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)      April 24, 2014

Superior Uniform Group, Inc.

(Exact name of registrant as specified in its charter)

Florida	001-05869	11-1385670
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
10055 Seminole Blvd., Seminole, Florida (Address of principal executive offices)		33772 (Zip Code)

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 quarter ended March 31, 2014. 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 April 24, 2014

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.
		Executive Vice President, Chief Financial Officer and Treasurer
Date: April 24, 2014

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated April 24, 2014

EX-99

EXHIBIT 99.1

NEWS RELEASE

Superior Uniform Group, Inc.

A NASDAQ Listed Company: SGC

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 FIRST QUARTER

OPERATING RESULTS

  ●    Net Sales Increase 32.4%

  ●    HPI Reports Net Sales of $10,712,000 an Increase of 34%  

  ●    The Office Gurus Reports Net Sales Increase of 48.3%

SEMINOLE, Florida – April 24, 2014 - Superior Uniform Group, Inc. (NASDAQ: SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2014, earnings were $1,218,000 or $0.18 per share (diluted) compared with $1,229,000 or $0.20 per share (diluted) reported for the quarter ended March 31, 2013. Net sales for the 2014 first quarter were $41,027,000 compared with 2013 first quarter sales of $30,985,000.

Michael Benstock, Chief Executive Officer, commented: “We are very pleased to continue to report significant sales gains in both of our operating segments. HPI has continued with their very strong momentum since the acquisition last July reporting a 34% increase in their net sales in the first quarter versus their net sales for the first quarter of 2013. Additionally, we have been working to build inventories for several very large customer programs that will begin shipping during the second quarter of 2014 for both HPI and our legacy uniform business. Our current backlog of business is larger than it has ever been. Our Uniforms and Related Product segment net sales, exclusive of HPI, were down moderately in the first quarter. January and February were down more significantly and a portion of that decrease is due to the impact of severe weather. We did begin to see a pickup in activity in March and were back on track with a nice increase in net sales during March even though our shipping was again adversely affected by winter storms in the last few days of the month. We look forward to reporting significant increases in net sales and earnings in this segment in the second quarter and as the year continues.

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“Our Remote Staffing Solutions segment is happy to once again report significant growth in net sales as the market response has been very favorable to our service offerings and we believe there is room for us to continue to grow substantially in this segment.

“Our financial position remains very strong and will continue to allow us to meet the demands of significant growth in all of our business segments as we move forward.”

ABOUT SUPERIOR UNIFORM GROUP, INC.

Superior Uniform Group (NASDAQ:SGC), established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Headquartered in Seminole, Fla., Superior Uniform Group manages award-winning uniform apparel programs for major corporations nationwide. Leaders in innovative uniform program design, global manufacturing, and state-of-the-art distribution, Superior Uniform Group helps companies achieve a more professional appearance and better communicate their brands - particularly those in healthcare, private security, retail, hospitality, transportation and food service industries.

The Company’s commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, support customers’ diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Superior Uniform Group primarily sells its products through its signature brands Fashion Seal Healthcare® and HPI Direct®. Superior Uniform Group is also the parent company for The Office Gurus®, its BPO and Contact Center vertical.  For more information, call (800) 727-8643 or 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.

Comparative figures are as follows:

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

THREE MONTHS ENDED MARCH 31,

(Unaudited)

	2014		2013
Net sales	$	41,027,000	$	30,985,000
Costs and expenses:
Cost of goods sold		26,971,000		19,672,000
Selling and administrative expenses		12,083,000		9,557,000
Interest expense		95,000		7,000
		39,149,000		29,236,000
Income before taxes on income		1,878,000		1,749,000
Income tax expense		660,000		520,000
Net income	$	1,218,000	$	1,229,000
Per Share Data:
Basic:
Net income	$	0.19	$	0.20
Diluted:
Net income	$	0.18	$	0.20
Cash dividends per common share	$	0.135	$	-

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SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31,

(Unaudited)

ASSETS
	2014		2013
CURRENT ASSETS:
Cash and cash equivalents	$	4,414,000	$	3,493,000
Accounts receivable - trade, net		23,467,000		17,318,000
Accounts receivable - other		4,811,000		3,312,000
Prepaid expenses and other current assets		7,472,000		2,665,000
Inventories		54,692,000		39,340,000
TOTAL CURRENT ASSETS		94,856,000		66,128,000
PROPERTY, PLANT AND EQUIPMENT, NET		13,521,000		8,962,000
OTHER INTANGIBLE ASSETS, NET		17,837,000		523,000
GOODWILL		4,135,000		-
DEFERRED INCOME TAXES		1,740,000		4,630,000
OTHER ASSETS		148,000		163,000
	$	132,237,000	$	80,406,000
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	9,839,000	$	6,246,000
Other current liabilities		3,868,000		2,843,000
Current portion of long-term debt		2,063,000		-
TOTAL CURRENT LIABILITIES		15,770,000		9,089,000
LONG-TERM DEBT		31,867,000		120,000
LONG-TERM PENSION LIABILITY		3,539,000		10,545,000
ACQUISITION-RELATED CONTINGENT LIABILITY		6,838,000		-
OTHER LONG-TERM LIABILITIES		645,000		700,000
DEFERRED INCOME TAXES		150,000		90,000
SHAREHOLDERS' EQUITY		73,428,000		59,862,000
	$	132,237,000	$	80,406,000

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