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)    October 23, 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 September 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: October 23, 2003

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated October 23, 2003

EX-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 ANNOUNCES 26% INCREASE IN EARNINGS

FOR THE QUARTER ENDED SEPTEMBER 30, 2003

SEMINOLE, Florida – October 23, 2003 – Superior Uniform Group, Inc. (AMEX: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2003, sales were $35,212,248 compared with 2002 third quarter sales of $36,674,776. Net income was $1,989,887 or $.27 per common share (diluted), compared with net income of $1,580,883 or $.22 per common share (diluted) in the 2002 third quarter.

For the nine months ended September 30, 2003, sales were $100,354,781, compared with sales of $108,765,106 in the nine months ended September 30, 2002. Net income before cumulative effect of change in accounting principle for the nine months ended September 30, 2003 was $3,899,138 or $.53 per common share (diluted), compared to $3,491,868 or $.49 per common share (diluted) reported in the first nine months of 2002. Net earnings for the nine months ended September 30, 2003 was $3,899,138 or $.53 per common share (diluted) versus a net loss of $1,012,695 or $.14 per common share (diluted) in the first nine months of 2002. The net loss for the nine months ended September 30, 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 newly promulgated Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.”

Gerald M. Benstock, Chairman and C.E.O., commented: “We were quite pleased to report a 26% increase in our net earnings for the quarter and a 23% increase in our diluted earnings per common share despite a slight decline in sales for the quarter. We have further improved our gross margins in the current quarter and are in an excellent position to provide competitively priced products to the market. We are beginning to see improvement in the economic outlook and have been awarded several significant new national account contracts in the last few months that we will begin to service over the next several months. Our financial position and cash generation from operations remain very strong. It is this strength that has allowed us to weather the economic downturn over the last several years and to be able to continue to invest in our organization in preparation for better economic times ahead.”

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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 September 30,
	2003			2002
Net sales	$	35,212,248		$	36,674,776
Costs and expenses:
Cost of goods sold		22,570,633			24,095,329
Selling and administrative expenses		9,408,916			9,961,668
Interest expense		172,812			186,896
		32,152,361			34,243,893
Earnings before taxes on income		3,059,887			2,430,883
Taxes on income		1,070,000			850,000
Net earnings	$	1,989,887		$	1,580,883
Weighted average number of shares outstanding during the period
(Basic)		7,225,47	0 Shs.		7,086,098	Shs.
(Diluted)		7,407,80	8 Shs.		7,173,225	Shs.
Basic net earnings per common share	$	0.28		$	0.22
Diluted net earnings per common share	$	0.27		$	0.22
Dividends per common share	$	0.135		$	0.135

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS

(Continued)

(Unaudited)

	Nine Months Ended September 30,
	2003			2002
Net sales	$	100,354,781		$	108,765,106
Costs and expenses:
Cost of goods sold		64,622,092			71,458,675
Selling and administrative expenses		29,198,980			31,194,907
Interest expense		524,571			674,656
		94,345,643			103,328,238
Earnings before taxes on income and cumulative effect of change in accounting principle		6,009,138			5,436,868
Taxes on income		2,110,000			1,945,000
Earnings before cumulative effect of change in accounting principle		3,899,138			3,491,868
Cumulative effect of change in accounting principle, net of tax benefit of $2,560,000		—			(4,504,563	)
Net earnings (loss)	$	3,899,138		$	(1,012,695	)
Weighted average number of shares outstanding during the period
(Basic)		7,171,451	Shs.		7,061,891	Shs.
(Diluted)		7,298,633	Shs.		7,148,381	Shs.
Basic net earnings (loss) per common share:
Earnings before cumulative effect of change in accounting principle	$	0.54		$	0.49
Cumulative effect of change in accounting principle, net of tax		—			(0.64	)
Basic net earnings (loss) per common share	$	0.54		$	(0.14	)
Diluted net earnings (loss) per common share:
Earnings before cumulative effect of change in accounting principle	$	0.53		$	0.49
Cumulative effect of change in accounting principle, net of tax		—			(0.63	)
Diluted net earnings (loss) per common share	$	0.53		$	(0.14	)
Dividends per common share	$	0.405		$	0.405

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)

	September 30, 2003		September 30, 2002
CURRENT ASSETS:
Cash and cash equivalents	$	13,639,339	$	7,352,957
Accounts receivable and other current assets		24,084,048		25,088,243
Inventories		37,007,165		42,591,013
TOTAL CURRENT ASSETS		74,730,552		75,032,213
PROPERTY, PLANT AND EQUIPMENT, NET		18,462,546		21,205,015
GOODWILL		741,929		741,929
OTHER ASSETS		5,709,611		3,729,901
DEFERRED INCOME TAXES		—		880,000
	$	99,644,638	$	101,589,058
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,269,996	$	6,831,390
Other current liabilities		4,897,261		7,001,574
Current portion of long-term debt		1,160,523		1,085,757
TOTAL CURRENT LIABILITIES		10,327,780		14,918,721
LONG-TERM DEBT		6,569,046		7,729,569
DEFERRED INCOME TAXES		115,000		—
SHAREHOLDERS’ EQUITY		82,632,812		78,940,768
	$	99,644,638	$	101,589,058

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