8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of the earliest event reported) April 24, 2003

Commission File Number 1-5869-1

SUPERIOR UNIFORM GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Florida	11-1385670
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)
10055 Seminole Blvd., Seminole, Florida	33772
(Address of Principal Executive Offices)	(Zip Code)

(727) 397-9611

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Item 12. Results of Operations and Financial Condition

The following information is being furnished under Item 12 of Form 8-K: Press release by Superior Uniform Group, Inc. announcing its results of operations for the quarter ended March 31, 2003. A copy of this press release is attached as Exhibit 99.1 to this Form 8-K.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.

SUPERIOR UNIFORM GROUP, INC.
By:	/s/    ANDREW D. DEMOTT, JR.
	Andrew D. Demott, Jr. Senior Vice President, Chief Financial Officer and Treasurer

Date: April 24, 2003

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated April 24, 2003

EX-99.1

NEWS RELEASE

[Logo Superior Uniform Group]

Superior Uniform Group, Inc.

An American Stock Exchange Listed Company

10055 Seminole Boulevard

Seminole, Florida 33772-2539

Telephone (727) 397-9611

Fax (727) 803-9623

Contact: Andrew D. Demott, Jr., CFO	FOR IMMEDIATE RELEASE
(727) 803-7135

SUPERIOR UNIFORM GROUP REPORTS FIRST QUARTER RESULTS

SEMINOLE, Florida—April 24, 2003 – Gerald M. Benstock, Chairman and C.E.O. of Superior Uniform Group, Inc. (AMEX: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2003, sales were $30,954,947 compared with 2002 first quarter sales of $33,648,226. Earnings before cumulative effect of change in accounting principle were $626,186 or $.09 per share (diluted) compared to 2002 first quarter earnings before cumulative effect of change in accounting principle of $421,491 or $.06 per share (diluted). Net earnings were $626,186 or $.09 per share (diluted) compared to 2002 first quarter loss of $4,083,072 or $(.58) per share (diluted). Net loss for the quarter ended March 31, 2002 includes a $4.5 million, non-cash charge reflected as a cumulative effect of change in accounting principle, net of tax in accordance with the Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets” that was adopted effective January 1, 2002. Additionally, net loss for the 2002 quarter included $360,000 in pre-tax expenses associated with the review of a potential merger that was not completed and approximately $292,000 of pre-tax costs related to the prepayment of approximately $6.2 million of borrowings. This amount was shown as an extraordinary item, net of tax benefit of $105,000, in the amount of $187,000 in the 2002 financial statements. As a result of the adoption of Statement of Financial Accounting Standards No. 145 “Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections”, this amount has been reclassified to selling and administrative expenses in the 2002 results.

In making the earnings announcement, Mr. Benstock stated: “The employment numbers and generally slow economic conditions have continued to weigh heavily on the company’s operating results in the first quarter. Our customers are continuing to limit spending as much as possible. In these difficult times, we are taking a very hard look at our organization and are working diligently to streamline our operations wherever possible. We currently anticipate completing the consolidation of our sales and administration functions from our two largest divisions early in the second quarter. This consolidation is expected to make the organization more effective and efficient in its marketing efforts. We continue to place a significant emphasis on improving our sourcing of goods and as a result, have been able to achieve significant improvement in our gross margins in the current quarter. We are actively reviewing our sales coverage and are looking to add additional sales

– more –

associates to increase our market coverage and to ultimately improve our sales results. The financial strength of our company remains very strong and we continue to generate significant cash from operations in spite of the difficult economic environment in which we are operating.

Superior Uniform Group, through its marketing divisions – Fashion Seal Uniforms, Martin’s, Empire, Appel, Worklon, Universal, and Sope Creek – manufactures and sells a wide range of uniforms, corporate I.D., career apparel and accessories for the hospital and healthcare fields; hotels; fast food and other restaurants; and public safety, industrial, transportation and commercial markets, as well as corporate and resort embroidered sportswear.

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.

SUPERIOR UNIFORM GROUP, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

THREE MONTHS ENDED MARCH 31,

(Unaudited)

	2003		2002
Net sales	$	30,954,947	$	33,648,226
Costs and expenses:
Cost of goods sold		20,015,455		22,106,885
Selling and administrative expenses		9,802,665		10,580,046
Interest expense		170,641		294,804
		29,988,761		32,981,735
Earnings before taxes on income and cumulative effect of change in accounting principle		966,186		666,491
Taxes on income		340,000		245,000
Earnings before cumulative effect of change in accounting principle		626,186		421,491
Cumulative effect of change in accounting principle, net of tax benefit of $2,560,000		—		(4,504,563	)
Net earnings (loss)	$	626,186	$	(4,083,072	)
Basic net earnings per common share before cumulative effect of change in accounting principle	$	0.09	$	0.06
Cumulative effect of change in accounting principle, net of tax		—		(0.64	)
Basic net earnings per common share	$	0.09	$	(0.58	)
Diluted net earnings per common share before cumulative effect of change in accounting principle	$	0.09	$	0.06
Cumulative effect of change in accounting principle, net of tax		—		(0.64	)
Diluted net earnings (loss) per common share	$	0.09	$	(0.58	)
Dividends per common share	$	0.135	$	0.135

- more -

SUPERIOR UNIFORM GROUP, INC.

CONSOLIDATED BALANCE SHEETS

MARCH 31,

(Unaudited)

ASSETS

	2003			2002
CURRENT ASSETS:
Cash and cash equivalents	$	8,379,346		$	882,193
Accounts receivable and other current assets		22,329,554			24,516,901
Inventories		42,518,137			46,591,078
TOTAL CURRENT ASSETS	$	73,227,037		$	71,990,172
PROPERTY, PLANT AND EQUIPMENT, NET		19,302,414			22,409,222
EXCESS OF COST OVER FAIR VALUE OF ASSETS
ACQUIRED		741,929			741,929
OTHER ASSETS		5,421,273			3,621,290
DEFERRED INCOME TAXES		20,000			745,000
	$	98,712,653		$	99,507,613
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,192,836		$	6,310,091
Accrued expenses		6,437,085			5,944,658
Current portion of long-term debt		1,122,999			1,044,122
TOTAL CURRENT LIABILITIES	$	11,752,920		$	13,298,871
LONG-TERM DEBT		7,157,204			8,280,203
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 7,137,887, and 7,042,387, respectively		7,138			7,042
Additional paid-in capital		10,933,969			9,732,818
Retained earnings		69,734,422			68,734,871
Cumulative Comprehensive Income (Loss)		(873,000	)		(546,192	)
TOTAL SHAREHOLDERS’ EQUITY	$	79,802,529		$	77,928,539
	$	98,712,653		$	99,507,613