-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D/6YjJnnSzegEBWhTI+Kk1e3bTZ3k/NYaPbYCAEvqA+dessAZvdmkwa3zcQVQlib S5zHIHzTVR8gi4zbuZ/BlQ== 0001171843-09-001005.txt : 20091022 0001171843-09-001005.hdr.sgml : 20091022 20091022070017 ACCESSION NUMBER: 0001171843-09-001005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091022 DATE AS OF CHANGE: 20091022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERIOR UNIFORM GROUP INC CENTRAL INDEX KEY: 0000095574 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 111385670 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05869 FILM NUMBER: 091131016 BUSINESS ADDRESS: STREET 1: 10055 SEMINOLE BLVD CITY: SEMINOLE STATE: FL ZIP: 33772 BUSINESS PHONE: 7273979611 MAIL ADDRESS: STREET 1: 10055 SEMINOLE BLVD CITY: SEMINOLE STATE: FL ZIP: 33772 FORMER COMPANY: FORMER CONFORMED NAME: SUPERIOR SURGICAL MANUFACTURING CO INC DATE OF NAME CHANGE: 19920703 8-K 1 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

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 earliest event reported) October 22, 2009  


Superior Uniform Group, Inc.
(Exact name of registrant as specified in its charter)


Florida
 
1-5869-1
 
11-1385670
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer Identification No.)


 
10055 Seminole Blvd., Seminole, Florida
 
33772
 
  (Address of principal executive offices)   (Zip Code)  

Registrant's telephone number, including area code:   (727) 397-9611



Not Applicable
(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    [    ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    [    ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    [    ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    [    ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 22, 2009 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

    Exhibit 99.1.       Press release dated October 22, 2009


SIGNATURE

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

    Superior Uniform Group, Inc.
(Registrant)

October 22, 2009
(Date)
  /s/   ANDREW D. DEMOTT, JR.
Andrew D. Demott, Jr.
Senior Vice President, Chief Financial Officer and Treasurer


  Exhibit Index
  99.1 Press release dated October 22, 2009






EX-99.1 2 newsrelease.htm PRESS RELEASE Superior Uniform Group Announces Third Quarter Operating Results

EXHIBIT 99.1

Superior Uniform Group Announces Third Quarter Operating Results



 * Net Earnings Increase 29% in Comparison With the Third Quarter of
   2008
 * Net Earnings Increase 79%, in Comparison With the Second Quarter of
   2009
 * Net Sales Increase 10.5% in Comparison With Second Quarter 2009 Net
   Sales

SEMINOLE, Fla., Oct. 22, 2009 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2009, net sales were $27,605,397 compared with 2008 third quarter net sales of $30,613,175. Earnings from continuing operations were $1,256,954 or $.21 per share (diluted), compared with earnings from continuing operations of $984,786 or $.15 per share (diluted) in the 2008 third quarter.

For the nine months ended September 30, 2009, net sales were $76,293,014, compared with net sales of $95,595,090 in the nine months ended September 30, 2008. Earnings from continuing operations for the nine months ended September 30, 2009 were $1,455,281 or $.24 per share (diluted), versus earnings from continuing operations of $3,110,398 or $.47 per share (diluted) in the first nine months of 2008.

Michael Benstock, Chief Executive Officer, commented: "We are very pleased to report a 29% increase in net earnings in the current quarter despite the tough market conditions. Although the current economic conditions, including general employment levels, remain negative, we were able to show an increase in net sales of 10.5% in comparison with the second quarter of this year. The improvement in our operating results reflects the significant progress we have made reducing our operating costs through both the increased use of our Central American subsidiary, The Office Gurus, and improved operating efficiency. We have generated in excess of $15 million in cash from operations this year and we have eliminated all of our outstanding debt. Our financial position remains very strong and has allowed us to successfully weather this current economic storm while continuing to invest in the future growth of our company. We are actively pursuing potential strategic acquisitions to help further this objective. Finally, w e remain committed to reacquiring shares of our common stock. We have an active repurchase program with an outstanding authorization to repurchase an additional 539,000 shares as of September 30, 2009."

ABOUT SUPERIOR

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 seven primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., Government Service, Private Security, and Rental Service. For more information please call (800) 727-8643, or visit their Web site at: www.superioruniformgroup.com. The Office Gurus (www.theofficegurus.com) enhance the overall customer experience for their strategic partners' internal and external customers.

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

             CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

                   THREE MONTHS ENDED SEPTEMBER 30,
                              (Unaudited)


                                               2009          2008
                                            -----------   -----------

 Net sales                                  $27,605,397   $30,613,175
                                            -----------   -----------

 Costs and expenses:
   Cost of goods sold                        18,638,756    20,548,954
   Selling and administrative expenses        7,241,362     8,470,924
   Interest expense                              28,325        68,511
                                            -----------   -----------
                                             25,908,443    29,088,389
                                            -----------   -----------

 Earnings from continuing operations
  before taxes on income                      1,696,954     1,524,786
 Taxes on income                                440,000       540,000
                                            -----------   -----------

 Earnings from continuing operations          1,256,954       984,786
 Loss from discontinued operations, net of
  tax benefits of $0 and $10,000,
  respectively                                       --        (8,641)
                                            -----------   -----------
 Net earnings                               $ 1,256,954   $   976,145
                                            ===========   ===========

 Per Share Data:
 Basic
   Earnings from continuing operations      $      0.21   $      0.15
   Loss from discontinued operations, net
    of tax benefits                                0.00          0.00
                                            -----------   -----------
   Net earnings                             $      0.21   $      0.15
                                            ===========   ===========
 Diluted
   Earnings from continuing operations      $      0.21   $      0.15
   Loss from discontinued operations, net
    of tax benefits                                0.00          0.00
                                            -----------   -----------
   Net earnings                             $      0.21   $      0.15
                                            ===========   ===========

 Cash dividends per common share            $     0.135   $     0.135
                                            ===========   ===========




             SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES

             CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

                    NINE MONTHS ENDED SEPTEMBER 30,
                              (Unaudited)


                                               2009          2008
                                            -----------   -----------


 Net sales                                  $76,293,014   $95,595,090
                                            -----------   -----------

 Costs and expenses:
   Cost of goods sold                        51,637,676    63,964,391
   Selling and administrative expenses       22,547,019    26,380,440
   Interest expense                              93,038       249,861
                                            -----------   -----------
                                             74,277,733    90,594,692
                                            -----------   -----------

 Earnings from continuing operations
  before taxes on income                      2,015,281     5,000,398
 Taxes on income                                560,000     1,890,000
                                            -----------   -----------

 Earnings from continuing operations          1,455,281     3,110,398
 Loss from discontinued operations, net of
  tax benefits of $0 and $90,000,
  respectively                                       --      (154,610)
                                            -----------   -----------
 Net earnings                               $ 1,455,281   $ 2,955,788
                                            ===========   ===========

 Per Share Data:
 Basic
   Earnings from continuing operations      $      0.24   $      0.47
   Loss from discontinued operations, net
    of tax benefits                                0.00         (0.02)
                                            -----------   -----------
   Net earnings                             $      0.24   $      0.45
                                            ===========   ===========
 Diluted
   Earnings from continuing operations      $      0.24   $      0.47
   Loss from discontinued operations, net
    of tax benefits                                0.00         (0.02)
                                            -----------   -----------
   Net earnings                             $      0.24   $      0.45
                                            ===========   ===========

 Cash dividends per common share            $     0.405   $     0.405
                                            ===========   ===========




             SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED BALANCE SHEETS

                             SEPTEMBER 30,
                                ASSETS
                                ------
                              (Unaudited)

                                              2009          2008
                                           -----------   -----------

 CURRENT ASSETS:
   Cash and cash equivalents               $ 8,489,744   $   219,099
   Accounts receivable and other current
    assets                                  20,894,234    22,172,895
   Inventories                              31,269,921    45,630,943
                                           -----------   -----------

      TOTAL CURRENT ASSETS                  60,653,899    68,022,937

 PROPERTY, PLANT AND EQUIPMENT, NET         11,142,850    13,049,885
 GOODWILL                                           --     1,617,411
 OTHER INTANGIBLE ASSETS                       357,238       595,397
 DEFERRED INCOME TAXES                       2,690,000            --
 OTHER ASSETS                                  260,567     2,154,623
                                           -----------   -----------
                                           $75,104,554   $85,440,253
                                           ===========   ===========


                LIABILITIES AND SHAREHOLDERS' EQUITY
                ------------------------------------

 CURRENT LIABILITIES:
   Accounts payable                        $ 5,537,370   $ 5,411,924
   Other current liabilities                 1,968,104     3,273,196
   Current portion of long-term debt                --     1,048,482
                                           -----------   -----------

      TOTAL CURRENT LIABILITIES              7,505,474     9,733,602

 LONG-TERM DEBT                                     --     3,277,000
 LONG-TERM PENSION LIABILITY                 7,002,418       972,593
 OTHER LONG-TERM LIABILITIES                   640,000       635,000
 DEFERRED INCOME TAXES                              --       145,000
 SHAREHOLDERS' EQUITY                       59,956,662    70,677,058
                                           -----------   -----------

                                           $75,104,554   $85,440,253
                                           ===========   ===========
CONTACT:  Superior Uniform Group, Inc.
          Andrew D. Demott, Jr., CFO
          (727) 803-7135

          Edelman
          Michael McCullough
          (404) 832-6372
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