EX-99.1 2 dex991.htm PRESS RELEASE Press Release

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 REPORTS FIRST QUARTER EARNINGS

SEMINOLE, Florida – May 1, 2007—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, 2007, net earnings were $24,595 or $.00 per share (diluted) compared to 2006 first quarter earnings of $552,226 or $.08 per share (diluted). Net sales for the 2007 first quarter were $29,693,066 compared with 2006 first quarter sales of $31,136,543.

In making the earnings announcement, Mr. Benstock stated: “While sales and operating results for the first quarter were down from the prior year period, it was still an encouraging quarter for the Company in terms of new business acquired. We were awarded contracts with several new large prestigious accounts that will add significant volume to our business beginning in the latter portion of the second quarter. We anticipate reporting stronger revenues and operating results through the balance of 2007, particularly in the second half of the year. The Company has continued its emphasis on cost reductions in addition to its sales initiatives, and we expect to see continuing improvement in our cost structure.”

Superior Uniform Group®, through its Signature marketing brands – Fashion Seal®, Fashion Seal Healthcare™, Martin’s®, Worklon®, UniVogue™ and Sope Creek® – manufactures and sells a wide range of uniforms, image apparel and accessories. Superior specializes in managing comprehensive uniform programs, and is dedicated to servicing the Healthcare, Hospitality, Restaurant/Food Services, Retail Employee I.D., Governmental/Public Safety, Entertainment, Commercial, Cleanroom and Resortwear markets. For more information, please visit www.superioruniformgroup.com.

Statements contained in this press release that 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.

 

– more –


SUPERIOR UNIFORM GROUP, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

THREE MONTHS ENDED MARCH 31,

(Unaudited)

 

     2007    2006

Net sales

   $ 29,693,066    $ 31,136,543
             

Costs and expenses:

     

Cost of goods sold

     19,846,101      21,031,410

Selling and administrative expenses

     9,560,278      9,032,825

Interest expense

     92,092      120,082
             
     29,498,471      30,184,317
             

Earnings before taxes on income

     194,595      952,226

Taxes on income

     170,000      400,000
             

Net earnings

   $ 24,595    $ 552,226
             

Basic net earnings per common share

   $ —      $ 0.08
             

Diluted net earnings per common share

   $ —      $ 0.08
             

Dividends per common share

   $ 0.135    $ 0.135
             

 

– more –


SUPERIOR UNIFORM GROUP, INC.

CONSOLIDATED BALANCE SHEETS

MARCH 31,

(Unaudited)

 

ASSETS
     2007    2006

CURRENT ASSETS:

     

Cash and cash equivalents

   $ 3,128,433    $ 10,107,484

Accounts receivable and other current assets

     28,578,800      27,676,739

Inventories

     34,413,438      35,412,630
             

TOTAL CURRENT ASSETS

     66,120,671      73,196,853

PROPERTY, PLANT AND EQUIPMENT, NET

     15,394,660      17,266,675

GOODWILL

     1,617,411      1,617,411

OTHER INTANGIBLE ASSETS

     952,635      1,190,794

OTHER ASSETS

     1,512,428      2,809,800
             
   $ 85,597,805    $ 96,081,533
             
LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

     

Accounts payable

   $ 5,841,698    $ 6,794,405

Accrued expenses

     2,638,045      3,375,485

Current portion of long-term debt

     1,471,929      1,706,013
             

TOTAL CURRENT LIABILITIES

     9,951,672      11,875,903

LONG-TERM DEBT

     1,823,840      3,295,769

LONG-TERM PENSION LIABILITY

     1,115,819      —  

OTHER LONG-TERM LIABILITIES

     642,000      —  

DEFERRED INCOME TAXES

     310,000      800,000

SHAREHOLDERS’ EQUITY

     71,754,474      80,109,861
             
   $ 85,597,805    $ 96,081,533
             

 

-30-