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) February 25, 2004

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 fourth-quarter and year-end operating results for the year ended December 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: February 25, 2004

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated February 25, 2004

EX-99.1

Exhibit 99.1

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
(727) 803-7135	FOR IMMEDIATE RELEASE

SUPERIOR UNIFORM GROUP, INC. ANNOUNCES YEAR-END OPERATING RESULTS

SEMINOLE, Florida - February 25, 2004 – Superior Uniform Group, Inc. (AMEX: SGC), one of the nation’s largest manufacturers of uniforms, career apparel and accessories, announced today its fourth quarter and year-end operating results for 2003.

The Company announced that for the year ended December 31, 2003, sales were $134,324,365 compared to 2002 sales of $144,999,254. Net income for the year ended December 31, 2003 was $5,703,910 or $.78 per share (diluted) compared to $593,085 or $.08 per share (diluted) reported for the year ended December 31, 2002.

Net income for the year ended December 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.”

Mr. Gerald M. Benstock, Chairman of the Board, stated, “Although we continue to operate in an extremely competitive yet weak business climate in all of our major markets, we are gratified to report a 12% increase in earnings before cumulative effect of change in accounting principle and a 10% increase in diluted earnings per share before cumulative effect of change in accounting principle. Our working capital management has continued to improve and we were able to generate in excess of $13 million from operations in the current year. We anticipate that 2004 will be a roller coaster year for the economy with

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the upcoming elections, as well as the continued threat of terrorism. We have all been reading about the “jobless recovery” in the economy and our business will only experience stronger recovery when employment numbers begin to rebound. In spite of this, we feel optimistic about the Company’s prospects for 2004.”

Superior Uniform Group, through its marketing divisions – Fashion Seal Uniforms®, Martin’s®, Empire®, Fashion Seal Hospitality^™, 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 for 2003 are as follows:

Superior Uniform Group, Inc. and Subsidiary

Consolidated Summary of Operations

	Three Months Ended December 31,
	2003		2002
Net sales	$	33,969,584	$	36,234,148
Costs and expenses:
Cost of goods sold		21,585,814		23,762,338
Selling and administrative expenses		9,417,065		9,737,605
Interest expense		171,933		178,425
		31,174,812		33,678,368
Earnings before taxes on income		2,794,772		2,555,780
Taxes on income		990,000		950,000
Net earnings	$	1,804,772	$	1,605,780
Basic net earnings per common share	$	0.25	$	0.23
Diluted net earnings per common share	$	0.24	$	0.22
Dividends per common share	$	0.135	$	0.135

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Superior Uniform Group, Inc. and Subsidiary

Consolidated Summary of Operations

	Twelve Months Ended December 31,
	2003		2002
Net sales	$	134,324,365	$	144,999,254
Costs and expenses:
Cost of goods sold		86,207,906		95,221,013
Selling and administrative expenses		38,616,045		40,932,512
Interest expense		696,504		853,081
		125,520,455		137,006,606
Earnings before taxes on income, and cumulative effect of change in accounting principle		8,803,910		7,992,648
Taxes on income		3,100,000		2,895,000
Earnings before cumulative effect of change in accounting principle		5,703,910		5,097,648
Cumulative effect of change in accounting principle, net of tax benefit of $2,560,000		—		(4,504,563	)
Net earnings	$	5,703,910	$	593,085
Basic net earnings per common share:
Earnings before cumulative effect of change in accounting principle	$	0.79	$	0.72
Cumulative effect of change in accounting principle, net of tax		—		(0.64	)
Basic net earnings per common share	$	0.79	$	0.08
Diluted net earnings per common share:
Earnings before extraordinary item and cumulative effect of change in accounting principle	$	0.78	$	0.71
Cumulative effect of change in accounting principle, net of tax		—		(0.63	)
Diluted net earnings per common share	$	0.78	$	0.08
Dividends per common share	$	0.54	$	0.54

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Superior Uniform Group, Inc. and Subsidiary

Consolidated Balance Sheets

December 31,

	2003			2002
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	14,915,079		$	7,470,719
Accounts receivable, less allowance for doubtful accounts of $475,000 and $565,000, respectively		24,419,287			20,413,202
Inventories		36,380,470			42,655,934
Prepaid expenses and other current assets		2,156,065			3,270,339
TOTAL CURRENT ASSETS		77,870,901			73,810,194
PROPERTY, PLANT AND EQUIPMENT, NET		18,289,436			20,059,164
GOODWILL		741,929			741,929
OTHER ASSETS		6,071,667			5,215,665
	$	102,973,933		$	99,826,952
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	5,400,401		$	5,191,993
Accrued expenses		5,078,982			5,825,422
Current portion of long-term debt		1,179,021			1,104,080
TOTAL CURRENT LIABILITIES		11,658,404			12,121,495
LONG-TERM DEBT		6,266,047			7,445,068
DEFERRED INCOME TAXES		165,000			150,000
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 - 7,370,612 and 7,131,237, respectively.		7,371			7,131
Additional paid-in capital		13,641,223			10,620,073
Retained earnings		71,883,888			70,387,185
Other comprehensive income (loss):
Cash flow hedges		(648,000	)		(904,000	)
TOTAL SHAREHOLDERS’ EQUITY		84,884,482			80,110,389
	$	102,973,933		$	99,826,952