EX-99.1 3 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

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 FIRST QUARTER EARNINGS CLIMB BY 81%

 

SEMINOLE, Florida - April 22, 2004 – Michael Benstock, Chief Executive Officer of Superior Uniform Group, Inc. (AMEX: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2004, sales were $32,975,388 compared with 2003 first quarter sales of $30,954,947. Net earnings were $1,130,468 or $.15 per share (diluted) compared to 2003 first quarter earnings of $626,186 or $.09 per share (diluted).

 

In making the earnings announcement, Mr. Benstock stated: “We are very pleased to report a 7% increase in revenues, as well as an 81% increase in net earnings. The first quarter included the positive influence of several new national account contracts that were signed at the end of the third quarter of 2003 as well as a general improvement in business conditions. Our earnings were favorably affected by the increase in sales as well as by our ongoing cost reduction measures. Gross margins remain very strong, as we have continued to focus on broadening the scope of our global sourcing efforts.”

 

Mr. Benstock continued, “The integration of our recent UniVogue acquisition is progressing nicely and we anticipate that it will continue to add positive results to our 2004 earnings. Slightly less than half of the increase in revenues in the first quarter is attributable to the acquisition of UniVogue, which was effective March 1, 2004. While the general economic outlook still remains somewhat cloudy and is subject to the geopolitical climate, we anticipate that the balance of 2004 will continue to show positive operating results in comparison to 2003.”

 

Superior Uniform Group, through its marketing divisions – Fashion Seal Uniforms®, Martin’s®, Empire®, Fashion Seal Hospitality, Worklon®, Universal®, Sope Creek®, and UniVogue – 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.

 

– more –


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.

 

SUPERIOR UNIFORM GROUP, INC.

 

CONSOLIDATED STATEMENTS OF EARNINGS

 

THREE MONTHS ENDED MARCH 31,

(Unaudited)

 

     2004

   2003

Net sales

   $ 32,975,388    $ 30,954,947
    

  

Costs and expenses:

             

Cost of goods sold

     21,302,101      20,015,455

Selling and administrative expenses

     9,764,758      9,802,665

Interest expense

     158,061      170,641
    

  

       31,224,920      29,988,761
    

  

Earnings before taxes on income

     1,750,468      966,186

Taxes on income

     620,000      340,000
    

  

Net earnings

     1,130,468      626,186

Basic net earnings per common share

   $ 0.15    $ 0.09
    

  

Diluted net earnings per common share

   $ 0.15    $ 0.09
    

  

Dividends per common share

   $ 0.135    $ 0.135
    

  

 

– more –


SUPERIOR UNIFORM GROUP, INC.

 

CONSOLIDATED BALANCE SHEETS

 

MARCH 31,

(Unaudited)

 

     2004

    2003

 
ASSETS                 

CURRENT ASSETS:

                

Cash and cash equivalents

   $ 11,869,778     $ 8,379,346  

Accounts receivable and other current assets

     28,047,092       22,329,554  

Inventories

     37,410,289       42,518,137  
    


 


TOTAL CURRENT ASSETS

     77,327,159       73,227,037  

PROPERTY, PLANT AND EQUIPMENT, NET

     19,156,550       19,302,414  

GOODWILL AND OTHER INTANGIBLE ASSETS

     3,298,494       741,929  

OTHER ASSETS

     6,078,078       5,421,273  

DEFERRED INCOME TAXES

     —         20,000  
    


 


     $ 105,860,281     $ 98,712,653  
    


 


LIABILITIES AND SHAREHOLDERS’ EQUITY                 

CURRENT LIABILITIES:

                

Accounts payable

   $ 6,509,079     $ 4,192,836  

Accrued expenses

     6,508,273       6,437,085  

Current portion of long-term debt

     1,200,365       1,122,999  
    


 


TOTAL CURRENT LIABILITIES

     14,217,717       11,752,920  

LONG-TERM DEBT

     5,956,839       7,157,204  

DEFERRED INCOME TAXES

     100,000       —    

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 7,422,437, and 7,137,887, respectively

     7,422       7,138  

Additional paid-in capital

     14,215,659       10,933,969  

Retained earnings

     72,015,644       69,734,422  

Cumulative Comprehensive Income (Loss)

     (653,000 )     (873,000 )
    


 


TOTAL SHAREHOLDERS’ EQUITY

     85,585,725       79,802,529  
    


 


     $ 105,860,281     $ 98,712,653