Superior Uniform Group, Inc. Reports 94% Increase in Earnings Per Share for the Year Ended December 31, 2010
24 February 2011 - 11:00PM
- Enters Into License and Distribution Agreement for New
Product Line
Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of
uniforms, image apparel and accessories, today announced its fourth
quarter and year-end operating results for 2010.
The Company announced that for the year ended December 31, 2010,
net sales increased 3.0% to $105,877,854, compared to 2009 net
sales of $102,801,921. Net earnings for the year ended December 31,
2010 were $3,807,000 or $0.64 per share (diluted) compared to
$1,966,882 or $0.33 per share (diluted) reported for the year ended
December 31, 2009.
Net earnings for the fourth quarter ended December 31, 2010 were
$943,525 or $0.16 per share (diluted) compared to net earnings of
$511,601 or $0.09 per share (diluted) reported for the fourth
quarter ended December 31, 2009.
Michael Benstock, chief executive officer, commented: "We are
very proud to report our operating results for 2010. Although the
current economic environment continued to hamper sales, we were
able to realize the fruits of our hard work by improving our cost
structure. We reported an increase of approximately 94 percent in
our earnings per share on a three percent increase in net sales. We
have achieved these significant cost reductions while maintaining
our 'Customer 1st, Every Time!' philosophy. Our balance sheet
remains very strong and provides us with the financial wherewithal
to continue to invest in our future—looking for strategic
acquisitions to help increase our market share."
As part of the effort to continue investing in the Company's
future to help better serve current and potential new customers,
Superior Uniform Group recently aligned with EYELEVEL INTERACTIVE,
LLC (EI™), innovators of patented interactive media garment
technology. The two companies entered into a licensing agreement on
Jan. 4, 2011. This licensing agreement marks the introduction of
EI's iPOPS™ (Interactive Point of Purchase System™) into the
marketplace with the revolutionary concept of interchangeable
panels that include digital and interactive advertising and
promotions directly applied to the front and/or the back of the
Superior Uniform Group employee uniform.
"As both the advertising and image apparel industries evolve
with the introduction of new technologies and changing consumer
demands, we believe we are perfectly positioned to bring EYELEVEL
INTERACTIVE'S vision for iPOPS to reality and directly to
consumers," Benstock added. "This timely execution of new media and
technology has unlimited potential for our customers to target
their specific audiences by being at the forefront of the most
cutting edge marketing and advertising tool in the retail space.
These new products provide our customers with the ability to
convert their uniform expenses into potential increased sales and
advertising revenues."
ABOUT SUPERIOR UNIFORM GROUP, INC.
Superior Uniform Group, Inc., established in 1920, is one of
America's foremost providers of fine uniforms and image apparel.
Superior manages award-winning apparel programs for major
corporations. They are leaders in innovative uniform program
designs, global manufacturing, and state-of-the-art
distribution. Superior, through their subsidiary "The
Office Gurus" is also a near-shore premium provider of cost
effective bilingual contact center and office solutions. Superior's
financial strength and resources support a customer's diverse needs
while embracing a "Customer 1st, Every Time!" philosophy and
culture. Their commitment to service, technology, quality and
value-added benefits separates them from the competition in each of
their six primary markets: Healthcare, Hospitality, Food Service,
Retail Employee I.D., Private Security, and Rental
Service. For more information please call (800) 727-8643, or
visit their Web site at: 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 for 2010 and 2009 are as follows:
Superior Uniform Group,
Inc. and Subsidiaries |
Consolidated Summary of
Operations |
|
|
|
|
Three Months Ended December
31, |
|
(Unaudited) |
|
2010 |
2009 |
Net sales |
$ 25,967,476 |
$ 26,508,907 |
|
|
|
Costs and expenses: |
|
|
Cost of goods sold |
16,760,423 |
17,945,367 |
Selling and administrative expenses |
7,776,793 |
7,855,370 |
Interest expense |
6,735 |
26,569 |
|
24,543,951 |
25,827,306 |
|
|
|
Earnings before taxes on income |
1,423,525 |
681,601 |
Taxes on income |
480,000 |
170,000 |
Net earnings |
$ 943,525 |
$ 511,601 |
|
|
|
Per Share Data: |
|
|
|
|
|
Basic: |
|
|
Net earnings |
$ 0.16 |
$ 0.09 |
Diluted: |
|
|
Net earnings |
$ 0.16 |
$ 0.09 |
|
|
|
Cash dividends per common share |
$ 0.135 |
$ 0.135 |
|
Superior Uniform Group,
Inc. and Subsidiaries |
Consolidated Summary of
Operations |
|
|
|
|
|
|
|
Twelve Months Ended December
31, |
|
(Unaudited) |
|
2010 |
2009 |
Net sales |
$ 105,877,854 |
$ 102,801,921 |
|
|
|
Costs and expenses: |
|
|
Cost of goods sold |
68,411,383 |
69,583,043 |
Selling and administrative expenses |
31,696,430 |
30,402,389 |
Interest expense |
23,041 |
119,607 |
|
100,130,854 |
100,105,039 |
|
|
|
Earnings before taxes on income |
5,747,000 |
2,696,882 |
Taxes on income |
1,940,000 |
730,000 |
Net earnings |
$ 3,807,000 |
$ 1,966,882 |
|
|
|
Per Share Data: |
|
|
|
|
|
Basic: |
|
|
Net earnings |
$ 0.64 |
$ 0.33 |
Diluted: |
|
|
Net earnings |
$ 0.64 |
$ 0.33 |
|
|
|
Cash dividends per common share |
$ 0.54 |
$ 0.54 |
|
Superior Uniform Group,
Inc. and Subsidiaries |
|
|
|
Consolidated Balance
Sheets |
December
31, |
|
|
|
ASSETS |
|
|
(Unaudited) |
|
|
|
2010 |
2009 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 9,107,461 |
$ 6,365,557 |
Accounts receivable |
16,523,061 |
16,299,922 |
Accounts receivable - other |
1,274,209 |
1,644,607 |
Inventories |
31,029,947 |
32,053,504 |
Prepaid expenses and other current
assets |
4,030,708 |
2,764,434 |
TOTAL CURRENT ASSETS |
61,965,386 |
59,128,024 |
PROPERTY, PLANT AND EQUIPMENT, NET |
9,463,884 |
10,868,296 |
OTHER INTANGIBLE ASSETS |
911,225 |
1,295,859 |
DEFERRED INCOME TAXES |
1,680,000 |
2,060,000 |
OTHER ASSETS |
173,403 |
215,684 |
|
$ 74,193,898 |
$ 73,567,863 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 5,103,768 |
$ 5,426,433 |
Accrued expenses |
3,713,038 |
2,226,653 |
TOTAL CURRENT LIABILITIES |
8,816,806 |
7,653,086 |
LONG-TERM PENSION LIABILITY |
3,535,470 |
5,115,817 |
OTHER LONG-TERM LIABILITIES |
742,000 |
680,000 |
COMMITMENTS AND CONTINGENCIES |
|
|
TOTAL SHAREHOLDERS' EQUITY |
61,099,622 |
60,118,960 |
|
$ 74,193,898 |
$ 73,567,863 |
CONTACT: Andrew D. Demott, Jr., CFO
(727) 803-7135
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