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Published in House and Home on Thursday, April 19th 2012 at 4:06 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
April 19, 2012 07:00 ET
Superior Uniform Group Announces First Quarter Operating Results
SEMINOLE, FL--(Marketwire - Apr 19, 2012) - Superior Uniform Group, Inc. (
Michael Benstock, chief executive officer, commented: "We are pleased to report an increase of 6.0% in our net sales. Gross margins for our Uniform and Related Products business continued to be pressured in the first quarter of 2012, consistent with our expectations. As we indicated in our 2011 year-end 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 third quarter of 2012. We continued to see the benefits in this approach as we increased our market position in the first quarter of 2012."
"We experienced positive growth in our remote staffing business, [ The Office Gurus ]®. Net sales for the first quarter of 2012 were $688,000, compared to $576,000 in the prior year first quarter. We expect this vertical to continue to grow substantially 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 and stock buyback programs."
ABOUT SUPERIOR UNIFORM GROUP, INC.
[ Superior Uniform Group, Inc. ] (
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 OPERATIONS | |||||||
| THREE MONTHS ENDED MARCH 31, | |||||||
| (Unaudited) | |||||||
| 2012 | 2011 | ||||||
| Net sales | $ | 28,508,000 | $ | 26,899,000 | |||
| Costs and expenses: | |||||||
| Cost of goods sold | 19,046,000 | 17,048,000 | |||||
| Selling and administrative expenses | 8,914,000 | 8,906,000 | |||||
| Interest expense | 11,000 | 6,000 | |||||
| 27,971,000 | 25,960,000 | ||||||
| Earnings before taxes on income | 537,000 | 939,000 | |||||
| Income tax expense | 210,000 | 340,000 | |||||
| Net earnings | $ | 327,000 | $ | 599,000 | |||
| Per Share Data: | |||||||
| Basic: | |||||||
| Net earnings | $ | 0.05 | $ | 0.10 | |||
| Diluted: | |||||||
| Net earnings | $ | 0.05 | $ | 0.10 | |||
| Cash dividends per common share | $ | 0.135 | $ | 0.135 | |||
| SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| MARCH 31, | ||||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| 2012 | 2011 | |||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 2,929,000 | $ | 1,889,000 | ||||
| Accounts receivable - trade | 16,036,000 | 17,968,000 | ||||||
| Accounts receivable - other | 3,737,000 | 2,010,000 | ||||||
| Prepaid expenses and other current assets | 2,152,000 | 7,540,000 | ||||||
| Inventories | 40,398,000 | 30,964,000 | ||||||
| TOTAL CURRENT ASSETS | 65,252,000 | 60,371,000 | ||||||
| PROPERTY, PLANT AND EQUIPMENT, NET | 8,461,000 | 9,354,000 | ||||||
| OTHER INTANGIBLE ASSETS | 2,509,000 | 3,472,000 | ||||||
| DEFERRED INCOME TAXES | 3,695,000 | 1,938,000 | ||||||
| OTHER ASSETS | 142,000 | 152,000 | ||||||
| $ | 80,059,000 | $ | 75,287,000 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 5,515,000 | $ | 5,673,000 | ||||
| Other current liabilities | 2,770,000 | 2,416,000 | ||||||
| TOTAL CURRENT LIABILITIES | 8,285,000 | 8,089,000 | ||||||
| LONG-TERM DEBT | 1,160,000 | - | ||||||
| LONG-TERM PENSION LIABILITY | 8,173,000 | 3,611,000 | ||||||
| OTHER LONG-TERM LIABILITIES | 750,000 | 770,000 | ||||||
| DEFERRED TAXES | 20,000 | - | ||||||
| SHAREHOLDERS' EQUITY | 61,671,000 | 62,817,000 | ||||||
| $ | 80,059,000 | $ | 75,287,000 | |||||
