EX-99.1 2 dex991.htm REVISED CONSOLIDATED STATEMENTS OF EARNINGS AND BALANCE SHEETS Revised Consolidated Statements of Earnings and Balance Sheets

EXHIBIT 99.1

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

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

     70,000      400,000
             

Net earnings

   $ 124,595    $ 552,226
             

Basic net earnings per common share

   $ 0.02    $ 0.08
             

Diluted net earnings per common share

   $ 0.02    $ 0.08
             

Dividends per common share

   $ 0.135    $ 0.135
             


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

     2,538,045      3,375,485

Current portion of long-term debt

     1,471,929      1,706,013
             

TOTAL CURRENT LIABILITIES

     9,851,672      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

     71,854,474      80,109,861
             
   $ 85,597,805    $ 96,081,533