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TheStreet Open House

Superior Uniform Group Reports Second Quarter Operating Results

  • 7% Increase in Net Sales for the Quarter
  • 42% Increase in Earnings per Share

SEMINOLE, Fla., July 22, 2010 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the second quarter ended June 30, 2010, sales were $26,629,161, compared with 2009 second quarter sales of $24,971,523. Net earnings were $983,170 or $.17 per share (diluted), compared with earnings of $701,272 or $.12 per share (diluted) in the 2009 second quarter.

For the six months ended June 30, 2010, sales were $52,609,023, compared with sales of $48,687,617 in the six months ended June 30, 2009. Net earnings for the six months ended June 30, 2010 were $1,491,387 or $.25 per share (diluted), versus earnings of $198,327 or $.03 per share (diluted) in the first six months of 2009.

Michael Benstock, Chief Executive Officer, commented: "We are quite pleased to report continued significant improvement in our operating results in the current period. Net sales for the second quarter of 2010 increased almost 7%, primarily as a result of sales to customers acquired in our acquisition of Blade in the fourth quarter of 2009. More significantly, our earnings per share increased approximately 42% in the same period in comparison to the second quarter of 2009. This substantial improvement in earnings is partially due to the increased net sales in the current period and more significantly as a result of our streamlined cost structure.

"We continue to be well received in the marketplace and are seeing increased activity with potential customers. We are well positioned both financially and organizationally to be able to continue to report improved operating results as the economy recovers. 

"We are quite pleased with the integration of the customers that we acquired in the Blade acquisition into our business. We are continuing to search for strategic acquisition opportunities in the marketplace."

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