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) July 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 second quarter ended June 30, 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: July 24, 2003

EXHIBIT INDEX

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

EX-99.1

EXHIBIT 99.1

[SUPERIOR UNIFORM GROUP, INC. LOGO]

NEWS RELEASE

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 SECOND QUARTER RESULTS

SEMINOLE, Florida—July 24, 2003 – Superior Uniform Group, Inc., (AMEX: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2003, sales were $34,187,586 compared with 2002 second quarter sales of $38,442,104. Net income was $1,283,065 or $.18 per share (diluted), compared with net income of $1,489,494 or $.21 per share (diluted) in the 2002 second quarter.

For the six months ended June 30, 2003, sales were $65,142,533, compared with sales of $72,090,330 in the six months ended June 30, 2002. Income before cumulative effect of change in accounting principle for the six months ended June 30, 2003 was $1,909,251 or $0.26 per share (diluted), compared to $1,910,985 or $0.27 per share (diluted) reported in the first six months of 2002. Net income for the six months ended June 30, 2003 was $1,909,251 or $0.26 per common share (diluted) versus a net loss of $2,593,578 or $.36 per common share (diluted) in the first six months of 2002.

Gerald M. Benstock, Chairman and C.E.O., commented: “As the economy remains sluggish and our customers continue to limit hiring and spending, and employee turnover remains very low, our sales have continued to be negatively affected. As a result, our sales declined 11% in the current quarter. We are upgrading our sales force and are aggressively pursuing new sales opportunities despite the weak economic conditions and are poised to capitalize when the economy does rebound. We are working to upgrade our management team and continue to actively review our corporate cost structure. We have further improved our gross margins in the current quarter through improved sourcing and are in an excellent position to provide competitively priced product

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to the market. Our financial condition is extremely strong and allows us to continue to invest in our business despite the severe economic conditions. We continue to generate significant cash from operations and have reduced our outstanding debt below our cash balance at the end of the current quarter.”

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.

Comparative figures are as follows:

SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS
(Unaudited)
	Three Months Ended June 30,
	2003		2002
Net sales	$	34,187,586	$	38,442,104
Costs and expenses:
Cost of goods sold		22,036,004		25,256,461
Selling and administrative expenses		9,987,399		10,653,193
Interest expense		181,118		192,956
		32,204,521		36,102,610
Earnings before taxes on income		1,983,065		2,339,494
Taxes on income		700,000		850,000
Net earnings	$	1,283,065	$	1,489,494
Basic net earnings per common share	$	0.18	$	0.21
Diluted net earnings per common share	$	0.18	$	0.21
Dividends per common share	$	0.135	$	0.135

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS
(Unaudited)
	Six Months Ended June 30,
	2003		2002
Net sales	$	65,142,533	$	72,090,330
Costs and expenses:
Cost of goods sold		42,051,459		47,363,346
Selling and administrative expenses		19,790,064		21,233,239
Interest expense		351,759		487,760
		62,193,282		69,084,345
Earnings before taxes on income and cumulativeeffect of change in accounting principle		2,949,251		3,005,985
Taxes on income		1,040,000		1,095,000
Earnings before cumulative effect of change in accounting principle		1,909,251		1,910,985
Cumulative effect of change in accounting principle, net of tax benefit of $2,560,000		—		(4,504,563	)
Net earnings (loss)	$	1,909,251	$	(2,593,578	)
Basic earnings (loss) per common share before cumulative effect of change in accounting principle	$	0.27	$	0.27
Cumulative effect of change in accounting principle, net of tax		—		(0.64	)
Basic net earnings (loss) per common share	$	0.27	$	(0.37	)
Diluted earnings (loss) per common share before cumulative effect of change in accounting principle	$	0.26	$	0.27
Cumulative effect of change in accounting principle, net of tax		—		(0.63	)
Diluted net earnings (loss) per common share	$	0.26	$	(0.36	)
Dividends per common share	$	0.27	$	0.27

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

JUNE 30,

(Unaudited)

ASSETS
	2003			2002
CURRENT ASSETS
Cash and cash equivalents	$	9,668,710		$	3,374,941
Accounts receivable and other current assets		23,104,081			26,213,673
Inventories		40,445,414			42,824,277
TOTAL CURRENT ASSETS		73,218,205			72,412,891
PROPERTY, PLANT AND EQUIPMENT, NET		19,160,200			21,585,597
GOODWILL		741,929			741,929
OTHER ASSETS		5,434,661			3,655,131
DEFERRED INCOME TAXES		—			950,000
	$	98,554,995		$	99,345,548
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	4,797,176		$	5,401,108
Other current liabilities		5,660,088			6,325,170
Current portion of long-term debt		1,140,809			1,067,293
TOTAL CURRENT LIABILITIES		11,598,073			12,793,571
LONG-TERM DEBT		6,865,679			8,006,488
DEFERRED INCOME TAXES		10,000			—
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 7,138,762 and 7,080,012, respectively		7,139			7,080
Additional paid-in capital		10,941,231			10,058,065
Retained earnings		70,053,873			69,270,536
Cumulative Comprehensive Income (Loss)		(921,000	)		(790,192	)
TOTAL SHAREHOLDERS’ EQUITY		80,081,243			78,545,489
	$	98,554,995		$	99,345,548

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