8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 earliest event reported) February 28, 2008

Superior Uniform Group, Inc.

(Exact name of registrant as specified in its charter)

Florida	1-5869-1	11-1385670
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

10055 Seminole Blvd., Seminole, Florida 33772

Registrant’s telephone number including area code: (727) 397-9611

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

The following information is being furnished under Item 2.02 of Form 8-K: Press release by Superior Uniform Group, Inc. announcing its results of operations for the year ended December 31, 2007. A copy of this press release is attached as Exhibit 99.1 to this Form 8-K.

Item 9.0l. Financial Statements and Exhibits

(c) Exhibits

Exhibit Number	Description
99.1	Press Release, dated February 28, 2008

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 28, 2008

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated February 28, 2008

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	FOR IMMEDIATE RELEASE
(727) 803-7135

SUPERIOR UNIFORM GROUP, INC. REPORTS SIGNIFICANTLY HIGHER EARNINGS

FROM CONTINUING OPERATIONS FOR 2007

SEMINOLE, Florida – February 28, 2008 – Superior Uniform Group, Inc. (AMEX: SGC), manufacturer of uniforms, image apparel and accessories, today announced its fourth quarter and year-end operating results for 2007.

The Company announced that for the year ended December 31, 2007, earnings from continuing operations were $3,695,831 or $.55 per share (diluted) compared to $3,064,710 or $.45 per share (diluted) reported for the year ended December 31, 2006. Net sales were $120,457,891, compared to 2006 sales of $123,714,773.

During the fourth quarter of 2007, the Company made a decision to divest the Sope Creek business that resulted in a sale of the operating assets of the business effective February 4, 2008. As a result of this decision, we reclassified the operating results of Sope Creek to loss from discontinued operations, net of tax in the consolidated summary of operations. This includes a fourth quarter 2007 charge of $596,000, net of tax benefit, to write down the assets being sold to their estimated fair value less selling costs. The sale of Sope Creek resulted in net proceeds approximating the net book value of the assets being sold after taking into consideration the fourth quarter charge discussed above. Loss from discontinued operations for the year ended December 31, 2007 was $1,146,503 or $.17 per share (diluted) compared to $867,443 or $.13 per share (diluted) for the year ended December 31, 2006.

Net earnings for the year ended December 31, 2007 were $2,549,328 or $.38 per share (diluted) compared to $2,197,267 or $.32 per share (diluted) reported for the year ended December 31, 2006.

Earnings from continuing operations for the fourth quarter ended December 31, 2007 were $1,294,671 or $.19 per share (diluted) compared to $448,281 or $.06 per share (diluted) reported for the fourth quarter ended December 31, 2006. Loss from discontinued operations for the fourth quarter ended December 31, 2007 was $747,353 or $.11 per share (diluted) compared to $345,123 or $.05 per share (diluted) for the fourth quarter ended December 31, 2006. Net earnings for the fourth quarter ended December 31, 2007 were $547,318 or $.08 per share (diluted) compared to $103,158 or $.01 per share (diluted) reported for the fourth quarter ended December 31, 2006.

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Michael Benstock, Chief Executive Officer, commented: “We are very pleased to report an increase of over 20% in our earnings from continuing operations for the year ended December 31, 2007 in comparison to 2006. We were able to report this increase despite a slight decline in net sales in 2007. It is especially encouraging to report a considerable increase in earnings from continuing operations of approximately 189% with a net sales gain of approximately 3% for the fourth quarter of 2007 in comparison to the fourth quarter of 2006. We are beginning to realize the rewards from our renewed sales and marketing strategies as we launched several significant programs in the second half of 2007, primarily in the fourth quarter. Additionally, we are continuing to distribute these new programs as well as quite a few other new programs with existing customers in the first half of 2008. We continue to see positive operating margin trends as a result of our successful sourcing strategies and improved efficiencies in our distribution and value added services.

As mentioned above, we made a decision during the fourth quarter of 2007 to sell our Sope Creek business and to focus strictly on our core image apparel and related product lines. Sope Creek has been a financial drain on the Company’s operating results for several years now as we were never able to achieve the scale necessary to support its related overhead structure.

We continue to focus our attention on improving our sales penetration of the markets that we serve and on continuing to deliver the best customer experience in our industry. We have made significant progress in both of these areas during 2007. The fourth quarter operating results show the beginning of our realization of the rewards of these efforts. As I mentioned earlier, we are already seeing noteworthy increases in our sales and operating results in the first quarter of 2008 and we look forward to reporting appreciably better sales and earnings from continuing operations in 2008.”

Superior Uniform Group^®, through its Signature marketing brands – Fashion Seal^®, Fashion Seal Healthcare™, Martin’s^®, Worklon^®, and UniVogue™ – 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, and Cleanroom markets. For more information, please visit www.superioruniformgroup.com.

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.

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Comparative figures for 2007 and 2006 are as follows:

Superior Uniform Group, Inc. and Subsidiary

Consolidated Summary of Operations

	Three Months Ended December 31, (Unaudited)
	2007			2006
Net sales	$	31,414,171		$	30,515,684
Costs and expenses:
Cost of goods sold		21,076,183			21,207,890
Selling and administrative expenses		8,089,483			8,514,909
Interest expense		73,834			104,604
		29,239,500			29,827,403
Earnings from continuing operations before taxes on income		2,174,671			688,281
Taxes on income		880,000			240,000
Earnings from continuing operations		1,294,671			448,281
Loss from discontinued operations, net of tax benefit of $470,000 and $190,000, respectively		(747,353	)		(345,123	)
Net earnings	$	547,318		$	103,158
Per Share Data:
Basic
Earnings from continuing operations	$	0.20		$	0.06
Loss from discontinued operations		(0.12	)		(0.05	)
Net earnings	$	0.08		$	0.01
Diluted
Earnings from continuing operations	$	0.19		$	0.06
Loss from discontinued operations		(0.11	)		(0.05	)
Net earnings	$	0.08		$	0.01
Cash 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, (Unaudited)
	2007			2006
Net sales	$	120,457,891		$	123,714,773
Costs and expenses:
Cost of goods sold		80,837,592			84,385,588
Selling and administrative expenses		33,784,794			33,983,449
Interest expense		329,674			451,026
		114,952,060			118,820,063
Earnings from continuing operations before taxes on income		5,505,831			4,894,710
Taxes on income		1,810,000			1,830,000
Earnings from continuing operations		3,695,831			3,064,710
Loss from discontinued operations, net of tax benefit of $680,000 and $470,000, respectively		(1,146,503	)		(867,443	)
Net earnings	$	2,549,328		$	2,197,267
Per Share Data:
Basic
Earnings from continuing operations	$	0.56		$	0.45
Loss from discontinued operations		(0.18	)		(0.13	)
Net earnings	$	0.38			0.32
Diluted
Earnings from continuing operations	$	0.55		$	0.45
Loss from discontinued operations		(0.17	)		(0.13	)
Net earnings	$	0.38			0.32
Cash dividends per common share	$	0.54		$	0.54

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Superior Uniform Group, Inc. and Subsidiary

Consolidated Balance Sheets

December 31,

ASSETS (Unaudited)
	2007		2006
CURRENT ASSETS
Cash and cash equivalents	$	769,715	$	3,920,276
Accounts receivable		18,670,466		25,692,752
Inventories		46,463,662		33,251,964
Prepaid expenses and other current assets		3,525,114		2,807,564
Assets held for sale		558,476		—
TOTAL CURRENT ASSETS		69,987,433		65,672,556
PROPERTY, PLANT AND EQUIPMENT, NET		13,320,218		15,393,879
GOODWILL		1,617,411		1,617,411
OTHER INTANGIBLE ASSETS		774,016		1,012,175
OTHER ASSETS		2,204,434		1,462,753
	$	87,903,512	$	85,158,774
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	6,635,412	$	5,025,981
Accrued expenses		2,549,680		2,457,839
Current portion of long-term debt		1,551,202		1,777,734
TOTAL CURRENT LIABILITIES		10,736,294		9,261,554
LONG-TERM DEBT		2,445,604		2,201,806
LONG-TERM PENSION LIABILITY		923,184		1,108,223
OTHER LONG-TERM LIABILITIES		603,000		—
DEFERRED INCOME TAXES		750,000		485,000
COMMITMENTS AND CONTINGENCIES TOTAL SHAREHOLDERS’ EQUITY		72,445,430		72,102,191
	$	87,903,512	$	85,158,774

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