-----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, A2Rupzx5FAyYWHf0XirHCpNLDh/Vp0EuVfGoR4lZDs2bNCx0C3ePGtcYdjg7RB+o 5urpIHV0GSzBTM2xYOBHYg== 0001171843-10-000609.txt : 20100422 0001171843-10-000609.hdr.sgml : 20100422 20100422070050 ACCESSION NUMBER: 0001171843-10-000609 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100422 DATE AS OF CHANGE: 20100422 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: 10763151 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) April 22, 2010  


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


Florida
 
001-5869
 
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 April 22, 2010 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 April 22, 2010


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)

April 22, 2010
(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 April 22, 2010






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

EXHIBIT 99.1

Superior Uniform Group Announces First Quarter Operating Results

  • 10% Increase in Net Sales
  • Earnings Per Share Increase $0.17

SEMINOLE, Fla., April 22, 2010 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2010, earnings were $508,217 or $0.09 per share (diluted) compared with a loss of $(502,945) or $(0.08) per share (diluted) reported for the quarter ended March 31, 2009. Net sales for the 2010 first quarter were $25,979,862 compared with 2009 first quarter sales of $23,716,094.

In making the earnings announcement, Michael Benstock, Chief Executive Officer, stated: "We are pleased to report earnings of $.09 per share in the current quarter in comparison to a net loss of $(0.08) per share in the prior year quarter. We are beginning to see an increase in activity as the economy appears to be stabilizing. We reported an increase of 10% in net sales in the current quarter with approximately 4% of the increase attributable to organic growth and the remaining 6% from our acquisition of Blade in the fourth quarter of 2009.

"We remain focused on improving our market share as we have continued to invest in our future in both our sales and marketing efforts. In addition, with the significant improvements in our cost structure, we have positioned ourselves to continue to be able to report much stronger financial results when the employment outlook improves.

"We have been able to achieve these significant reductions in our operating expenses without reducing our ability to take care of customers. I would like to take this opportunity to thank each and every one of our employees as their commitment and dedication to our customers has made this possible."

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 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 OPERATIONS
     
THREE MONTHS ENDED MARCH 31, 
(Unaudited)
     
  2010 2009
     
Net sales $25,979,862 $23,716,094
     
Costs and expenses:    
Cost of goods sold 17,048,374 16,309,134
Selling and administrative expenses 8,120,797 8,070,128
Interest expense 2,474 39,777
  25,171,645 24,419,039
     
Earnings (loss) before taxes on income 808,217 (702,945)
Income tax expense (benefit)  300,000 (200,000)
     
Net earnings (loss) $508,217  $(502,945)
     
Per Share Data:    
     
Basic:    
Net earnings (loss) $0.09  $(0.08)
     
Diluted:    
Net earnings (loss) $0.09  $(0.08)
     
Cash dividends per common share $0.135 $0.135
 
    SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
         
CONDENSED CONSOLIDATED BALANCE SHEETS
         
MARCH 31, 
(Unaudited)
         
ASSETS
      2010 2009
         
CURRENT ASSETS:    
Cash and cash equivalents $3,337,426 $901,902
Accounts receivable and other current assets 21,532,975 18,238,341
Inventories   33,791,648 39,677,293
         
TOTAL CURRENT ASSETS 58,662,049 58,817,536
         
PROPERTY, PLANT AND EQUIPMENT, NET 10,894,889 11,838,797
OTHER INTANGIBLE ASSETS 1,199,700 476,317
DEFERRED INCOME TAXES 2,290,000 2,855,000
OTHER ASSETS   171,068 233,757
         
      $73,217,706 $74,221,407
         
LIABILITIES AND SHAREHOLDERS' EQUITY
         
CURRENT LIABILITIES:    
Accounts payable   $5,170,251 $4,818,579
Other current liabilities 2,182,680 2,156,001
         
TOTAL CURRENT LIABILITIES 7,352,931 6,974,580
         
LONG-TERM PENSION LIABILITY 5,028,684 7,038,176
OTHER LONG-TERM LIABILITIES 705,000 665,000
SHAREHOLDERS' EQUITY  60,131,091  59,543,651
         
      $73,217,706 $74,221,407
CONTACT:  Superior Uniform Group, Inc.
          Andrew D. Demott, Jr., CFO
          (727) 803-7135
-----END PRIVACY-ENHANCED MESSAGE-----