Stock Market
|
|
·
|
Uniforms and service apparel for personnel of:
|
|
·
|
Hospitals and health facilities;
|
|
·
|
Hotels, commercial buildings, residential buildings, and food service facilities;
|
|
·
|
Retail stores;
|
|
·
|
General and special purpose industrial uses;
|
|
·
|
Commercial enterprises (career apparel for banks, airlines, etc.);
|
|
·
|
Public and private safety and security organizations; and
|
|
·
|
Miscellaneous service uses.
|
|
·
|
Miscellaneous products directly related to:
|
|
·
|
Uniforms and service apparel specified above (e.g. boots and sheets); and
|
|
·
|
Linen suppliers and industrial launderers, to whom a substantial portion of Superior's uniforms and service apparel are sold; such products being primarily industrial laundry bags.
|
|
·
|
Seminole, Florida
–
Plant of approximately 60,000 square feet owned by the Company; used as principal administrative office and for warehousing and shipping, as well as the corporate design center.
|
|
·
|
Eudora, Arkansas – Plant of approximately 217,000 square feet, partially leased from the City of Eudora requiring payment of only a nominal rental fee; used for manufacturing, warehousing, and shipping; lease expiring November 30, 2016.
|
|
·
|
McGehee, Arkansas – Plant of approximately 26,000 square feet, leased from the City of McGehee requiring payment of only a nominal rental fee; used for storage; lease expiring in 2014.
|
|
·
|
San Salvador, El Salvador – Office space of approximately 23,200 square feet; owned by The Office Gurus, LTDA De C.V., a subsidiary of Superior Office Solutions, Inc. and Fashion Seal Corp., wholly-owned subsidiaries of the Company; used as office space for our Remote Staffing Solutions business.
|
|
·
|
Belize – Office space of approximately 9,300 square feet, owned by The Office Gurus, Ltd. The Office Gurus, Ltd. is an affiliated entity currently in the process of becoming a subsidiary of the Company.
|
|
·
|
Costa Rica – Office space of approximately 1,115 square feet; leased by The Office Gurus, LTDA, a wholly-owned subsidiary of Superior Office Solutions, Inc.; lease expiring in 2013.
|
|
·
|
Miscellaneous – Lexington, Mississippi: facility used for warehousing and shipping, approximately 40,000 square feet – owned by the Company; Dallas, Texas: leased sales office of approximately 2,055 square feet – lease expiring in 2014.
|
Item 5.
|
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
QUARTER ENDED | ||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
|||||||||||||||||||||||||
Common Shares:
|
||||||||||||||||||||||||||||||||
High
|
$ |
13.50
|
$ |
12.48
|
$ |
12.65
|
$ |
12.25
|
$ |
11.74
|
$ |
11.89
|
$ |
12.15
|
$ |
12.85
|
||||||||||||||||
Low
|
$ | 10.95 | $ | 10.70 | $ | 11.15 | $ | 10.37 | $ | 10.50 | $ | 9.88 | $ | 10.00 | $ | 10.28 | ||||||||||||||||
Dividends (total for 2012-$1.08; 2011-$0.54)
|
$ | 0.135 | $ | 0.135 | $ | 0.135 | $ | 0.675 | $ | 0.135 | $ | 0.135 | $ | 0.135 | $ | 0.135 |
Period
|
(a) Total Number of
Shares Purchased
|
(b) Average Price Paid
per Share
|
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
|
(d) Maximum
Number of Shares
that May Yet Be
Purchased Under the
Plans or Programs (1)
|
Month #1
(October 1, 2012 to
October 31, 2012)
|
-
|
-
|
||
Month #2
(November 1, 2012 to
November 30, 2012)
|
-
|
-
|
||
Month #3
(December 1, 2012 to
December 31, 2012)
|
-
|
-
|
||
TOTAL
|
-
|
-
|
-
|
274,886
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net sales
|
$ | 119,486,000 | $ | 112,373,000 | $ | 105,878,000 | $ | 102,802,000 | $ | 123,745,000 | ||||||||||
Costs and expenses:
|
||||||||||||||||||||
Cost of goods sold
|
79,723,000 | 72,114,000 | 68,411,000 | 69,583,000 | 83,403,000 | |||||||||||||||
Selling and administrative
expenses
|
33,886,000 | 34,646,000 | 31,697,000 | 30,402,000 | 34,264,000 | |||||||||||||||
Intangible asset impairment
|
1,226,000 | - | - | - | - | |||||||||||||||
Goodwill impairment
|
- | - | - | - | 1,617,000 | |||||||||||||||
Interest expense
|
30,000 | 27,000 | 23,000 | 120,000 | 321,000 | |||||||||||||||
114,865,000 | 106,787,000 | 100,131,000 | 100,105,000 | 119,605,000 | ||||||||||||||||
Income from continuing operations
before taxes on income
|
4,621,000 | 5,586,000 | 5,747,000 | 2,697,000 | 4,140,000 | |||||||||||||||
Taxes on income
|
1,590,000 | 1,450,000 | 1,940,000 | 730,000 | 1,850,000 | |||||||||||||||
Income from continuing operations
|
3,031,000 | 4,136,000 | 3,807,000 | 1,967,000 | 2,290,000 | |||||||||||||||
Loss from discontinued
operations, net of taxes
|
- | - | - | - | (156,000 | ) | ||||||||||||||
Net income
|
$ | 3,031,000 | $ | 4,136,000 | $ | 3,807,000 | $ | 1,967,000 | $ | 2,134,000 | ||||||||||
Per Share Data:
|
||||||||||||||||||||
Basic
|
||||||||||||||||||||
Income from continuing operations
|
$ | 0.50 | $ | 0.69 | $ | 0.64 | $ | 0.33 | $ | 0.35 | ||||||||||
Loss from discontinued
operations, net of taxes
|
0.00 | 0.00 | 0.00 | 0.00 | (0.02 | ) | ||||||||||||||
Net income
|
$ | 0.50 | $ | 0.69 | $ | 0.64 | $ | 0.33 | $ | 0.33 | ||||||||||
Diluted
|
||||||||||||||||||||
Income from continuing operations
|
$ | 0.49 | $ | 0.68 | $ | 0.64 | $ | 0.33 | $ | 0.35 | ||||||||||
Loss from discontinued
operations, net of taxes
|
0.00 | 0.00 | 0.00 | 0.00 | (0.02 | ) | ||||||||||||||
Net income
|
$ | 0.49 | $ | 0.68 | $ | 0.64 | $ | 0.33 | $ | 0.33 | ||||||||||
Cash dividends per common share
|
$ | 1.08 | $ | 0.54 | $ | 0.54 | $ | 0.54 | $ | 0.54 | ||||||||||
At year end:
|
||||||||||||||||||||
Total assets
|
$ | 78,913,000 | $ | 80,947,000 | $ | 74,194,000 | $ | 73,568,000 | $ | 79,591,000 | ||||||||||
Long-term debt
|
- | $ | 640,000 | $ | - | $ | - | $ | 3,379,000 | |||||||||||
Working capital
|
$ | 55,393,000 | $ | 55,784,000 | $ | 53,148,000 | $ | 51,475,000 | $ | 55,802,000 | ||||||||||
Shareholders' equity
|
$ | 57,788,000 | $ | 61,046,000 | $ | 61,100,000 | $ | 60,119,000 | $ | 60,695,000 |
2012
|
2011
|
% Change
|
||||||||||
Uniforms and Related Products
|
$ | 116,029,000 | $ | 109,442,000 | 6.0 | % | ||||||
Remote Staffing Solutions
|
7,196,000 | 6,610,000 | 8.9 | % | ||||||||
Net intersegment eliminations
|
(3,739,000 | ) | (3,679,000 | ) | 1.6 | % | ||||||
Consolidated Net Sales
|
$ | 119,486,000 | $ | 112,373,000 | 6.3 | % |
2012
|
2011
|
||||||||
Net sales
|
$ | 119,486,000 | $ | 112,373,000 | |||||
Costs and expenses:
|
|||||||||
Cost of goods sold
|
79,723,000 | 72,114,000 | |||||||
Selling and administrative expenses
|
33,886,000 | 34,646,000 | |||||||
Intangible asset impairment
|
1,226,000 | - | |||||||
Interest expense
|
30,000 | 27,000 | |||||||
114,865,000 | 106,787,000 | ||||||||
Income before taxes on income
|
4,621,000 | 5,586,000 | |||||||
Taxes on income
|
1,590,000 | 1,450,000 | |||||||
Net income
|
$ | 3,031,000 | $ | 4,136,000 | |||||
Weighted average number of shares outstanding during the period
|
|||||||||
(Basic)
|
6,061,691 | 5,987,062 | |||||||
(Diluted)
|
6,142,997 | 6,094,914 | |||||||
Per Share Data:
|
|||||||||
Basic
|
|||||||||
Net earnings
|
$ | 0.50 | $ | 0.69 | |||||
Diluted
|
|||||||||
Net earnings
|
$ | 0.49 | $ | 0.68 | |||||
Other comprehensive income (loss), net of tax:
|
|||||||||
Defined benefit pension plans:
|
|||||||||
Amortization of prior service costs included
in net periodic pension costs
|
12,000 | 17,000 | |||||||
Recognition of net losses included in
net periodic pension costs
|
(1,072,000 | ) | (2,852,000 | ) | |||||
Other comprehensive loss
|
(1,060,000 | ) | (2,835,000 | ) | |||||
Comprehensive income
|
$ | 1,971,000 | $ | 1,301,000 | |||||
Dividends per common share
|
$ | 1.08 | $ | 0.54 |
ASSETS
|
||||||||
2012
|
2011
|
|||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 3,554,000 | $ | 2,804,000 | ||||
Accounts receivable, less allowance for doubtful accounts
of $725,000 and $758,000, respectively
|
16,655,000 | 15,942,000 | ||||||
Accounts receivable - other
|
2,995,000 | 3,745,000 | ||||||
Inventories
|
39,246,000 | 41,208,000 | ||||||
Prepaid expenses and other current assets
|
2,794,000 | 2,525,000 | ||||||
TOTAL CURRENT ASSETS
|
65,244,000 | 66,224,000 | ||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
8,723,000 | 8,412,000 | ||||||
OTHER INTANGIBLE ASSETS
|
559,000 | 2,749,000 | ||||||
DEFERRED INCOME TAXES
|
4,205,000 | 3,455,000 | ||||||
OTHER ASSETS
|
182,000 | 107,000 | ||||||
|
$ | 78,913,000 | $ | 80,947,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 6,629,000 | $ | 5,941,000 | ||||
Other current liabilities
|
3,222,000 | 4,499,000 | ||||||
TOTAL CURRENT LIABILITIES
|
9,851,000 | 10,440,000 | ||||||
LONG-TERM DEBT
|
- | 640,000 | ||||||
LONG-TERM PENSION LIABILITY
|
10,468,000 | 8,086,000 | ||||||
OTHER LONG-TERM LIABILITIES
|
736,000 | 735,000 | ||||||
DEFERRED INCOME TAXES
|
70,000 | - | ||||||
COMMITMENTS AND CONTINGENCIES (Notes 11 and 12)
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Preferred stock, $1 par value - authorized 300,000 shares (none issued)
|
- | - | ||||||
Common stock, $.001 par value - authorized 50,000,000 shares, issued and
outstanding 6,115,907 and 5,993,062, respectively.
|
6,000 | 6,000 | ||||||
Additional paid-in capital
|
21,288,000 | 19,347,000 | ||||||
Retained earnings
|
44,451,000 | 48,590,000 | ||||||
Accumulated other comprehensive loss, net of tax:
|
||||||||
Pensions
|
(7,957,000 | ) | (6,897,000 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY
|
57,788,000 | 61,046,000 | ||||||
|
$ | 78,913,000 | $ | 80,947,000 |
Common
Shares
|
Common
Stock
|
Additional
Paid-In
|
Retained
Earnings
|
Accumulated
Other
|
Total
Shareholders’
|
|||||||||||||||||||
Balance, January 1, 2011
|
5,959,975 | $ | 6,000 | $ | 16,753,000 | $ | 48,403,000 | $ | (4,062,000 | ) | $ | 61,100,000 | ||||||||||||
Common shares issued upon exercise
of options
|
117,846 | - | 1,056,000 | 1,056,000 | ||||||||||||||||||||
Common shares issued upon exercise
of Stock Appreciation Rights
|
425 | - | ||||||||||||||||||||||
Share-based compensation expense
|
1,005,000 | 1,005,000 | ||||||||||||||||||||||
Warrants issued
|
800,000 | 800,000 | ||||||||||||||||||||||
Common shares received as payment for
exercise of stock options
|
(8,491 | ) | - | (26,000 | ) | (73,000 | ) | (99,000 | ) | |||||||||||||||
Purchase and retirement of common shares
|
(76,693 | ) | - | (241,000 | ) | (641,000 | ) | (882,000 | ) | |||||||||||||||
Cash dividends declared ($.54 per share)
|
(3,235,000 | ) | (3,235,000 | ) | ||||||||||||||||||||
Comprehensive Income (Loss):
|
||||||||||||||||||||||||
Net earnings
|
4,136,000 | 4,136,000 | ||||||||||||||||||||||
Net change during the period related to:
|
||||||||||||||||||||||||
Pensions, net of tax benefit of $1,458,000
|
(2,835,000 | ) | (2,835,000 | ) | ||||||||||||||||||||
Comprehensive Income:
|
1,301,000 | |||||||||||||||||||||||
Balance, December 31, 2011
|
5,993,062 | 6,000 | 19,347,000 | 48,590,000 | (6,897,000 | ) | 61,046,000 | |||||||||||||||||
Common shares issued upon exercise
of options
|
138,252 | - | 889,000 | 889,000 | ||||||||||||||||||||
Common shares issued upon exercise
of Stock Appreciation Rights
|
10,324 | - | - | - | ||||||||||||||||||||
Share-based compensation expense
|
893,000 | 893,000 | ||||||||||||||||||||||
Warrants exercised
|
44,912 | - | - | - | ||||||||||||||||||||
Common shares received as payment for
exercise of stock options
|
(34,073 | ) | - | 282,000 | (282,000 | ) | - | |||||||||||||||||
Purchase and retirement of common shares
|
(36,570 | ) | - | (123,000 | ) | (314,000 | ) | (437,000 | ) | |||||||||||||||
Cash dividends declared ($1.08 per share)
|
(6,574,000 | ) | (6,574,000 | ) | ||||||||||||||||||||
Comprehensive Income (Loss):
|
||||||||||||||||||||||||
Net earnings
|
3,031,000 | 3,031,000 | ||||||||||||||||||||||
Net change during the period related to:
|
||||||||||||||||||||||||
Pensions, net of tax benefit of $549,000
|
(1,060,000 | ) | (1,060,000 | ) | ||||||||||||||||||||
Comprehensive Income: | 1,971,000 | |||||||||||||||||||||||
Balance, December 31, 2012
|
6,115,907 | $ | 6,000 | $ | 21,288,000 | $ | 44,451,000 | $ | (7,957,000 | ) | $ | 57,788,000 |
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 3,031,000 | $ | 4,136,000 | ||||
Adjustments to reconcile net income to net
cash provided from (used in) operating activities:
|
||||||||
Depreciation and amortization
|
2,300,000 | 2,982,000 | ||||||
Provision for bad debts - accounts receivable
|
74,000 | 239,000 | ||||||
Share-based compensation expense
|
893,000 | 1,005,000 | ||||||
Deferred income tax provision (benefit)
|
(131,000 | ) | (317,000 | ) | ||||
Gain on sale of property, plant and equipment
|
(1,000 | ) | (40,000 | ) | ||||
Intangible asset impairment | 1,226,000 | - | ||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable - trade
|
(787,000 | ) | 342,000 | |||||
Accounts receivable - other
|
750,000 | (2,471,000 | ) | |||||
Inventories
|
1,962,000 | (10,178,000 | ) | |||||
Prepaid expenses and other current assets
|
(269,000 | ) | 1,506,000 | |||||
Other assets
|
(75,000 | ) | 67,000 | |||||
Accounts payable
|
688,000 | 837,000 | ||||||
Other current liabilities
|
(1,277,000 | ) | 786,000 | |||||
Pension liability
|
773,000 | 258,000 | ||||||
Other long-term liabilities
|
1,000 | (7,000 | ) | |||||
Net cash provided from (used in) operating activities
|
9,158,000 | (855,000 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Additions to property, plant and equipment
|
(1,647,000 | ) | (913,000 | ) | ||||
Disposals of property, plant and equipment
|
1,000 | 45,000 | ||||||
Acquisition of intangible assets
|
- | (2,061,000 | ) | |||||
Net cash used in investing activities
|
(1,646,000 | ) | (2,929,000 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from long-term debt
|
29,360,000 | 24,930,000 | ||||||
Repayment of long-term debt
|
(30,000,000 | ) | (24,290,000 | ) | ||||
Payment of cash dividends
|
(6,574,000 | ) | (3,235,000 | ) | ||||
Proceeds received on exercise of stock options
|
889,000 | 958,000 | ||||||
Common stock reacquired and retired
|
(437,000 | ) | (882,000 | ) | ||||
Net cash used in financing activities
|
(6,762,000 | ) | (2,519,000 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
750,000 | (6,303,000 | ) | |||||
Cash and cash equivalents balance, beginning of year
|
2,804,000 | 9,107,000 | ||||||
Cash and cash equivalents balance, end of year
|
$ | 3,554,000 | $ | 2,804,000 |
Customer
Relationships
|
Weighted
Average Life
|
License
Agreement
|
Weighted
Average Life
|
|||||||
December 31, 2012
|
||||||||||
Cost
|
$ | 1,021,000 |
7 years
|
$ | 2,861,000 |
3.5 years
|
||||
Accumulated amortization
|
(462,000 | ) | (1,635,000 | ) | ||||||
Intangible asset impairment
|
- | (1,226,000 | ) | |||||||
Net
|
$ | 559,000 | $ | 0 | ||||||
December 31, 2011
|
||||||||||
Cost
|
$ | 1,021,000 |
7 years
|
$ | 2,861,000 |
3.5 years
|
||||
Accumulated amortization
|
(316,000 | ) | (817,000 | ) | ||||||
Net
|
$ | 705,000 | $ | 2,044,000 |
2012
|
2011
|
|||||||
Balance at the beginning of year
|
$ | 758,000 | $ | 600,000 | ||||
Provision for bad debts
|
74,000 | 239,000 | ||||||
Charge-offs
|
(125,000 | ) | (90,000 | ) | ||||
Recoveries
|
18,000 | 9,000 | ||||||
Balance at the end of year
|
$ | 725,000 | $ | 758,000 |
2012 | 2011 | |||||||
Balance at the beginning of year
|
$ | 272,000 | $ | 218,000 | ||||
Provision for returns and allowances
|
2,203,000 | 2,419,000 | ||||||
Actual returns and allowances paid to customers
|
(2,297,000 | ) | (2,365,000 | ) | ||||
Balance at the end of year
|
$ | 178,000 | $ | 272,000 |
December 31,
|
||||||||
2012
|
2011
|
|||||||
Finished goods
|
$ | 27,382,000 | $ | 29,030,000 | ||||
Work in process
|
71,000 | 49,000 | ||||||
Raw materials
|
11,793,000 | 12,129,000 | ||||||
$ | 39,246,000 | $ | 41,208,000 |
December 31,
|
||||||||
2012 | 2011 | |||||||
Land
|
$ | 1,790,000 | $ | 1,561,000 | ||||
Buildings, improvements and leaseholds
|
8,683,000 | 8,414,000 | ||||||
Machinery, equipment and fixtures
|
47,007,000 | 46,202,000 | ||||||
57,480,000 | 56,177,000 | |||||||
Accumulated depreciation and amortization
|
(48,757,000 | ) | (47,765,000 | ) | ||||
$ | 8,723,000 | $ | 8,412,000 |
December 31,
2012
|
December 31,
2011
|
|||||||
Note payable to Fifth Third Bank, pursuant to revolving credit agreement, maturing June 24, 2013 | $ | - | $ | 640,000 |
|
2012
|
2011
|
||||||
Current:
|
||||||||
Federal
|
$ | 1,508,000 | $ | 1,594,000 | ||||
State and local
|
213,000 | 173,000 | ||||||
1,721,000 | 1,767,000 | |||||||
Deferred tax benefit
|
(131,000 | ) | (317,000 | ) | ||||
$ | 1,590,000 | $ | 1,450,000 |
2012 | 2011 | |||||||
Deferred income tax assets:
|
||||||||
Pension accruals
|
$ | 4,300,000 | $ | 3,751,000 | ||||
Operating reserves and other accruals
|
1,385,000 | 1,190,000 | ||||||
Tax carrying value in excess of book basis of goodwill
|
323,000 | 506,000 | ||||||
Deferred income tax liabilities:
|
||||||||
Book carrying value in excess of tax basis of property
|
(549,000 | ) | (703,000 | ) | ||||
Deferred expenses
|
(1,324,000 | ) | (1,289,000 | ) | ||||
Net deferred income tax asset
|
$ | 4,135,000 | $ | 3,455,000 |
2012 | 2011 | |||||||
Statutory Federal income tax rate
|
34.0 | % | 34.0 | % | ||||
State and local income taxes, net of Federal income tax benefit
|
3.0 | 2.0 | ||||||
Effect of change in unrecognized tax benefit
|
(1.1 | ) | (1.3 | ) | ||||
Untaxed foreign income
|
(9.1 | ) | (11.9 | ) | ||||
Non-deductible share-based employee compensation expense
|
4.6 | 3.6 | ||||||
Non-deductible portion of intangible asset impairment
|
1.8 | - | ||||||
Other items
|
1.2 | (0.4 | ) | |||||
Effective income tax rate
|
34.4 | % | 26.0 | % |
|
2012
|
2011
|
||||||
Balance at January 1,
|
$ | 582,000 | $ | 586,000 | ||||
Additions based on tax positions related to the current year
|
68,000 | 79,000 | ||||||
Reduction for tax positions of prior years
|
(10,000 | ) | - | |||||
Reductions due to lapse of statute of limitations
|
(75,000 | ) | (83,000 | ) | ||||
Balance at December 31,
|
$ | 565,000 | $ | 582,000 |
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Changes in benefit obligation | ||||||||
Benefit obligation at beginning of year
|
$ | 23,897,000 | $ | 20,277,000 | ||||
Service cost
|
595,000 | 559,000 | ||||||
Interest cost
|
1,023,000 | 1,092,000 | ||||||
Actuarial loss
|
3,469,000 | 3,215,000 | ||||||
Benefits paid
|
(1,165,000 | ) | (1,246,000 | ) | ||||
Benefit obligation at end of year
|
27,819,000 | 23,897,000 | ||||||
Changes in plan assets
|
||||||||
Fair value of plan assets at beginning of year
|
15,811,000 | 16,742,000 | ||||||
Actual return on assets
|
2,155,000 | (235,000 | ) | |||||
Employer contributions
|
550,000 | 550,000 | ||||||
Benefits paid
|
(1,165,000 | ) | (1,246,000 | ) | ||||
Fair value of plan assets at end of year
|
17,351,000 | 15,811,000 | ||||||
Funded status at end of year
|
$ | (10,468,000 | ) | $ | (8,086,000 | ) | ||
Amounts recognized in consolidated balance sheet
|
||||||||
Long-term pension liability
|
$ | (10,468,000 | ) | $ | (8,086,000 | ) | ||
Amounts recognized in accumulated other comprehensive
|
||||||||
income consist of:
|
||||||||
Net actuarial loss
|
$ | 12,223,000 | $ | 10,597,000 | ||||
Prior service cost
|
13,000 | 30,000 | ||||||
$ | 12,236,000 | $ | 10,627,000 |
December 31,
|
||||||||
2012 | 2011 | |||||||
Projected benefit obligation
|
$ | 27,819,000 | $ | 23,897,000 | ||||
Fair value of plan assets
|
(17,351,000 | ) | (15,811,000 | ) | ||||
$ | 10,468,000 | $ | 8,086,000 |
Net periodic benefits cost
|
2012 | 2011 | ||||||
Service cost - benefits earned during the period
|
$ | 595,000 | $ | 559,000 | ||||
Interest cost on projected benefit obligation
|
1,023,000 | 1,092,000 | ||||||
Expected return on plan assets
|
(1,270,000 | ) | (1,347,000 | ) | ||||
Amortization of prior service cost
|
17,000 | 25,000 | ||||||
Recognized actuarial loss
|
957,000 | 479,000 | ||||||
Net periodic pension cost after settlements
|
$ | 1,322,000 | $ | 808,000 |
Discount Rate
|
Long Term Rate
of Return
|
Salary Scale
|
||||||||||||||||||||||
Corp.
|
Plants |
Corp.
|
Plants
|
Corp.
|
Plants | |||||||||||||||||||
2011
|
4.35 | % | 4.23 | % | 8.00 | % | 8.00 | % | 3.50 | % | N/A | |||||||||||||
2012
|
3.93 | % | 3.77 | % | 8.00 | % | 8.00 | % | 3.00 | % | N/A |
Discount Rate
|
Long Term Rate
of Return
|
Salary Scale
|
||||||||||||||||||||||
Corp.
|
Plants
|
Corp.
|
Plants
|
Corp.
|
Plants | |||||||||||||||||||
2011
|
5.49 | % | 5.28 | % | 8.00 | % | 8.00 | % | 4.50 | % | N/A | |||||||||||||
2012
|
4.35 | % | 4.23 | % | 8.00 | % | 8.00 | % | 3.50 | % | N/A |
Percentage of Plan
Assets at
December 31,
|
Target
Allocation
|
|||||||||||
Investment description
|
2012
|
2011
|
2013
|
|||||||||
Equity securities
|
73 | % | 66 | % | 70 | % | ||||||
Fixed income
|
22 | % | 31 | % | 25 | % | ||||||
Other
|
5 | % | 3 | % | 5 | % | ||||||
Total
|
100 | % | 100 | % | 100 | % |
Year
|
Projected Benefit Payments
|
|||
2013
|
$2,063,000 | |||
2014
|
$1,395,000 | |||
2015
|
$1,370,000 | |||
2016
|
$3,705,000 | |||
2017
|
$2,381,000 | |||
2018-2022
|
$10,535,000 |
Quarter Ended
|
|||||||||||||||||
March 31,
2011
|
June 30,
2011
|
September 30,
2011
|
December 31,
2011
|
||||||||||||||
Net sales
|
$ | 26,899,000 | $ | 27,505,000 | $ | 30,731,000 | $ | 27,238,000 | |||||||||
Gross profit
|
$ | 9,851,000 | $ | 9,928,000 | $ | 11,196,000 | $ | 9,284,000 | |||||||||
Income before taxes on income
|
$ | 939,000 | $ | 1,432,000 | $ | 2,600,000 | $ | 615,000 | |||||||||
Net income
|
$ | 599,000 | $ | 932,000 | $ | 1,880,000 | $ | 725,000 | |||||||||
Per Share Data:
|
|||||||||||||||||
Basic
|
|||||||||||||||||
Net income
|
$ | 0.10 | $ | 0.16 | $ | 0.31 | $ | 0.12 | |||||||||
Diluted
|
|||||||||||||||||
Net income
|
$ | 0.10 | $ | 0.15 | $ | 0.31 | $ | 0.12 | |||||||||
Average Outstanding Shares (Basic)
|
5,978,828 | 5,995,147 | 5,986,676 | 5,987,598 | |||||||||||||
Average Outstanding Shares (Diluted)
|
6,070,970 | 6,092,118 | 6,079,430 | 6,137,137 |
Quarter Ended
|
|||||||||||||||||
March 31,
2012
|
June 30,
2012
|
September 30,
2012
|
December 31,
2012
|
||||||||||||||
Net sales
|
$ | 28,508,000 | $ | 29,335,000 | $ | 30,599,000 | $ | 31,044,000 | |||||||||
Gross profit
|
$ | 9,462,000 | $ | 9,662,000 | $ | 10,032,000 | $ | 10,607,000 | |||||||||
Income before taxes on income
|
$ | 537,000 | $ | 1,567,000 | $ | 1,692,000 | $ | 825,000 | |||||||||
Net income
|
$ | 327,000 | $ | 977,000 | $ | 1,242,000 | $ | 485,000 | |||||||||
Per Share Data:
|
|||||||||||||||||
Basic
|
|||||||||||||||||
Net income
|
$ | 0.05 | $ | 0.16 | $ | 0.20 | $ | 0.08 | |||||||||
Diluted
|
|||||||||||||||||
Net income
|
$ | 0.05 | $ | 0.16 | $ | 0.20 | $ | 0.08 | |||||||||
Average Outstanding Shares (Basic)
|
6,025,874 | 6,066,244 | 6,063,269 | 6,091,377 | |||||||||||||
Average Outstanding Shares (Diluted)
|
6,142,616 | 6,140,986 | 6,148,012 | 6,140,372 |
No. of
Shares
|
Weighted Average
Exercise Price
|
|||||||
Outstanding December 31, 2010
|
699,790 | $ | 10.29 | |||||
Granted
|
211,631 | 11.43 | ||||||
Exercised
|
(117,846 | ) | 8.97 | |||||
Lapsed
|
(93,025 | ) | 11.65 | |||||
Cancelled
|
(29,050 | ) | 10.84 | |||||
Outstanding December 31, 2011
|
671,500 | $ | 10.66 | |||||
Granted
|
194,223 | 12.62 | ||||||
Exercised
|
(138,252 | ) | 9.32 | |||||
Lapsed
|
(86,400 | ) | 12.57 | |||||
Cancelled
|
(26,154 | ) | 12.37 | |||||
Outstanding December 31, 2012
|
614,917 | $ | 11.24 |
Range of
Exercise Price
|
Shares
|
Weighted Average Remaining
Contractual Life (Years)
|
Weighted Average
Exercise Price
|
|||||||||||
$7.63 | - |
$9.80
|
198,882 | 2.72 | $ | 9.38 | ||||||||
$11.02 | - |
$13.15
|
403,535 | 4.01 | $ | 12.01 | ||||||||
$16.00
|
12,500 | 1.33 | $ | 16.00 | ||||||||||
$7.63 | - |
$16.00
|
614,917 | 3.54 | $ | 11.24 |
No. of
Shares
|
Weighted Average
Exercise Price
|
|||||||
Outstanding December 31, 2010
|
207,380 | $ | 11.30 | |||||
Granted
|
127,144 | 11.24 | ||||||
Exercised
|
(2,100 | ) | 9.16 | |||||
Lapsed
|
(75,000 | ) | 11.20 | |||||
Cancelled
|
- | - | ||||||
Outstanding December 31, 2011
|
257,424 | $ | 11.32 | |||||
Granted
|
65,752 | 13.15 | ||||||
Exercised
|
(134,304 | ) | 11.67 | |||||
Lapsed
|
- | - | ||||||
Cancelled
|
(12,396 | ) | 13.15 | |||||
Outstanding December 31, 2012
|
176,476 | $ | 11.60 |
Range of
Exercise Price
|
SARS
|
Weighted Average Remaining
Contractual Life (Years)
|
Weighted Average
Exercise Price
|
|||||||||||
$9.16 | - |
$9.80
|
26,184 | 2.08 | $9.80 | |||||||||
$11.24 | - |
$13.15
|
150,292 | 3.44 | $11.92 | |||||||||
$9.16 | - |
$13.15
|
176,476 | 3.24 | $11.60 |
SARS
|
Options
|
|||||
Exercise price
|
||||||
2012
|
$13.15
|
$11.72 | - |
$13.15
|
||
2011
|
$11.24
|
$11.10 | - |
$11.95
|
||
Market price
|
||||||
2012
|
$13.15
|
$11.72 | - |
$13.15
|
||
2011
|
$11.24
|
$11.10 | - |
$11.95
|
||
Risk free interest rate (1)
|
||||||
2012
|
0.8%
|
0.7% | - |
1.9%
|
||
2011
|
2.3%
|
1.2% | - |
3.2%
|
||
Expected award life (2)
|
5 years
|
5 | - | 10 |
years
|
|
Expected volatility (3)
|
||||||
2012
|
45.1%
|
36.4% | - |
45.9%
|
||
2011
|
43.5%
|
35.5% | - |
43.9%
|
||
Expected dividend yield (4)
|
||||||
2012
|
4.1%
|
4.1% | - |
4.6%
|
||
2011
|
4.8%
|
4.5% | - |
4.9%
|
2012
|
2011
|
|||||||
Net earnings used in the computation of
basic and diluted earnings per share
|
$ | 3,031,000 | $ | 4,136,000 | ||||
Weighted average shares
outstanding - basic
|
6,061,691 | 5,987,062 | ||||||
Common stock equivalents
|
81,306 | 107,852 | ||||||
Total weighted average shares
outstanding - diluted
|
6,142,997 | 6,094,914 | ||||||
Per Share Data:
|
||||||||
Basic
|
||||||||
Net earnings
|
$ | 0.50 | $ | 0.69 | ||||
Diluted
|
||||||||
Net earnings
|
$ | 0.49 | $ | 0.68 |
Year Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
Salaries, wages, commissions and vacation pay
|
$ | 2,653,000 | $ | 3,642,000 | ||||
Other accrued expenses
|
569,000 | 857,000 | ||||||
$ | 3,222,000 | $ | 4,499,000 |
Year Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
Income taxes paid
|
$ | 1,981,000 | $ | 1,107,000 | ||||
Interest paid
|
$ | 30,000 | $ | 34,000 |
Uniforms and
Related Products
|
Remote
Staffing
Solutions
|
Intersegment
Eliminations
|
Total
|
|||||||||||||
Twelve Months Ended
December 31, 2012
|
||||||||||||||||
Net sales
|
$ | 116,029,000 | $ | 7,196,000 | $ | (3,739,000 | ) | $ | 119,486,000 | |||||||
Gross margin
|
$ | 37,863,000 | $ | 4,251,000 | (2,351,000 | ) | $ | 39,763,000 | ||||||||
Selling and administrative expenses
|
33,869,000 | 2,368,000 | (2,351,000 | ) | 33,886,000 | |||||||||||
Intangible asset impairment
|
1,226,000 | - | - | 1,226,000 | ||||||||||||
Interest expense
|
30,000 | - | - | 30,000 | ||||||||||||
Income before income taxes
|
$ | 2,738,000 | $ | 1,883,000 | $ | - | $ | 4,621,000 | ||||||||
Depreciation and amortization
|
$ | 2,139,000 | $ | 161,000 | $ | - | $ | 2,300,000 | ||||||||
Capital expenditures
|
$ | 801,000 | $ | 846,000 | $ | - | $ | 1,647,000 | ||||||||
Total assets
|
$ | 72,980,000 | $ | 7,385,000 | $ | (1,452,000 | ) | $ | 78,913,000 |
Uniforms and
Related Products
|
Remote
Staffing
Solutions
|
Intersegment
Eliminations
|
Total
|
|||||||||||||
Twelve Months Ended
December 31, 2011
|
||||||||||||||||
Net sales
|
$ | 109,442,000 | $ | 6,610,000 | $ | (3,679,000 | ) | $ | 112,373,000 | |||||||
Gross margin
|
$ | 38,685,000 | $ | 4,063,000 | $ | (2,489,000 | ) | $ | 40,259,000 | |||||||
Selling and administrative expenses
|
34,915,000 | 2,220,000 | (2,489,000 | ) | 34,646,000 | |||||||||||
Interest expense
|
27,000 | - | - | 27,000 | ||||||||||||
Income before income taxes
|
$ | 3,743,000 | $ | 1,843,000 | $ | - | $ | 5,586,000 | ||||||||
Depreciation and amortization
|
$ | 2,820,000 | $ | 162,000 | $ | - | $ | 2,982,000 | ||||||||
Capital expenditures
|
$ | 587,000 | $ | 326,000 | $ | - | $ | 913,000 | ||||||||
Total assets
|
$ | 76,446,000 | $ | 5,686,000 | $ | (1,185,000 | ) | $ | 80,947,000 |
·
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
·
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
|
·
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
|
BOARD OF DIRECTORS
|
|
Sidney Kirschner
|
Chairperson of the Board.
Executive Vice President, Piedmont Healthcare.
|
Michael Benstock
|
Chief Executive Officer
|
Alan D. Schwartz
|
President
|
Gerald M. Benstock
|
Director
|
Robin Hensley
|
President, Raising the Bar
|
Kenneth Hooten
|
Partner, Concentric Equity Partners II, L.P.
|
Paul V. Mellini
|
Chief Executive Officer and President, Nature Coast Bank
|
EXECUTIVE OFFICERS
|
|
Michael Benstock
|
Chief Executive Officer
|
Alan D. Schwartz
|
President
|
Peter Benstock
|
Executive Vice President
|
Andrew D. Demott, Jr.
|
Executive Vice President, Chief Financial Officer and Treasurer
|
Jordan M. Alpert
|
Vice President, General Counsel and Secretary
|
Plan category
|
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
Number of securities
remaining available
for future
issuance under equity
compensation plans
(excluding securities
reflected in column (a))
|
|||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation
|
||||||||||||
Plans approved by
|
||||||||||||
Security holders
|
791,393 | $11.32 | 1,284,675 | |||||||||
Equity compensation
|
||||||||||||
Plans not approved
|
||||||||||||
by Security holders
|
- | - | - | |||||||||
Total
|
791,393 | $11.32 | 1,284,675 |
SUPERIOR UNIFORM GROUP, INC. | |||
/s/ Michael Benstock | |||
By: Michael Benstock | |||
(Chief Executive Officer and Principal Executive Officer) |
/s/ Michael Benstock | ||
Michael Benstock, March 14, 2013
|
||
Chief Executive Officer
|
||
(Principal Executive Officer)
|
/s/ Andrew D. Demott, Jr. | |
Andrew D. Demott, Jr., March 14, 2013
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Accounting
|
|
Officer and Principal Financial Officer) |
/s/ Sidney Kirschner
|
/s/ Alan D. Schwartz
|
|||
Sidney Kirschner, March 14, 2013
|
Alan D. Schwartz, March 14, 2013
|
|||
(Chairperson of the Board)
|
(Director)
|
/s/ Paul Mellini
|
/s/ Robin Hensley
|
|||
Paul Mellini, March 14, 2013
|
Robin Hensley, March 14, 2013
|
|||
(Director)
|
(Director)
|
|||
/s/ Kenneth Hooten
|
/s/ Gerald M. Benstock
|
|||
Kenneth Hooten, March 14, 2013
|
Gerald M. Benstock, March 14, 2013
|
|||
(Director)
|
(Director)
|
101.DEF**+
|
XBRL Taxonomy Extension Definition Linkbase.
|
101.LAB**+
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE**+
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
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