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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% | 16.23 | 14.61 | 19.09 | 0 | 12:00:00 |
Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2012, sales were $29,335,000, compared with 2011 second quarter sales of $27,505,000. Net earnings were $977,000 or $0.16 per share (diluted), compared with earnings of $932,000 or $.15 per share (diluted) in the 2011 second quarter.
For the six months ended June 30, 2012, sales were $57,843,000, compared with sales of $54,404,000 in the six months ended June 30, 2011. Net earnings for the six months ended June 30, 2012 were $1,304,000 or $0.21 per share (diluted), versus earnings of $1,531,000 or $.25 per share (diluted) in the first six months of 2011.
Michael Benstock, chief executive officer, commented: "We are pleased to report an increase of 6.7% in our net sales. Gross margins for our Uniform and Related Products business continued to be pressured in the second quarter of 2012, consistent with our expectations. As we indicated in our first quarter 2012 earnings release, we ensured that we were in a position to take care of our customers by investing heavily in our raw material inventories during the cotton crisis of 2011. As a result, we were able to provide our products to our customers throughout the period of the shortages and were able to improve our market share in the process. However, as we work through the higher priced inventory we had built up during 2011, our gross margins were negatively impacted and we expect that they will continue to be pressured into the next quarter. We continued to see the benefits in this approach as we increased our market position in the first half of 2012.
"Sales growth to outside customers in our Remote Staffing Solutions business was at a much slower rate in the current quarter as we have worked to integrate the accounts we have added over the last few periods. However, we are well positioned in this market place and have new accounts set to start in the coming quarter. We expect to return to solid growth in this market segment as we move forward.
"Our financial position remains very strong and continues to provide us with the ability to support our ongoing growth initiatives."
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 GurusĀ® 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 JUNE 30, (Unaudited) 2012 2011 --------------- --------------- Net sales $ 29,335,000 $ 27,505,000 --------------- --------------- Costs and expenses: Cost of goods sold 19,673,000 17,577,000 Selling and administrative expenses 8,088,000 8,490,000 Interest expense 7,000 6,000 --------------- --------------- 27,768,000 26,073,000 --------------- --------------- Income before taxes on income 1,567,000 1,432,000 Income tax expense 590,000 500,000 --------------- --------------- Net earnings $ 977,000 $ 932,000 --------------- --------------- Per Share Data: Basic: Net income $ 0.16 $ 0.16 =============== =============== Diluted: Net income $ 0.16 $ 0.15 =============== =============== Cash dividends per common share $ 0.135 $ 0.135 =============== =============== SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS SIX MONTHS ENDED JUNE 30, (Unaudited) 2012 2011 --------------- --------------- Net sales $ 57,843,000 $ 54,404,000 --------------- --------------- Costs and expenses: Cost of goods sold 38,719,000 34,625,000 Selling and administrative expenses 17,002,000 17,396,000 Interest expense 18,000 12,000 --------------- --------------- 55,739,000 52,033,000 --------------- --------------- Income before taxes on income 2,104,000 2,371,000 Income tax expense 800,000 840,000 --------------- --------------- Net earnings $ 1,304,000 $ 1,531,000 =============== =============== Per Share Data: Basic: Net income $ 0.22 $ 0.26 =============== =============== Diluted: Net income $ 0.21 $ 0.25 =============== =============== Cash dividends per common share $ 0.27 $ 0.27 =============== =============== SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, (Unaudited) ASSETS 2012 2011 --------------- --------------- CURRENT ASSETS Cash and cash equivalents $ 2,939,000 $ 2,306,000 Accounts receivable - trade 16,944,000 17,630,000 Accounts receivable - other 2,917,000 2,921,000 Prepaid expenses and other current assets 2,066,000 4,783,000 Inventories 40,775,000 34,199,000 --------------- --------------- TOTAL CURRENT ASSETS 65,641,000 61,839,000 PROPERTY, PLANT AND EQUIPMENT, NET 8,389,000 9,200,000 OTHER INTANGIBLE ASSETS 2,268,000 3,231,000 DEFERRED INCOME TAXES 3,560,000 2,090,000 OTHER ASSETS 405,000 135,000 --------------- --------------- $ 80,263,000 $ 76,495,000 =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 6,383,000 $ 5,782,000 Other current liabilities 2,730,000 3,198,000 --------------- --------------- TOTAL CURRENT LIABILITIES 9,113,000 8,980,000 LONG-TERM DEBT 520,000 - LONG-TERM PENSION LIABILITY 7,985,000 3,687,000 OTHER LONG-TERM LIABILITIES 770,000 800,000 DEFERRED INCOME TAXES 30,000 - SHAREHOLDERS' EQUITY 61,845,000 63,028,000 --------------- --------------- $ 80,263,000 $ 76,495,000 =============== ===============
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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