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    FOR IMMEDIATE RELEASE
 

(727) 803-7135

  

SUPERIOR UNIFORM GROUP REPORTS INCREASED SECOND QUARTER EARNINGS

SEMINOLE, Florida - July 26, 2007 - Superior Uniform Group, Inc., (AMEX: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2007, sales were $30,599,258, compared with 2006 second quarter sales of $31,504,585. Net income was $660,043 or $.10 per share (diluted), compared with net income of $629,668 or $.09 per share (diluted) in the 2006 second quarter.

For the six months ended June 30, 2007, sales were $60,292,324, compared with sales of $62,641,128 in the six months ended June 30, 2006. Net income for the six months ended June 30, 2007 was $784,638 or $.12 per share (diluted), versus net income of $1,181,894 or $.17 per share (diluted) in the first six months of 2006.

Michael Benstock, Chief Executive Officer, commented: “We are pleased to report an increase in our earnings this quarter. This improvement in earnings, despite a slight decrease in sales, is a result of our continued emphasis on reducing operating costs and improving our product sourcing. As we discussed in our earnings release for the first quarter, we were awarded contracts with several new large prestigious accounts that we began shipping at the end of the second quarter. These accounts will add significant volume to our business going forward. We anticipate reporting stronger revenues and continued improvement in our operating results through the balance of 2007.”

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.

 

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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

THREE MONTHS ENDED JUNE 30,

(Unaudited)

 

     2007    2006

Net sales

   $ 30,599,258    $ 31,504,585
             

Costs and expenses:

     

Cost of goods sold

     20,618,942      21,550,704

Selling and administrative expenses

     8,855,892      8,858,648

Interest expense

     84,381      115,565
             
     29,559,215      30,524,917
             

Earnings before taxes on income

     1,040,043      979,668

Taxes on income

     380,000      350,000
             

Net earnings

   $ 660,043    $ 629,668
             

Basic net earnings per common share

   $ 0.10    $ 0.09
             

Diluted net earnings per common share

   $ 0.10    $ 0.09
             

Dividends per common share

   $ 0.135    $ 0.135
             

 

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS

SIX MONTHS ENDED JUNE 30,

(Unaudited)

 

     2007    2006

Net sales

   $ 60,292,324    $ 62,641,128
             

Costs and expenses:

     

Cost of goods sold

     40,465,044      42,582,114

Selling and administrative expenses

     18,416,169      17,891,473

Interest expense

     176,473      235,647
             
     59,057,686      60,709,234
             

Earnings before taxes on income

     1,234,638      1,931,894

Taxes on income

     450,000      750,000
             

Net earnings

   $ 784,638    $ 1,181,894
             

Basic net earnings per common share

   $ 0.12    $ 0.17
             

Diluted net earnings per common share

   $ 0.12    $ 0.17
             

Dividends per common share

   $ 0.27    $ 0.27
             

 

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

JUNE 30,

(Unaudited)

 

 

     2007    2006
ASSETS      

CURRENT ASSETS

     

Cash and cash equivalents

   $ 4,711,496    $ 4,841,570

Accounts receivable and other current assets

     26,782,944      28,885,598

Inventories

     35,919,638      34,036,505
             

TOTAL CURRENT ASSETS

     67,414,078      67,763,673

PROPERTY, PLANT AND EQUIPMENT, NET

     14,715,044      16,620,321

GOODWILL

     1,617,411      1,617,411

OTHER INTANGIBLE ASSETS

     893,095      1,131,254

OTHER ASSETS

     1,616,291      2,832,631
             
   $ 86,255,919    $ 89,965,290
             
LIABILITIES AND SHAREHOLDERS’ EQUITY      

CURRENT LIABILITIES

     

Accounts payable

   $ 6,825,704    $ 5,776,013

Accrued expenses

     2,627,922      3,625,919

Current portion of long-term debt

     1,497,889      1,729,909
             

TOTAL CURRENT LIABILITIES

     10,951,515      11,131,841

LONG-TERM DEBT

     1,439,337      2,937,226

LONG-TERM PENSION LIABILITY

     1,123,415      —  

OTHER LONG-TERM LIABILITIES

     648,543      —  

DEFERRED INCOME TAXES

     365,000      809,000

SHAREHOLDERS’ EQUITY

     71,728,109      75,087,223
             
   $ 86,255,919    $ 89,965,290
             

 

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