CORRECTING and REPLACING -- Superior Uniform Group, Inc. Reports First Quarter Operating Results
April 24 2014 - 8:10AM
In a release issued under the same headline earlier today by
Superior Uniform Group, Inc. (Nasdaq:SGC), please note that in the
subhead of the release, the Net Sales amount should be $10,712,000,
not $10,712 as previously stated. The corrected release follows:
- Net Sales Increase 32.4%
- HPI Reports Net Sales of $10,712,000 an Increase of
34%
- The Office Gurus Reports Net Sales Increase of
48.3%
Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of
uniforms, career apparel and accessories, today announced that for
the first quarter ended March 31, 2014, earnings were $1,218,000 or
$0.18 per share (diluted) compared with $1,229,000 or $0.20 per
share (diluted) reported for the quarter ended March 31, 2013. Net
sales for the 2014 first quarter were $41,027,000 compared with
2013 first quarter sales of $30,985,000.
Michael Benstock, Chief Executive Officer, commented: "We are
very pleased to continue to report significant sales gains in both
of our operating segments. HPI has continued with their very strong
momentum since the acquisition last July reporting a 34% increase
in their net sales in the first quarter versus their net sales for
the first quarter of 2013. Additionally, we have been working to
build inventories for several very large customer programs that
will begin shipping during the second quarter of 2014 for both HPI
and our legacy uniform business. Our current backlog of business is
larger than it has ever been. Our Uniforms and Related Product
segment net sales, exclusive of HPI, were down moderately in the
first quarter. January and February were down more significantly
and a portion of that decrease is due to the impact of severe
weather. We did begin to see a pickup in activity in March and were
back on track with a nice increase in net sales during March even
though our shipping was again adversely affected by winter storms
in the last few days of the month. We look forward to
reporting significant increases in net sales and earnings in this
segment in the second quarter and as the year continues.
"Our Remote Staffing Solutions segment is happy to once again
report significant growth in net sales as the market response has
been very favorable to our service offerings and we believe there
is room for us to continue to grow substantially in this
segment.
"Our financial position remains very strong and will continue to
allow us to meet the demands of significant growth in all of our
business segments as we move forward."
ABOUT SUPERIOR UNIFORM GROUP, INC.
Superior Uniform Group (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 more professional
appearance and better communicate their brands - particularly those
in healthcare, private security, retail, hospitality,
transportation and food service 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 primarily sells its products through its signature
brands Fashion Seal Healthcare® and HPI Direct®. Superior Uniform
Group is also the parent company for The Office Gurus®, its BPO and
Contact Center vertical. 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) |
|
|
|
|
2014 |
2013 |
|
|
|
Net sales |
$41,027,000 |
$ 30,985,000 |
|
|
|
Costs and expenses: |
|
|
Cost of goods sold |
26,971,000 |
19,672,000 |
Selling and administrative expenses |
12,083,000 |
9,557,000 |
Interest expense |
95,000 |
7,000 |
|
39,149,000 |
29,236,000 |
|
|
|
Income before taxes on income |
1,878,000 |
1,749,000 |
Income tax expense |
660,000 |
520,000 |
|
|
|
Net income |
$ 1,218,000 |
$ 1,229,000 |
|
|
|
Per Share Data: |
|
|
|
|
|
Basic: |
|
|
Net income |
$ 0.19 |
$ 0.20 |
|
|
|
Diluted: |
|
|
Net income |
$ 0.18 |
$ 0.20 |
|
|
|
Cash dividends per common share |
$ 0.135 |
$ -- |
|
|
SUPERIOR UNIFORM GROUP,
INC. AND SUBSIDIARIES |
|
|
|
CONSOLIDATED
BALANCE SHEETS |
|
|
|
MARCH
31, |
(Unaudited) |
|
|
|
ASSETS |
|
2014 |
2013 |
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 4,414,000 |
$ 3,493,000 |
Accounts receivable - trade, net |
23,467,000 |
17,318,000 |
Accounts receivable - other |
4,811,000 |
3,312,000 |
Prepaid expenses and other current
assets |
7,472,000 |
2,665,000 |
Inventories |
54,692,000 |
39,340,000 |
|
|
|
TOTAL CURRENT ASSETS |
94,856,000 |
66,128,000 |
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET |
13,521,000 |
8,962,000 |
OTHER INTANGIBLE ASSETS, NET |
17,837,000 |
523,000 |
GOODWILL |
4,135,000 |
-- |
DEFERRED INCOME TAXES |
1,740,000 |
4,630,000 |
OTHER ASSETS |
148,000 |
163,000 |
|
|
|
|
$ 132,237,000 |
$ 80,406,000 |
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 9,839,000 |
$ 6,246,000 |
Other current liabilities |
3,868,000 |
2,843,000 |
Current portion of long-term debt |
2,063,000 |
-- |
|
|
|
TOTAL CURRENT LIABILITIES |
15,770,000 |
9,089,000 |
|
|
|
LONG-TERM DEBT |
31,867,000 |
120,000 |
LONG-TERM PENSION LIABILITY |
3,539,000 |
10,545,000 |
ACQUISITION-RELATED CONTINGENT LIABILITY |
6,838,000 |
-- |
OTHER LONG-TERM LIABILITIES |
645,000 |
700,000 |
DEFERRED INCOME TAXES |
150,000 |
90,000 |
|
|
|
SHAREHOLDERS' EQUITY |
73,428,000 |
59,862,000 |
|
|
|
|
$ 132,237,000 |
$ 80,406,000 |
CONTACT: Superior Uniform Group, Inc.
Andrew D. Demott, Jr., CFO
(727) 803-7135
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